OKX

How to use OKX exchange basically

Create account

To create an OKX account, first, go to the OKX website here. Click on “Sign up”.

Here you will have a few options to create an account: using either a Mobile number or Email address. You can also log in using your existing Telegram or Google account. I will sign up using an email address as an example.
Enter your email address and password, then click on “Sign up”. Note that your password has to be 8-32 characters, containing at least 1 number, 1 uppercase letter, 1 lowercase, and 1 symbol.
You will receive a code in your email. Enter the code and your account will be created.

Verify

The first thing that you should do after successfully creating an account is to verify it. On the main page, point to the human icon and click on “Verification”.
Here you will be given two options: Individual account or Corporate account. If you are a casual user, go for the first option. If you are using OKX as an employee in a company, verify it as a corporate account.
I will verify for an Individual account. Click on “Continue”.

You are now required to fill in the following information:
Country/territory of residence.
First and middle names.
Last name.
ID type.
ID number.
After entering all of the information, click on “Submit”.

If your information is correct, you will be notified to be verified successfully.

KYC

KYC is an advanced verification process required for further features. To activate KYC, which is level-2 verification on OKX, on the main page, point to the human icon and click on “Verification”.

Continue by clicking on “Verify”.

You now have 2 options for photo verification: Webcam (using your computer directly) or Mobile Phone. Choose either of them and follow the instructions.

After completing the process, your submission will be reviewed for 2-3 days. If it is legitimate, you will be verified.

2FA (Two-factor authentication)

To improve the security of your account, Two-factor authentication is almost always needed. To enable 2FA, on the main page, point to the human icon and click on “Security settings”.

The options to enable 2FA will show up. You can use Mobile verification or an Authenticator app (such as Google Authenticator). I will use the Authenticator app as an example, specifically Google Authenticator. Click on “Set”.

After successfully linking your OKX account to the Authenticator app, turn on 2FA by clicking on “Turn on”.

Deposit

You can start depositing your cryptocurrencies into OKX. On the main page, point to “Assets” and select “Deposit”.

Select the token you want to deposit. I’ll use USDT as an example.

Select the blockchain network you are using to send your cryptocurrency from, then click on “Continue”.

A wallet address will show up. You should only send the selected token from the selected network to this wallet address. Otherwise, your tokens will end up in another wallet, and you will lose all of them.
After you send the token to this wallet address, it will take a few minutes to process the transaction. Afterwards, your tokens will appear on OKX automatically.

Withdraw

The process of withdrawing is nearly identical to that of depositing. On the main page, point to “Assets” and select “Withdraw”.

Select the token you want to withdraw. I’ll use USDT as an example.
You will have 2 options to withdraw, either On-chain (to other wallets) or Internal (between OKX accounts). If you select the latter option, there will be no withdrawal fees. If you choose the first one, there will be a small number of fees depending on the asset you are withdrawing.

Afterwards, click on “Continue”.

Fill in all the information for your withdrawal and proceed with “Continue”.

Buy & sell token

The most basic way to buy and sell tokens on OKX is spot trading. On the main page, point to “Trade” and select “Basic trading”. You can also use other features to buy and sell tokens, like Convert.

OKX order types

On OKX, there are 6 types of market orders:

Limit Order: Allows users to buy or sell tokens at a predetermined price. If the market price does not reach the user’s set price, the order will not be executed.
Market Order: Is a more basic type of trade. Market Order allows users to immediately execute the order at the current market price. It is guaranteed that you can buy/sell your tokens instantly.
Stop Order: Allows users to place a Limit or Market Order right when a specified price hits. This is made to prevent serious losses when the market crashes. Stop orders freeze your assets when placed.
Trailing Stop: Trailing stop is a kind of stop order that tracks the market price. Its trigger price will change with the market price.
Trigger: Places a market or limit order when a specific price level is crossed. Trigger orders do not freeze assets when placed.
Advanced Limit: Set rules for your limit orders with three advanced limit order types: post only, fill or kill, and immediate or cancel.
For Stop Limit Order, there will be a stop price that converts the order to a sell order and a limit price that determines the selling price. This is made to prevent flash crash events that are followed by a quick market recovery, which may cause you to sell at a lower price than predicted.

How to trade on OKX Futures

Trading on OKX futures involves the use of leverage, which might be a risky tool if you do not understand it thoroughly. To trade on OKX Futures, on the main page, point to “Trade” and select “Margin trading”.

You can trade both conventional futures contracts as well as perpetual ones by choosing them in the left column. Perpetual contracts on OKX provide more versatility, so they are more highly recommended.

Before actually getting started with trading, Here are some tips on how to use leverage in Crypto in general and in futures particularly:
Adjust leverage according to the risk/reward.
Use stop-loss and take-profit to minimize loss and maximize returns.
Use leverage with technical analysis to take advantage of a small rally/sell-off rather than building a long-term position.

There are totally 6 different strategies that you can use with OKX’s trading bot. Select the one that suits you the most, and leave the rest to the bot.

How to earn on OKX Exchange

Staking

Staking is one of the most used features on OKX. To start earning on OKX by staking, on the main page, point to “Grow” and select “Staking”.

Various staking options will show up on the screen, including the staking token, estimated APY, and term (duration). I will stake NEAR for 90 days as an example. Click on “Subscribe”.

Enter the amount of NEAR you want to stake, and click on “Subscribe”.

You can also choose other features to stake tokens, like Savings or Stablecoins & Fixed income for diversification. They all exist within the Earn sector on OKX.

Mining

One unique feature of OKX is its PoW Mining, as mentioned above. To use this feature to earn, on the main page, choose “More” and select “Pool”.

You can select the cryptocurrency to mine by clicking on “Join the pool”. For further instructions, click on “View” of the corresponding token for the detailed tutorial.

How to get OKX API

On the main page, point to the human icon and click on “API”.

Proceed by clicking on “Create V5 API Key”.

Here you will be required to enter some information on the API. Fill in all the blanks and continue with “Confirm”.

How to get OKX referral code

You can invite your friends to use OKX and receive numerous benefits as well as privileges. On the main page, point to “More” and select “Referral”.

An invite link will be created. Share this link with your friends, and if they use it, you will receive referral bonuses.

Some questions when using OKX Exchange

How to deactivate an OKX account?

First, point to the human icon and choose “Security settings”.

You have 2 options to deactivate your account: either by freezing it (temporarily) or closing it direct (permanently). Choose the one that suits you the most.

Conclusion

And that is everything you need to know about OKX. In summary, here are some highlights about OKX:

OKX, formerly OKEx, is one of the biggest crypto exchanges on the market, especially in derivatives trading.
As a centralized exchange, OKX is used mainly for trading cryptocurrencies, as well as other crypto services. Many people choose OKX over other CEXs for its wide range of supported assets, attractive fees as well as diverse features.
Other than the U.S, OKX is available in more than 100 countries. You can basically see anyone all over the world using OKX. At the same time, OKX is used by both crypto beginners and advanced traders. So being either of them, you will always find OKX relevant.