Cryptocurrencies have emerged as a powerful financial tool, providing everyone the chance to invest, trade, and manage digital assets with freedom. Central to the crypto ecosystem are crypto exchanges like OKX, which enable users to buy, sell, and hold a wide range of digital assets. These platforms are designed to help both beginner and professional traders with their daily trading needs; however, navigating them for the first time can feel overwhelming.

This is where this tutorial of the OKX Exchange comes in to help and guide you step by step through the platform. The tutorial will focus on the core functionalities of the exchange, such as supported digital assets, Spot and Futures trading, Copy trading, and more. By the end of this tutorial, you will have the confidence to use this exchange independently and make informed decisions.

What is OKX?

OKX is an innovative cryptocurrency exchange that offers advanced financial services to millions of users worldwide. Founded in 2017 as OKEX, the platform was rebranded to OKX in 2022. The platform has its headquarters in the Seychelles and is available in more than 100 countries.

OKX is a regulated cryptocurrency exchange with licenses in Malta (MFSA), the EU (ESMA), and Hong Kong (SFC). The platform has recently obtained its MiCA license, which makes it eligible to provide services to more than 400 million users across the 28 European Economic Area (EEA) countries. However, it still faces certain limitations in countries such as the U.S.A. and Canada.

When it comes to trading, OKX supports more than 350 digital coins and over 700 trading pairs. It offers Spot trading, where you can buy or sell cryptocurrencies, and Margin trading with up to 10x leverage. For advanced trading, the platform supports Futures trading with up to 100x leverage.

OKX offers multiple opportunities for traders to generate passive income through services like Copy trading. The platform prioritises the safety of its users and has implemented robust security measures. The crypto exchange provides proof of reserves to show each asset on the platform is fully backed. Additionally, its 24/7 customer support is always available to assist users with their queries.

Some of the key features of the OKX Exchange are:

• OKX supports a wide range of cryptocurrencies and continually enlists new tokens.
• The platform offers Futures trading with up to 100x leverage.
• X Layer is the native blockchain of the OKX Exchange, and OKB is its native token.
• OKX supports Margin trading with up to 10x leverage.
• The MiCA license will enable around 400 million users in the EEA countries to use the OKX Exchange.
• OKX ensures a safe and transparent environment on the platform through robust security measures.

How to Create an Account on OKX?

OKX is an advanced, yet straightforward cryptocurrency exchange designed for user convenience. You need to follow some simple steps to create an account on the platform.

1. Visit the website

Visit the OKX website and click Sign Up on the homepage.

2. Select the country of residence

You need to select your country of residence and agree to the OKX terms of service. Once done, click on Next to continue.

3. Enter the email

After this:

• Enter your email address.
• Provide a referral code (if any).
• Review details and click on Sign Up.
• OKX also allows you to sign up using your Google, Apple, Telegram, and OKX Wallet IDs.

4. Email verification code

Enter the email verification code that you received at your email address. Click on Next to continue.

5. Add a mobile number

Enter your mobile phone number to receive verification codes and click on Verify Now.

6. Mobile verification code

Enter the verification code that you received on your mobile phone number and click on Next to continue.

7. Create a password

After providing the code, create a strong password based on upper- and lower-case letters, numbers, and special characters. Click on Next to continue.

8. Create passkey

A pop-up window will appear where you need to create a passkey to secure your account. Click on Create Now to add the passkey.

Once your passkey is successfully generated, your account will be ready to use.

KYC Procedure on OKX

OKX is a centralised cryptocurrency exchange that supports the KYC (Know Your Customer) process to verify the identities of its users. This procedure safeguards the exchange from illicit activities, such as money laundering and terrorist financing.

At OKX, you can choose between Individual and Institutional KYC procedures. You need to provide your personal identity for the Individual KYC procedure to increase your deposit and withdrawal limits. On the other hand, if you are a corporate entity, you need to provide valid legal documents of your institution for the Institutional KYC procedure.

To start the KYC procedure on OKX, you need to complete the following steps:

1. Go to the verification tab

Navigate to the profile icon on the OKX homepage and click on Verification from the dropdown menu.

2. Choose the KYC procedure

On the verification page, choose between Individual or Institutional KYC and click on Verify Identity. For this example, Individual KYC is selected.

3. Start the procedure

Next, click on Verify Now to start the KYC procedure.

4. Select the country of residence

After this, select your country of residence and click on Next to continue.

5. Select the ID type

Select your identification document type and click on Next to continue.

6. Scan the QR code

Next, scan the QR code to continue the KYC procedure on your mobile phone browser.

Complete the KYC procedure on your mobile phone by uploading the selected ID document type and a selfie. Once confirmed, the system will notify you of the completion of the KYC procedure, and your account will be verified.

Setting Up 2FA on OKX

Setting up Google Two-Factor Authentication on OKX is an important step, as it protects your account from unauthorised access.

1. Navigate to Security

Go to the profile icon on the homepage and click on Security.

2. Authenticator app

On the security page, click on Set Up beyond Authenticator App.

3. Link the app

A pop-up window will appear where you need to click on “Link authenticator app” to continue the procedure.

4. Enter the verification code

Enter the 6-digit authenticator verification code that you receive in your email and click on Confirm.

5. Download the authenticator app

Next, download either the Google or Microsoft authenticator app on your mobile phone and click “I have downloaded one.” Alternatively, you can use a physical key for the process. For this example, the Google 2FA app is used.

6. Link the authenticator app

Open the Google Authenticator app on your mobile phone, scan the QR code, or copy the key from the app and click Continue.

7. Enter the code

Enter the 6-digit code from your 2FA app and click on Confirm to complete the procedure.

How to Make a Deposit on OKX?

OKX is a diverse cryptocurrency exchange where you can easily deposit cryptocurrencies in your account. The platform supports a list of digital tokens that you can use for deposit, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

1. Navigate to the deposit tab

Go to the Assets tab on the OKX homepage and click on Deposit from the dropdown menu. Alternatively, you can click the “Deposit Crypto” tab on the homepage.

2. Select the cryptocurrency

On the deposit page, select the cryptocurrency you want to deposit or search for it in the search bar.

3. Select the deposit network

Carefully select the deposit network and make sure the network is the same in the withdrawal wallet from where you are making the deposit. For example, if your deposit chosen network is Tron (TRC20), you should select the same network in the withdrawal wallet.

4. Complete the deposit

You can either scan the QR code in the mobile phone app of the withdrawal wallet or copy the deposit address and paste it in to complete the deposit.

Buy Crypto with Fiat on OKX

If you do not have cryptocurrency to deposit, you can buy digital tokens with fiat currencies on the OKX Exchange. The platform supports over 100 fiat currencies and more than 900 local payment methods, including Apple Pay, AdvCash, Google Pay, SEPA, and others.

OKX offers P2P (Peer-to-Peer) trading to buy cryptocurrencies with fiat currencies.

Express Buy

Express Buy on OKX automatically finds the best price for the cryptocurrency you want to buy on the P2P marketplace. Go to the Buy Crypto section on the homepage and click on P2P trading.

On the Express Buy page:

• Select the fiat currency you want to pay and enter the amount.
• Select the cryptocurrency you want to receive.
• Review the order details and click on “Select payment method.”

Select a payment method of your choice and click on “Select ad.”

The system will automatically find the best ad for you. Review the details and click on “Place Order.”

Next:

• Make the payment to the seller through your selected payment method.
• You can chat with the seller in the chat box.
• Click on “I have paid” to confirm the payment.
• You will receive the cryptocurrency in your account.

P2P Trading

Click on P2P Trading to select an ad of your choice. OKX P2P Trading allows you to buy cryptocurrencies with zero fees.

• Select the cryptocurrency you want to buy, like USDT.
• Select the fiat currency you want to pay.
• Choose an ad, confirm the payment method, and click on Buy.

A pop-up window will appear:

• Add the amount of fiat currency you want to pay.
• You will see the number of receiving tokens.
• Review the details and click on “Buy USDT with 0 fees.”

Next, review the order details and click on Confirm to place the order.

For payment:

• Pay the seller using your selected payment method and click “I have paid.”
• You can also chat with the seller in the chat box.
• Once the seller receives the payment, you will see the receiving number of tokens in your account.

Transfer Cryptocurrencies on OKX

OKX is a leading cryptocurrency exchange that allows its users to transfer funds between different accounts. You need to transfer funds from the Funding to the Trading account to start trading on the platform.

To do this, navigate to the Assets tab on the homepage and click on Transfer from the dropdown menu.

On the transfer page:

• Select the cryptocurrency you want to transfer, like USDT.
• Choose the transfer account, for example, from Funding to Trading.
• Enter the transfer amount or click on MAX to transfer all tokens.
• Review the order details and click on Confirm to complete the transfer.

Supported Cryptocurrencies on OKX

Before you start trading on the OKX Exchange, it is essential to know about the supported cryptocurrencies on the platform. OKX is a diverse cryptocurrency exchange that supports over 350 digital coins, including popular ones like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), XRP, and more. You can trade these digital currencies across its Spot and Futures markets.

To view the supported cryptocurrencies on OKX, navigate to the Discover tabon the homepage and click on Markets from the dropdown menu.

On the OKX Markets page, you will see the supported cryptocurrencies along with their current market price, the percentage change in the price, and total market cap. In the Action section, click on Trade to start trading a cryptocurrency.

Trading on OKX

OKX is an advanced cryptocurrency exchange designed to provide a hassle-free trading experience for its users. Traders can do Spot trading, Margin trading with up to 10x leverage, and Futures trading with up to 100x leverage on the platform.

However, before jumping into any of these trading options, you need to know about the supported order types on the platform.

Order Types on OKX

Traders can use the following order types when opening a position on the OKX Exchange:

1. Limit Order
   Traders who want to open or close a position based on a specific price can use this order type.
   Example: You place a limit order to buy 1 Bitcoin (BTC) at $80,000. The order will only execute once BTC drops to $80,000 or lower.
2. Market Order
   Traders who are looking to buy or sell a cryptocurrency at the current market price can use a market order.
   Example: You place a market order to buy 1 Bitcoin (BTC), and it executes immediately at the current price, suppose $85,000.
3. Take-Profit/Stop-Loss (TP/SL) Order
   You can use this order type to set take-profit and stop-loss targets before executing a trade.
   Example: You buy 1 Bitcoin (BTC) at $85,000 and set a Take-Profit (TP) target at $90,000 and a Stop-Loss (SL) at $83,000. Once the price reaches any of these limits, the order will be executed.
4. Trailing Stop Order
   Traders who want the price to be automatically adjusted in their favor once the market moves positively can use this order type.
   Example: You buy 1 Ethereum (ETH) at $2,500 and set a trailing stop order with a $100 trail. If the price rises to $2,800, the stop price moves to $2,700. Once the price drops to $2,700, the order will be executed to lock in profits.
5. Advanced Limit Order
   If you want to utilise advanced functionality to manage risk and lock in profits, this order type can be beneficial.
   Example: You place an advanced limit order to sell 2 Bitcoin (BTC) at $90,000 with a post-only condition, ensuring the order will not execute instantly as a market taker. You also set a GTC (Good-Till-Cancelled) to ensure the order stays open until it is executed or manually cancelled.
6. Scaled Order
   Traders can use this order type to set multiple limit sub-orders and a price range simultaneously.
   Example: You placed a scaled order to buy 5 Ethereum (ETH) between $2,500 and $2,300, each for 1 ETH. Once the price falls within the range, each order is triggered to gradually build the full 5 ETH position at an average entry price rather than a single fill point.
7. Iceberg Order
   You can use this order type to execute large trades without revealing them completely.
   Example: You place an iceberg order to sell 50 BTC, which shows only 5 BTC at a time on the order book. Once each 5 BTC position is filled on the order book, another 5 BTC position is automatically placed, thus hiding the complete order to avoid impacting the market.
8. TWAP (Time-weighted Average Price)
   If you want to divide large orders into smaller ones to achieve more favorable prices, you can use this order type.
   Example: You place a TWAP order to buy 50 BTC over 5 hours. A small order is placed every 15 minutes to achieve an average price that is close to the overall market average.

How to Start Spot Trading on OKX?

OKX supports over 350 cryptocurrencies that you can buy or sell in Spot trading on the platform.

To start Spot trading on OKX, you need to complete the following steps.

1. Visit the homepage

Navigate to the Trade section on the homepage and click on Spot from the dropdown menu.

2. Getting familiar with the interface

• Select trading pair: Click on the top left corner of the interface and select a trading pair. For this example, BTC/USDT is selected.
• Chart price section: The chart price section shows important information, such as the mark price, 24-hour change in price and volume, and more of the selected trading pair.
• Trading Chart: The trading chart, located on the left side of the interface, is powered by TradingView and features its excellent tools. You can use technical indicators and customize the chart according to your trading strategy.
• Order Book: The order book is located in the middle, displaying the latest buying and selling prices for the selected trading pair.
• Order Panel: The order panel is on the extreme right side of the interface, where you can use different order types to place an order.
• Positions tab: You can view your open positions in the positions tab at the bottom of the interface.

3. Placing an order

To buy Bitcoin (BTC):

• Click on Trade in the order panel.
• Click on Buy.
• Select the order type. In this case, a Limit Order is selected.
• Enter the order amount, or use the percentage bar for this.
• You can see the total number of USDT tokens that you will spend.
• You can also add TP/SL to your order, which is optional.
• Review the details and click on Buy BTC.
• Once your order is placed, you can view it under the positions tab.

To add TP/SL:

• Enable the TP/SL option.
• Enter the Take-Profit price and Stop-Loss price before executing the trade.

You can also use advanced settings for TP/SL:

• Click on Advanced, and a pop-up window will appear.
• Enter the Take-Profit price or set it for a percentage change. You can also use the handy percentage bar to set the Take-Profit price.
• Enter the Stop-Loss price or set it as a percentage change. It also allows you to use the handy percentage bar.
• Review the details and click on Confirm.

Now, to sell BTC:

• Click on Sell in the order panel.
• Choose the order type. For this example, a Limit Order is selected.
• Enter the order amount.
• You will see the receiving number of USDT tokens.
• You can also add TP/SL to your order, which is optional.
• Review the order details and click on Sell BTC.

Margin Trading on OKX

OKX offers Margin trading to traders with up to 10x leverage. The trading interface for Margin trading is similar to that of Spot trading, and you simply need to make a few adjustments.

1. Enable the Margin Mode

Navigate to the order panel on the Spot trading interface and enable the Margin mode.

2. Select the leverage type

Select the leverage type between Cross and Isolated. Cross leverage shares your entire balance across all open positions, while Isolated leverage limits the margin by specifying the amount per position.

3. Adjust the leverage

OKX offers up to 10x leverage in Margin trading. Click and adjust it accordingly.

A pop-up window will appear, allowing you to adjust the leverage. Once done, click on Confirm.

4. Place an order

Next:

• Choose the order direction between Buy and Sell.

• Select the order type, and for this example, a Limit Order is selected.
• Enter the order amount or use the handy percentage bar.
• You can also use the TP/SL optional settings.
• Review the details and click either Buy (Long) BTC or Sell (Short) BTC.

How to Start Futures Trading on OKX?

OKX offers Futures trading with up to 100x leverage across several contracts, making it one of the most popular cryptocurrency exchanges among traders. The platform supports the following Futures contracts:

• USDT-Margined: These are cryptocurrency derivatives products that are settled in Tether (USDT).
• USDC-Margined: These are cryptocurrency derivatives where profits, losses, and collateral are settled in USDC.  
• Crypto-Margined: These contracts use digital tokens as the settlement currency instead of stablecoins.

To start your journey in Futures trading on OKX:

Navigate to the trade section

Visit the OKX homepage and navigate to the Trade section. Once done, click on Futures and select the contract type you want to trade.

Getting familiar with the interface

OKX Futures trading interface offers the following features:

• Trading Pair: You can select any trading pair in the top left corner of the interface.
• Price Section: The chart price section displays important information, such as the current market price, 24-hour trading volume, and more, for the selected trading pair.
• Chart: The trading chart on OKX is supported by TradingView and offers advanced tools to ensure maximum convenience for traders. You can customize the chart according to your trading strategy and add indicators.
• Order Book: The order book, located in the middle of the interface, displays the current buying and selling prices of the selected trading pair.
• Order Panel: On the right side of the interface, you have the order panel to open or close positions.
• Positions tab: The positions tab is at the bottom left of the interface, where you can view your positions.

Selecting the trading pair

Click on the left corner of the interface and select a trading pair. For this example, BTC/USDT Perpetual is selected. Alternatively, you can search for it in the search bar.

Open a position 

• Select the margin mode: Go to the order panel and select the margin mode between cross and isolated.

• Select the leverage: Select the leverage from up to 100x in the pop-up window. Remember, always be cautious when selecting leverage, as a higher leverage poses a higher risk. Once done, click on Confirm to continue.

Next:

• Select the order type, and for this example, a Limit order is selected.
• You can see the current price of BTC.
• Enter the order amount or use the percentage bar for this.
• You can also add TP/SL to your order, which is optional.
• Confirm the order details, and click either Buy (Long) or Sell (Short)

• View your order: Once your order is placed, you can view it in the positions tab.
• Close your position: To close your position, click on Close in the positions tab and enter a price or an amount to close it. On the other hand, click MKT Close All to close an entire position at the current market price.

Copy Trading on OKX

Copy trading is an advanced feature offered by the OKX Exchange that allows you to automatically replicate the trades of experienced traders and earn profits on your investments. The platform enables you to copy trades of seasoned traders in both the Spot and Futures markets. It allows you to participate in the market by following proven strategies of professional traders without requiring any in-depth trading knowledge.

To start Copy trading on OKX:

1. Visit the homepage

Visit the OKX homepage, go to the Trade section, and click on Marketplace from the dropdown menu.

2. Select the copy trading category

On the Marketplace page, choose either between Futures copy trading or Spot copy trading. You can select the copy trader based on PnL % (Profit and Loss), PnL, Win Rate, AUM (Asset Under Management), Number of Copy Traders, and Copy Trader PnL. Alternatively, you can search for the copy trader in the search bar.

3. Select the copy trader

Next, select the copy trader and click on Copy. It will take you to the corresponding copy trader page, where you can review its performance. To copy the trader, click on Copy now.

4. Add the investment amount

Once you click Copy Now, a pop-up window will appear where you need to enter the investment amount. You can also use the percentage bar for this. Review the information, agree to the Copy trading service terms, and click on Copy to start copying the trader.

Making a Withdrawal on OKX

OKX allows you to withdraw funds from the exchange easily. It supports two withdrawal methods:

• On-chain Withdrawals: Transfer funds to an external wallet or exchange.
• Internal Transfers: Transfer funds to an OKX user with zero fees.

On-chain Withdrawals

To withdraw funds from the OKX Exchange to an external wallet:

1. Visit the Assets tab

Hover over the Assets tab on the homepage and click on withdraw from the dropdown menu.

2. Select the coin

Select the cryptocurrency you want to withdraw, or you can search for it in the search bar. For this example, USDT is selected.

3. Select the withdrawal address

Carefully select the withdrawal address from the dropdown menu. For example, if you are selecting the TRC20 withdrawal address, you should choose the same address in the wallet where you are transferring the funds. Otherwise, you can lose your funds if the withdrawal address does not match.

4. Make the withdrawal

Enter the withdrawal address and the withdrawal amount. You can also click on Max to withdraw all tokens. Review the details and click on Next to continue.

After this, enter the Google 2FA code to confirm the withdrawal.

Internal Transfer

To send funds to an OKX user:

1. Select the cryptocurrency

Select the cryptocurrency on the withdrawal page, like USDT, and click on “Internal withdrawal.”

2. Enter the recipient’s details

Enter the recipient’s details and select from phone number, email address, UID, or Sub-account.

3. Make the transfer

Enter the withdrawal amount or click on Max to transfer all coins. Confirm the order details and click on Next to continue.

Add the Google 2FA verification code to complete the transfer.

OKX Trading Fees

The trading fees on the OKX Exchange are calculated based on a 30-day trading volume and are categorised into regular and VIP user tiers.

The following fees are charged on the platform:

Spot Trading Fees

The Spot trading fees on OKX are categorized based on USDT pairs and stablecoin/crypto/fiat pairs.

USDT Pairs Fees

The following are the Spot trading fees for regular customers who trade USDT pairs:

• Maker fee: 0.080%
• Taker fee: 0.100%

You can check the Spot trading fees for VIP customers who trade USDT pairs in the following table:

Stablecoin/Crypto/Fiat pairs

The following are the stablecoin/crypto/fiat pairs trading fees for regular customers:

• Maker fee: 0.050%
• Taker fee: 0.070%

You can see the fees for VIP customers for Spot stablecoin/crypto/fiat pairs in the following table:

Futures Trading Fees

The Futures trading fees on OKX are based on USDT-Margined Perpetual contracts and other contracts. The fees for regular customers are the same in both categories, while the fees for VIP customers differ.

The following are the trading fees for regular customers:

• Maker fee: 0.020%
• Taker fee: 0.050%

The VIP customers are required to pay the following fees for USDT-Margined Perpetual contracts on OKX:

The VIP customer fees for the rest of the Futures contracts are the following:

Safety on OKX

OKX prioritizes the safety of its users through robust security measures. The platform stores 95% of users’ funds in cold storage to avoid unauthorised access. In addition, it holds a Virtual Asset License in Dubai and is compliant with the Virtual Financial Asset Act in Malta, ensuring adherence to regulatory bodies.

The platform supports several security measures, including Google Two-Factor Authentication, to secure your funds comprehensively. OKX utilises the KYC procedure to minimise the risk of illicit activities on the platform, such as terrorism financing. Moreover, the exchange follows email verification codes and mobile verification codes for enhanced safety.

OKX follows the Merkel-Tree Proof-of-Reserves to fully back all supported digital tokens on the platform. It also shows its commitment to users who prefer a safe environment while trading cryptocurrencies.

Final Takeaways

OKX has become one of the leading cryptocurrency exchanges thanks to its advanced services. The platform has been designed to provide a seamless trading experience for everyone in the cryptocurrency space. It offers a user-friendly interface and features that cater to the needs of both beginner and professional traders.

You can buy, sell, or hold a large number of digital assets on the OKX Exchange. For advanced trading options, the platform supports Futures trading with up to 100x leverage and Margin trading with up to 10x leverage. In addition, you can generate passive income on the platform through its Copy trading feature.

OKX offers deep liquidity and follows a proof-of-reserves approach to demonstrate that each asset on the platform is fully backed. The crypto exchange has implemented robust security measures to ensure the maximum safety of users’ funds. Moreover, the platform is expanding its operations worldwide to become accessible in even the most remote areas.

Frequently Asked Questions (FAQs)

Is OKX available in the U.S.?

Currently, you cannot use the OKX Exchange in the U.S. due to regulatory restrictions.

Does OKX require KYC?

OKX is a centralised cryptocurrency exchange that requires users to complete the Know Your Customer (KYC) procedure to access its services and comply with relevant regulations.

Do I need to set 2FA for withdrawals on OKX?

OKX requires its customers to set Google Two-Factor Authentication (2FA) to make withdrawals.

Does OKX support fiat withdrawals?

You can withdraw fiat currencies on the OKX Exchange.

How many cryptocurrencies are supported on OKX?

OKX offers more than 350 cryptocurrencies that traders can buy, sell, or hold on the platform.

Does OKX offer copy trading?

OKX offers copy trading for both Futures and Spot traders.

How much leverage is offered in Futures trading on OKX?

OKX offers futures trading to traders with up to 100x leverage.

Does OKX offer Margin trading?

Traders can start Margin trading with up to 10x leverage on the OKX Exchange.

Is OKX a legit cryptocurrency exchange?

OKX is a legitimate cryptocurrency exchange with licenses across several jurisdictions, including Malta, Dubai, the European Economic Area (EEA), and more.

Can I trust OKX?

OKX is a regulated cryptocurrency exchange holding licenses in multiple jurisdictions. The platform has implemented key security measures, including two-factor authentication (2FA), verification codes, cold storage for funds, and additional measures.

Is the account creation process free on OKX?

You can create an account on the OKX Exchange without spending money.