How to Trade Futures on OKX | Sign Up | KYC Identity Verification | Deposit
In this blog post, we will explore how to trade futures on OKX, the sign-up process, the KYC identity verification process, and how to deposit funds. Cryptocurrency futures trading is an attractive investment tool that allows you to earn much larger profits than spot trading by utilizing leverage. OKX is one of the most trusted futures trading platforms in the industry, attracting many traders thanks to its various leverage options and stable trading environment. However, to start futures trading, you must go through thorough identity verification and safe fund management, in addition to simply opening an account. Especially if you do not understand OKX's KYC verification process and deposit methods well, you may miss trading opportunities or be subject to unexpected restrictions. In this article, we will guide you step-by-step through all the preparations needed to start futures trading on OKX. We will explain in detail from signing up, KYC identity verification, deposit methods, to actual futures trading so that even beginners can easily follow along.
How to Sign Up for OKX
By clicking the link below, you can quickly move to the OKX website.
If you sign up through the influencer link above, you will automatically receive a fee discount.
Clicking the banner above will open the OKX sign-up window. Select either email or phone number, enter it, and then click the Sign Up button.
Enter the verification code sent to the email you entered and click the Sign Up button to proceed.
You must select your country or region of residence. Select the country you currently reside in (South Korea) and click the Next button.
Enter the password you want to use and click the Next button to complete your OKX sign-up.
How to Verify Your Identity (KYC) on OKX
The next step is the KYC identity verification process.
First, click the person-shaped icon in the top right corner of the homepage, and then select Verification.
Click Individual Account from the Personal and Corporate accounts.
The OKX KYC verification screen appears. You must complete both Step 1 and Step 2 to trade without restrictions. Select Step 1 verification.
A screen appears where you select an ID. You can proceed with verification using a driver's license, resident registration card, or passport.
Enter the required information in the personal information input fields and click the Next button. When entering your name in Korean, you must include your last name.
Enter your residence in the residence input field and click the Submit button to complete Step 1 of OKX KYC verification.
Click the person-shaped icon in the top right corner of the homepage, and then enter the Verification menu to select Step 2 verification.
The personal information confirmation field you entered earlier appears. After confirming that there are no errors in the information entered, click the Confirm button.
Like other exchanges, you must take a photo of your ID and a selfie to proceed with KYC verification. Click the Next button.
When the next screen appears, click the Start button.
A screen appears where you select the upload method. Since it is more convenient to take a photo with your mobile phone when signing up for OKX, click the mobile option.
You must receive a link to verify with your mobile phone. Please select the method you want and proceed with the verification. I used a QR code for verification.
When you scan the QR code on your mobile phone, you will move to the next screen. Click the Start button.
You must take a photo of the front of your ID with your mobile phone. Press the Start button and take a photo of your ID to fit the screen.
Similarly, click the Start button and take a photo of the back of your ID.
A selfie is also required. Press the Start button and take a selfie to fit the screen, and OKX KYC verification is complete.
All KYC verification procedures have been successfully completed.
How to Deposit Funds on OKX
Now, let's look at how to deposit funds from a domestic exchange to OKX.
First, select the coin you want to transfer from your current domestic exchange (Upbit, Bithumb, etc.) and then proceed with the purchase. We recommend coins like Ripple (XRP) or Tron (TRX) that have fast transfer speeds and low fees.
Go to the withdrawal menu of the coin you purchased on the domestic exchange, enter the amount to send, and then click the Confirm button.
After logging into OKX, click Assets -> Deposit in the top right corner.
Enter Ripple (XRP) in the search bar and click the Next button.
Copy the Ripple address and the destination tag, respectively.
Enter the wallet address and destination tag copied from OKX and click the Withdrawal Request button.
How to Trade Futures on OKX
OKX supports a total of four types of derivatives and margin trading methods. Let's take a look at Perpetual swaps, which is futures trading. Like other exchanges, it is possible to trade indefinitely, which means setting leverage without an expiration date and conducting futures trading by buying or selling at the desired price. Now, let's look at how to use Perpetual swaps on OKX.
First of all, you must sell the deposited coins to trade futures. Click Trade -> Spot on the homepage and then select Ripple (XRP). I deposited through Ripple (XRP).
Go to the Sell menu, select the desired quantity, and then click the Sell button to prepare for futures trading.
Now you are in the futures trading window. I have attached a basic interface explanation in the photo above for those who are new to OKX or futures trading.
This is the order interface window. You can select Cross and Isolated trading methods at the top. In the Cross method, all cross positions of the same margin asset share the cross margin balance of the same asset when trading. In other words, all balances in the futures wallet can be used as positions. There is a risk that all balances in the futures wallet will be forfeited upon liquidation. On the other hand, the Isolated method restricts the margin specified for a specific position to a limited amount. In other words, trading is only possible with the entered quantity, and only the entered amount is forfeited upon liquidation. For those who are new to futures trading, we recommend the Isolated method.
First, you need to set the leverage. You can set leverage up to 100x, but high leverage exceeding 10x is not recommended for beginners. If you set the leverage to 10x, it means that the margin changes by 10% when Bitcoin moves by 1%. If you are conducting a long trade with 10x leverage, you will earn 100% profit if it increases by 10%, but if it falls by 10%, it will be -100% and you may be liquidated. Therefore, it is better to avoid high leverage.
I entered a long position with 2x leverage on BTC (Bitcoin) coins. Please refer to the photo above for smooth trading.
