How to Use OKX
In this article, we will go through the steps on how to use OKX for those who are new to it. We will cover the account registration process, deposit process, KYC identity verification, and even the futures trading method that many investors use.
OKX is a well-known large cryptocurrency exchange in the global market, supporting various coin transactions and derivative trading. In particular, many traders come here because it offers a wide range of investment methods, including spot trading, as well as futures and options trading. Korean users are also actively using OKX thanks to its fee benefits and fast transaction speeds.
However, for those who are using this platform for the first time, the registration process, identity verification, and deposit/withdrawal methods can feel somewhat complicated. Also, in the case of futures trading, leverage is involved, so without a systematic understanding, you can incur significant losses. Therefore, it is important to learn the correct procedures accurately.
This article explains step-by-step instructions that OKX beginners must know. From how to create an account to safe deposits, KYC verification, and how to open and close futures trades, we have organized it carefully, so please refer to it.
How to Sign Up for OKX
First, you need an account to use OKX. Lifetime trading fee discounts apply if you go through the official sign-up link.
After connecting to the link, set the country to South Korea. Select the check box and click Next.
Enter your email and press the Sign up button.
Enter the six-digit code sent to the email you entered.
After that, complete the mobile phone verification.
Finally, set your password. The password must be at least 8 characters long and include numbers, uppercase letters, and special characters. Once you have done this, account creation is complete.
How to Verify KYC Identity on OKX
Deposits and trading are restricted when you only have an account. You must complete KYC identity verification to use all of OKX's features. This process includes ID and facial verification, and it is most convenient to do it on the mobile app.
Install the OKX app from the App Store or Play Store.
Open the app and log in.
Click the menu in the upper left corner.
Select the Unverified status.
Press the Verify now button.
Set the country to South Korea and select the type of ID. You can use a driver's license, resident registration card, or passport.
Press Start verification to take a picture of your ID.
Submit it after avoiding shaking and light reflection during shooting.
Submit your face after taking a picture. The review is usually completed within about 30 minutes.
If approved, the Verified mark will appear, and now you can trade freely.
How to Deposit on OKX
You cannot directly deposit Korean Won in Korea. Instead, it is common to purchase USDT (Tether) from a domestic exchange such as Upbit and transfer it to OKX.
Press Assets → Deposit on the OKX app.
Select Deposit crypto.
Choose USDT as the coin to deposit.
Select TRC20 for the network.
Copy the displayed deposit address. Now, start the withdrawal process on Upbit.
Select Deposit/Withdrawal on the Upbit app.
Select Tether.
Click Withdraw.
Set the network to Tron and enter the quantity.
Paste the copied OKX address into the recipient's address.
Proceed with 2-channel authentication after applying for withdrawal.
Select KakaoTalk authentication.
Check the message and press Sign.
Tether will be deposited into your OKX wallet after about 5 minutes.
OKX Futures Trading Method
The deposited assets are in the Funding wallet. To trade futures, you need to move them to the Trading wallet.
Select Assets → Transfer.
Set From to Funding, To to Trading, enter the quantity and press Confirm.
Confirm that Tether has moved to the Trading wallet.
Long press the Trade button at the bottom and select Futures.
The futures trading screen will appear. The default item is BTCUSDT.
You can search for the desired item and select ETHUSDT, etc.
Select the margin mode between Cross or Isolated.
Cross uses all assets as collateral, while Isolated uses only individual positions as collateral.
Set the leverage and select the order method.
The main order methods are limit orders and market orders.
Set the margin.
Manage the risk by setting TP/SL.
Select Buy when the price is expected to rise, and Sell when it is expected to fall.
Check your open positions in Positions.
Check or modify pending orders in Orders.
PnL indicates profit and loss, and PnL% indicates the rate of return.
Manage positions by items such as Size, Margin, Entry price, Liq. price.
Close the position by pressing the Close button.
Select the order method and specify the quantity, then press Close.
