Navigating a digital asset platform for the first time can feel overwhelming. From setting up your account to securing your funds and executing your first trade, there are many steps involved — each important in its own right. This comprehensive guide brings together the most frequently asked questions users have when starting out on OKX, organized to help you move confidently through every stage of your journey.
Whether you're new to cryptocurrency or looking to refine your understanding of platform-specific features, this resource covers everything from identity verification and wallet setup to deposits, withdrawals, and using advanced tools like demo trading and Web3 wallets.
Setting Up Your Account Securely
Before engaging with any financial platform, security and verification are top priorities. On OKX, completing identity verification is a crucial first step.
Why Is Identity Verification Necessary?
Identity verification helps ensure the safety of your account and complies with global regulatory standards. It protects against fraud, money laundering, and unauthorized access. Most features — including higher withdrawal limits and access to advanced trading options — require verified status.
👉 Learn how to complete your identity verification quickly and securely.
The process typically involves uploading a government-issued ID (such as a passport or driver’s license) and taking a live selfie for facial recognition. Processing times vary but are often completed within minutes.
Mastering Wallet Management
Understanding how digital wallets work is fundamental to managing your crypto safely.
What Is a Web3 Wallet?
A Web3 wallet is a non-custodial digital wallet that gives you full control over your private keys and assets. Unlike traditional exchange wallets where the platform manages security, a Web3 wallet puts you in charge. OKX offers an integrated Web3 wallet that supports multiple blockchains and decentralized applications (dApps).
This means you can interact directly with decentralized finance (DeFi), NFT marketplaces, and blockchain games without relying on intermediaries.
Creating or Importing Your OKX Wallet
You can either create a new wallet or import an existing one using your seed phrase. When creating a wallet, you’ll be given a 12- or 24-word recovery phrase — also known as a seed phrase — which acts as the master key to your funds.
Never share your seed phrase with anyone. Anyone who has it can fully access and transfer your assets.
If you already use another wallet (like MetaMask), you can import it into OKX using the same seed phrase. This allows for seamless integration across platforms while maintaining control over your keys.
Depositing and Withdrawing Crypto
One of the most common actions users take is moving funds in and out of their accounts.
How to Make a Deposit (App)
Depositing crypto to your OKX account is straightforward:
- Open the app and go to "Assets."
- Select the cryptocurrency you want to deposit.
- Copy the provided wallet address or scan the QR code.
- Send funds from your external wallet or exchange.
Ensure you send the correct token type (e.g., ERC-20, BEP-20) to avoid permanent loss.
Why Hasn’t My Deposit Been Credited?
Delays can occur due to network congestion or incorrect transaction details. Most blockchains require several confirmations before crediting deposits. You can check the status using a blockchain explorer by entering your transaction ID (TXID).
If everything appears correct but the deposit hasn’t shown up after 24 hours, contact support with your TXID for assistance.
👉 Find out how to troubleshoot deposit issues in real time.
How to Make a Withdrawal (App)
To withdraw funds:
- Go to “Assets” > “Withdraw.”
- Choose the cryptocurrency and network.
- Enter the recipient address and amount.
- Confirm via two-factor authentication (2FA).
Always double-check the recipient address — withdrawals cannot be reversed once processed.
Why Hasn’t My Withdrawal Arrived?
Possible reasons include:
- Network delays during peak times
- Incorrect destination address or network selection
- Pending confirmation on the blockchain
Use the TXID to track your transaction on a blockchain explorer. If the transaction shows as confirmed but not received, verify that the correct network was used (e.g., withdrawing USDT via TRC-20 to a TRC-20-compatible wallet).
Enhancing Security: Linking an Authenticator App
Relying solely on SMS-based 2FA is risky due to SIM-swapping attacks. Instead, link an authenticator app like Google Authenticator or Authy for stronger protection.
Steps:
- Download an authenticator app.
- In OKX settings, enable “Authenticator App” under Security.
- Scan the QR code with your app.
- Enter the generated code to confirm.
Now, each login or withdrawal will require a time-based one-time password (TOTP), significantly reducing the risk of unauthorized access.
Trading Made Simple: Selling Crypto via P2P
Peer-to-peer (P2P) trading allows you to sell crypto directly to other users, often with flexible payment methods like bank transfers or e-wallets.
How Do I Sell Crypto on OKX P2P?
- Navigate to the P2P section.
- Select “Sell” and choose the cryptocurrency.
- Pick a buyer’s offer with your preferred payment method.
- Confirm the sale and wait for payment.
- Release crypto only after confirming receipt of funds.
OKX holds the crypto in escrow during the transaction, protecting both parties from fraud.
Understanding Fees and Costs
A common concern among new users is whether deposits and withdrawals incur fees.
Do I Need to Pay Fees for Deposit and Withdrawal?
- Deposits: Typically free on OKX.
- Withdrawals: Subject to blockchain network fees, which vary based on congestion and transaction size.
These fees are not set by OKX but are paid to miners or validators on the respective blockchain networks. You’ll always see the exact fee before confirming any withdrawal.
Exploring Risk-Free with Demo Trading
Not ready to trade real funds? Try demo trading.
What Is Demo Trading and How Do I Use It?
Demo trading lets you practice with virtual funds in real market conditions. It’s ideal for testing strategies, learning chart analysis, or getting comfortable with order types without financial risk.
To get started:
- Go to the trading interface.
- Switch to “Demo Mode.”
- You’ll receive a set amount of virtual currency.
- Trade as you would normally.
It’s one of the best ways to build confidence before entering live markets.
Frequently Asked Questions (FAQ)
Q: How long does identity verification take?
A: Most verifications are completed within minutes, though some cases may require additional review and take up to 24 hours.
Q: Can I change my email or phone number after registration?
A: Yes, you can update these in account settings, but verification may be required for security purposes.
Q: What happens if I lose my seed phrase?
A: Unfortunately, lost seed phrases cannot be recovered. Without it, access to your wallet and funds may be permanently lost.
Q: Is OKX available in my country?
A: Availability varies by region due to regulatory requirements. Check local compliance before signing up.
Q: Can I use demo trading for futures or options?
A: Yes, demo mode supports spot, futures, and options trading, allowing full exploration of advanced features.
Q: Are there limits on P2P trading?
A: Yes, limits depend on your verification level and trading history. Higher levels unlock greater trading capacity.
👉 Start practicing today with a free demo account and gain real-market experience risk-free.
By understanding these core processes — from secure setup to executing trades — you’re well-equipped to navigate OKX with confidence. Always prioritize security, verify transactions carefully, and take advantage of educational tools like demo trading to refine your skills.