When you think of cryptocurrency trading, you immediately think of trading on a cryptocurrency exchange. These exchanges, whether centralized or decentralized, have become a vital part of the crypto trading experience. Seychelles-registered OKX(or OKEx) is also one such exchange.
It is a leading cryptocurrency exchange as per CoinMarketCap with more than 20 million customers. It has low transaction fees, supports multiple payment options and offers extensive educational resources for its users. However, you need to create an account to take advantage of OKX’s features. Read on to find out how you can register an account on the OKX cryptocurrency exchange.
What is OKX?
OKX(formerly OKEx) is a cryptocurrency exchange founded by Chinese entrepreneur Star Xu. The Seychelles-registered exchange is among the Top 10 cryptocurrency exchanges per CoinMarketCap and offers services in over 100 countries. In 2022, the “E” was dropped from its name and OKEx was rebranded as OKX. CEO Jay Hai stated that this was done in order to reflect that OKX is much more than an exchange.
Along with over 350 coins in its kitty, OKX has its own blockchain called OKX Chain and a native token OKB.
What is KYC?
Know Your Customer(KYC) standards are verification standards meant to confirm the authenticity of customers for financial institutions. KYC helps financial institutions establish that the customer is who they claim to be and that the source of their funds is legitimate. This helps financial institutions protect themselves from fraud, money laundering and terror funding.
KYC verification may take the form of ID verification, facial verification and also biometric verification in certain cases.
Why Create an Account on OKX?
This is an important question. Selecting an exchange for trading can be difficult, especially with so many of them vying to get your attention. You have to carefully consider and evaluate the services offered by them to make an informed decision. Here, we are going to talk about OKX’s features to help you make that choice.
A Large Number of Cryptocurrencies
You can get access to more than 350 coins and tokens with OKX. You want BTC? OKX has it. Or maybe you want to get your hands on some DOGE? Go to OKX. Plus, you can easily pay for crypto on OKX with your debit or credit card, Apple Pay, Google Pay or a bank transfer.
Easy to Use
If you’re just beginning, you don’t want an exchange that confuses you with all the types of trades and services it offers. OKX is quite beginner-friendly and those looking to buy their first cryptocurrency will find the platform’s design convenient and intuitive.
Low Trading Fees
The most important for many people while researching crypto exchanges is to compare the trading fee. We all want the lowest possible fees, don’t we? Well, OKX fits the bill in that regard. It charges a relatively low 0.10% fee for most trades. Additionally, the fee you pay keeps getting lower as your account level increases.
Demo Trading Mode
If you’re not sure about your trading skills, you can practice on OKX’s demo trading mode. Experiment with the basic and advanced trading features and test out your strategies all without the risk of any financial loss.
How to Register on OKX
OKX is a simple and intuitive crypto trading platform. However, you need to create an account if you want to trade on OKX.
Step 1: Go to the OKX website and click on Sign Up in the top-right corner. You will have the option to register either with your phone number or email address.
Step 2: Enter either your phone number or email address as per your choice. Enter the Referral Code if you’ve been referred to OKX by a friend. After that, click on Sign Up.
Step 3: A six-digit registration verification code will be sent to your email address. Input the code in the Enter Code field within the next 10 minutes. When you are done, click on Next.
Step 4: Create a password that is secure for your account. Ensure that you use a combination of uppercase and lowercase letters, numbers and symbols.
Step 5: OKX also has the option to register via Telegram or your Google Account. For Telegram, click on Telegram after navigating to the Sign Up page.
Step 6: You will be prompted to fill in the number with which you have registered your Telegram account. Once you’re done, click on Next.
Step 7: A message will be sent asking you to validate your Telegram login. Next, OKX will ask to access your Name, Username and Profile Picture. Click on Accept after which you will be able to access your OKX dashboard.
Step 8: If you want to use your Google account, click on the Google tab on the Sign Up page. Fill in your email or phone number and then click on Next. After that, enter your password and then click on Next.
How to Complete KYC Verification on OKX
While KYC verification is not required to deposit or trade crypto on OKX, no ID verification also severely limits your activities on the exchange. OKX has two levels of KYC verification for individual accounts. The daily withdrawal limits and P2P transaction limits increase with a higher level of verification.
Identity Verification Level 1
Step 1: Sign in to your account and click on the Profile icon on the top. Click on Verification from the dropdown menu.
Step 2: Choose the type of account you are using. For example, you would select Individual Account if you are trading in an individual capacity.
Step 3: The information you are asked to submit depends on your country. Generally, you would be asked to enter your legal first name, middle name, last name, ID type, ID number and nationality or a combination of these.
Step 4: Make sure that the information you have entered is correct. Verification should not take more than 10 minutes if the submitted information is correct. The process is the same on the website and the app.
Identity Verification Level 2
Step 1: Your Level 1 verification needs to be completed before you can proceed to level 2 verification. After you log in to your account, go to the Profile icon on the top.
Step 2: Click on Verification from the dropdown list. You would see Verified next to Level 1. If not, complete Level 1 verification first before going for Level 2.
Step 3: For Level 2 verification, you would be asked to submit photos of the front and back of your ID and complete facial verification.
Step 4: OKX does not have the option of uploading existing photos and you have to take all photos at the time of verification with your webcam or phone camera. Ensure that you take the pictures in a well-lit environment and without using any filters.
Step 5: Take care that the text on the pictures of your ID is clear and readable. Submit the pictures and wait for 3 days while OKX reviews your documents. You can contact the Support Center if you do not receive a reply within 3 days.
Step 6: If you are using the app, you need to first confirm that your Level 1 details are correct and current. Click on Confirm after verifying everything is correct.
Step 7: You may need to give the app permission to access the camera and take photos. Tap Allow and take pictures of the front and back of your ID document and your face. Submit the photos if they are clear and legible.
How to Secure your OKX Account
Following best security practices is essential to protect your crypto account from security threats. Since it is almost impossible to recover stolen crypto assets, it is important to review your security settings from time to time.
Google Authenticator
Step 1: Log in to your account and navigate to the Profile icon in the top corner. Select Security settings from the dropdown menu. You will be shown a list of completed and pending security items.
Step 2: Account password and email verification are turned on once you’ve completed your registration on OKX. The next step is to activate the authenticator.
Step 3: Install Google Authenticator on your phone. Go to Security and click on Settings in the Google Authenticator column.
Step 4: A webpage detailing the steps to set up Google Authenticator will open. Next, open the Google Authenticator app and scan the QR code shown. If unable to do so, manually enter the provided key and you will get a six-digit code.
Step 5: Click on Get Code to receive a code on your phone number or email address. Enter the code along with the six-digit Google authentication code and click on Confirm. Google Authenticator will be enabled and listed under the Enabled security features tab.
Phone Verification
Step 1: Open the Security tab and click on Set next to mobile verification.
Step 2: You will be asked to choose your country and enter your mobile phone number. After that, click on Get Code.
Step 3: You will receive an SMS as well as an email code which you have to enter in the relevant fields. Click on Confirm and move ahead.
Step 4: You will get an email confirming that you have set up mobile verification. The feature will be moved to the Enabled security features tab.
2-Factor Authentication
Step 1: Sign in to your OKX account and navigate to the Security settings section. Click on Turn on next to 2-factor authentication.
Step 2: You will get an SMS code after you click on Get Code. Enter it in the relevant field and click on Confirm. 2-factor authentication will be moved to the Enabled security features tab.
Anti-Phishing Code
Step 1: First, navigate to the Security tab. Click on Settings next to the anti-phishing code.
Step 2: Create any code and click on Get Code. You will receive an SMS code which you have to enter for verification. Alternatively, you can also enter your authenticator app code.
Step 3: In the final step, click on Confirm and you will be able to see anti-phishing code settings in the Enabled security features list.
Conclusion
Registering an account is necessary to trade on OKX. It is a fairly simple process and you can comfortably complete it in a few minutes. You also need to get your identity verified to get access to all the features of the exchange. There are two levels of verification for the individual as well as corporate accounts.
Enabling extra security features is an essential part of best crypto trading practices. You need to secure your account to ensure the safety of your funds and assets. OKX has six types of security features to protect your assets from hackers. You can enable and disable these features as per your choice on the exchange.