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The popular cryptocurrency exchange OKX (formerly known as OKEx) supports a wide range of cryptocurrencies and other digital assets for trading.
Known for its ease of use and competitive fees, this platform has become one of the favorites of many traders.
But when it comes to withdrawing your funds, many users have expressed that they find the process easy. difficult And even overwhelming because of Many steps, prove Options And requirements Wanted on the platform.
We are here to help!
In this guide, we will go through OKX Withdrawal Process Step by Step, Including bank account withdrawals and transfers to cold wallets.We will cover some common user issues and other limitations of the popular cryptocurrency exchange.
Table of contents
How to withdraw from OKX
Before we provide you with instructions on how to make a withdrawal on the app, all users should understand the general rules for OKX withdrawal processing. To make a withdrawal you must:
➡️ You have a verified account. – OKX follows strict KYC standards and is therefore: no a Cryptocurrency Exchange Without KYC
➡️ Sufficient balance in the account
➡️ Meet withdrawal requirements (transfer on chain or internally)
Once you have checked off those items on your list, you can follow these steps to start the withdrawal process:
- sign in To your OKX account
- Go to the withdrawal page and then Click on the “Withdraw” button. At the top of the page, next to the “Deposit” button.
- Select withdrawal method – Choose your preferred withdrawal method, which can be a bank account, external wallet, or other options depending on the assets you are withdrawing.
We will cover sending cryptocurrencies to a bank account and cold wallet later in this post.
- Enter withdrawal details – Enter the required information, such as the withdrawal amount and address, and then complete two-factor authentication.
- Review and confirm – Review the withdrawal details carefully, then confirm the transaction.
Withdrawals from bank account
Withdrawing from a bank account can be a straightforward process, but it’s important to understand the requirements and restrictions, especially depending on the country you’re in.
Here is a step-by-step guide:
Step 1: Enable withdrawal from bank account
▪️Log in to your OKX account and go to the “Account” section.
▪️Click on “Bank Card” and then “Add Bank Card”.
▪️Enter your banking information (account number, expiration date, etc.).
▪️Verify your bank card by following the instructions on the screen.
Step 2: Set up your bank account
Now that you have enabled withdrawals from your bank account, you need to indicate your bank account details:
▪️Go to the withdrawal section.
▪️Click on “Bank Account” and then “Add Bank Account”.
▪️Enter your bank account details, including account number, bank name, and branch.
▪️Verify your bank account by following the instructions provided by OKX.
Step 3: Withdraw to your bank account
Now that OKX has your bank card and bank account information, you can: Ready to withdraw:
▪️Go to the “Withdrawal” section.
▪️Click on “Bank Account” and then “Withdraw”.
▪️Enter the withdrawal amount, currency and bank and then confirm the transaction.
Timing and limits
Withdrawals to a bank account may take up to 3-5 business days to process.depending on the bank’s processing time and location. The minimum withdrawal amount varies by currency.
There are no maximum withdrawal limits, but you may face daily withdrawal fees. Withdrawal limits Depending on your account verification level.
Fees and Issues
OKX charges withdrawal fees that vary depending on the currency. Many international users whose countries have not yet approved bank transfers from cryptocurrencies to real currencies cannot complete this transaction in this way.
But don’t worry! There is a way around this, peer to peer tradingWe will show you how to do this later in this post.
Withdraw to external wallets
Transferring your cryptocurrency to an external wallet, preferably a cold wallet for added security, is similar to withdrawing money from paper banks, and is extremely important. Keeping Your Bitcoin SafeHere’s how to do it:
Step 1: Enable withdrawal from external wallet
▪️From your OKX account, click on “External walletThen click on “Add external wallet”.
▪️Enter your wallet address.
▪️Verify your external wallet by following the instructions provided by OKX, including: Travel Rules for Transporting Crypto Assets.
Step 2: Set up your external wallet
Once you have enabled external wallet withdrawals, you now need to set up your external wallet details:
▪️Go to the “Withdrawal” section.
▪️Click on “External Wallet”, then “Add External Wallet”.
▪️Enter your external wallet details.
Step 3: Withdraw to your external wallet
Now you can make withdrawals to your account. cold wallet:
▪️Log in and go to the “Withdrawal” section.
▪️Click on “External Wallet” and then “Withdraw”.
▪️Enter the withdrawal amount and confirm the transaction.
Timing and limits
Withdrawals to wallets take a shorter time to process, usually only taking a few hours to process (depending on blockchain congestion). The minimum withdrawal amount varies by currency but is around 0.001 BTC for Bitcoin and 0.1 USDT for USDT.
expenses
OKX charges withdrawal fees from its exchange, depending on the cryptocurrency you are transferring.
Peer-to-Peer (P2P) Trading
You can also conduct P2P trading on the OKX platform. This allows you to buy and sell cryptocurrencies with other users from all over the world.
It has many benefits, including being more cost effective for withdrawing assets, but the main benefit is for people living in countries where withdrawals from banks are not allowed!
If you are I live in one of these countriesYou can use the P2P trading section to sell the cryptocurrency you want and then transfer these profits to a bank account. You can of course also transfer your cryptocurrency to another exchange or cold storage wallet.
Security of your cryptocurrencies on OKX
As with any other exchange or hot wallet, leaving your digital assets on the platform is strictly prohibited!
Hackers and scammers, who exploit the vulnerabilities of the Internet to their advantage, do their best to find ways to get into these exchanges and trading platforms, which could result in you being locked out of your account or losing all your cryptocurrencies.
If you are day trading, the best thing you can do is to choose a reliable and easy-to-use storage solution, such as: Materials portfolioto easily transfer your cryptocurrencies to and from the exchange to make trades and then return the assets to your physical wallet for safekeeping.
OKX usage in 2024
As cryptocurrencies grow in popularity, many governments and agencies have started to take notice. Customer Identity Verification Regulations are followed on OKX and therefore it is not a recommended platform. Buy Bitcoin Anonymously.
OKX recently made changes to trading and withdrawal limits under KYC verification levels, which has caused many users to be locked out of their accounts.
Before using OKX, it is essential to understand the limitations, regulations, and potential issues you may encounter (especially based on your location and therefore country laws).
We hope this guide helps you with OKX withdrawals, but remember that protecting your cryptocurrencies in a secure hardware cold wallet will always be your safest bet to prioritize the safety of your cryptocurrencies.
