How to Withdraw Crypto
Step 1: Go to the withdrawal section
Hover over “Assets” to open the menu and click Withdraw from the dropdown list.
Step 2: Select crypto to withdraw
Select crypto you want to withdraw from your OKEx account using the dropdown menu. In our example, we are withdrawing BTC. The withdrawal method options for BTC are “On-chain” or “Internal.”
The supported withdrawal networks are “BTC-Bitcoin,” “BTC-Lightning,” “BTCK-ERC20” and “BTCK-OKExChain.” For this example, we selected BTC withdrawn on-chain via the BTC network.
Click Continue to proceed.
Step 3: Enter and confirm the withdrawal details
After you have chosen the withdrawal method, enter the withdrawal address from the intended receiving wallet and the amount you want to withdraw. You can also name your receiving address to make future withdrawals faster. Then, select the account from which you want to withdraw.
After you have confirmed the withdrawal details, click Continue.
The next pop-up will ask you for your Funds password and, if you set one up, an “SMS code.” Enter them and click Confirm to submit your withdrawal request.
Step 1: Head to the “Withdraw” section
On the “Overview” page, tap Withdrawal.
If it’s your first time withdrawing using the application, you might be asked to link your phone number or authenticator app and set an additional password. If so, tap Link to begin the process.
Then, follow the onscreen prompts to link your OKEx account to your authenticator app. Complete the email verification and enter the six-digit code shown in the authenticator app. Next, set up your funds password to access the OKEx application’s full feature set.
Step 2: Choose which crypto to withdraw
In the “Withdraw” section, scroll down to or search for the cryptocurrency you want to withdraw. Tap the asset to continue.
Step 3: Enter your withdrawal details
Fill in the details of your withdrawal. You will need to enter the intended receiving address from the wallet to which you want to withdraw and the amount you want to withdraw.
You can usually leave the default withdrawal fee in the “Fees” field. However, if your transaction is particularly urgent, you can consider increasing the fee.
When you have entered your details, double-check the address and tap Submit.
On the following screen, complete the additional security steps by entering the password and codes requested. Finally, tap Confirm to initiate your withdrawal request.
Your funds should appear in the receiving wallet as soon as the relevant blockchain confirms the transaction.
How to Sell Crypto
1. Log in to your OKEx account and click “Buy Crypto” in the top menu.
2. You’ll see the Quick Trade tab with the interactive Buy widget. Click “SELL”
3. Select cryptocurrency and USD from the dropdown and enter the amount you want in either currency
4. Select how you want to pay from a variety of supported payment methods powered by our partners
5. Once your payment is confirmed, your cryptocurrency will automatically be transferred to your OKEx account
How to Sell Crypto using OKEx P2P trading
Preliminary steps before using OKEx P2P trading
In order to use the P2P trading section on OKEx, you need to have an identity-verified account (aka KYC). If you don’t have an account yet, you can sign up here and follow our tutorial.
Additionally, you will need to enter at least one payment-receiving method to your account in order to sell crypto and receive fiat in exchange. This is explained in the first step below.
Step 1: Set up a receiving account for OKEx P2P trading
Those who have a verified account can log in and click on Buy/Sell from the top menu. On the next page, click on P2P trade to open the P2P trading section.
Next, you need to click on Management and then Settings to start setting up a receiving account before you can execute a crypto-to-fiat conversion.
On the settings page, you have to scroll down to the “Payment setting” tab and select “Receiving account” before clicking on +Add more.
You will now be able to add a bank account or any other supported payment-receiving method to your account. Please note that you cannot change your name on this window, since any payment method you link to your OKEx account needs to match your real name.
Once you’ve added a receiving account, you will be set to go back to the P2P section and follow the next steps as outlined below.
Step 2: Select your preferred crypto and fiat currencies
The P2P trading section has several filters available for users to select their preferences. You can start by choosing whether you wish to buy a cryptocurrency with fiat or sell crypto for fiat. After this, you can select your preferred crypto and fiat currencies, and you can use the optional payment method filter to select a specific method of payment.
In this tutorial, we will be converting crypto to fiat by selling USDT, so we will select the sell option and will be using USDT as the cryptocurrency and PKR (Pakistani rupee) as the fiat currency, as shown in the screenshot below.
Currently, the supported cryptocurrencies on OKEx P2P include USDT, BTC and ETH, whereas fiat currencies have 28 options, including some of the most popular local currencies from around the world.
Step 3: Select an advertiser from the available options
In order to convert our crypto to fiat, we will be selling it to an advertiser with an open offer. The P2P trading page lists all the available advertisers that meet our preset conditions — i.e., willing to take our USDT and pay in PKR fiat.
There are various factors to consider before choosing an advertiser for our transaction. All of these are highlighted in the screenshot below.
The list of advertisers is accompanied by various stats and labels, as shown above. The verified label, for instance, is important because it means that the particular advertiser has performed identity verification and meets the minimum requirements for obtaining the badge.
Similarly, every advertiser’s stats are shown below their name, these include the number of total orders executed by that advertiser and their successful completion rate. Advertisers with a high number of orders as well as a good completion rate (one that is closer to 100%) should be preferred.
Other factors include advertisers’ limits, which are denoted in a separate column and show the minimum and maximum amounts the advertisers are willing to exchange.
While the advertisers are sorted on the basis of price (with the highest price on top), your decision should take all the aforementioned factors into account as well as the supported payment methods. In the screenshot above, we can see that some advertisers support multiple payment methods, including bank transfers as well as mobile payments, while others only support only bank transfers.
Once you’ve selected an appropriate advertiser that meets your requirements, you can click on sell USDT to proceed with the order.
Step 4: Place your P2P order
You will be presented with a pop-up window with details about the advertiser you selected in the previous step as well as fields you need to fill in order to place your P2P order.
Here you will enter the amount of USDT you wish to sell (your available USDT balance is shown under the field) and you will be shown the amount of fiat currency you will receive in exchange.
Once you verify all the details and select a payment method, click on sell USDT to proceed.
Please note that after this step you will not be able to cancel the order from your side.
Step 5: Wait for payment from the advertiser
After you place your order, the next screen will show you additional particulars, including the advertiser’s name (i.e., Payer’s name), your own receiving account details and order tracking information, such as the order number and time.
You will also see a chat window to your right, allowing you to communicate with the advertiser. However, since all the details are already set, there is not much need for any coordination apart from confirmation of payment.
Most advertisers will send you a screenshot of the payment via this chat for you to verify against your receiving account.
There are two particulars of note here, the first being the timer that starts at 15 minutes and runs down as you wait for payment from the advertiser. If the advertiser does not confirm the payment within this time, the order will be canceled.
The second thing to note is the inactive button that says “Release the crypto.” This button remains inactive until the advertiser confirms that they’ve paid you.
Step 6: Confirm receipt of payment and release crypto
As soon as the advertiser confirms that they’ve made the payment to your receiving account, you will be notified to verify and release crypto. At this point, you are advised to check your receiving account for the amount you were expecting as well as the payer details.
Once you are satisfied, you can click on the now-active Release the crypto button to complete the order.
In the event that you don’t receive the payment in time, you can also click on Appeal to contact support and seek resolution.
After you release the crypto, you will see the order completion confirmation and can click on Asset Transfer to track transfer details.
P2P trading rules for cancellations
OKEx P2P trading service prioritizes user convenience and safety. There are specific rules that apply to buyers and protect sellers on the platform (because sellers have already committed their assets to escrow when they place an order).
These rules apply to two categories of users: those who are new (less than three P2P orders completed) and those who are old (completed three or more P2P orders). New users who cancel five orders in a day before payment or three orders in a day after confirming payment, will face service restrictions. Meanwhile, older users will trigger restrictions if they cancel three orders on the same day before payment or one order after confirming payment.
The service restrictions scale with the number of triggers in a day. The first trigger results in a 15-minute ban from buying via P2P trades, Quick Buy/Sell, as well as from publishing or modifying buy orders. Additional triggers will result in a 1-hour ban, a 4-hour ban and then the user is banned for the entire day.
Frequently Asked Questions (FAQ)
Why have I still not received my withdrawal?
After submission, a withdrawal request is sometimes sent for manual review by the OKEx compliance team. Some withdrawal requests — particularly large ones — must be approved before we can submit them to the relevant blockchain network. On occasion, we may require additional documentation from a user to process a withdrawal.
After the withdrawal has been approved, OKEx submits a transaction to the relevant blockchain network. The network fee included with the request must be large enough to incentivize network validators to include the transaction in a block. When a validator does include it in a block, you should see the transaction appear in your cryptocurrency wallet.
The funds will not be spendable immediately, however. Different blockchain networks and wallet apps require a different number of confirmations before they consider a transaction final and, therefore, spendable. Once you see a withdrawal appear in your wallet, just wait for a few more blocks to be added to the blockchain, and your balance will become spendable.
How do I find my transaction ID?
You can check the progress of any cryptocurrency transaction by entering its transaction ID into a blockchain explorer. The process for finding the transaction ID is slightly different in the OKEx mobile app and website.
On the mobile application, tap Assets on the toolbar at the bottom of the screen. Then, tap Withdrawal.
On the “Withdraw” screen, tap the History button to the top-right corner — it’s the one with the clock on it.
Find the withdrawal you want the transaction ID for from the list in the “History” section and tap the three dots next to it. You can then copy the transaction ID and paste it into a blockchain explorer of your choice.
To find a transaction ID after making a withdrawal via the website, click the Withdraw under “Assets” in the top-right corner of the screen.
At the bottom of the “Withdraw” section, you will see a list of recent withdrawals. You will find the transaction ID in the fourth column, labeled TXID. Copy the ID and paste it into a blockchain explorer of your choice to check the progress of your withdrawal.
When will I receive my withdrawal, and do I need to pay a withdrawal fee?
You will receive notice of your incoming withdrawal in your wallet as soon as OKEx submits the transaction to the relevant blockchain network. In many cases, this is automatic. However, on occasion, a withdrawal needs manual verification.
Your balance will not become spendable immediately. The network needs to confirm it before you will be able to transact using the withdrawn funds. Different blockchains and wallet applications require a different number of confirmations before a transaction is considered final. A confirmation occurs when a new block is added to the blockchain after the one containing your transaction.
OKEx does not charge a fee for withdrawing assets from either the application or website. However, a network fee must be paid to incentivize network validators to include your transaction in a block. In most cases, the network fee we suggest will be enough to ensure a quick withdrawal. However, you can consider increasing the suggested fee if the withdrawal network is particularly congested, particularly if the transaction is urgent.