Bitcoin and crypto ETFs explained
How to deposit and withdraw BTC and other crypto assets on OKEx
A step-by-step tutorial to perform cryptocurrency deposits and withdrawals on OKEx
OKEx is one of the world’s leading cryptocurrency exchanges, offering users a robust trading platform with several unique features, such as unified accounts, cross-chain gateways and trading-centric decentralized applications on OKExChain.
However, in order to fully utilize the platform, users need to deposit some crypto assets into their account. In this guide, we provide the steps to perform both deposits and withdrawals on OKEx via the website. If you want to know how to deposit to OKEx via the mobile application, check this dedicated guide.
The following tutorial assumes you already have an account on OKEx. If you don’t, you can sign up today and get $10 worth of crypto for free.
Table of contents
- Depositing cryptocurrency in your OKEx account
- Withdrawing crypto from your OKEx account
- Deposit and withdrawal FAQs
Depositing cryptocurrency in your OKEx account
Step 1: Go to the Deposit section
Once you are logged in, navigate to “Assets” from the top right of the OKEx homepage and click on Deposit to go to the deposit section.
Step 2: Select a currency to deposit
Select the currency you want to deposit and its deposit network. In our example, we are depositing BTC. When depositing BTC, you can choose “BTC-Bitcoin,” “BTCK-ERC20,” “BTC-Lightning” and “BTCK-OKExChain” as the deposit network.
After making your selection, click Continue.
First-time users may see a pop-up reminding them to only deposit the relevant asset to the address provided and that mistakes are irreversible. Click OK to proceed.
Step 3: Select and confirm your deposit address
Once you have selected the deposit currency, you can choose the account to receive the funds. The available options are Funding Account and Trading Account.
After you have chosen the receiving account, select a BTC deposit address from the dropdown menu or click on Add new address to proceed.
Now you can deposit BTC into your OKEx account by sending it to the chosen address. You can also review your deposit history at the bottom of the “Deposit” section.
Withdrawing crypto from your OKEx account
Step 1: Go to the withdrawal section
Hover over “Assets” to open the menu and click Withdraw from the dropdown list.
Step 2: Select a currency to withdraw
Select the currency 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.
Deposit and withdrawal FAQs
What is a memo/tag, and why do I need to use one when depositing certain cryptocurrencies?
A memo or tag is an additional identifier used to link a deposit with a particular user. Not all cryptocurrencies require a memo or tag when depositing to OKEx. However, if you are provided one during the deposit process, you must enter it in the wallet from which you are depositing.
Many exchange platforms use a single address for all deposits of certain cryptocurrencies. Where this is the case — for example, XRP, XLM or EOS — the memo or tag tells OKEx which user account to credit the deposit. Failure to enter the memo or tag when depositing will result in loss of funds.
Why hasn’t my deposit appeared in my OKEx account yet?
When you hit send in your wallet to deposit to OKEx, your wallet software submits the transaction to the relevant blockchain network. The transaction then waits with other transactions to be included in a block. Transaction validators determine which transactions to include based on the network fee included.
If only a few transactions are waiting to be included in the next block, a small fee will be enough to incentivize network validators. However, if many people are transacting simultaneously, the validator can select which blocks to include.
Validators usually prioritize those with larger fees, as they result in greater profits. During high network congestion, your deposit may be delayed because the fee included was not large enough for a validator to include your transaction yet.
For a cryptocurrency transaction to be considered final after being included in a block, it needs to be confirmed by the relevant blockchain network. Confirmation requires additional blocks to be added to the blockchain after the block that contains your transaction. Each additional block is considered one confirmation, and the number of confirmations required for OKEx to consider your transaction final varies between different cryptocurrencies.
The waiting time for a deposit depends on the number of subsequent mined blocks required for the service provider — in this case, OKEx — to consider a transaction final and the average block time of the asset’s network. You can check how many confirmations a deposit has by searching its transaction ID using a blockchain explorer for the network you used to deposit.
When will OKEx receive my transaction, and do I need to pay deposit fees?
For OKEx to credit your account with a deposit, the transaction must first be included in a block. This requires a network fee to incentivize validators to include your transaction.
The network fee required for a validator to include your transaction varies according to current network conditions. A relatively low fee will suffice when few transactions are waiting. However, the fee required rises at times of heightened network congestion.
Once your transaction is included in a block, the network needs to confirm the transaction. Each subsequent block after the one containing your transaction counts as one network confirmation. The number of confirmations required varies between different blockchains.
OKEx does not charge users fees to deposit crypto assets via either the application or website. However, all transactions require a network fee to incentivize validators to include it in a block.
You can check the status of a deposit by searching its transaction ID using a blockchain explorer. If it has been a long time and the transaction still has zero confirmations, the fee included was too low. You can wait for network congestion to subside, or you can increase the fee using your wallet software to speed the transaction up.
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.
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