How to transfer funds from CommEX to OKX

In September 2023, the largest cryptocurrency exchange Binance announced its departure from the Russian Federation and the sale of its Russian business. The successor was the CommEX platform, which many in the community call the Binance project. There are many coincidences – from the quick launch and full copying of the interface of the senior partner to the almost seamless integration of client accounts. Nevertheless, in March 2024, CommEX announced that it would cease operations. Russian clients were offered to withdraw assets by May 10. There are several major platforms available in 2024 RF. The article tells how to transfer coins and fiat money from CommEX to OKX. It is the largest derivatives trading platform after Binance and the third largest in terms of spot transactions.

Why transfer assets between exchanges

After being forced to leave the Russian Federation, Binance sold its Russian business to CommEX. Customers were offered a convenient alternative – to synchronize their accounts with the new platform. Until March 2024, CommEX supported transactions with the ruble via P2P and direct purchases of coins from Russian cards. Therefore, many traders took advantage of the offer. The rest transferred their assets to other exchanges.

Now all former Comm EX clients have to choose a platform. But in general, there can be many reasons for transferring assets from one crypto exchange to another:

• Searching for better trading conditions.
• Concerns about the security of transactions.
• More passive earning tools.
• Opportunity to participate in new coin launches.
• The announced airdrop of cryptocurrency.

Security of transactions

Exchanges operate online and are not immune to hacks. For example, in 2023, Poloniex, HTX, CoinEX, dYdX and several other platforms were attacked. The damage from them ranged from $0.3 million to $125 million.

On top crypto exchanges, the risk of exploits is minimized. These platforms conduct billions of dollars worth of transactions every day and prioritize customer protection.

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In particular, CEX OKX has never been hacked. In 2023, an exploit affected the company’s decentralized service – due to a leak of the proxy server administrator’s private key.

Limitations

In 2022, many crypto exchanges supported the ban of the European regulator on work in the Russian Federation. The first to restrict access to Russians were BTC-Alpha and CEX.IO. They were joined by South Korean platforms Bithumb, Upbit, Coinone.

Among the largest crypto exchanges, Kraken, Coinbase, and Binance introduced restrictions for Russians. Users were forced to transfer funds to other platforms. In 2024, OKX, Gate.io, MEXC, Bitget, HTX continue to operate in Russia. These are exchanges from the top ten in terms of trading volume.

How to transfer cryptocurrency from CommEX to OKX

To manage funds on the accounts, you need to go to the “Wallet” section. Cryptocurrency is stored on the main and futures accounts. You can withdraw coins only from the first one. To transfer assets from Comm EX to OKX, you will first need to perform an internal transaction – transfer the balance of the futures account to the main account.

What is required

Cryptocurrency transactions on CommEX can be conducted without verification – within 2 BTC. For many users, this is enough. If you need to send more coins, you will need to confirm your identity. KYC is also required for transactions with fiat money.

It is also recommended to secure the account from unauthorized access – connect two-factor authentication. Then the exchange will request a 6-digit code from the Google Authenticator application for each financial transaction.

Cryptocurrency transfers

You can process an outgoing transaction in the “Wallet” section. Instructions on how to transfer USDT from CommEX to OKX:

1. Click on the “Withdraw” button.
2. By default, a page for processing a cryptocurrency transaction will open. You need to select a coin from the drop-down list.
3. In the field below, specify the OKX wallet address.
4. The program will automatically select the network. Inappropriate options will be deleted.
5. Specify the withdrawal amount. The minimum is 0.0005 BTC, the maximum is 2 bitcoins. The current commission of the network is displayed below.

6. Click on the “Withdraw” key.
7. Check the details of the transaction.
8. Confirm the transfer.

How to view the wallet address

To process an outgoing transaction in your Comm EX account, you will need the client’s address on the OKX exchange. You can get the details in the following way:

1. After going to the OKX website, authorize with login and password or via Google, Apple, Telegram accounts. Go through the KYC procedure – these are the prerequisites for working on the exchange.
2. In the top menu, click on the “Assets” button, then click on the “Refill” button.
3. On the page that opens, choose a cryptocurrency and network.

4. Click on the “Next” key.
5. The program will generate an address for the deposit.
6. In the field below, you need to select an account for deposit. You can deposit coins to the main or trading account.
7. Copy the deposit address or scan the QR code through the CommEX application.

Network selection

The coin and blockchain on the sending and receiving platforms must match. Otherwise, the cryptocurrency will be lost. OKX accepts USDT deposits on multiple networks. In the table you can compare the fees and transaction processing speed of these blockchains.

The number of available blockchains varies with the selected coin. The list of networks can be seen when forming the deposit address.

Transactions via third-party services

Technically, it is possible to transfer assets from Comm EX to OKX in other ways – via P2P and exchangers. However, there is no point in such transactions – direct transfer of coins is cheaper and takes less time. Participation of intermediaries is accompanied by additional commissions.

Instructions on how to transfer fiat currency via P2P exchange

On CommEX, the option is available only to verified customers. It is required to specify personal data and confirm them with photos of documents. At the second stage, the user will be offered to take selfies.

Author: Saifedean Ammous, an expert in cryptocurrency economics.