In 2023, the cryptocurrency platform is among the top 10 services in terms of trading turnover. Every day OKX is visited by more than 5 million investors. Clients are offered to trade on spot, futures market, invest in passive earning instruments and exchange assets on the peer-to-peer platform. At the moment, due to the OKX exchange sanctions in Russia, P2P operations with the ruble and some high-yielding passive income instruments are not available to users. All other offers and products of the exchange are still available. Russians can register by cell phone, participate in the bonus program, trade on spot and futures markets.
In which jurisdictions the OKX exchange operates
The platform was founded by Star Xu in 2017, who as of 2023 is also the CEO.
In 2023, citizens of Russia and other CIS countries can work on the exchange. Registration of users from the UK, Hong Kong, North Korea, Canada, Bolivia and Syria is prohibited.
OKX exchange in Russia in 2024
You can trade cryptocurrencies on the platform via browser, mobile application and PC client. More than 400 coins are available to investors. The team regularly launches new tokens on the Jumpstart platform. After many platforms started blocking Russians in 2022, OKX saw an influx of customers from the Russian Federation. The exchange handed out bonuses to newcomers and is still loyal to Russian traders. The news that OKX does not work in Russia turned out to be false.
Restrictions in Russia
In June 2023, the exchange banned Russian citizens from using passive earning instruments with yields above 99% per annum. In August, rubles were removed from the P2P listing. The rest of the functionality was left unchanged.
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ByBit ΠΏΡΠ΅Π΄ΠΎΡΡΠ°Π²Π»ΡΠ΅Ρ ΡΠ΄ΠΎΠ±Π½ΡΠ΅ ΠΈ Π±Π΅Π·ΠΎΠΏΠ°ΡΠ½ΡΠ΅ ΡΡΠ»ΠΎΠ²ΠΈΡ Π΄Π»Ρ ΡΠΎΡΠ³ΠΎΠ²Π»ΠΈ ΠΊΡΠΈΠΏΡΠΎΠ²Π°Π»ΡΡΠ°ΠΌΠΈ, ΠΏΡΠ΅Π΄Π»Π°Π³Π°Π΅Ρ Π½ΠΈΠ·ΠΊΠΈΠ΅ ΠΊΠΎΠΌΠΈΡΡΠΈΠΈ, Π²ΡΡΠΎΠΊΠΈΠΉ ΡΡΠΎΠ²Π΅Π½Ρ Π»ΠΈΠΊΠ²ΠΈΠ΄Π½ΠΎΡΡΠΈ ΠΈ ΡΠΎΠ²ΡΠ΅ΠΌΠ΅Π½Π½ΡΠ΅ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΡ Π΄Π»Ρ Π°Π½Π°Π»ΠΈΠ·Π° ΡΡΠ½ΠΊΠ°. ΠΠΎΠ΄Π΄Π΅ΡΠΆΠΈΠ²Π°Π΅Ρ ΡΠΏΠΎΡΠΎΠ²ΡΡ ΡΠΎΡΠ³ΠΎΠ²Π»Ρ ΠΈ ΡΠΎΡΠ³ΠΎΠ²Π»Ρ Ρ ΠΏΠ»Π΅ΡΠΎΠΌ, Π° ΡΠ°ΠΊΠΆΠ΅ ΠΏΠΎΠΌΠΎΠ³Π°Π΅Ρ Π½ΠΎΠ²ΠΈΡΠΊΠ°ΠΌ ΠΈ ΠΏΡΠΎΡΠ΅ΡΡΠΈΠΎΠ½Π°Π»ΡΠ½ΡΠΌ ΡΡΠ΅ΠΉΠ΄Π΅ΡΠ°ΠΌ Ρ ΠΏΠΎΠΌΠΎΡΡΡ ΠΈΠ½ΡΡΠΈΡΠΈΠ²Π½ΠΎΠ³ΠΎ ΠΈΠ½ΡΠ΅ΡΡΠ΅ΠΉΡΠ° ΠΈ ΠΎΠ±ΡΡΠ°ΡΡΠΈΡ ΠΌΠ°ΡΠ΅ΡΠΈΠ°Π»ΠΎΠ².
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ΠΡΡΠΏΠ½Π΅ΠΉΡΠ°Ρ ΠΊΡΠΈΠΏΡΠΎΠ±ΠΈΡΠΆΠ°, Π³Π΄Π΅ ΠΌΠΎΠΆΠ½ΠΎ Π±ΡΡΡΡΠΎ ΠΈ Π±Π΅Π·ΠΎΠΏΠ°ΡΠ½ΠΎ Π½Π°ΡΠ°ΡΡ ΠΏΡΡΡ Π² ΠΌΠΈΡΠ΅ ΠΊΡΠΈΠΏΡΠΎΠ²Π°Π»ΡΡ. ΠΠ»Π°ΡΡΠΎΡΠΌΠ° ΠΏΡΠ΅Π΄Π»Π°Π³Π°Π΅Ρ ΡΠΎΡΠ½ΠΈ ΠΏΠΎΠΏΡΠ»ΡΡΠ½ΡΡ Π°ΠΊΡΠΈΠ²ΠΎΠ², Π½ΠΈΠ·ΠΊΠΈΠ΅ ΠΊΠΎΠΌΠΈΡΡΠΈΠΈ ΠΈ ΠΏΡΠΎΠ΄Π²ΠΈΠ½ΡΡΡΠ΅ ΠΈΠ½ΡΡΡΡΠΌΠ΅Π½ΡΡ Π΄Π»Ρ ΡΠΎΡΠ³ΠΎΠ²Π»ΠΈ ΠΈ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ. ΠΡΠΎΡΡΠ°Ρ ΡΠ΅Π³ΠΈΡΡΡΠ°ΡΠΈΡ, Π²ΡΡΠΎΠΊΠ°Ρ ΡΠΊΠΎΡΠΎΡΡΡ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΉ ΠΈ Π½Π°Π΄Π΅ΠΆΠ½Π°Ρ Π·Π°ΡΠΈΡΠ° ΡΡΠ΅Π΄ΡΡΠ² Π΄Π΅Π»Π°ΡΡ Binance ΠΎΡΠ»ΠΈΡΠ½ΡΠΌ Π²ΡΠ±ΠΎΡΠΎΠΌ Π΄Π»Ρ ΡΡΠ΅ΠΉΠ΄Π΅ΡΠΎΠ² Π»ΡΠ±ΠΎΠ³ΠΎ ΡΡΠΎΠ²Π½Ρ!
Available options for citizens of the Russian Federation
Russians can register by phone number and trade cryptocurrency. The exchange does not plan to block accounts based on geography. In 2023, users from the Russian Federation have access to all the main functions:
- Buying digital assets from a card issued outside Russia or via EPS.
- P2P transactions in any currency except rubles.
- Working on spot, margin and futures markets.
- Options trading.
- Participation in the launch of new coins.
- Crypto-loans, deposits, staking and other passive investment instruments with returns below 99%.
- Registration in the BTC mining pool.
- Training in the OKH Academy for Russians and citizens of other countries.
- Referral and bonus programs.
- All products in the Web3 wallet.
Pros and cons
In 2023, OKX ranks 6th in trading volumes among exchanges. The audience of the platform exceeds 50 million users. Clients are offered a large number of tools for trading and investing. The exchange has pros and cons.
| Advantages | Disadvantages |
|---|---|
The only exchange that releases Proof-of-Reserves (PoR) on a monthly basis.
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Registration peculiarities for Russians
Russian citizens can freely create accounts in the mobile app, PC client and on the OKX website. The interface of the exchange is translated into many languages, including Russian. Registration is done via phone or email. The second way is preferable (sometimes SMS are not received). The instructions are as follows:
- Log in to the site or to the OKX client.
- Click on the “Create an account” button.
- Choose the method of registration. Additional methods are available on the site – through Google/Apple and Telegram accounts.
- Enter your phone number or e-mail.
- If available, specify a referral code.
- Click on the “Create an account” button.
- Solve the captcha.
- Enter the code from an e-mail or SMS.
- Select the region of residence. Later you will not be able to change it, you will have to register again.
- Generate or invent a strong password.
When the account is created, the user will be redirected to the personal cabinet automatically. You can change the interface and customize the security. It is recommended to enable 2FA or Passkey for secure login.
Account Verification
OKX’s top priority is to provide a seamless and secure trading experience for users. In line with this mission, the exchange has moved to a more advanced verification procedure, which involves completing a full account verification to gain access to all OKX products and services.
The procedure usually takes no more than 5 minutes. You must provide valid documents to successfully pass the verification process.
Bonuses for beginners
To attract new customers and encourage existing ones, the developers launched a loyalty program. It has no terms and is valid until the corresponding message appears on the site. Beginners are offered such bonuses:
- For the first deposit. It is necessary to replenish the balance for the amount not less than $50 in equivalent in the next month after registration.
- For verification. You have 2 weeks to complete the task.
Available bonuses are located on the “Miscellaneous” page and in the “Rewards” tab. For completing tasks, clients receive a prize – a box with secret contents. Inside can be any amount of cryptocurrency (up to $10 thousand) and discount coupons.
How to work with the OKX exchange in Russia
The imposed restrictions had an insignificant impact on clients from the Russian Federation. Only P2P arbitrageurs who used “cryptocurrency/ruble” bundles were affected. Ordinary clients need to work on the exchange:
- Buy coins in an exchanger or peer-to-peer platform with RUB support.
- Send assets to OKX.
- Buy digital currency or open a transaction on futures. You can hedge with options and deposit funds.
Cryptocurrency deposit and withdrawal on the exchange
Users can replenish the exchange account with coins and send assets to third-party services. Instructions for depositing digital money on the balance:
- Open the main page and click on the “Make a deposit” button.
- Select a coin. You can find the ticker in the list or type in the search. Popular assets and recent requests from history are displayed at the top of the page.
- Specify the network.
- Copy the address in text form or take a screenshot of the QR code.
- Go to the platform from where the transfer is planned and send cryptocurrency to the specified details.
The coins will appear on the balance after the required number of confirmations. The user will receive a notification in the mobile app, an email and an alert in the browser. To withdraw digital currency, the instructions are as follows:
- Log in to the account and open the “Assets” tab.
- Click on the “Withdraw” button.
- Choose a method. For outgoing transfers to a wallet or other platform – “Onchain”, for internal (to another user) – “Offchain”.
- Specify the cryptocurrency and network.
- Add the recipient’s address or choose from a whitelist.
- Confirm the data.
- Specify the code from SMS or email.
The status of the operation can be viewed in the history (tab “Assets”). If the coins are withdrawn, the identifier (TXID) will be displayed.
If the operation has not been completed yet, you can cancel it. You will not have to pay any commission.
P2P
Clients of the OKX exchange can exchange cryptocurrency for fiat through a native peer-to-peer platform. For access, it is enough to pass KYC of the first level (specify full name and passport number without uploading photo documents).
In August 2023, the administration of the trading platform removed rubles from the listing.
But Russians can use cards issued abroad or e-wallets. Perfect Money, Advcash, Payeer, NETELLER, etc. are supported.
To sell assets, you need to select in your profile all available payment methods with accounts. Instructions on how to deposit and withdraw cryptocurrency through the OKX peer-to-peer service:
- Log in to your account and click on the “P2P trading” button on the homepage.
- Select fiat currency at the top of the screen.
- Specify the direction of trade – “Buy” or “Sell”.
- Select coin, transaction amount and payment methods.
- Set up additional filters – you can select only merchants or users with whom there were transactions.
- Select an offer in the table and click on the “Buy” button.
- Familiarize yourself with the terms and conditions of the counterparty. Some merchants do not work with third parties, require a check or comments on the transfer.
- If everything is satisfactory, enter the amount and click on the “Buy/Sell” button.
- Transfer the money to the details shown on the screen and click on the word “Transferred”.
The counterparty will check the receipt of funds and confirm the operation. If there is no reaction for a long time, you can click on the “Remind the seller in the chat” button or write a message.
Buying with a card
On the crypto exchange OKH in Russia there is functionality for the direct purchase of digital assets. There are no rubles in the listing, but you can pay for your order in dollars, euros and more than 20 other currencies. Instructions:
- Open an account and go to the “Assets” page.
- Click on the “Replenishment” button, then “Fiat currency”.
- Select a coin.
- Specify at the top of the screen fiat to pay for the order.
- Enter the amount.
- Click on the “Select payment method” button. You can deposit money P2P, the algorithm will automatically select a reliable merchant. Another way is to buy from the card through partner gateways (Visa/Mastercard, SEPA, Apple/Google Pay).
- Check the method and make the payment.
Trading from the Russian Federation
The platform is suitable for investing, trading and arbitrage transactions. The following types of trading are available to users from Russia:
- Spot market. There are limit, stop and market orders. It is offered to trade 400 coins and more than 800 cryptocurrency pairs. In the terminal, you can view charts using the native service or switch to the TradingView interface.
- Indefinite Contracts. Investors can open deals on more than 150 assets. Positions can be held for an unlimited amount of time. The maximum leverage is 125, depending on the selected coin. In September 2023, the trading volume of perpetual swaps on OKX amounted to more than $6 billion.
- Futures. Contracts have expiration dates – there are expirations in a week, month and quarter. Margin is in USDT, leverage – up to 125 (depends on the type of asset and market conditions). At times of peak volatility the risks are reduced.
- Options. This is a professional hedging tool. Traders acquire the right to buy or sell a coin at or above a certain price (strike), regardless of the market situation. It is possible to make a direct transaction or use the Simple Option tool. It is more suitable for beginners.
- Algotrading. OKX is one of the most popular platforms. Therefore, it is supported by many robot creation services. Clients connect virtual assistants via API or use native exchange solutions. You can set up an investment plan or run a “grid” algorithm. Beginners are more likely to copy the trades of experienced traders or buy settings for a bot.
Passive earning opportunities
Investors from Russia can place cryptocurrency on the platform at favorable interest rates. It is important to note that OKX is one of the few exchanges that offers up to 10% on USDT and USDC staking:
- Simple Earn. You can earn profits from blockchain coins. There are 2 options: ‘Flexible’ with lower interest and the right to withdraw assets at any time, and ‘Fixed’ with higher yields and loss of income if claimed early.
- Structured Products. These are innovative financial instruments based on option structures. The client bets on the behavior of the market in the coming days or weeks. Profit will accrue at any outcome, but in case of error it will be less.
- Loans. Against the security of the assets of Simple Earn, you can get a loan in cryptocurrency. They offer to choose different coins, the most popular are ETH, USDC, USDT.
- Onchain. Russians can invest in decentralized projects presented in the interface. The exchange acts as an intermediary, so there is no guarantee of the safety of money.
Working with the token ecosystem
The native cryptocurrency of the exchange (OKB) gives holders a number of advantages. Users from Russia can:
- Participate in the launches of new coins on OKX.
- Receive a discount on commissions.
- Place the token in the Earn section and generate increased income.
Mining
The exchange keeps its own mining pool. Clients from different countries can connect to it, there are no restrictions of the OKX exchange in Russia. The server mines Bitcoin, Litecoin, Ethereum Classic. The commission for BTC is 4%, for other assets – 2%. Payments are credited daily to the balance of the main account.
Commissions and other terms of OKX exchange in Russia
Fees for regular and VIP customers are different. To get a discount, you need to deposit $10,000 or more or hold at least 500 OKB. The more assets, the bigger the discount. Investors with serious turnovers can trade for free.
Bypassing OKX Exchange Restrictions
The administration blocks some functions for Russians by passport. It is not possible to bypass the restrictions. You can trade without verification, but you will not have access to the blocked sections.
FAQ
π³ How to withdraw funds in rubles?
You can’t get money to your card using OKX functionality. You can use exchangers.
π Is it safe for Russians to trade on OKX?
The developers are loyal to traders from the Russian Federation. The crypto exchange did not join the tough sanctions against Russia after other platforms. Small restrictions had to be introduced, but the information that OKX was blocked in Russia is not true.
π’ Russians can participate in contests on OKX?
The exchange does not set restrictions on IP and citizenship. Detailed terms and conditions are posted on the promotion page.
π± Can I use a Russian mobile number when registering?
In 2023 there are no problems with receiving SMS in Russia. But it is safer to use email and activate Passkey. Then you won’t have to specify codes for every transfer.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
