OKX Exchange in Russia

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:

1. Buy coins in an exchanger or peer-to-peer platform with RUB support.
2. Send assets to OKX.
3. 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:

1. Open the main page and click on the “Make a deposit” button.
2. 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.
3. Specify the network.
4. Copy the address in text form or take a screenshot of the QR code.
5. 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:

1. Log in to the account and open the “Assets” tab.
2. Click on the “Withdraw” button.
3. Choose a method. For outgoing transfers to a wallet or other platform – “Onchain”, for internal (to another user) – “Offchain”.
4. Specify the cryptocurrency and network.
5. Add the recipient’s address or choose from a whitelist.
6. Confirm the data.
7. 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 If the coins are withdrawn, the identifier (TXID) will be displayed.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:

1. Log in to your account and click on the “P2P trading” button on the homepage.
2. Select fiat currency at the top of the screen.
3. Specify the direction of trade – “Buy” or “Sell”.
4. Select coin, transaction amount and payment methods.
5. Set up additional filters – you can select only merchants or users with whom there were transactions.
6. Select an offer in the table and click on the “Buy” button.
7. 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.
8. If everything is satisfactory, enter the amount and click on the “Buy/Sell” button.
9. 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:

1. Open an account and go to the “Assets” page.
2. Click on the “Replenishment” button, then “Fiat currency”.
3. Select a coin.
4. Specify at the top of the screen fiat to pay for the order.
5. Enter the amount.
6. 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).
7. 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