A popular cryptocurrency exchange, OKX (formerly known as OKEx), supports a wide range of crypto and other digital assets for trading. 

Known for being user-friendly and also offering competitive fees, it has become one of the go-to platforms for many traders. 

But, when it comes to withdrawing your funds, many users have expressed that they find the process difficult and even overwhelming due to the many steps, set-up options and requirements needed on the platform. 

We are here to help! 

In this guide, we will go through the step-by-step process of withdrawing from the OKX exchange, including bank account withdrawals and transfers to cold wallets. We will go over some common user issues and other limitations of the popular crypto exchange. 

How to Withdraw from OKX

Before we give you the instructions on how to make a withdrawal on the app, all users must understand the rules for the general processing of a withdrawal from OKX. To make a withdrawal you must:

➡️ Have a verified account – OKX follows strict KYC and therefore is not a no-KYC crypto exchange

➡️ Sufficient funds in the account

➡️ Meet the withdrawal requirements (on-chain or internal transfer)

Once you have checked those off your list, then you can follow these steps to begin the withdrawal process:

1. Log in to Your OKX Account

2. Go to the Withdrawal Page then click on the “Withdraw” button at the top of the page, next to the “Deposit” button.

3. Select the Withdrawal Method – Choose the withdrawal method you prefer, which can be a bank account, external wallet, or other options depending on the asset you’re withdrawing. 

We will get into sending crypto to a bank account and cold wallet later in this post. 

4. Enter the Withdrawal Details – Fill in the required information, such as the withdrawal amount, and address, and complete the 2FA.

5. Review and Confirm – Review your withdrawal details carefully, then confirm the transaction.

Bank Account Withdrawals

Withdrawing from a bank account can be a straightforward process, but it’s crucial to understand the requirements and limitations, especially depending on the country that you are in. 

Here’s a step-by-step guide:

Step 1: Enable Bank Account Withdrawal

▪️Log in to your OKX account and go to the “Account” section.

▪️Click “Bank Card” and then “Add Bank Card”.

▪️Enter your banking info (account number, expiration date, etc.).

▪️Verify your bank card by following the instructions on the screen.

Step 2: Set Up Your Bank Account

Now that you’ve enabled bank account withdrawals, you need to indicate your bank account details:

▪️Go to the Withdraw section.

▪️Click on “Bank Account” and then “Add Bank Account”.

▪️Enter your bank account details, including the account number, bank name, and branch.

▪️Verify your bank account by following the instructions provided by OKX.

Step 3: Withdraw to Your Bank Account

Now that OKX has your bank card and bank account info, you are ready to make a withdrawal:

▪️Go to the “Withdraw” section.

▪️Click on “Bank Account” and then “Withdraw”.

▪️Enter the withdrawal amount, the currency and the bank and confirm the transaction.

Timing and Limits

Withdrawals to a bank account can take up to 3-5 business days to process, depending on the bank’s processing time and location. The minimum withdrawal amount varies by currency. 

There aren’t maximum withdrawal limits, but you may face daily withdrawal limits depending on your account’s verification level.

Fees and Issues

OKX charges a withdrawal fee, which varies by currency. Many international users whose countries have yet to approve crypto-to-fait bank transfers cannot complete this transaction in this way. 

But, not to worry! There is a way around it, with P2P trading. We will show you how later in this post.

Withdrawals to External Wallets

Transferring your crypto to an external wallet, preferably a cold wallet for heightened security, is similar to fiat bank withdrawals, and is crucial for keeping your Bitcoin safe. Here’s how to do it:

Step 1: Enable External Wallet Withdrawal

▪️From your OKX account, click on the “External Wallet” button and then hit “Add External Wallet”.

▪️Enter your wallet’s address.

▪️Verify your external wallet by following the instructions provided by OKX, including their Travel Rule regulations for moving crypto assets.

Step 2: Set Up Your External Wallet

Once you’ve activated external wallet withdrawals, you now need to set up your external wallet details:

▪️Go to the “Withdraw” section.

▪️Click “External Wallet” and then “Add External Wallet.”

▪️Enter your external wallet details. 

Step 3: Withdraw to Your External Wallet

Now, you can make withdrawals to your cold wallet:

▪️Log in and navigate to the “Withdraw” section.

▪️Click on “External Wallet” and then “Withdraw.”

▪️Enter the withdrawal amount and confirm the transaction.

Timing and Limits

Withdrawals to wallets take a shorter time to transfer, usually only taking a few hours to process (depending on the blockchain’s congestion). The minimum withdrawal amount varies by currency but is around 0.001 BTC for Bitcoin and 0.1 USDT for USDT. 

Fees

OKX charges a withdrawal fee from its exchange, depending on the cryptocurrency you are moving. 

Peer-to-Peer (P2P) Trading

On the OKX platform, you can also make P2P trades. This allows you to buy and sell crypto with other users from all over the world.

It has many benefits, including being more cost-effective for withdrawing assets, but the major benefit is for people who live in countries where bank withdrawals are not permitted! 

If you live in one of these countries, you can use the P2P trading section to sell your desired crypto and then move those benefits to a bank account. You can of course also move your crypto to another exchange or a cold wallet for storage. 

Your Crypto’s Security on OKX

Like on any other exchange or hot wallet, leaving your digital assets on the platform is a big NO-NO!

Hackers and scammers, who use the vulnerability of the internet to their advantage, do their very best to find ways into these exchange and trading platforms, potentially locking you out of your account or losing all of your crypto. 

If you trade daily, then the best thing to do is pick a reliable and user-friendly storage solution, like Material Wallets, to conveniently move your crypto to and from the exchange to make trades and then return assets to your hardware wallet for safekeeping. 

Using OKX in 2024

As crypto is only gaining popularity, many governments and agencies are taking notice. KYC verification and regulations are followed on OKX and therefore it’s not a recommended platform for buying Bitcoin anonymously. 

OKX has recently made changes to its trading and withdrawal limits under KYC verification levels, causing many users to be locked out of their accounts.

Before using OKX, it’s essential to understand the limitations, regulations and potential issues you might face (especially based on your location and therefore, the country’s laws). 

We hope that this guide will help you with your OKX withdrawals but remember, protecting your crypto in a safe hardware cold wallet, is always going to be your safest bet for prioritizing your crypto’s safety.