Cryptocurrency enthusiasts in the UK, we hear you! Wondering how to legally trade digital assets on OKX (commonly known as Ouyi), an FCA-licensed exchange? This step-by-step guide is tailored just for you.
Step 1: Verify OKX’s Legality in the UK
Before diving in, confirm that OKX operates legally in the UK. Fortunately, OKX holds a license from the Financial Conduct Authority (FCA), ensuring full compliance with local regulations. Rest assured—your trades are protected under British law.
Step 2: Register an OKX Account
- Visit the OKX official website or download its mobile app.
- Click "Sign Up" and provide your details (name, email, password). Use accurate information for KYC verification later.
- Verify your email/phone to complete registration.
Step 3: Complete KYC Verification
To comply with FCA anti-money laundering (AML) rules, OKX requires identity verification:
- Upload a passport or government-issued ID.
- Submit proof of address (e.g., utility bill).
- Wait for approval (usually within minutes).
Why it matters: KYC safeguards your account and enables higher trading limits.
Step 4: Deposit Funds
OKX supports multiple payment methods:
- Bank transfers (GBP/EUR)
- Credit/debit cards (Visa/Mastercard)
- Third-party payment processors
How to deposit:
- Log in → Navigate to "Deposit".
- Select currency and method.
- Follow on-screen instructions.
Note: Avoid deposit links from non-official sources to prevent scams.
Step 5: Trade Cryptocurrencies
- Go to "Markets" and search for your desired crypto (e.g., BTC/GBP).
- Choose "Buy"/"Sell" → Enter amount.
- Review order → Confirm.
Pro tip: Use limit orders to control trade prices and avoid slippage.
Step 6: Secure Your Assets
After trading, store crypto in OKX’s built-in wallet or transfer to a private wallet (e.g., Ledger, Trezor) for added security.
Best practices:
- Enable two-factor authentication (2FA).
- Whitelist withdrawal addresses.
- Regularly update passwords.
FAQs
1. Is OKX safe for UK users?
Yes! OKX is FCA-registered and employs advanced encryption, cold storage, and regular audits to protect user funds.
2. What fees does OKX charge?
- Trading fees: 0.1% (lower for high-volume traders).
- Deposit/withdrawal fees: Vary by method (e.g., bank transfers are often free).
3. Can I trade Bitcoin and Ethereum on OKX?
Absolutely. OKX supports 300+ cryptocurrencies, including BTC, ETH, SOL, and stablecoins like USDT.
4. How long do withdrawals take?
- Crypto withdrawals: ~5–30 minutes (network dependent).
- Fiat withdrawals: 1–3 business days.
5. Does OKX report to HMRC?
Yes. Under UK law, OKX may share transaction data with tax authorities. Always declare crypto gains in your Self Assessment tax return.
Why Choose OKX?
- Regulatory compliance: FCA licensing ensures trust.
- Low fees: Competitive rates for retail and institutional traders.
- Liquidity: Deep order books for seamless trades.
- Educational resources: Free guides and market insights.
Ready to start? 👉 Join OKX now and trade with confidence!