10k Bitcoin Btc Left Okex 48hrs Before Withdrawals Were Suspended

Registering for a trading account is mandatory in order to use the platform and trade cryptocurrencies. Luckily, the account creation process is not complex and you will be able to either register through the website or OKEx iOS/Android mobile app. OKEx offers 24/7 online support to help users solve any technical and trading issues. The exchange offers users to contact the support team via phone, email, submit a ticket form, WhatsApp, and live chat that is available on desktop and the mobile app.

OKEx allows multiple types of trading options like spot trading, margin trading, futures trading pairs, options, DEXs, or perpetual swaps. At this stage, you can select from a variety of deposit methods to fund your account. Per the above image, the platform’s deposit screen allows you to choose a cryptocurrency you’d like to deposit into your account. As previously mentioned, OKEx allows users to deposit funds using various assets and crypto coins – bearing in mind that each unique crypto token can only work with a wallet address of the same coin.

Okex Resumes Withdrawals Of Digital Assets

The exchange announced at the time that one of its « private key holders » was currently « cooperating with a public security bureau » due to ongoing investigations. Due to said investigations, which purportedly involved a personal matter, the holder was unable to sign transactions for withdrawals. One major advantage of opening an account with OKEx, when compared with other crypto exchanges, is that when you use the ‘One-stop Marketplace’, no KYC verification on OKEx is required. This is essentially a fast buy option of 6 mainstream crypto coins – Bitcoin , Ethereum , USDT, Ripple , Litecoin , and OKB with 30 fiat currencies. OKEx provides a mining pool which is a shared group of cryptocurrency miners who combine their computational resources over a network in order to mine digital assets.

In a matter of six hours, the exchange made outgoing transfers of 1,180 Bitcoin worth around $13.6 million, 50 million Tron worth $1.3 million, and 21,000 Ethereum worth $7.7 million. There was also one incoming transaction in Tether worth around $14 million. The exchange said it has been “out of touch” with the key holder, preventing authorization of transactions. The security of customer assets “will not be affected” by the event, the exchange said. A private key is a sophisticated form of cryptography that allows a user to access his or her cryptocurrency. When dealing with cryptocurrency, a user is usually given both a public key and a private key to send and receive coins, but he or she won’t be able to withdraw them without the unique private key. It can be surmised that the unnamed private key holder remains unavailable to sign withdrawals, meaning coins on the exchange are stuck in limbo for the time being.

Trading Exchange Okex’s Crypto Reserves Nosedived After Withdrawals Opened

Further, it supports PoW (Proof-of-work) mining of 9 major cryptocurrencies. This means you can offer your computer hash rate that is needed to mine digital assets and in return, you will be able to get an additional income. Money can be withdrawn by the traders any time they wish to, by filling a withdrawal form and paying the required withdrawal fees. Offers a wide range of crypto trading solutions like spot trading, margin trading, DEX trading, futures, options, perpetual swap, quick trade (one-stop marketplace).

You can also review your deposit history at the bottom of the “Deposit” section. Finally, you’ll need to set a second password, which we will ask you for when you withdraw funds. After completing the above steps, you will see your funds appear in your wallet shortly. Before we complete your withdrawal, we ask that you pass a couple of security checks. Enter the six-digit SMS and email security codes sent to you when prompted.

The Purpose Ethereum Etf Now Holds Over 62k Eth

Sign up for the Crypto Digest newsletter to receive a weekly summary of crucial cryptocurrency news. In September 2018, he was detained by the police amid a dispute with investors who had huge losses on his bitcoin exchange platform OKCoin. “We are extremely pleased to announce the return of a full service and would like to thank our users for their continuous support during this difficult time.

The desktop browser version takes up a lot of computer resources but that’s how it goes with all these browser exchanges. According to Reuters, in February 2021 OKEx saw their biggest trading volume in history, up 26% from the previous month to $188 billion. Typically after a new cryptocurrency coin listing on OKEx, the new coin has showed a positive price jump five days later. Compared to those average trading fees, OKEx’s taker fees and maker fees are below the industry average. Malta-based cryptocurrency exchange OKEx has reopened withdrawals five weeks after an abrupt suspension. Your transaction will be credited to your account once it reaches the minimum amount of confirmations on the blockchain.

Suspension Of The Internal Withdrawal Between Okex And Okex Cloud Exchanges

Trading fees for market takers vary depending on a ‘tier’ system which maxes out at 0.15% for spot trading. For instance, if a bitcoin trader achieves a spot trading volume greater than 500 BTC, the market taker fee reduces to 0.135%. VIP users can enjoy much more competitive trading fees of 0.030%-0.080%.

• Each additional block counts as one confirmation, and the number of confirmations needed for OKEx to deem your transaction complete varies by cryptocurrency.
• Taking to Twitter, Hao indicated that non-crypto withdrawals should still be processing, claiming that all non-crypto or digital asset operations were unaffected.
• This means you can offer your computer hash rate that is needed to mine digital assets and in return, you will be able to get an additional income.
• Tap the History button in the top-right corner of the “Withdraw” screen – it’s the one with the clock on it.
• The Malta-based exchange is the second-largest cryptocurrency derivatives platform by 24-hour volume, according to Skew.
• The desktop browser version takes up a lot of computer resources but that’s how it goes with all these browser exchanges.

Taking to Twitter, Hao indicated that non-crypto withdrawals should still be processing, claiming that all non-crypto or digital asset operations were unaffected. Hours before OKEx’s announcement, significant withdrawals of ether, tron and bitcoin were completed from known OKEx-affiliated addresses, as picked up by on-chain transaction monitoring service Whale Alert. Finally, regarding deposit fees, OKEx is a no-fiat exchange and does not charge anything for funding the account with cryptos as well. Identity verification is not required for users to deposit or trade crypto on OKEx. When you send money to OKEx from your wallet, your wallet software sends the transaction to the appropriate blockchain network. The transaction then waits to be included in a block with other transactions.

Network

Note that your funds will be transferred to the relevant block after the nodes have confirmed the transaction. If the network is congested, it may take longer for your funds to arrive. The speed at which a transaction receives confirmations depends on various aspects, including the mining speed of subsequent blocks and the amount of transaction fees. In summary, OKEx has quite competitive fees, and thus is worth to be considered, specially when looking to invest in low market cap altcoins. But, as always, don’t forget to check the crypto search engine to ensure you are choosing the cheapest exchange. In level two, users are required to verify their identity with photo identification. Join our world-leading platform today to buy and sell cryptocurrencies.

If the system detects you input a wrong format, it will inform you of an “invalid address”. In this case, please check your recipient’s address and withdrawal network, and make sure that the information your input is correct.

Tap the three dots next to the withdrawal for which you want the transaction ID from the list in the “History” okex review section. The transaction ID can then be copied and pasted into a blockchain explorer of your choosing.

At the end of the day, OKEx is a top 30 exchange with ample liquidity – clearly, the exchange is doing something right otherwise it would not be there. All in all, the app’s user interface is good for both beginner and more professional investors. Failing that, all you need to do to fund your account is to navigate to the ‘Assets’ button, click ‘deposit’ and a screen with crypto details will show up. On October 16, 2020 OKEx temporarily suspended withdrawals following its founders alleged arrest. On November 19, 2020 OKEx announced that withdrawals would reopen and will resume on or before November 27. While the upcoming NFT marketplace is still in beta, Blockchain.com now joins one of many other crypto firms entering the NFT market.

According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is currently 0.2181% and the average spot trading maker fee is currently 0.178%. Users must, however, deposit some crypto assets into their account in order to fully utilise the platform. In this guide, we will show you how to make deposits and withdrawals on OKEx using the website. Check out this dedicated guide if you want to know how to deposit to OKEx using the mobile app. OKEx has become one of the first major cryptocurrency exchanges to support the Polygon Ethereum scaling solution. The integration reduces transaction costs and waiting times, allowing users to move assets to the leading decentralized finance ecosystem more efficiently.

When Will Okex Receive My Transaction, And Do I Need To Pay Deposit Fees?

However, you can consider increasing the suggested fee if the withdrawal network is particularly congested, particularly if the transaction is urgent. OKEx ranks 11th among cryptocurrency exchanges by trading volume according to CoinMarketCap.

If you are given one during the deposit procedure, you must input it in the wallet you are depositing from. Check the wallet details, the amount of withdrawal and fees in the pop-up box “Security Verification.” Enter your “Funds Password” and click Confirm. With this integration users can use their domains to withdraw cryptocurrencies from OKEx. Using Unstoppable Domains to withdraw your cryptocurrencies to domain-binded addresses is simple, and below is a step-by-step guide to help you get started.

The following payment methods are available to traders registered on the OKEx exchange. OKEx charges the following fees from traders registered on the platform. Easy to use interface allows both beginners and more experienced traders to trade crypto on the platform. Essentially, it is a handy aggregation method whereby users can earn passive income by holding crypto on the exchange. OKEx also has a mobile application that can be downloaded on the Apple Store and Google Play. Similar to the web-based version, the application is intuitive and doesn’t make you regret your life and exchange choices.

The token security at OKEx is based on the core ‘private key encryption, algorithm, with the hot and cold wallet technology developed on the basis of advanced privacy encryption technology. OKEx offers a big selection of tradeable assets and makes it possible to get exposure to both spot and derivatives trading. In fact, there are over 140 digital tokens on the platform and a whopping 400 BTC and USDT trading pairs. This includes the platform’s native utility token OKB – issued by the Blockchain Foundation – which is used for various trading bonuses and perks on the platform.

To find a transaction ID after making a withdrawal via the website, click the Withdraw under “Assets” in the top-right corner of the screen. On the mobile application, tap Assets on the toolbar at the bottom of the screen. When depositing BTC, you can choose “BTC-Bitcoin,” “BTCK-ERC20,” “BTC-Lightning” and “BTCK-OKExChain” as the deposit network. If you don’t, you can sign up today and get $10 worth of crypto for free. On the following screen, enter the recipient Algorand address in the address field. Enter the amount of USDT or USDC you want to withdraw and click Continue. To complete your deposit, you have to choose which OKEx account you want your USDC or USDT to arrive in.

OKEx has resumed P2P trading for three currencies–CNY, INR–VND–however, the selling and withdrawing digital asset features from OKEx are still suspended. OKEx has announced its compensation and reward program for users who continued to trade while the platform halted withdrawals. Next, a 6-digit pin code will be sent to the given email address and phone number that has to be entered to proceed with the registration process further. No KYC is required at the time of registration on OKEx, which sets the exchange apart from most of its competitors. However, if any trader wishes to withdraw over 100 BTC in 24 hours, the exchange might ask to submit KYC documents. Offers a huge selection of trading assets – more than140 digital tokens and over 400 BTC and USDT pairs. Cryptocurrency traders are typically proficient with various order types, such as limit and market orders.

Yes, it is one of the safest cryptocurrency exchanges with the most advanced encryption technology that secures the platform from hackers. OKEx offers 24/7 online customer support to its registered users to help them solve any technical or trading issues. The customer support team can be contacted via phone, email-based ticketing, WhatsApp, or live chat available on both the versions- desktop and mobile app. High net worth traders with a huge trading volume during a 30-day period can also avail of further rebates and trading fee discounts.

Author: Chaim Gartenberg