Where to Start for Your First Deposit After Opening an OKX Account?
After opening your account, there are essentially two paths for your first deposit: either transfer crypto assets from your existing wallet or exchange, or use the fiat on-ramp on OKX to buy crypto directly with fiat. Which path to choose depends on whether you currently hold any crypto assets. Below is a step-by-step walkthrough from a "starting from scratch" perspective.
Step 1: Confirm Your Account Status – Has KYC Been Completed?
Before making a deposit, your account must complete identity verification (KYC); otherwise, deposit and withdrawal functions will remain locked.
Open the OKX App, tap the profile icon in the top-left corner to enter [User Center], and check the [Identity Verification] status.
Case A: Displays "Verified" → Proceed directly to Step 2.
Case B: Displays "Unverified" or "Pending Verification" → Tap [Verify Now], then follow the prompts to upload the front and back of your ID and complete facial recognition. The process takes about 5 minutes, and approval is usually completed within 24 hours. You can continue only after verification is passed.
Completion criteria: The account status shows "Verified".
Prerequisite: You have downloaded the OKX App and completed registration.
Step 2: Choose Your Deposit Method
This is a fork in the road, determined by whether you currently hold crypto assets.
Case A: You already have crypto assets (in a wallet or another exchange)→ This is the most cost-effective method. Use "On-chain Deposit", where fees depend only on the network's gas fee, and OKX itself charges no deposit fee.
How to do it: Go to OKX [Assets] — [Deposit] — search for the coin you want to deposit (USDT recommended) — select the network (e.g., TRC20) — copy the deposit address — go to the sending wallet or platform, paste the address, and initiate the transfer.
When choosing the network, make sure you select the same network as the sending platform; otherwise, your assets may be permanently lost.
Case B: You do not have crypto assets, only fiat (USD, etc.)→ Use "Fiat Deposit". OKX currently supports depositing USD directly into your account via SWIFT international wire transfer.
How to do it: OKX [Assets] — [Deposit] — search USD — select "International Wire Transfer (SWIFT)" — obtain the OKX beneficiary account details (including SWIFT code, IBAN account number, and beneficiary name) — go to your bank's app to initiate a cross-border wire transfer and fill in these details.
Funds usually arrive within 5 business days. OKX does not charge a fee, but your bank will charge a wire transfer fee, typically around 15–25 USD.
Case C: You do not have crypto assets, but you want to use a credit card→ Use "Quick Buy". OKX supports buying coins like USDT directly with Visa/Mastercard or Apple Pay through third-party payment channels. The advantage is fast operation, with funds arriving in minutes; the disadvantage is higher fees, usually around 3%–5%.
How to do it: From the OKX homepage, tap [Buy Crypto] — select "Quick Buy" — choose the coin and amount you want to buy — select the payment channel — you will be redirected to the credit card payment page to complete the payment.
Completion criteria: You have selected a deposit method and obtained the corresponding deposit address or beneficiary account information.
Common reasons for failure:
Wrong network selected for on-chain deposit: This is the most common pitfall for beginners. If you choose the ERC20 network but hold USDT on TRC20 in your wallet, the funds will be lost once transferred.
Insufficient SWIFT transfer amount: The bank will deduct a 15–25 USD fee. If your transfer amount is exactly 100 USD, the amount that arrives may fall below the minimum threshold, causing the deposit to fail.
Step 3: Initiate the Transfer and Confirm Arrival
Initiate the transfer according to the method you have chosen.
Case A (On-chain Deposit): After pasting the address on the sending platform, submit the transfer. After submission, copy and save the transaction hash (TxID), which is the only proof for tracking the funds. Arrival time depends on network congestion: TRC20 usually takes 3–10 minutes, and ERC20 may take 10–30 minutes.
Case B (SWIFT Wire Transfer): After completing the cross-border transfer in your bank app, make sure to return to the OKX App and tap "I have transferred" to notify the system; otherwise, processing time will be seriously affected.
Case C (Quick Buy): Once the credit card payment is successfully deducted, funds usually arrive within 1–3 minutes.
What counts as completed: The transfer has been submitted, and you hold the TxID (for on-chain deposit) or the wire transfer receipt.
How to Confirm After Completing These Steps
Open OKX [Assets] — [Funding Account] and check the balance of the corresponding coin.
On-chain Deposit: The balance will update once funds arrive. If funds have not arrived after 30 minutes, use the TxID to query the status on the relevant blockchain explorer.
SWIFT Wire Transfer: When funds arrive, OKX will send an email notification to your registered email address.
Quick Buy: After successful deduction, refresh the asset page. The increase in your USDT balance indicates completion.
Assets are placed in the Funding Account by default. If you want to start trading, you need to manually transfer them to the Trading Account. Path: [Assets] — [Transfer], select to transfer from Funding Account to Trading Account, enter the amount, and confirm.
