How to trade crypto for crypto on OKEx
Navigating Different OKEx Accounts
Ever wondered how many types of account are there on OKEx?
The answer is 9 – Funding Account, Spot Account, Margin Account, Futures Account, Perpetual Swap Account, Options Account, Fiat Account, Savings Account and Mining Account.
It might seem daunting having to manage 9 different accounts, not to mention you need to catch up with the ever-changing market 24/7. But the accounts are specifically designed to serve your different trading needs, so that you can always make the most out of them. Let’s take a look at the accounts and their functions.
Different accounts & their functions
We offer different accounts to enable users to manage their assets and control risks at ease, the assets in each account are independent and inter-transferable. For example, if users need to perform spot or derivatives trading, they need to transfer funds to their corresponding spot or derivatives accounts through the fund transfer port in advance.
1. Funding Account
Consider this your “main” account on OKEx as Funding Account manages the deposits, withdrawals, and your fund balance. Any airdrops and bonuses you win from our promotions are sent to your Funding Account too (make sure you visit our website to collect them!). You can deposit funds into your Funding Account, or withdraw funds from your Funding Account to your personal wallet or accounts on other platforms.
2. Spot Account
Spot Account is used for spot trading. You can check your spot trading balance here, and use them for trading all pairs in the spot market. To trade, you need to first transfer funds to your Spot Account from your Funding Account.
3. Margin Account
Margin Account specifically designed for margin trading. Each margin trading pair is linked to one Margin Account, and you need to manage risks separately for each trading pair. To perform margin trading of a trading pair, you need to transfer funds in the same currency as the underlying currency or quote currency of the pair to your corresponding Margin Account. Direct fund transfer is available among Margin Accounts of trading pairs with the same underlying currency (eg. you can transfer ETH from your ETH/USDT Margin Account to your ETH/BTC Margin Account).
4. Futures Account
Futures Account is used for futures trading. Each futures contract has one corresponding Futures Account, and the yield and risk in each account is calculated separately. As we have two types of futures contracts, USDT-margined and coin-margined, the transfer between accounts operates differently. Only underlying currencies, such as BTC and ETH, can be transferred as margins to Futures Accounts of coin-margined futures contracts, and only USDT can be transferred as margins to Futures Accounts of USDT-margined futures contracts.
5. Perpetual Swap Account
Perpetual Swap Account is used in perpetual swap trading. Similar to the Margin Account, each perpetual swap contract has a separate Perpetual Swap Account, and the yield and risk in each account are calculated separately. Only underlying currencies, such as BTC and ETH, can be transferred as margins to Perpetual Swap Accounts of coin-margined perpetual swap contracts, and only USDT can be transferred as margins to Perpetual Swap Accounts of USDT-margined perpetual swap contracts.
6. Options Account
Options Account is used for options trading. Since we’ve already launched BTC options trading, you can now deposit BTC into your Options Account to trade.
7. Spot Account
Spot Account is used for spot trading. You can exchange fiat currency into cryptocurrency according to the system exchange rate. The converted crypto will be saved in your Fiat Account.
8. Savings Account
Savings Account is where you store your yields from Savings. Savings is a value-added product that enables users to share OKEx’s income from margin loans. The logic is simple. When you put your spare coins into Savings Account, we will lend the fund as margin loans to our margin traders. And then, part of the margin interest collected from traders will be allocated as the interest for your Savings. There is no minimum deposit requirement or lock-up restrictions. You can make good use of your spare coins with Savings.
9. Mining Account
Mining Account is used for storing your mining yield from OKEx Pool. You can use funds in your Mining Account to stake tokens, and your crypto mining yield generated in OKEx Pool will also be credited into your Mining Account of the corresponding cryptocurrency.
Master account & sub-accounts
You might notice that there are two types of accounts we haven’t covered – master accounts and their sub-accounts. A master account can apply for multiple sub-accounts, and each sub-account has an independent account number and password. Sub-accounts are managed via the master account through split permissions. Part of your funds can be transferred to sub-accounts, so that you can perform spot, margin, futures and options trading separately without using funds from the master account. However, you cannot withdraw funds from your sub-accounts. You have to first transfer funds from your sub-accounts to your master account, and then withdraw funds from there.
Your transaction fee tier and KYC verification level of your sub-accounts are the same as your master account’s. But the numbers of order requests from the master account and each sub-account are calculated separately. In this way, you can trade more flexibly and it’s easier to manage.
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