To comply with Australian financial regulations, OKX is transitioning services for its Australian users to locally registered entities. This update ensures full support for AUD operations and aligns with regional compliance standards. Here’s what you need to know about the changes and how they affect your account access.
Overview of Service Changes
If you are a resident of Australia, your OKX account services are now managed by locally incorporated entities:
- Digital asset exchange services, including fiat transactions, are provided by OKX Australia Pty Ltd.
- Derivatives and margin-based products and services are offered by OKX Australia Financial Pty Ltd, but only to users who pass a suitability assessment and qualify as a "wholesale client" under the Corporations Act 2001.
- Other products and services will continue to be provided by relevant OKX global entities as outlined in the Terms of Service.
- You will no longer have access to certain products, including derivatives and margin trading, through the previous service provider, Aux Cayes FinTech Co. Ltd.
Actions Required for Australian Users
Starting March 20, 2024, all Australian users must complete identity verification and accept the updated Terms of Service to continue using the OKX platform. Additionally, you are required to:
- Close all open positions.
- Stop using any features that are not supported under the new structure.
Failure to complete these steps will result in your account being placed in a restricted mode where you can only withdraw assets—not trade.
How to Access Derivatives and Margin Products
To gain access to derivatives and margin trading services, you must:
- Complete identity verification.
- Switch your account to the Australian entity.
- Pass a suitability assessment confirming you meet the definition of a "wholesale client" under Australian law.
Once approved, you can use leveraged products such as perpetual contracts, futures, and margin trading.
Available Products for Australian Users
The table below summarizes which features are available to regular users and those who are verified as wholesale clients:
| Feature Category | Feature | Regular User | Verified Wholesale Client |
|---|---|---|---|
| Buy/Trade Digital Assets | Quick Trade | ✔️ | ✔️ |
| Third-Party Payments | ✔️ | ✔️ | |
| AUD Deposits/Withdrawals | ✔️ | ✔️ | |
| Flash Swap | ✔️ | ✔️ | |
| Spot Trading | ✔️ | ✔️ | |
| Perpetual Contracts (Leveraged) | ✘ | ✔️ (Up to 20x Leverage) | |
| Futures Contracts (Leveraged) | ✘ | ✔️ (Up to 20x Leverage) | |
| Margin Trading (Spot) | ✘ | ✔️ (Up to 10x Leverage) | |
| Options Trading | ✘ | ✔️ | |
| RFQ (Request for Quote) | ✔️ | ✔️ | |
| Demo Trading | ✔️ (Web only) | ✔️ (Web only) | |
| Institutional | API Access | ✔️ | ✔️ |
Supported Tokens for Australian Users
The following tokens are supported for trading at launch. Note that this list is subject to change, and not all tokens will be available for derivatives trading:
AAVE, ADA, AIDOGE, AKITA, ALGO, APE, APT, AR, ARB, ATOM, AVAX, BABYDOGE, BCH, BLUR, BNB, BNT, BSV, BTC, CELO, CELR, CFX, CHZ, CORE, CRO, CRV, CSPR, DGB, DOGE, DORA, DOT, DYDX, ELON, EOS, ETC, ETH, ETHW, FIL, FITFI, FLOKI, FLOW, FTM, GALA, GODS, GOG, HBAR, ICP, IMX, INJ, LDO, LINK, LOOKS, LTC, LUNA, LUNC, MAGIC, MASK, MATIC, MINA, MKR, MYRIA, NEAR, OAS, OMI, OP, ORBS, ORDI, PEPE, RIO, RVN, SAMO, SAND, SHIB, SLP, SNX, SOL, STX, SUI, SUSHI, SWEAT, TAMA, THETA, TIA, TON, TRX, TURBO, UNI, USDC, USDT, USTC, VRA, XCH, XRP, YGG, ZIL, ZK, ZRO.
👉 Explore more strategies for token management
Handling Unsupported Tokens and Positions
Before completing your verification as an Australian user, ensure you only hold products eligible for non-wholesale clients. You may need to:
- Close all open positions.
- Cancel any open orders.
- Stop any trading bots.
- Unfollow traders in copy-trading features.
- Redeem all financial products.
Important: You may still hold unsupported tokens, but once you transition to OKX Australia, these tokens will become "withdrawal-only." This means that after March 20, 2024, you will not be able to sell these tokens on the platform—only withdraw them. Standard withdrawal fees will apply.
Frequently Asked Questions
What is a wholesale client?
A wholesale client is an investor classified under the Corporations Act 2001 as eligible to trade high-risk financial products. This status requires passing a suitability assessment based on financial knowledge, asset level, or investment experience.
Will I lose access to my current tokens?
No. You can still hold all currently supported tokens. However, tokens not supported under the new Australian service will be available for withdrawal only.
Can I still use AUD deposits and withdrawals?
Yes. Both regular and wholesale clients can deposit and withdraw AUD, although certain features may be limited based on your client classification.
What happens if I don’t complete the verification?
Your account will be restricted to withdrawals only. You will not be able to trade, deposit, or use any other trading functions.
Are there changes in fees for Australian users?
Fee structures remain consistent with global OKX standards. However, always refer to the official fee schedule for the latest updates.
How do I know if I qualify as a wholesale client?
You will need to complete a suitability assessment within the OKX platform. The evaluation is based on criteria defined by Australian law.