Introduction
Welcome to OKX, a leading digital asset exchange platform. These Terms of Service govern your access to and use of the services provided by OKX Australia Pty Ltd and OKX Australia Financial Pty Ltd (collectively referred to as "OKX," "we," "us," or "our") to users located in Australia.
By accessing or using our website, mobile applications, API, or any associated services (the "Services"), you agree to be bound by these terms. Please read them carefully before proceeding.
Service Overview
OKX provides a comprehensive technology platform that facilitates various digital asset services through okx.com and associated applications. Our Services include:
- Digital Currency Exchange: Crypto-to-fiat, fiat-to-crypto, and crypto-to-crypto conversions via Convert and Spot Services (provided by OKX Australia Pty Ltd)
- Derivatives Trading: Crypto derivatives trading and margin services (provided by OKX Australia Financial Pty Ltd exclusively to wholesale clients)
These Services are structured into four parts:
- Part A: General terms applicable to all Services
- Part B: Specific terms for digital currency exchange services
- Part C: Specific terms for derivatives trading services
- Part D: Interpretation guidelines and definitions
Account Registration and Security
Creating Your Account
To access our Services, you must create an OKX Profile by providing accurate, current, and complete information during registration. You may maintain only one profile unless expressly authorized by OKX for different capacities (e.g., personal and trustee accounts).
Protecting Your Account
You are responsible for safeguarding all credentials, including passwords, API keys, and access codes. We recommend using unique passwords for different access points and enabling all available security features. Immediately notify us of any unauthorized use of your credentials or security breaches.
👉 Explore advanced security features
Account Closure
You may request account closure at any time, subject to our reasonable approval and compliance with applicable laws. Before closure, you must cancel or complete all open orders. We will return any remaining assets after deducting outstanding amounts you owe us.
Asset Management
Asset Holding
When you deposit assets with OKX, you acknowledge that:
- Assets are held in a manner we reasonably consider appropriate
- Assets are not protected by deposit protection or insurance schemes
- You may not recover all assets in case of an irreconcilable shortfall
You represent that you are the true owner of all assets transferred to your account and will not create security interests over them.
Withdrawals
You may request withdrawal of available assets, but we may reasonably withhold withdrawals if you have outstanding liabilities or unresolved disputes with us.
Trading on OKX Platform
Order Placement and Execution
When placing orders on our platform:
- Orders remain valid until withdrawn or executed
- You are responsible for all order information
- We are not obliged to accept orders without sufficient assets for settlement
- Digital assets subject to pending trades are held until completion
We execute trades based on price-time priority, with API orders receiving equal treatment to platform orders. Derivative trades are executed with OKX Australia Financial as counterparty.
Order Modifications and Cancellations
You may withdraw or cancel orders before execution, but digital asset transactions are generally irreversible once executed. We provide confirmations for all order activities, which you can review in your trading history.
Prohibited Activities
OKX prohibits using our Services for activities including but not limited to:
- Unlicensed money services businesses
- Shell banking operations
- Adult content and services
- Deceptive marketing practices
- Unlicensed weapon sales
- Regulated products without proper authorization
- Drugs and drug paraphernalia
- Gambling activities
- Financial crimes and unlawful activities
- Ponzi schemes and pyramid schemes
- Intellectual property infringement
- Counterfeit goods
- Market manipulation
- Darknet market transactions
- Any other activities we deem unacceptable or high-risk
We may suspend accounts, freeze assets, and report to authorities if we suspect prohibited activities.
Risk Acknowledgement
General Trading Risks
Digital asset trading involves substantial risk. You should carefully consider whether trading suits your financial situation and risk tolerance. Key risks include:
- Market Volatility: Digital asset values can fluctuate dramatically
- Liquidity Risk: You may not liquidate positions at desirable prices
- Technology Risk: Technical failures may prevent access to assets
- Regulatory Risk: Changing regulations may affect asset values
- Security Risk: Cyber attacks may result in asset loss
Derivatives-Specific Risks
In addition to general risks, derivatives trading involves:
- Margin Risk: Insufficient margin may trigger immediate liquidation
- Leverage Risk: High leverage amplifies both gains and losses
- Counterparty Risk: The risk of default by trading counterparties
We provide execution-only services and do not advise on trade suitability.
Fees and Charges
We charge fees for using our platform and Services, detailed in our fee schedule available after login. We may change fees with reasonable notice, except when required by law or regulatory authorities. We automatically deduct fees from your account assets.
Limitations of Liability
To the extent permitted by law, OKX and its related parties are not liable for:
- Disputes between users
- Your breach of these terms
- Your violation of applicable laws
- Acts or omissions by anyone using your account
We provide Services on an "as is" basis and disclaim all warranties except those required by Australian Consumer Law.
Communication
We communicate exclusively through digital channels, including email, SMS, and platform notifications. You consent to receive all communications electronically.
Governing Law and Dispute Resolution
These terms are governed by New South Wales law. For time-sensitive matters, either party may seek injunctive relief in New South Wales courts. Other disputes are subject to mediation and arbitration through the Hong Kong International Arbitration Centre.
Frequently Asked Questions
Account Management
How do I create an OKX account?
To create an account, visit our website or download our mobile application and complete the registration process with accurate personal information. You'll need to verify your identity according to Australian regulations.
What should I do if I lose access to my account?
Use our password recovery system through the platform. If you cannot regain access, contact our customer support with verification documents to prove your identity.
Can I have multiple OKX accounts?
Generally, users may maintain only one account unless specifically authorized by OKX for separate capacities (such as personal and trustee accounts).
Trading and Transactions
How are orders executed on OKX?
We execute trades based on price-time priority, meaning earlier orders at the same price receive priority. API orders receive equal treatment to platform orders.
What happens if I send assets to the wrong address?
If you send assets to an incorrect address controlled by OKX, we may attempt to recover them less applicable fees. However, transactions to external addresses are generally irreversible.
Are there limits on trading activities?
Yes, we may impose trading limits based on various factors including account verification level, market conditions, and regulatory requirements.
Security and Protection
How does OKX protect my assets?
We employ industry-standard security measures including cold storage, encryption, and multi-factor authentication. However, digital assets are not protected by deposit insurance schemes.
What security measures should I implement?
Use strong, unique passwords, enable two-factor authentication, never share your credentials, and be vigilant against phishing attempts. Regularly monitor your account activity.
Fees and Charges
What fees does OKX charge?
We charge fees for trades, withdrawals, and certain other services. Our fee schedule is available after logging into your account and may vary by service type and trading volume.
When are fees deducted from my account?
We typically deduct fees automatically from your account assets at the time of transaction or service provision.
Legal and Compliance
Who regulates OKX's services in Australia?
OKX Australia Financial Pty Ltd holds Australian Financial Services License #001765192 and provides derivatives services to wholesale clients. Digital currency exchange services are not regulated under the Australian financial services licensing regime.
What are my tax obligations?
You are solely responsible for understanding and complying with all tax obligations related to your trading activities. We recommend consulting a tax professional for advice specific to your situation.
How does OKX handle legal requests for information?
We comply with all applicable laws and regulations and may disclose information to competent authorities when legally required.