How to Earn Crypto on OKEx in 2021?

OKEx is a cryptocurrency exchange and a platform for trading cryptocurrencies. Thus, it provides a safe and stable environment for crypto trading. This article will guide you on how to earn a yield on OKEx.

Summary (TL;DR)

  • Okex is a cryptocurrency exchange offering multiple trading options.
  • Yield is a trading technique to generate earnings by investing. 
  • To start earning, you need to download the OKEx application available online.
  • OKEx provides multiple trading techniques. Select a trading technique at your convenience.
  • Traders can purchase multiple cryptocurrencies on the same platform. 
  • It provides easy transactions and withdrawal methods.

What is OKEx?

Okex is an innovative cryptocurrency exchange with financial services. This platform is the top cryptocurrency exchange for traders around the globe, beginning to professional. Specifically, it is operational in over 200 countries, offering 400+ trading pairs and multiple currencies. 

The payment options include VISA, MasterCard, and many others. Furthermore, Okex allows multiple trading options including, BTC, ETH, USD, XRP, and many other digital assets. A one-stop solution for all trading purposes. 

For more in-depth information, check out the OKEx review.

OKEx

What is Yield?

Yield is a trading technique to generate earnings released on an investment over a while. It is a percentage-based record of the value of the original market or its current value. It also provides invested value, current market value, and the face value of the security.

Overall market and interest rates are two factors that affect the yield. In addition, the financial situation of the company also plays a vital role. 

For more in-depth information about yield farming, check out the DeFi yield farming article.

How to earn yield on OKEx?

There are multiple ways to earn interest in your crypto holdings. Meanwhile, OKEx provides DeFi and staking to maximize your yield. Furthermore, you can earn free coins daily by learning about the cryptocurrency industry and how it works.  

Download the OKEx application

Firstly, download the OKEx application on your mobile or PC. You can find the application on PlayStore for android users and App Store for iOS users. On the other hand, you could also download it from the official website of the application. 

OKEx Mobile App
OKEx Mobile App

Secondly, once the application has been installed, sign up using your email. Contrarily, if you have an existing account, log in to proceed further.

Select Trading Method

OKEx has various trading methods to earn yield. Therefore, we have explained the procedures and process in detail.

Defi Tokens

Okex has a feature that splits the fee among trading by depositing funds for Uniswap’s smart contract. 

Earn Yield on OKEx with Uniswap

Uniswap is a protocol for trading ERC-20 tokens on Ethereum. Most importantly, it helps eliminate intermediaries and unnecessary forms of rent extraction. In addition, it makes trading efficient, safe, and censorship-resistant. 

Okex has a feature that splits the fee among trading by depositing funds for Uniswap’s smart contract. 

UNI tokens can be earned by the digital asset trading pairs listed below:

  • DAI-ETH
  • WBTS-ETH
  • USDT-ETH
  • WBTC-ETH

The process of earning using Uniswap is listed below:

Subscribing to earn UNI with Unsiwap

Firstly, select USDT as the crypto in the “Earn” tab to bring up the deposit period, APY rate, and estimated daily return for earning UNI with UNIswap. Then, click Subscribe to move ahead.

Subscribing to earn UNI
Subscribing to earn UNI

Go through the terms for the UNI subscription.

Before you start trading, it is necessary to read the terms and conditions. Once you click on “I understand,” you will be able to proceed.

Supply your USDT and ETH to the Uniswap protocol

Firstly enter the amount of USDT and ETH. Then, to subscribe with the available balances, click on “Max.” In the meantime, you can refer to the Q&A box at the top of the page to clear your doubts. Then, click “Continue” to proceed.

Verify Transaction Details

Verify the transaction details. Ensure to check the estimated return and service fee. Click on “subscribe” to proceed.

Review your Transaction

You can review your transaction under “My Assets” at the bottom of the OKEx Earn section. Then, again, you can withdraw USDT and ETH by clicking on the document icon and cancel.

Example: Invest an equivalent amount of ETH and DGTX to Uniswap to produce liquidity for the trading pair on the platform. In exchange for providing liquidity, you’ll receive UNI-V2 tokens representing the tokens you have contributed to the pool. Next, deposit your UNI-V2 pool tokens to the platform to stake them and earn a passive income.

Uniswap: Review your Transaction
Uniswap: Review your Transaction

Earn Crypto with Compound

One of the most dominant lending protocols is Compound. It has obtained extensive popularity in the Defi community after the release of its governance token. It allows delegates to debate, propose and vote on changes to the protocol. Furthermore, this will help to expand the protocol.

You can deposit multiple tokens to earn crypto income that will support the compound ecosystem. These tokens include BAT, DAI, Ether, and Tether. 

Example: Individuals can deposit USDT to earn COMP. The minimum subscription amount is 50 USDT. The invested USDT then provide the yield farmers with COMP. 

Earn Crypto with YFII

YFII is a decentralized protocol that generates a yield. It uses a toke halving modal that ensures stability and equal distribution of tokens. In addition, OKEx has a flexible deposit product to enhance user involvement. The product functions like Curve Deposit and supports USDT and DAI.

Example: Users can profit by subscribing to USDT and DAI on the YFII on-chain protocol. Additionally, they can go for USDC, USDT, DAI and TUSD on the Curve on-chain protocol.

Savings Account at OKEx

Savings allows OKEx users to earn interest by depositing their digital assets on the platform. These assets are given as margin loans to users. OKEx collects and distributes the interest equally to them. 

You can subscribe to Savings following the steps listed below:

Savings
Savings

Also, read 6 Best Bitcoin Savings Account.

You can subscribe to Savings following the steps listed below:

Subscribe to Savings

You can find the Savings option under the Earn tab in the OKEx Earn Section. Select your asset and the amount you want to dedicate. Subscribe to proceed.

Enter and Verify transaction detail

Recheck the amount dedicated and verify the subscription amount. You will come across a Savings User document. If you agree to the terms and conditions mentioned, proceed further. Click on Subscribe.

OKEx Savings Verify transaction details
OKEx Savings Verify transaction details

Review transaction

Review the transaction under “My Assets” at the bottom of the OKEx Earn section. You can withdraw the asset whenever required.

Example: Users can invest Ethereum in their cryptocurrency savings account. The account provider will loan out their Ethereum to borrowers, providing them with a percentage of interest in exchange as a reward

Also, read Cryptocurrency Savings Accounts | Earn Interest on Crypto.

Term Deposit 

You can earn interest at an agreed rate of interest using a term deposit. A term deposit does not allow the withdrawal of money before the duration is complete. Instead, you can withdraw your money by paying a fee before the term is mentioned. 

Follow the steps mentioned below to subscribe to term deposit:

Subscribe to Term deposit

Select EOS under cryptocurrency. Navigate to the Term Deposit Box and click on the drop-down menu. Here you will find the list to view all sessions available for term deposit and their respective rates of return. Click on “Subscribe” to proceed.

Term deposit
Term deposit

Verify and enter details of the term deposit

Select your term deposit plan and enter the amount you want to invest. The minimum subscription amount is visible for various assets. Click on Continue after you verify your details.

Review the Transaction

You can review your transaction under “My Assets” at the bottom of the OKEx Earn Section. In addition, you can withdraw your assets by terminating the investment.

Term Deposit Order Confirmation
Term Deposit Order Confirmation

Staking at OKEx

Staking helps actively participate in transaction validation on a proof-of-chain (PoS) blockchain. Anyone with a minimum-required balance of a specific cryptocurrency certifies transactions and earns rewards. 

You can earn through staking by following the steps listed below:

Subscribe to staking 

First, select VSYS as cryptocurrency in the “Earn” section and operate to staking to view the available options. Then, click on Subscribe to proceed.

Select VSYS as cryptocurrency in the “Earn” section and operate to staking to view the available options. Then, click on Subscribe to proceed.

OKEx Staking
OKEx Staking

Enter and Verify the detail

Enter the amount of stake you desire. The minimum subscription is 100 VSYS. After you enter your amount, click on “continue.” Ensure to read all the terms and conditions provided. 

Enter the amount of stake you desire. The minimum subscription is 100 VSYS. After you enter your amount, click on “continue.” Ensure to read all the terms and conditions provided. 

Verify the transactions

You can verify the transaction under “My Assets” at the bottom of the OKEx ern section. Then, you can withdraw the transaction by clicking on the document icon and Redeem. 

You can verify the transaction under “My Assets” at the bottom of the OKEx ern section. Then, you can withdraw the transaction by clicking on the document icon and Redeem. 

Example: In Staking coins, individuals buy Bitcoin and hold it in their wallets or on exchange. Here Bitcoin will work for individuals by contributing to the proof of stake. With Bitcoin, investors can diversify their staking portfolios and earn more.

OKEx Staking Order Confirmation
OKEx Staking Order Confirmation

Also, read Staking Crypto – An Ultimate Guide on Crypto Staking.

Earn with YFI

YFII is a decentralized protocol that generates a yield. It uses a token halving modal that ensures stability and equal distribution of tokens. In addition, OKEx has a flexible deposit product to enhance user involvement. Furthermore, the product functions like Curve Deposit and supports USDT and DAI.

The product function curve deposit with support of the following tokens

  • USDT
  • DAI
  • DUDC

Ethereum 2.0 Staking at OKEx

Ethereum 2.0 is the next upgrade of Ethereum that runs on the Beacon Chain, using Ethereum’s proof-of-stake (PoS) consensus model.

Subscribing

Click on ETH 2.0 staking from the ‘All Product’ dropdown menu. Then, click subscribe after viewing the estimated APY of ETH 2.0 Staking.

Read the risks involved 

Understand and acknowledge the risks involved, then click on ‘I Understand’.

Enter the subscription amount

Enter the amount you want to stake. Individuals can stake their entire balance by clicking on Max. 

For more information, you can read Q&A, then click continue to proceed. Confirm the transaction details and carefully go over the information regarding interest calculation and fund redemption. Next, click on subscribe to proceed.

Review your transaction

Click on My Assets from the Asset dropdown menu to review the completed transaction. Then click on the funding account tab to check recent transactions.

Example: The user locks up their Ether in a wallet to participate in the operation of a blockchain for rewards. A minimum of 32 Ether is required to participate in staking and be a validator. The rate of return for ETH staking is around 4% to 10%.

C2C Loan at OKEx

C2C Loan in simple terms is peer-to-peer loans. Here, users can borrow and lend crypto assets to each other within flexible terms. Thus, it is an open marketplace for borrowers and investors to give or take loans, granting users much flexibility in choosing investment amounts, loan duration, redemption dates, etc.

USDT is the only cryptocurrency available for a C2C loan.

Subscribe to C2C loans

Select C2C Loan from the dropdown menu of ‘All Product’ and click ‘Select’ to view the estimated APY and term of the USDT C2C loan. Select subscribe to proceed.

Choose a loan offer

All the available loan offers with different rates of return, loan periods, minimum and maximum investments, etc., can be seen. Click Invest to proceed.

Enter the amount in multiples of 50 under the ‘Subscription Amount’ tab.

Read the risk control section

Individuals should read the details under the risk control tab before proceeding to initiate the C2C Loan. Then, after thoroughly going through the, click continue to proceed.

Review the loan balance

Go to ‘My Earnings’ in the earn section to see your loan balance.

Example: Borrowers are required to specify the loan amount, which can range from 200- 1,000,000 USDT. Individuals will set the loan duration after deciding on the amount (7, 15, 30 or 60 days).

Borrowers can customize the initial loan-to-value ratio (10%- 65%) and daily interest rate (0.01%- 0.1%). One can grant Bitcoin (BTC) as collateral and take USDT (Tether) after completing the process. 

Pros and Cons of OKEx

ProsCons
Helps traders trade futures contracts.Demo account not available.
Safe and secure multi-currency platform.US citizens are not allowed.
Use of cold storage to enhance the security of funds.There are limitations to withdrawal.
Multiple payment methods are available.
Provides LTC and BTC features.

Earn Crypto on OKEx: Conclusion

OKEx is a great trading platform for traders as well as beginners. It offers multiple services and trading options, making it convenient for users. In addition to that, you can earn and enhance your yield by choosing from various trading alternatives. Trading is simple, inexpensive, and profitable. Furthermore, OKEx offers multiple currency options so that traders can trade on the same platform. Lastly, OKEx is a one-stop solution for trading cryptocurrencies. 

Frequently Asked Questions (FAQs)

What is P2P trading?

P2P or Peer-To-Peer platform, which allows trading of cryptocurrencies directly between users. 

Are there any fees for the OKEx P2P platform?

OKEx does not charge users to trade digital assets on the platform. However, the selling of digital assets might include charges. Therefore, read the terms and conditions carefully before investing. 

What payment methods are available on OKEx?

OKEx supports a wide range of payment methods that vary from one currency pair to another. 
INR: Bank Transfer, IMPS, and UPI
VND: Bank Transfer
CNY: Bank Transfer, WeChat Pay, and AliPay

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