- What is an anti-phishing code? Spot fake exchange emails at a glanceAn anti-phishing code is a word you set in your exchange account. Real emails from the exchange show it; fake ones don't. No code, or the wrong one, means a scam.
- Cold vs hot wallets: what they are and how they differA hot wallet keeps its keys on a device that's online: handy, but easier to attack. A cold wallet keeps them offline: safer, but slower to send from.
- Deposit and withdrawal: how money gets in and out of an exchangeA deposit puts money or crypto into your exchange account. A withdrawal takes it out, as local currency to your bank or as crypto to another address.
- What is a fee rebate? Why a referral code means lower trading feesA fee rebate is part of your trading fees paid back to your exchange account when you sign up with a referral code. Ours is 20%.
- What is a fee token discount? BNB cuts Binance spot fees by 25%A fee token discount means paying trading fees with an exchange's own token at a lower rate. At Binance, paying spot fees in BNB saves 25%.
- What are crypto futures, and why should beginners avoid them?Futures are bets on a coin's price, usually with leverage, not purchases of the coin. A small move against you can wipe out your deposit. Not for beginners.
- What is an identity check (KYC), and how long does it take?An identity check (KYC) confirms you are who you say you are: ID details, ID photos and a face scan. OKX usually finishes within 24 hours, Binance within 48.
- What is leverage in crypto, and why should beginners avoid it?Leverage means trading with borrowed money, not just your own, so gains and losses get multiplied. A small move can wipe you out. Beginners should avoid it.
- What is a limit order, and when should you use one?A limit order buys or sells only at the price you set or better. It may wait on the order book, or never fill. Orders that wait are maker orders, cheaper at OKX.
- What is liquidation in crypto, and how do you avoid it?Liquidation is when the exchange force-closes a leveraged position because there isn't enough margin left. The money is gone for good. Spot can't be liquidated.
- Maker vs taker: what they mean and how the fees differA maker order waits on the order book for someone to fill it; a taker order fills right away at the current price. Fees can differ, and at OKX makers pay less.
- What is a market order? It fills now, but watch for slippageA market order has no price limit: it fills right away at the best prices on the order book. It's quick, but you may pay a little more than the price you saw.
- Memo and tag: what they are and when your deposit needs oneSome coins need a memo or tag as well as an address when you deposit them. It tells the exchange whose coins arrived. Leave it out and they may not reach you.
- What is an order book? How to read it, and what the spread isAn order book lists every open buy and sell order for a trading pair, by price. Orders waiting on it are maker orders; orders that fill against it are taker orders.
- What is P2P trading? Buy crypto from other users with local moneyP2P trading lets you buy and sell crypto directly with other users on an exchange's platform, paying by bank transfer, e-wallet or another local method.
- What is a phishing site? A copycat site that steals your loginA phishing site copies an exchange's real site, with an address a letter or two off, to steal your password, codes or seed phrase. Log in from a bookmark instead.
- What is a private key? Share your address, never your keyA private key controls a crypto address: whoever has it can move the coins there. To receive crypto, you only ever share your address, never your private key.
- What is proof of reserves? Does the exchange hold enough crypto?Proof of reserves is an exchange's public check that the crypto it holds covers what its users have deposited. Binance and OKX both publish one.
- What is a referral code? Enter one at sign-up for a fee rebateA referral code tells an exchange who invited you. Sign up to Binance or OKX with FAIRR and get 20% of your trading fees back.
- What is a seed phrase? Whoever has it can take your cryptoA seed phrase, or recovery phrase, is the 12 or 24 words that can restore your whole wallet. Write it on paper, keep it safe and never give it to anyone.
- What is slippage? Why market orders can fill at a worse priceSlippage is the gap between the price you expected and the price you got. It mostly hits market orders. It isn't a fee, so the rebate doesn't cover it.
- What is spot trading? Real coins, your own money, no leverageSpot trading means buying and selling real crypto at the current price with your own money. The coins are yours to keep or withdraw, and nothing gets liquidated.
- What is a stablecoin? Crypto that tracks the dollar, used like cashA stablecoin is crypto pegged to a currency like the US dollar, such as USDT or USDC. Exchanges use it like cash. Stable refers to the price, not your returns.
- What is a trading pair? How to read BTC/USDTA trading pair is two assets you can trade for each other, like BTC/USDT. The first is what you buy or sell; the second is what you pay with.
- What is two-factor authentication (2FA), and why turn it on?Two-factor authentication (2FA) asks for a one-time code on top of your password when you log in or withdraw. Use an authenticator app, and never share the codes.
- What is a UID? Your exchange account number, safe to shareYour UID is your exchange account's unique number; Binance calls it your User ID (BUID). Binance support asks for it, and you need it to join our members' group.
- What is USDT? The most-used stablecoin, worth about 1 USDUSDT is a stablecoin issued by Tether and pegged to the US dollar. Most coins on exchanges are priced in it. Before you send USDT, check which network you're using.
- What are exchange VIP levels? Fee tiers based on volume or assetsVIP levels are fee tiers set by trading volume or assets: the higher the level, the lower the fee. The rates we list are for regular users.
- What is a withdrawal network? Why the wrong one can cost youMany coins move on more than one blockchain: USDT runs on ERC20, TRC20 and others. The network you pick must match the receiving address, and fees differ by network.
- What is a withdrawal whitelist? How it protects your accountA withdrawal whitelist, also called an allowlist, means crypto can only be withdrawn to addresses you've approved. If your password leaks, it's one more lock.