How to mortgage Dubai OKX's borrowed coins

To secure a mortgage against borrowed coins on OKX, users must follow a six-step process involving account creation, identity verification, fund deposit, coin borrow, loan collateralization, and mortgage completion.

Nov 07, 2024 at 12:54 pm

How to Mortgage Dubai OKX's Borrowed Coins

Step 1: Create an OKX Account

• Visit the OKX website and click "Sign up."
• Enter your email address, create a password, and complete the registration process.

Step 2: Verify Your Identity

• Navigate to the "Security" section in the user dashboard.
• Follow the instructions to complete identity verification (KYC).
• This involves providing personal information, such as your full name, date of birth, and proof of address.

Step 3: Deposit Funds

• Go to the "Account" section and click on "Deposit."
• Select the desired deposit method (e.g., bank transfer, cryptocurrency transfer).
• Enter the amount you wish to deposit and follow the instructions provided.

Step 4: Borrow Coins

• Navigate to the "Borrow" section in the user dashboard.
• Select the coin you want to borrow (e.g., BTC, ETH).
• Enter the loan amount and select the loan term (e.g., 7 days, 30 days).
• Click "Borrow" to initiate the loan.

Step 5: Mortgage Loan

• After receiving the borrowed coins, navigate to the "Loans" section.
• Select "My Loans" from the left-hand menu.
• Find the specific loan you want to mortgage and click on "Mortgage."
• Select the loan collateral (i.e., the coins you want to provide as security).
• Enter the mortgage amount, choose the duration, and click "Mortgage."

Step 6: Complete Mortgage

• Review the loan and mortgage details carefully.
• Click "Confirm Mortgage" to complete the process.
• Your mortgage will be displayed in the "Mortgages" section of the user dashboard.

Note: It is crucial to repay your loan promptly on or before the due date to avoid liquidation of your collateral. You can repay the loan in full or make partial payments.