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.

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