1. Who can apply for OKX's Broker?
- Trading aggregator platform
- Trading strategy platform
- Technical strategy provider
- Trading bot platform
- Asset management and payment platform
- Social trading community
2. Introduction of OKX brokerage models
- Fully-disclosed brokerage model
- FD API Broker:
- Operating model: Operate by binding OKX, brokers and users with API Key;
- Brokerage model: Apply broker code to OKX, and place orders via broker code + the user's API Key;
- User: First, create an account in OKX and automatically generate an API Key, then register and bind their API Key with the broker. After binding, when the user places an order in the broker, the broker will send it to OKX via broker code + the user's API Key.
- FD OAuth Broker:
- Operating model: By calling the OKX app or the web page for trading authorization, the broker can authorize the Broker App to call interface and operate correspondingly on the user's account under the situation that the user does not need to disclose their API key in OKX;
- Brokerage model: Authorize users to jump to the OKX OAuth page, and place orders with broker code + the user's authorization code;
- User: Create an account in OKX, jump to the OKX app or the web page from the broker page, and authorize the broker to trade among their OKX accounts.
- Non-disclosed brokerage model
- ND API Broker (Independent broker):
- Operating model: Brokers manage their sub-accounts, including the creation and deletion of sub-accounts, extra points on the fee rate of sub-accounts, query on commission records, etc. The brokers' accounts can create API keys for sub-accounts (only through the interface - please see the details in the "ND API document"). The API keys can place orders, check account balance interfaces, check position information, etc.;
- Brokerage model: Independent brokers have the right to fully manage users' assets, and users' complete information is under the management of independent brokers (including KYC, etc.);
- user: Only create accounts and conduct KYC verification on brokers.
- Types:Support Trading function and Convert function.
3.How to apply to be an OKX broker?
- Log in to your OKX account and enter the broker's official website. Choose the broker model that suits you the best based on the business lines, and fill in the online application form
- After the application form is submitted and approved in two days, one of OKX's customer managers will contact you, and help you go through and complete the onboarding process
- The broker's onboarding qualification is approved
- OKX's customer manager contacts you to further complete the signing of your onboarding contract
- The broker's technical department refers to the broker's API settings for technical access
- After your onboarding, the broker can test online trading, and use T+1 to query commissions, and the onboarding process is completed
4.Supported products and rate specifications
- All spots, contracts (USDT-margined, coin-margined), and options on OKX
- Please refer to the rate table for OKX's fee standard
- The rate standard for API brokers is in line with that for OAuth brokers, and ND brokers can display extra points based on the rate standard, with details following the broker's actual conditions
- Convert feature supported currency pairs：Support all currency pairs in the OKX convert function,OKX-Convert.
5.Rules on commission
- Commission model: Different commission models for different broker models
- The rate in OKX is implemented based on the broker's actual condition and relevant standards;
The broker's extra points include account-based points, fixed points, and percentage-based points;
Convert rebates setting：Support users to add points to the percentage of convert transactions, which is applicable to all currency pairs.
- Commission settlement:
- Settlement cycle:T+1, on an hourly basis;
- Settlement time:Hourly settlement of the rebate amount one hour before it is settled and distributed; if there are no exceptional circumstances, the data will be pushed to the user center every hour, and the front-end data on the Broker page will be updated,the order interface can also be invoked through the clOrdId field (brokers that have cooperated before 2022) and the tag field (new brokers that have cooperated since 2022) to view order and rebate information;
- Settlement account:
Trading fees：The background account bound with the broker code;
Convert：The rebates fee generated during the period.
- Settlement amount: The net fee generated during the period * the corresponding ratio of the Broker level
- Settlement coverage: The volume of orders traded by the user via API on the platform. The volume generated by the user via the OKX app should not be included in the commission for brokers;
- Settlement method: The background automatically distributes the proportional commission in the form of USDT into the account bound with the broker code;
Settlement number：Settlement of up to two fees, commission rebates and convert rebates；
- Provisions on commission:
- The transaction's counterparty is not on OKX, indicating no commission for brokers. For example, the counterparty is OKX's cloud users;
- Users at the fee level of VIP 3 (calculated on the volume level) and above do not engage in the commission for brokers;
- Users on brokers using commission cards to deduct fees do not engage in the commission for brokers;
- In the Chinese section, if users are involved in the node-binding scenario, then the commission to nodes will be the priority, and no commission for brokers, etc.;
- Query on commission:
- After obtaining identification access, brokers will be labeled with corresponding broker codes, and obtain broker background access;
- Brokers send users' orders to OKX, each marked with broker codes. OKX identifies brokers' orders according to their broker code and distributes commission to their accounts according to the volume;
- Brokers can make commission queries, detailed queries, convert queries, and other functions through their backgrounds, and can also make queries on commission data through API;
6. The process of API docking for brokers
1.Use public API documents to set up public services, such as trading, query, etc.
- Available for: API broker, OAuth broker,ND broker
- Available for: API broker, OAuth broker, ND broker
7. How brokers place orders with broker codes
- Broker code is an order identifier automatically generated in the boss background when applying. Like the channelID of a node, it is the basis for our settlement with brokers. Therefore, the broker code must be marked in the "tag" when an order is placed.
- Your broker code is "ABCD";
- When you place an order, you need to input the broker code in "tag". For example, on the information of trading order No. ABCDabcdef123, the "tag" is marked "ABCD"
- The demonstration of API information in a trading order:
8. Sub-Broker Feature
The purpose of this feature is giving our brokers more freedom to share commission with their sub-broker and their users. Broker can generate the sub-broker code and assign that broker code a designated commission sharing ratio.
This feature is default to open to all API/Oauth brokers. Please visit the OKX Broker page to unlock this feature. Please contact your business manager for detailed user manual.