How do I access cryptocurrency derivative products in Australia?

How can I access crypto derivatives?

OKX Australia Financial Pty Ltd only offers crypto derivatives and margin services to 'wholesale clients' as defined under the Corporations Act 2001 (Cth). Terms such as 'wholesale', 'professional' and 'sophisticated' are used to describe clients who meet certain criteria, such as having significant wealth or relevant investment experience, allowing them to be treated as 'wholesale clients' (and differently from 'retail clients'). To be classified as a wholesale client, you must successfully complete our wholesale client onboarding process, which includes submitting a certification form and relevant supporting documentation. To demonstrate that you are a 'sophisticated investor', you will also be required to complete a knowledge assessment in addition to the other onboarding steps.

Why do I have to do a knowledge assessment if I am a 'sophisticated' investor?

OKX Australia Financial Pty Ltd only offers crypto derivatives and margin services to 'wholesale clients' as defined under the Corporations Act 2001 (Cth). Sophisticated Investors are a category of wholesale client with previous experience using financial services that allows them to assess the merits, value and risks - along with their own information needs and the adequacy of information provided to them. The knowledge assessment is one factor in our assessment of whether you may be a sophisticated investor. If you do not achieve the required score in the knowledge assessment, and you think this was not an accurate reflection of your knowledge, you'll be permitted to retake the assessment after 24 hours, with a different set of questions. If you fail multiple attempts, you'll be timed out for 30 days - you'll be permitted to try again after that period if you think your understanding has improved materially. In addition to passing the knowledge assessment, you'll also need to complete a certification form and submit relevant supporting documentation for our review.

What documentation do I need to submit after the knowledge assessment?

After successful completion of the knowledge assessment, you'll need to complete a certification form and submit relevant supporting documentation for our review.

What derivatives products can I access?

OKX Australia Financial Pty Ltd offers a range of crypto derivatives, including futures, options, and perpetuals, exclusively to 'wholesale clients' as defined under the Corporations Act 2001 (Cth), along with the ability to trade certain derivatives using margin. Please note that the list of products available to wholesale clients is subject to change. For details of current products and services, please refer to our Terms of Service and website.

How is being a wholesale client different from being a retail client?

Wholesale clients, within the meaning of the Corporations Act 2001 (Cth), are individuals or entities with specific levels of financial understanding, experience, qualifications and/or resources. The Corporations Act 2001 (Cth) sets out rights for retail clients to be given certain information about financial products and services, including disclosures including risks and costs, and access to dispute resolution schemes. By choosing to use OKX Australia Financial Pty Ltd's derivatives and margin services as a wholesale client, you will not be using those services as a retail client and may forgo the rights pertaining to retail clients, including the protections offered in relation to specific documentation and disclosure.

What happens if my application if rejected?

If we determine that the documentation you submit is insufficient to demonstrate that you fall under one of the categories of wholesale client in the Corporations Act 2001 (Cth), we'll let you know that your application has been rejected. You should only reapply if your circumstances have changed materially, and you believe that you now qualify as a wholesale client under the Corporations Act 2001 (Cth).