Understanding Your Smart Account
An OKX Smart Account (SA) is an advanced wallet designed to streamline your Web3 experience. It integrates various services like payments and savings directly into a unified interface. By using this service, you agree to the specific terms governing its operation. This guide breaks down the key functionalities and your responsibilities when using the SA.
The core principle is that OKX does not directly manage or custody the assets held within your Smart Account wallet. You retain control, but this also means you bear significant responsibility for your actions. The service only supports specific digital assets, which are clearly identified within your wallet interface.
To fund your SA wallet, you can transfer supported digital assets from your main OKX account or from compatible third-party wallets you control. Conversely, you can withdraw any non-staked digital assets from your SA wallet back to your main OKX account. It is crucial to note that depositing any unsupported digital assets into your SA wallet may result in the permanent loss of those assets, as recovery is often impossible.
Key Operational Terms and Risks
Engaging with the blockchain requires understanding several critical operational terms. Transactions that require on-chain interactions, such as using various products within the SA service, need to be "fully signed." This means both you and OKX must provide authorization for the transaction to proceed.
By initiating any on-chain operation from your SA wallet, you are authorizing OKX to sign the on-chain transaction on your behalf. You accept all risks and liabilities associated with these actions. These risks include, but are not limited to, smart contract vulnerabilities, network congestion, and human error.
Transferring supported digital assets, creating smart contracts, and other on-chain activities will incur miner fees (or gas fees). These fees are not set by OKX; they fluctuate based on network demand and congestion. OKX also reserves the right to limit the amount and frequency of any transfers to and from your SA wallet at its sole discretion.
For convenience, OKX may allow you to pre-authorize certain transactions. However, you are solely responsible for tracking and managing all pre-authorized transactions you set up. Furthermore, OKX retains the right to investigate your transactions and refuse to authorize any transaction you initiate or pre-authorize to ensure compliance with applicable laws, regulations, or law enforcement requests. Limits may be applied to any transaction using the SA service.
Certain features of the SA service may incur fees. Always check the latest fee schedule provided within the OKX platform. The general OKX Terms of Service applicable to your jurisdiction are also incorporated into these SA Terms.
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Web3 Payment Service Explained
The integrated Web3 payment service allows for direct transactions from your SA wallet. However, this service may be limited to specific digital assets or amount thresholds as determined by OKX. You must hold the required digital assets in your SA wallet to utilize the payment function.
Once a payment transaction is fully signed, it is submitted to a smart contract for execution. Importantly, this process may require the recipient to accept the payment. Any transaction that requires acceptance will be automatically rejected if it is not accepted within 48 hours of initiation, and the assets will be returned to your SA wallet.
A fundamental rule of blockchain transactions is their irreversibility. You confirm and agree that completed transactions cannot be reversed, withdrawn, or refunded. A transaction is considered "completed" when (a) the recipient accepts it (if acceptance is required), or (b) it is fully signed (if no acceptance is needed).
The payment service is designed for peer-to-peer transfers, not commercial activity. Unless explicitly authorized by OKX, you must not use the payment service to conduct business, commercial, or merchant transactions with other users. This includes paying for or receiving payment for goods or services from users you do not know.
Using the payment service involves sharing certain information with the other party to the transaction. This information may include your name, the transaction amount, and other relevant details, as further described in OKX's Privacy Policy. These payment service terms also apply to OKX Gift features, where available.
Web3 Smart Savings (Earn Service)
The Smart Savings (or Earn) service allows you to potentially grow your digital assets. Accessing this service requires your agreement to both the general SA Terms and the following additional terms, which may vary by jurisdiction.
For users in regions where stablecoin rewards are offered:
- Rewards will accrue at the rate displayed on your customer interface.
- These rewards are calculated based on the daily average balance of supported stablecoins in your SA service wallet.
- Accrued rewards will be transferred to your SA service wallet on a monthly basis.
- OKX reserves the right to adjust, change, suspend, or terminate the reward accrual at any time and at its sole discretion.
It is vital to understand that the offered rates are not guaranteed and are subject to change based on market conditions and OKX's policies. Always review the most current information presented on the platform before committing assets to a savings product.
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Frequently Asked Questions
What happens if I send an unsupported cryptocurrency to my Smart Account?
Depositing an unsupported digital asset into your SA wallet is highly discouraged. In most cases, these assets will be lost permanently and cannot be recovered by OKX. Always ensure you are only sending supported assets to the correct wallet address.
Can I cancel a transaction after it has been signed?
No. Once a transaction is fully signed and submitted to the blockchain, it is irreversible. This is a fundamental characteristic of blockchain technology. Transactions requiring recipient acceptance can be automatically rejected if not accepted within 48 hours, returning the assets to you.
Who is responsible for paying miner (gas) fees?
You are responsible for all miner fees required for on-chain transactions. These fees are paid to network validators, not to OKX, and their cost varies depending on network congestion at the time of your transaction.
Are the rewards from the Smart Savings service guaranteed?
No, rewards are not guaranteed. OKX clearly states that it reserves the right to adjust, change, suspend, or terminate the reward accrual program at any time at its sole discretion. The displayed APY is an estimate, not a promise.
Can I use the payment service to pay for online shopping?
Unless you have received explicit authorization from OKX, the payment service is not intended for commercial or merchant use. It is designed for peer-to-peer transfers between users. Using it for business transactions without authorization may violate the terms of service.
What information do I share when making a payment?
When you transact with another user, you agree to share information such as your name, the transaction amount, and other related details with that specific counterparty. For a complete overview of data handling, please refer to the OKX Privacy Policy.