In the world of digital asset trading, proving the legitimacy of your funds is a critical step to ensure compliance and transparency. Individual financial origins are generally divided into two main categories: "Source of Funds (SoF)" and "Source of Wealth (SoW)".
What Is Source of Funds (SoF)?
Source of Funds refers to the specific origin of the money you transfer into your trading account. It answers the question: where did the money you are using come from directly? Common examples include:
- Salary or wage income
- Proceeds from the sale of assets (e.g., real estate, a car)
- Loan or credit proceeds
- Funds received as a gift
- Transfers from personal accounts at other exchanges or wallets
If you have multiple sources, you should select the one that is the most recent and primary source for your deposit.
Important Note: If you used your own existing funds to purchase digital assets from another person, you must provide proof for the origin of those original funds, not the seller's asset information or a simple screenshot of your account deposit.
Example Scenarios for SoF
- Salary: If your deposit comes from your salary, you would select "Salary" as the category and submit documents like a formal employment contract or recent pay stubs.
- Asset Sale: If you sold a property and are using the proceeds, you would select "Asset Sale" and provide documents such as the sales agreement or corresponding tax filings.
What Is Source of Wealth (SoW)?
Source of Wealth describes the broader means by which you have accumulated your total net worth over time. It paints a complete picture of your overall financial standing, typically built through:
- Long-term employment and career earnings
- Business ownership and entrepreneurship
- Investment returns and portfolios
- Inheritance or family wealth
Why Are SoF and SoW Verification Necessary?
Platforms are committed to maintaining a healthy and secure trading environment for all users. Verifying the legality of funds in every account is a fundamental part of this commitment. These strict account safety measures are in place to protect the entire ecosystem.
You may be prompted to provide, update, or supplement your account information. If you receive such a request, simply follow the instructions to complete the process. This verification is not typically an investigation into a specific transaction but rather a standard procedure to ensure your account information is complete and up-to-date.
How to Complete the Verification Questionnaire
You can easily find and complete the verification process through the following methods:
Via Mobile App:
- You may see a notification on the app homepage like "Please Supplement Information." Tapping it will take you directly to the verification page.
- Alternatively, navigate manually: Go to the app homepage > click the profile icon in the top left corner > tap your personal avatar > select "Profile" > choose "Identity Verification" > then "Verify Now."
Via Web Browser: On the website, click your personal avatar in the top right corner > select "Identity Verification."
👉 Complete your identity verification now
Please be aware that failing to complete the required verification by the specified date may result in temporary restrictions being placed on your account functions.
How to Provide Proof for SoF and SoW
To ensure a smooth verification process, all submitted documents must meet these standards:
- Use the Latest App Version: Update your application to the newest version for the best file upload experience.
- Clarity and Readability: Documents must be clear, complete, and fully legible. All text and details must be visible without any cropping, obstruction, or blurring.
- Accuracy and Current Information: All provided information must be truthful, accurate, and up-to-date, reflecting your actual situation.
- Complete Documents: Contracts and agreements must be fully signed, dated, and include essential details like official letterheads and institutional stamps.
- Clear Amounts: Any monetary figures on the documents must be clearly visible.
What Documents Are Acceptable as Proof?
It is crucial to read the verification instructions carefully before submitting. Ensure your prepared documents contain all key elements. Required documents can vary by region and individual circumstances, so it is always best to prepare documents that match your specific situation.
Typically, one primary document is sufficient, but in some cases, additional supporting files may be requested. If you are unsure which documents to provide, or have a valid document not mentioned in the guidelines, customer support can review your specific case.
Document Reference Guide and Examples
1. Proof of Personal Employment Income
This includes salary, bonuses, benefits, and other income from formal employment, part-time work, or temporary contracts.
Acceptable Documents: Recent pay slips, bank statements showing salary deposits, employment verification letters, social security contribution records, or temporary proof of employment.
Note: Documents must clearly show your personal基本信息 (basic information) and the amount.
2. Proof of Business Income
For Sole Proprietors/Individual Businesses:
If your funds come from a business you own, select "Business Ownership." Submit your Business License and business bank account statements showing transaction details for the last 3 months.
Alternative/Auxiliary Documents:
- Personal income tax records
- Contracts, receipts, or invoices for services/products sold
- Owner's salary slip (if taken)
- Financial statements
For Online Store Income (e.g., Shopify, eBay, Etsy):
Select "Business Ownership" and provide:
- Bank Statements: Showing online store income deposits over the past 3 months, including amounts, descriptions, and dates.
- Proof of Business Registration: Documents showing your real name, store name, and registration details.
- Store Transaction Records: Platform-generated reports showing sales and withdrawal records for the past 3 months.
3. Proof from Sale of Assets
This refers to funds from selling valuable tangible assets like vehicles, real estate, or luxury watches.
Acceptable Documents:
- A formal, complete sales agreement/contract (showing full details: both parties' names, amount, date, sold item).
- Bank statement showing the proceeds from the sale being deposited.
4. Proof from Borrowed Funds (Loans/Credit)
This covers funds acquired through various lending arrangements.
4-1. Formal Loans from Banks or Institutions:
Select "Loan or Credit" and provide:
- The formal, complete loan agreement/contract.
- A bank statement showing the loan amount being disbursed into your account.
Note: Incomplete or informal documents are often not accepted. Please obtain formal documentation from your lender.
4-2. Private Loans from Friends or Family:
Select "Loan or Credit" and provide:
- A signed IOU/promissory note (a signed document from the time of the loan).
- Transfer records (e.g., formal bank or payment app statements showing the loan amount being received).
If you do not have a signed IOU, please contact customer support for further assistance.
5. Gifts from Friends or Family
If your funds originate from an unconditional gift, please contact customer support directly for guidance on the required documentation, as the process can vary.
6. Funds Transferred from Another Exchange
If you are transferring from a personal account at another exchange (e.g., Binance, Coinbase), the best document is the official PDF withdrawal statement from that exchange showing the transaction to your account.
Note: If you have difficulty generating a PDF, contact the support team of that exchange.
If a PDF is unavailable, provide:
- A screenshot of your account profile page on the source exchange (clearly showing your account email, name, or phone number).
- A screenshot of the withdrawal history from the source exchange (showing the transaction to your account).
- A screenshot of the specific transaction details from the source exchange to your account (1-3 records; amounts, TXID, and dates must be clear).
7. Funds from a Web3 Wallet
7-1. From a Personal External Web3 Wallet (e.g., MetaMask, Trust Wallet):
Select "External/Non-Custodial Wallet" and provide screenshots from your wallet:
- Asset Balance Screenshot: Showing the balance of the asset you transferred.
- Transaction History Screenshot: Showing the history of withdrawals.
- Withdrawal Details Screenshot: Showing the specific transaction(s) to your account (including amount, receiving address, transaction hash/TXID, and time).
Note: For multiple images, combine them into a single PDF file for submission.
7-2. From a Personal OKX Web3 Wallet:
The principle remains: you must verify the original source of the funds that were used to fund your OKX Web3 wallet.
For example, if you used your salary to buy crypto that was sent to your OKX Web3 wallet, which you then transferred to your trading account, you would still select "Salary" and provide your pay slips as proof. Trace the funds back to their ultimate origin.
👉 Explore more strategies for verifying your funds
Frequently Asked Questions (FAQ)
Q1: What's the main difference between Source of Funds (SoF) and Source of Wealth (SoW)?
A: Source of Funds (SoF) refers to the specific origin of the particular money being deposited now (e.g., this month's salary). Source of Wealth (SoW) is the bigger picture—it explains how you built your entire net worth over your lifetime (e.g., your career as an engineer, your inheritance, or your investment portfolio).
Q2: I'm using my savings. What should I select as my Source of Funds?
A: Savings are not an original source. You need to identify what initially generated those savings. If the money originally came from your salary over time, you would select "Salary" and provide a recent pay slip or employment contract. The verification seeks the original origin, not an intermediate account.
Q3: What happens if I can't provide the exact document listed in the guide?
A: The guide provides common examples. If your situation is unique or you lack a standard document, provide the closest alternative that clearly proves the origin of your funds. The key is that the document is official, clear, and verifiable. When in doubt, contact customer support for advice tailored to your circumstances.
Q4: Why is my document being rejected even though I uploaded it?
A: Common reasons for rejection include: blurred or cropped images where details are unreadable, expired documents (e.g., an old bank statement), documents that are not officially issued (e.g., a handwritten note without signatures), or documents that do not adequately prove the source you selected. Ensure your upload is clear, current, and directly relevant.
Q5: Is my financial information kept safe and private during this process?
A: Reputable platforms employ robust security measures and encryption to protect user data. The collection of this information is for compliance and security purposes only, handled under strict privacy policies in accordance with relevant regulations.
Q6: How long does the verification process usually take?
A: Verification times can vary depending on volume and complexity. A straightforward submission with clear documents can often be processed within a few business days. If additional information is required, the process may take longer. You will typically be notified of the status via the app or email.