OKEx Cryptocurrency Exchange OKEx Exchange Inc. (OKEx) offers several different ways to obtain digital assets and use them further. The editors have analyzed all the ways in which you can buy cryptocurrencies on OKEx – for example, spot and futures trading, p2p exchange, direct purchase from a card. The methods differ from each other in terms of time, difficulty, and fees. The OKEx exchange is considered one of the most liquid and profitable, so questions about its use are relevant for both beginners and experienced users.
Let’s start with what you need to do before buying cryptocurrency.
Web Site: https://www.okx.com/
Registration and verification
Creating an account on OKEx exchange is a standard procedure and takes a few minutes. Click on the button Create your account here“in the top right corner of the page. There are two registration options:
- Enter your email and create a password.
- Log in using your Google or Telegram accounts. In this case, you will still need to confirm your email or phone number.
Furthermore, if you plan to use the exchange regularly, it is recommended to go through identity verification, which opens up all the features and expands the account withdrawal limits. However, this is not necessary, as improved options are available to unverified users. You only need to provide basic information about yourself, including your name and region of residence.
Preliminary account settings
It is not allowed to trade, withdraw funds, and buy cryptocurrencies on OKEx without setting the appropriate level of account security. Among the measures that need to be taken:
- Connecting two-factor authentication (2FA).
- Financial password activation.
- Confirmation by phone and email.
All of the above items are set in the profile settings, in the “Security” section. To enable 2FA, you will need to download the Google Authenticator app and link it to your account using a QR code. This is a quick and easy procedure, but at the same time it greatly increases the security of your account.
Buy with bank card
In March 2020, OKEx launched a service for instant cryptocurrency purchase with a card. At the moment, you can use it to buy 11 coins for USD: BTC, ETH, OKB, DOGE, USDT, XRP, LTC, BCH, BSV, USDK, LINK. For other fiat currencies, the range of available digital assets may vary.
OKEx partners that process payments:
- Simplex. One of the world's leading fiat infrastructure providers. Responsible for purchasing the most popular digital currencies with Visa/Mastercard.
- Moonpay. A newer standard that allows you to instantly purchase major cryptocurrencies without storing them. In addition to bank cards, it offers the opportunity to purchase from your mobile phone account or via Apple Pay.
- I'm sorry. Complete international fiat-to-crypto solution with Visa, Mastercard and a wide range of payment methods.
- The purchase process is very simple: click on the “Buy Cryptocurrency” button in the top menu. Then switch to the Quick Buy tab.
Select the fiat currency in which you will pay for the purchase, for example, reais. Then, select the cryptocurrency you want to buy from the available ones.
Please indicate your preferred payment method. Currently available:
- Visa/Mastercard cards
- Apple pay
- Cash
Click “Buy”. A list of available offers will appear. By default, only the best offer is shown, but you can click More offers to see all available options and choose one of them.
Once selected, click “Buy” again. You will be taken to the payment system website, and then everything will depend on its own rules and conditions, as well as the payment method you have chosen. In most cases, you will need to provide some information about yourself.
After payment for the application, the cryptocurrency will be credited to the exchange account within 1 to 20 minutes.
Purchase through a trading terminal
You can also buy cryptocurrencies on OKEx using spot trading orders. However, unlike Binance OKEx does not store fiat currencies in the account. Therefore, you will need to first fund your account with stablecoins or other cryptocurrencies and then exchange them for the desired coins.
To replenish your account, go to the “Assets” -> “Top up” section. Select the type of currency and the network on which it operates. Click “Continue” to receive a cryptocurrency address and transfer assets to it.
After that you can start trading.
Open the “Trading” -> “Basic Trading” section. You will see a trading terminal – a set of functions for monitoring the market and creating trading orders, i.e. buy or sell orders.
There are several order types on OKEx, including:
- Limit. An order to buy or sell at a specific price or better. Once an order is placed, it is placed in the general order book and will be matched when an opposing order hatches at the specified price or better.
- Extended limit. Includes three additional options: Post Only (never takes away liquidity and guarantees that the user will be a market preceptor), Fill or kill (guarantees that the order will be completed or cancelled completely, i.e. partial fulfillment is not possible), Sudden or Cancel (requires that segment or the entire order be filled immediately and any unfilled portions be cancelled).
- Market order. Involves immediate buying or selling at the current market price. On OKEx, the volume of a single market order cannot exceed $100,000.
- Stop the order. A strict trading strategy algorithm that allows you to set the trigger price and order price in advance, and the order will be automatically placed at the specified price once the market price reaches the specified trigger price.
Market and limit orders are the simplest and most understandable tools, even for a beginner. The rest are more professional tools that are used not so much for one-time purchases, but for trading, in order to increase profits.
The purchased cryptocurrency will instantly appear in the user's wallet, after which it can be withdrawn to an external wallet via the “Assets” -> “Withdraw” section.
p2p trading
The OKEx cryptocurrency exchange also offers the opportunity to buy cryptocurrencies directly from users. The exchange does not participate in this process, except to provide features, such as an escrow account for temporary autonomous storage of coins until payment is made.
The p2p platform opens by clicking the “Buy” button in top menu. You will see a list of available offers, which can be filtered by parameters such as available exchange amount, payment method, fiat currency provided.
Next, you need to select a suitable offer. All offers are created by regular users. During the exchange process, you will receive the seller's details and need to transfer the required amount to him. In response, the seller will confirm receipt of the transaction, and then the cryptocurrency from his account will be transferred to yours.
On OKEx P2P There are no fees charged to buyers or sellers.
Frequently asked questions
Conclusion
After purchasing cryptocurrency on OKEx in any way, it is recommended to transfer it to an external portfolio, if you do not plan to use the coins immediately for trading or investing. This is much safer than storing them on an exchange, although OKEx has proven to be a reliable platform. In the future, one can expect the emergence of other methods of purchase in addition to those described. For example, a large scale DeFi Aggregator so that exchange users can exchange assets through a decentralized protocol running on OKExChain.