How do you trade crypto at OKEX exchange? This guide will go step by step into the buying journey at OKEX by using the ‘Basic Trading’ interface.
OKEX is a trading platform specialized in cryptocurrencies and has its headquarters in Beijing. Besides delivering service for Bitcoin exchanges and trades, the platform is also a payroller and lending app for retailers.
Particularly, OKEXis part of the bigger Okcoin consortium specialized in online futures trading. In 2018, Okcoin migrated its futures platform with cryptocurrencies which resulted in the OKEX platform. One of the big benefits of this Okcoin migration is that OKEX has strong liquidity in BTC/USDT and LTC/USDT trading pairs.
Trading crypto at OKEX can be done with almost zero fees(0.08%) where you need to hold OKB coins to get the 20% discount for the fees.
This guide is going to show you how to trade your first cryptocurrency, via one of the world’s most popular exchanges, OKEX.
How to start Trading Crypto at OKEX: Quicktake
In general, buying cryptocurrency at OKEX is a straightforward process, however, first-timers must do some extra necessary steps before they can start using the platform.
In short, below is the buying process for cryptocurrencies at OKEX:
- Register at OKEX for free by email or mobile phone
- Optional: Verify your account(KYC)
- Deposit money or buy with credit card
- Or: Send crypto(BTC, ETH, DOT, or any other) to OKEX
- Trade crypto at OKEX platform
Open an Account at OKEX and start Depositing
How to open an account at OKEX? At this stage, I’ll explain in more detail what is needed for the beginner to open an account and deposit money or crypto.
1. Register for an Account at OKEX
The first step will be to register for an account at OKEX. If you haven’t already, register for an account. The process can usually be completed very quickly.
It just takes a few simple steps in order for users to be able to start trading digital currencies on the platform. However, if the goal is to have higher limits, the process needs verification and can take some more time to be completed.
It’s important to know that you have four options for sign up:
- Mobile phone
- Google account
2. Verify your account
Before you can start trading crypto on OKEX you have to confirm your account. Additionally, this can be done in four ways and depends upon the way you did your registration.
The easiest and most straightforward way to do this is by using an e-mail account. Therefore, all you need to get started is a valid email address or mobile phone. You will be asked to log in to your nominated email address and enter the verification code.
Notably, there is no need to upload any identification (KYC) documentation unless you intend to withdraw more than 100 BTC in a 24-hour period.
The Verification on OKEX
For cryptocurrency traders, there are four levels on the OKEX platform: Unverified, Level 1, Level 2, and Level 3. For the higher levels(1, 2, and 3) you need to register with the KYC procedure and in return, you will have higher withdrawal limits. The table below shows the details:
|Verification level||Withdrawal limit(24 hours)|
|Level 1||200 BTC|
|Level 2||500 BTC|
|Level 3||500 BTC|
Once you have registered, you can log in to OKEX using your email ID and password. You should also set up and activate 2FA and SMS authentication (highly recommended) for extra security. To do this, navigate to ‘Account Security‘ in your Profile section.
3. Deposit Money or Crypto
At this stage, you are ready to use the platform but need to deposit first. OKEX allows users to fund an account using digital currencies only. There is no option to transfer fiat currency to the exchange.
Additionally, there are only two options available on OKEX to fund your new trading account:
- Purchase Crypto with Credit card
- Deposit cryptocurrency
However, if you don’t own any crypto and want to start trading cryptocurrency I suggest you buy USDT first.
In short, USDT is a so-called stablecoin that is pegged 1 to 1 to the USD. In other words, the value of this digital currency doesn’t fluctuate much like other crypto’s and will always be valued at $1.
Buying USDT on Okex can be done in 8 different ways and the table below will list them:
|Bank transfer||Visa||Mastercard||Google pay|
Finally, if you already have some crypto in a local wallet or at another exchange, just sent it over to OKEX and you can start using OKEX right away!
Step By Step Guide: How to Trade Crypto at OKEX
Next in this beginner’s guide to trading crypto on OKEX, I will cover the basics of using the trading interface on this platform. Remember that there are several other options available(like advanced orders or margin trading) however, as a starter we will just focus on buying or selling crypto with Bitcoin.
1. Select currency pair
First, you’ll need to know what assets you would like to exchange, for example buying Bitcoin with your USD, or selling Ethereum (ETH) for euros.
After you know which pairs you’ll be trading, you are able to load the OKEX trading interface for the first time. Next, you go up in the menu and click on ‘Trade‘ and then ‘Basic Trading‘ where the graph for BTC/USDT loads as default.
⚠️Pay attention: In this tutorial, I’m using the BTC/USDT pair as an example. Unfortunately, the OKEX platform doesn’t offer the USD as pair to trade against. Instead, you can use the USDT which is a stablecoin.
Again, the BTC/USDT trading pair is the one I’ll use in this example and we don’t need to search for another pair. Besides, for trading, another pair just go to the BTC/USDT symbol at the upper left and click on it. Next, a search text box appears where you can type any symbol you want.
2. Setting up the order(BUY)
Just to rephrase, in a buy order, you pay with the quote currency(USDT) and receive the base currency(BTC). Above you selected the trading pair so now it’s time to set up the order.
At this moment you are seeing the graph and order book for the BTC/USDT pair and the next step is to decide what type of order to use. To do this navigate to the left menu until you see a green ‘Buy‘ button.
Here you’ll see three text boxes and the option to use a market, limit, or stop order. Next, before you start entering values into these boxes, knowing how a market or limit order works is necessary.
A market order is meant for immediate execution, as it will match with limit orders that are already available on OKEX order books. In other words, by executing a market order you take 1(or more) order(s) from the available order book.
Also, market orders will always incur a slightly higher fee known as a taker fee. With market orders, you can only input the volume you would like to buy or sell and not the price.
Limit orders will execute at the price you’ve set or better, once the market reaches your limit price. They can be subject to maker or taker fees depending on when it executes.
For example, you entered a buying price of $45000 into the order book while BTC is trading at $45500. Once the BTC price reaches $45000 the order will be executed at maker fees.
On the other hand, if a matching order already exists(at $45000), then it’s executed immediately, where the taker fees will occur.
3. Submit the Order
Once you’ve decided if you’re looking for a market or limit order, you fill in the required data and continue.
As you can see in the pictures above setting up the order can be done by typing data or using the slider that is below the ‘Total(USDT)‘ textbox.
Finally, make sure the data is correct before you submit the order by pressing the green ‘Buy BTC‘ button.
4. Wait for Execution
At this stage, your buying journey on trading crypto at OKEX is coming to an end. Moreover, you just need to wait for the order to be completed.
Remember that completion can occur in two ways:
Immediately, where a market order was selected and your balance will change as well. Also, funds will be available right away for new trades or to withdraw.
Unfilled orders occur when a limit order was selected and you need a little patience for this order to be executed. In addition, if it takes too long or you need the funds, you can cancel the order at any time.
Finally, below on the screen you can see the status of the orders these are:
- Open orders – Orders that are currently running or unfilled in the order book
- Order history – All orders(inclusive canceled) that apeared in the order book
- Assets – Your account balance on OKEX that instantly gets updated
…That’s it! At this point, you just traded your first USDT for BTC at OKEX which is one of the most popular trading engines in the world. Happy trading 😁
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