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How to convert crypto to fiat with OKEx P2P trading
A step-by-step guide to convert BTC and other cryptocurrencies to fiat with P2P trading on OKEx
While the cryptocurrency market exists as an alternative to traditional financial markets and services, the ability to convert between crypto and fiat is critical to participating in the space.
To ensure that users can seamlessly and securely perform these conversions, OKEx has a P2P crypto trading section that allows the quick buying and selling of crypto assets in exchange for fiat currencies. In this tutorial, we go over the steps for using the P2P service alongside helpful tips.
Preliminary steps before using OKEx P2P trading
In order to use the P2P trading section on OKEx, you need to have an identity-verified account (aka KYC). If you don't have an account yet, you can sign up here and follow our tutorial for identity verification on OKEx.
Additionally, you will need to enter at least one payment-receiving method to your account in order to sell crypto and receive fiat in exchange. This is explained in the first step below.
Step 1: Set up a receiving account for OKEx P2P trading
Those who have a verified account can log in and click on Buy/Sell from the top menu. On the next page, click on P2P trade to open the P2P trading section.
Next, you need to click on Management and then Settings to start setting up a receiving account before you can execute a crypto-to-fiat conversion.
On the settings page, you have to scroll down to the "Payment setting" tab and select "Receiving account" before clicking on +Add more.
You will now be able to add a bank account or any other supported payment-receiving method to your account. Please note that you cannot change your name on this window, since any payment method you link to your OKEx account needs to match your real name.
Once you've added a receiving account, you will be set to go back to the P2P section and follow the next steps as outlined below.
Step 2: Select your preferred crypto and fiat currencies
The P2P trading section has several filters available for users to select their preferences. You can start by choosing whether you wish to buy a cryptocurrency with fiat or sell crypto for fiat. After this, you can select your preferred crypto and fiat currencies, and you can use the optional payment method filter to select a specific method of payment.
In this tutorial, we will be converting crypto to fiat by selling USDT, so we will select the sell option and will be using USDT as the cryptocurrency and PKR (Pakistani rupee) as the fiat currency, as shown in the screenshot below.
Currently, the supported cryptocurrencies on OKEx P2P include USDT, BTC and ETH, whereas fiat currencies have 28 options, including some of the most popular local currencies from around the world.
Step 3: Select an advertiser from the available options
In order to convert our crypto to fiat, we will be selling it to an advertiser with an open offer. The P2P trading page lists all the available advertisers that meet our preset conditions — i.e., willing to take our USDT and pay in PKR fiat.
There are various factors to consider before choosing an advertiser for our transaction. All of these are highlighted in the screenshot below.
The list of advertisers is accompanied by various stats and labels, as shown above. The verified label, for instance, is important because it means that the particular advertiser has performed identity verification and meets the minimum requirements for obtaining the badge.
Similarly, every advertiser's stats are shown below their name, these include the number of total orders executed by that advertiser and their successful completion rate. Advertisers with a high number of orders as well as a good completion rate (one that is closer to 100%) should be preferred.
Other factors include advertisers' limits, which are denoted in a separate column and show the minimum and maximum amounts the advertisers are willing to exchange.
While the advertisers are sorted on the basis of price (with the highest price on top), your decision should take all the aforementioned factors into account as well as the supported payment methods. In the screenshot above, we can see that some advertisers support multiple payment methods, including bank transfers as well as mobile payments, while others only support only bank transfers.
Once you’ve selected an appropriate advertiser that meets your requirements, you can click on sell USDT to proceed with the order.
Step 4: Place your P2P order
You will be presented with a pop-up window with details about the advertiser you selected in the previous step as well as fields you need to fill in order to place your P2P order.
Here you will enter the amount of USDT you wish to sell (your available USDT balance is shown under the field) and you will be shown the amount of fiat currency you will receive in exchange.
Once you verify all the details and select a payment method, click on sell USDT to proceed.
Please note that after this step you will not be able to cancel the order from your side.
Step 5: Wait for payment from the advertiser
After you place your order, the next screen will show you additional particulars, including the advertiser's name (i.e., Payer's name), your own receiving account details and order tracking information, such as the order number and time.
You will also see a chat window to your right, allowing you to communicate with the advertiser. However, since all the details are already set, there is not much need for any coordination apart from confirmation of payment.
Most advertisers will send you a screenshot of the payment via this chat for you to verify against your receiving account.
There are two particulars of note here, the first being the timer that starts at 15 minutes and runs down as you wait for payment from the advertiser. If the advertiser does not confirm the payment within this time, the order will be canceled.
The second thing to note is the inactive button that says "Release the crypto." This button remains inactive until the advertiser confirms that they've paid you.
Step 6: Confirm receipt of payment and release crypto
As soon as the advertiser confirms that they've made the payment to your receiving account, you will be notified to verify and release crypto. At this point, you are advised to check your receiving account for the amount you were expecting as well as the payer details.
Once you are satisfied, you can click on the now-active Release the crypto button to complete the order.
In the event that you don't receive the payment in time, you can also click on Appeal to contact support and seek resolution.
After you release the crypto, you will see the order completion confirmation and can click on Asset Transfer to track transfer details.
P2P trading rules for cancellations
OKEx P2P trading service prioritizes user convenience and safety. There are specific rules that apply to buyers and protect sellers on the platform (because sellers have already committed their assets to escrow when they place an order).
These rules apply to two categories of users: those who are new (less than three P2P orders completed) and those who are old (completed three or more P2P orders). New users who cancel five orders in a day before payment or three orders in a day after confirming payment, will face service restrictions. Meanwhile, older users will trigger restrictions if they cancel three orders on the same day before payment or one order after confirming payment.
The service restrictions scale with the number of triggers in a day. The first trigger results in a 15-minute ban from buying via P2P trades, Quick Buy/Sell, as well as from publishing or modifying buy orders. Additional triggers will result in a 1-hour ban, a 4-hour ban and then the user is banned for the entire day.
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