Start trading cryptocurrency on OKEx
Start trading cryptocurrency on OKEx
A step-by-step guide for new users to get started trading on OKEx
Cryptocurrencies represent hundreds of billions of dollars worth in market capitalization today and witness daily trading volumes of similar proportions. While Bitcoin leads the market as the original digital currency, altcoins such as ETH, XRP, LTC and ADA are also fairly liquid and widely traded on top crypto exchanges such as OKEx. If you’re new to cryptocurrency trading, this tutorial will walk you through the steps and help you execute your first crypto trade on OKEx.
Step 1: Signing up for a cryptocurrency trading account on OKEx
In order to start trading cryptocurrency on OKEx, you need to first sign up for an account. You can do this by visiting the homepage and clicking on the Sign Up button on the top right.
Note: Please check whether your country is supported by OKEx before you sign up.
Enter your email address and create a password for your account using the fields on the Sign Up page or use your phone number instead.
After entering the details, click on Sign Up and you will be prompted to verify your email address or phone number using a code sent by OKEx. This code is valid for 30 minutes and will expire after that, requiring you to repeat the process.
Once you enter the code and verify your email address or phone number, you will be logged into your new OKEx account and will be greeted with a welcome screen.
Your OKEx account is now created and you can proceed to buying crypto or depositing your existing assets via the choices on the welcome screen. However, we will be covering these sections later in this tutorial.
Reviewing basic account settings
There are numerous account settings you should familiarize yourself with before you start trading on OKEx. You can access your settings by moving the mouse over the profile icon (next to the “Assets” menu) and clicking on Overview.
The Overview section displays your profile information as well as other account settings, such as Security, Verification, Preferences, Fee Level, Withdrawal Limits, etc.
Securing your OKEx account
All OKEx users are encouraged to take advantage of the various security measures and features provided by the exchange. You can start reviewing these options by either clicking on Security Settings on the top menu bar or the security suggestions prompt on the Overview section.
You can use the options “Password,” “Mobile Verification” and “Google Authenticator” to secure your account along with turning on “Mandatory 2FA” and requesting that an “Anti-Phishing Code” be included in all emails you receive from OKEx. Combined, these options offer robust, industry-leading security measures for your account.
OKEx account verification or KYC
While OKEx does not require users to verify their accounts in order to deposit and trade crypto, withdrawal limits remain in effect until the KYC process is completed. In order to start the process, you can click on Verification from the submenu on the settings screen or from the drop-down list after navigating to the profile icon.
Depending on your account type, you can proceed either as an individual or a corporation and will be required to submit relevant information and follow all the steps. When verifying your account as an individual, you are typically required to have a government-issued identification document (usually your passport) on hand.
As mentioned earlier, verification is not necessary to start trading crypto and you can complete the process at a later stage prior to withdrawing your assets.
Setting language and local currency
You can quickly change your language and local currency settings by opening Preferences, either from the profile icon drop-down list or by selecting the option from the settings submenu.
The Preferences screen also gives you the option to change the color scheme for the trading quotes you see on OKEx.
Step 2: Buying or depositing crypto to fund your OKEx account
Now that your account is set up, you need crypto assets to start trading. There are two ways to proceed — either you buy crypto via the Buy/Sell gateway on OKEx or deposit your existing assets into your OKEx account.
Before proceeding, you should note that all incoming crypto transactions for your OKEx account are credited to your Funding Account (a sub-label within your OKEx account). In order to start trading or using any other OKEx product, you will need to transfer your funds from the Funding Account to, for example, the Spot Account.
Some of the account labels you will come across include Spot Account, Futures Account, Options Account, Perpetual Swaps Account, P2P Account, Margin Account, Savings Account and so on.
We will go over the “Transfer” option later in this tutorial.
Buy crypto via OKEx
OKEx provides an intuitive Buy/Sell crypto gateway for its users, allowing them to buy nine different crypto assets — including BTC, ETH and USDT — using a variety of local fiat currencies. The gateway is operated in partnership with various vendors and fiat processors, and it supports instant buying of cryptocurrencies, which are then directly deposited into your OKEx account.
You can access the gateway by clicking on Buy/Sell from the main menu on OKEx. Once the section loads, you will see options for supported currencies you can pay with and receive, using various payment methods.
The Buy/Sell gateway also supports P2P and block trading, and you can learn more about these services in our dedicated OKEx Buy/Sell tutorial.
Depositing crypto in your OKEx account
Users who already own digital assets can easily deposit them into their OKEx accounts to start trading.
To do so, hover your mouse over to “Assets” on the top menu and click on Deposit from the drop-down list.
The deposit screen allows you to select any of the supported tokens or coins you wish to move to your OKEx account and generate a corresponding address. Your complete deposit history is also accessible via this page.
For example, if you choose ETH, OKEx will generate a new ETH deposit address, which is where you will send your ETH. You will also be able to see deposit-related warnings or alerts as well as minimum amounts.
You can also visit the “Report Center” by clicking on the option from the submenu. This is where you can View and Download your trading and account history.
The last submenu option on this page is “Fees,” which gives you an overview of applicable trading fees across various markets.
Once your transaction is confirmed, you will be able to see the deposited balance by clicking on Assets from the submenu or clicking on My Assets from the “Assets” drop-down list in the top menu.
The Assets screen displays your balance, denoted in BTC, across “Funding,” “Trading” and “Other” accounts as well as individual token balances. The screen also gives you quick access to the “Deposit,” “Withdraw” and “Transfer” options along with the ability to “Convert Small Balances to OKB.”
Once you have successfully deposited your desired cryptocurrency into your OKEx account, you can proceed toward trading.
Step 3: How to trade cryptocurrency on OKEx
Being one of the leading crypto exchanges in the world, OKEx offers services and products for both, new and advanced traders. While there are numerous features and markets you can explore with your OKEx account, we will be referring to the Spot Trading product for the purposes of this cryptocurrency trading tutorial.
Transferring crypto to your Spot Account
In order to start trading crypto on the Spot Trading market, you will need to first transfer your crypto assets from the “Funding Account” to the “Spot Account.” This can be done via the Transfer option, accessible from the “Assets” drop-down list in the top menu.
The “Transfer” screen will allow you to select your desired coin or token, view its available balance and transfer all or a specific amount between different accounts.
For this example, once you have moved your desired crypto from the “Funding Account” to the “Spot Account,” you can proceed to “Spot Trading.”
Viewing the Spot Trading market
You can access the Spot Trading market by navigating to “Trade” on the top menu, hovering over “Spot Trading” and then choosing either Basic or Advanced. The difference between the two dashboards is that the Advanced version displays more historic data and supports enhanced charting tools.
For this tutorial, we will be referring to the Basic mode.
The Spot Trading screen displays a variety of useful information for traders and allows you to pick from the numerous market pairs available for trading. For instance, the image below shows the BTC/USDT market, which opens by default when you start Spot Trading.
The BTC/USDT pair denotes that, in this market, you will be trading between BTC and USDT. The large figure displayed here (i.e., 11,240.9) represents the price of a single BTC in USDT terms, and its red color indicates that this figure recently dropped (in this case, by -0.18%).
On the right side, you can see a bar with a list of other USDT market pairs, such as LTC/USDT, ETH/USDT, OKB/USDT and so on. You can click on any of them to switch the market view and start trading between the selected coins.
However, since this is the USDT market, all pairs will feature USDT. You can also choose to change markets, and, for example, trade between crypto pairs.
To do so, hover your mouse over the “Crypto” option in the top submenu and choose your desired cryptocurrency from the available options.
For this example, we will choose BTC, which means all pairs will be denoted in BTC terms and you can directly trade between BTC and another digital currency, such as LTC, as shown below.
Executing a spot market trade
Once you select your desired market and trading pair, you can execute a trade. For this example, we have selected the ETH/USDT pair from the USDT market.
The image below shows how, at the time of writing, 1 ETH was trading for 388.24 USDT. In order to execute a buy trade, you would simply enter the amount of ETH in the “Amount (ETH)” field to the right side of the price info and chart.
By default, the “Order Type” will be set to “Limit,” which means your order will be executed at your chosen price or better. Advanced traders can change the “Order Type” to suit their needs.
The “Price (USDT)” field also automatically displays the last traded price and is changeable. If you set your desired price lower than the market rate, your order will join others in the Order Book until it is filled.
You can see the “Order Book” on the far right side, representing the market liquidity from both buyers and sellers. The red figures denote prices sellers are asking for their corresponding amounts in ETH while the green figures represent prices buyers are willing to offer for the amounts they wish to purchase.
These figures are consolidated by price and do not necessarily represent a single buyer or seller. The current market price (388.24 in the image below) represents the point where the asks and bids (sellers and buyers) converge in the Order Book.
Once you decide on your desired price, enter it into the “Price (USDT)” field followed by the “Amount (ETH)” you wish to buy. You will then be shown your “Total (USDT)” figure and can click on Buy ETH to submit your order, provided you have enough funds (USDT) in your Spot Trading account.
Submitted orders remain open until they get filled or are canceled by you. You can view these in the Open Orders tab on the same page, and review older, filled orders in the Order History tab. Both these tabs also provide useful information such as the “Filled Ratio” and average filled price.
Once your submitted order is filled by the market, you will have successfully executed a crypto trade on OKEx.
The coins or tokens acquired via this trade should now be available to you in the “Spot Account” balance and can be transferred to other accounts or to the Funding Account before you can withdraw them using the Withdraw option from the “Assets” drop-down list.
Cryptocurrency trading fees
OKEx has a detailed Trading Fees schedule that applies to users based on their trading volumes and OKB holdings.
Generally, traders are categorized as Makers and Takers. If you submit a trade that joins the Order Book, you are a Maker, and if you take any of the bids or asks from the Order Book, you are a Taker.
Since Makers add liquidity, they pay lower fees compared to Takers, who remove liquidity from the market.
We hope this tutorial helped you understand how cryptocurrency trading on OKEx works. If you have any more questions, feel free to contact our support team here.
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.