How to buy cryptocurrency on the OKX (OKEx) broker 2024: 5 Best ways

OKEx cryptocurrency exchange (OKX) offers several different ways to obtain digital assets and use them later. The editors have looked at all the ways you can buy cryptocurrencies on OKEx – e.g. spot and futures trading, p2p exchange, direct purchase from a card. The methods differ from each other in terms of time, complexity and commissions. The OKEx broker is considered one of the most liquid and profitable, therefore, questions about its use are relevant for both beginners and experienced users.

Let's start with what you need to do before buying cryptocurrency.

Site: https://www.okx.com/

Registration and verification

Creating an account at OKEx

Creating an OKEx brokerage account 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.

Also, if you plan to use the exchange closely, it is advisable to go through identity verification, which opens all functionality and expands the limits for withdrawing account funds. But this is not necessary as the improved options are available for unverified users. You just need to provide basic information about yourself, including name and region of residence.

Preliminary account settings

Trading, withdrawing funds and purchasing cryptocurrencies on OKEx is not permitted 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 are defined in the profile settings, in the “Security” section. To activate 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 not difficult procedure, but at the same time it greatly increases the security of your account.

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Buy with bank card

In March 2020, OKEx launched a service for instantly purchasing cryptocurrencies with a card. At the moment, you can use it to buy 11 coins for reais: 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 processing payments:

  • Simplex. One of the world leaders in fiduciary infrastructure. Responsible for purchasing the most popular digital currencies with Visa/Mastercard.
  • Moonpay. A newer standard that allows instant purchase of major cryptocurrencies without storing them. In addition to bank cards, it offers the opportunity to purchase from your cell phone account or through Apple Pay.
  • Banxa. Complete international fiat-to-crypto solution with Visa, Mastercard and a wide range of payment methods sites.
  • The purchase process is very simple: click on the “Buy Cryptocurrency” button in the top menu. Then switch to the Quick Buy tab.
Buy cryptocurrency from a card on OKEx

Select the fiat currency in which you will pay for the purchase, for example, reais. Then select the cryptocurrency you want to buy from those available.

Please indicate your preferred payment method. Currently available:

  • Visa/Mastercard cards
  • Apple pay
  • Money

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.

Options for buying cryptocurrency with a card

Once selected, click “Buy” again. You will go to the payment system website, and then everything will depend on your own rules and conditions, as well as the chosen payment method. In the better times, 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 on the account. Therefore, you will first need to fund your account with stablecoins or another cryptocurrency and then exchange for the desired coins.

To replenish your account, go to the “Assets” -> “Recharge” section. Select the type of currency and the network it operates on. Click “Continue” to receive a crypto address and transfer assets to it.

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Recharge OKEx

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 opposite order appears at the specified price or better.
  • Extended limit. Includes three additional options: Publish Just (never takes away liquidity and guarantees that the user will be a market maker), Fill or kill (guarantees that the order will be completed or canceled completely, i.e. partial fulfillment is not possible), Immediate or Cancel (requires that part or all of the order be fulfilled immediately and any unfulfilled portions be cancelled).
  • Market order. It involves immediate buying or selling at the current market price. On OKEx, the volume of a single market order cannot exceed US$ 100,000.
  • Stop the order. A unique trading strategy algorithm that allows you to determine 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.
OKEx broker trading terminal

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 as for trading in order to increase earnings.

The purchased cryptocurrency will instantly appear in the user's wallet, after which it can be withdrawn to an external wallet through the “Assets” -> “Withdraw” section.

p2p trading

OKEx cryptocurrency broker also offers the opportunity to buy cryptocurrencies directly from users. The exchange does not participate in this process, except to provide functionalities, as well 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 value, payment method, fiat currency provided.

Buy cryptocurrency via OKEx P2P

Then you need to select a suitable offer. All offers are created by ordinary users. During the exchange process, you will receive the seller's details and must transfer the required amount to him. In response, the seller will confirm receipt of the transaction and then the cryptocurrency from their account will be transferred to yours.

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On OKEx P2P There are no commissions charged to buyers or sellers.

Common questions

How to buy cryptocurrency on OKEx (OKX)?

You can buy Bitcoin on OKX or other digital assets 1) directly using a card (not for all countries), 2) through a p2p platform, 3) on the spot market, having previously topped up your account with stablecoins or other tokens.

How to buy cryptocurrency for reais on OKX?

The best option is to buy cryptocurrency on OKX p2p. Allows you to use various payment methods, including Brazilian banks and cards, as well as payment systems.

How to buy USDT on OKX via p2p?

“Buy cryptocurrency” section -> “P2P trading”. Select a suitable offer from another user and open an offer. Pay for your purchase.

What is needed before buying cryptocurrency on OKX (OKEx)?

Create an account and verify it (if you are going to work with trust funds, including on a peer-to-peer platform).

How to buy cryptocurrency on OKEx through the app?

The methods are the same as the web version.

Conclusion

After purchasing cryptocurrency on OKEx in any way, it is recommended to transfer it to an external Wallet, 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 purchasing methods than those described. For example, a large scale DeFi Aggregator so that exchange users can exchange assets through a decentralized protocol running on OKExChain.