The cryptocurrency market is essentially about the purchase and sale of digital assets. The medium by which we buy or sell these assets might vary, the digital assets themselves might vary, even the exchanges used might vary. But the crypto space remains mainly about leveraging decentralized blockchain networks to make a profit through the purchase and sale of digital assets.
Various crypto exchanges offer services to traders using different mediums. Some provide accessibility, others provide fast payment, and some are known for the wide range of resources available. One of the most popular crypto exchanges available to users is Okex Exchange. Okex crypto exchanges rank among the top crypto exchanges in the world.
Thus, equip you to effectively make gains in the crypto market. This article will highlight what the Okex exchange is and explain how to create trades on the exchange.
Before you read ahead, it is important to know that in crypto space, your portfolio management can not be underestimated; paradise team exists to prevent your wallet from liquidation and also to teach you to be a professional trader; however, this package is possible through your premium membership; use PRO20% for your 20% discount today; we have VIP membership on Binance, Bybit, and Kucoin exchanges (here are reviews from our clients), you will get a personal crypto expert to help you with the basics, teach you how to execute our trades, and give you insights into the risk and fund management techniques. For you, it will mean taking your old trading strategy to a new level while also learning the basics. So, let us move on with the education we have for you in this content.
What is Okex Exchange?
Formerly known as Okex exchange, it is a Seychelles-based cryptocurrency exchange that aims to bring various crypto trading options to a trader. Okex exchange was launched in 2017 and focuses on spot and derivatives trading. But in January 2022, it was rebranded into OKX and now goes by the name.
On OKX, traders get access to various crypto trading pairs, spot markets, decentralized finance, earning passive income and lots of crypto freebies in the reward section. Thus, understanding the trading interface of OKX is vital to utilizing the world-class crypto exchange to earn significant profits.
How to Trade Using OKX?
To trade cryptocurrency using a global platform like OKX isn’t an opportunity you want to pass upon. But to do that, there are some details that you need to consider before you can create a trade on OKX.
Create a Trading Account
The first of these steps is that you must have an account with the OKX exchange. To create an account, search www.okx.com and click on ‘Sign up’. You can find this option at the top right corner of the website.
OKX allows users to sign up with either their email or phone number. So, you can choose either means to sign up for an account. But first ensure that OKX is supported in your country and that you have access to the email/phone number, as OKX will send you a verification code. After inputting your phone number or email address, you will need to input a password in the required field. Then, you get a verification code from OKX, which you input to confirm your sign up. After full confirmation, you are logged in to your OKX account and greeted with a welcome page.
Familiarize with OKX
After signing up for an OKX account which allows you to trade crypto. Another thing to do before you go right into trading is to familiarize yourself with the interface. One way to do this is to preview the simple settings menu of the exchange.
OKX’s settings menu is at the top-right side, right beside the ‘assets’ menu, in the form of the user profile. After clicking on this, a set menu is opened, displaying about six different sub-menus. You can go through six of them by simply clicking on their name to understand what they are about.
But one sub-menu you are encouraged to check is the ‘Security’ section, which provides details on how to further secure your account. This information is vital for the security of your account. While the ‘Verification’ section provides you information on what needs to be done to further verify user identity. Note that in OKX, users do need further identification to create a trade or deposit crypto. But to withdraw, users are required to complete further identification.
For a simple individual account, all you need would be a government-approved means of identification.
How to Trade on OKX?
To create a trade on OKX, you can begin by either buying crypto or depositing existing crypto into your OKX account. But before you begin, know that all crypto transactions on OKX go into your ‘Funding account’ and have to be moved to your ‘Trading account’ for you to create trades. Regardless, OKX has a unique ‘Unified Accounts’ feature that allows traders to trade from a single trading account; P2P, futures, spot, options, etc.
You can buy crypto on OKX via the ‘Buy/Sell Section’ which opens the details to buy/sell crypto. The gateway displays the currency options available to users and the various payment methods accepted. It shows that OKX allows P2P to buy crypto. So, you can follow the prompt to purchase your desired crypto asset.
Perhaps if you have crypto in another account or wallet, you can transfer it to your OKX account to trade. You can do this by hovering over the ‘Assets’ section, clicking on the ‘Deposit’ section and following the prompt to deposit crypto into your OKX account.
Creating a Trade
To create a trade-in OKX as discussed earlier, you need to transfer funds from your funding account to your trading account. This can be done under the ‘Assets’ section, in the ‘Transfer’ option that appears from the drop menu.
There are various trading options on OKX, but we will focus on the spot market using the Basic Trading market. To access the basic trading platform click on the ‘Trade’ menu and select ‘Spot Trading’. This will direct you to the spot market trading interface which displays various trading pairs.
To create a trade, you have to select your desired trading pair. Say for instance you want to trade BTC, you can select the BTC/USDT trading pair. The Spot Market interface displays in the middle the chart of the trading pair and below that two boxes; one to buy the trading pair and the other to sell.
So, let us assume you want to buy the BTC/USDT trading pair. All you need to do is fill in the details for the buy option. Automatically, the order type is fixed on ‘Limit’, you can change it if you understand order types or simply leave it. Next, you have to fill in the price (USDT) that you want to buy. This is also filled automatically based on the last traded price, but you can adjust it as desired. Then, you input the amount (quantity) of BTC you want to purchase. The interface then shows you the total (USDT) worth of your trade. If you are fine with it and have sufficient funds in your trading account. Then, click on ‘Buy BTC’ and your trade will be created/executed.
There is also the option to include ‘take profit and stop loss’, which helps traders maximize gains and minimize loss when the market moves against them. To create a trade by selling the trading pair. You do the same thing for the ‘Sell Section’ at the selling price of the trading pair and click on ‘Sell BTC’.
That is the simple step of creating a crypto trade on OKX. The creation itself is very simple, but all the earlier details have to be carefully considered to ensure the effective creation of the trade. Without an account, you cannot access the trading platform of OKX. Without buying or depositing crypto, you also cannot trade crypto on OKX.
So, one must pay attention to all details required in creating a trade on OKX.
You can learn more about trading on OKEx by joining MyCryptoParadise. Use our discount PRO20% to get an exclusive 20% discount on your premium membership today! Join the MyCryptoParadise telegram channel through this link.