Learning to trade on OKX

Cryptoexchange OKX (OKEx) is preferred by many professional traders because it presents the main trading methods, hundreds of cryptocurrencies, a very large toolkit to implement almost any strategy.

Before the trade

To engage in any kind of trading on OKH, you must first register an account on the website okx.com. The verification page is activated in the drop-down menu of the profile icon. The verification page is activated in the drop-down menu under the profile icon. On it you need to select the type of account, click on “Continue” and follow the instructions.

You should be prepared from the outset that the personal information must be correct, otherwise the account will be quickly blocked. And mistakes should be avoided, because once the verification is complete, the information cannot be changed. At crypto platform introduced limits on deposits and withdrawals, which vary depending on the level of verification. Basic status allows you to withdraw up to 200 BTC per day.

Quick Buy

The “Express” quick buy feature can be called the easiest way to trade on OKH. At the top right is the button “Buy cryptocurrency”, by clicking on it, the client gets to the page “Express”. Available to buy cryptocurrencies by VISA and MasterCard, Apple Pay, SEPA transfers, Advcash and by bank transfer.

The method of purchase is simple: the purchase service is placed on the right side of the page, in the upper line enter the amount to be paid, in the bottom line enter the amount of the purchase. Below it is indicated which way it is supposed to pay. After entering all the data you need to click on “Buy” and get the money and they can already be used for trading transactions on the exchange.

P2P trading

P2P trading is a direct exchange of currencies between participants in transactions, the exchange provides only the technical possibility of exchange. The P2P option is to the left of the “Express” button. The direct exchange page contains sellers’ offers, available limits, price, payment method and “Buy” button.

 

P2P is technically an easy way to buy and sell currencies. With certain skills, it can be used to implement some trading strategies. In this section there are such tools as order book, selection of crypto-asset, fiat selection, payment system selection. The user can place an order to buy or sell by clicking on “Create order” in the upper right part of the service, filling in the appropriate form.

Conversion

Another easy way to trade is conversion. You can enter the conversion service in the drop-down menu of the “Trades” section.

Conversion allows you to trade without commissions and without spreads on all available pairs on the exchange. The trading process is simple: in the top line of the service you enter the amount of the selected, convertible Cryptocurrencies The lower one contains the currency to be received. The balance available for the transaction is indicated under the upper line. Clicking the “Convert” button completes the process.

Spot market

Spot trading is the basic, albeit complex method of trading cryptoassets, which implies the skills of reading the price chart, applying indicators, oscillators and other technical analysis tools. The trading terminal is opened by the “Basic Trading” drop-down menu in the “Trading” section. By the way, options are also traded in “Basic Trading” on OKX.

In the center of the terminal there is a price chart, displayed by default in Japanese candlesticks. You can leave it in its original form or switch to TradingView, a popular option among traders. In the OKH version, the upper part of the chart contains, from left to right, timeframe values, trend display types, indicators, additional tools (clickable to the left of the chart), and settings.

Below the chart is a service for buying and selling cryptocurrencies. After entering the price and quantity of the asset in the corresponding lines, setting the stop loss and take profit, the “Buy” or “Sell” button is used to place an order. The order book is located on the right side of the chart, in the upper part of the window there are Sell orders, and in the lower part there are Buy orders. The user order history is also located here. Market (the selection of the necessary trading pair) is on the left of the chart. Here it is possible to create the necessary trading pairs, to fix them in the favorites, and not only on the spot market, but also on derivatives and on margin trading.

Margin Trading

In the “Trading” section, clicking on the “Margin Trading” button takes you to the leveraged trading page. By the way, swaps and futures are also traded here.

Terminal for margin trading looks the same as for the spot. The specific parameters include the selection of isolated or cross-margin, the selection and change of the trading leverage size. These parameters are changed in the line, located above the service of buying and selling assets. Leveraged trading requires advanced trader knowledge because it is a high-risk method of making money. At least, this method is not suitable for beginners.