🚀 Are you interested in starting crypto trading but don’t know how to get started? Don’t stress out, you are not alone. The majority of new traders find trading very challenging and with the correct guide, you will be able to trade like an expert in no time.
Here comes OKX, one of the top 10 cryptocurrency exchanges, noted for its security and user-friendly interface, as well as its wide range of trading instruments. This tutorial will help you get ready for your first trade on OKX, from creating an account to placing your first order.
Let’s break it down step by step! 👇
What is OKX?
OKX is one of the top cryptocurrency exchanges which lets users buy, sell, and trade a variety of cryptocurrencies. Spot trading, futures, margin trading, and staking are all available.
Why Choose OKX?
- ✅ Low Fees – Compared to other exchanges, trading fees are lower.
- ✅ Wide Range of Cryptos – Hundreds of cryptocurrencies to trade on.
- ✅ User-Friendly – Friendly to beginners and experts as well.
- ✅ Strong Security – Safety features such as two-factor auth (2FA).
- ✅ Earn While You Trade – Options available for staking, savings, and DeFi.
Exciting sounds? Let’s set your account up so that you can get started!
Step 1: Setting Up An OKX Account
1. Sign Up
- Visit OKX’s website and click on the sign up link
- Add your email/phone and create a strong account password.
- Click sign up, and check your email or SMS for the verification code.
- Input the received code to complete registration.
🎉Congrats! You have your very own OKX account! But hold on, we’re not done yet.
Step 2: For Added Security on Your OKX Account
Cyber security for exchanges is incredibly important being the reason why your account security measures must include:
1. Enable Two-Factor Authentication (2FA)
- Head to security settings of the account and enable either Google Authenticator or SMS authentication.
- Make sure to keep the backup codes safe.
2. Set Up Anti-Phishing Code
- When enabled, this ensures any emails from OKX are legitimate.
3. Create a Strong Password
- Use a combination of words, numbers and special characters.
Your account is now protected and ready for use! 🔒
Step 3: Finish KYC Verification (Optional but Recommended)
While you are able to trade without completing KYC (Know Your Customer) on two or more exchanges, you will still need to finish it if you wish enable higher withdrawal limits and access all of the functions and features available with your account. KYC verification involves:
- Submitting your personal detail identification information.
- You will upload a government issued ID along with a selfie that scans and verifies you.
- Permit verification that takes about a few minutes to hours most of the time.
Step 4: Deposit Money into your OKX Account
In order to begin trading, you must make a deposit into your OKX account. There are two methods to make a deposit:
Deposit Funds Using Cryptocurrency:
- Select Assets>Deposit.
- Select the cryptocurrency that you wish to deposit.
- Using your external wallet, copy the wallet address and transfer funds.
Purchasing Crypto with your Fiat Currency:
- Select Buy Crypto on the homepage.
- Select your currency and choosing the payment method that fits (credit card, bank transfer, etc.)
- After making the payment, your balance will be added immediately.
💰 Congratulations! You can now exchange and trade on OKX.
Step 5: How to perform trading activities on OKX (Last but not least Spot Trading)
1. Head towards the trading platform:
Click on the Trade tab and make sure to select Basic Trading that is useful for beginners. Find the crypto pair you wish to exchange for, aka your base currency (BTC) against the quote currency (USDT).
2. Select How You Want To Make Your Order:
- Market Order– This is where you buy or sell at the price in the market at that particular time.
- Limit Order– This lets you select the price you would like to buy or sell at, then you wait for the price to reach your desired level.
- Stop-Limit Order– An advanced form of order that performs a trade when a given price or criteria is met.
3. Complete The Transaction
Decide on how much crypto you wish to purchase or sell. Select “Buy” or “Sell” and approve the order.
📈 Congrats! You’ve completed your first trade!
Step 6: Optional but Important! Withdraw from your profits
So you wish to cash out your profits? This is what you have to do:
- Select Assets > Withdraw.
- Pick the cryptocurrency you wish to withdraw.
- Complete the needed fields such as the receiving wallet’s address and the amount.
- Withdraw and confirm through 2FA.
💸 Done! Your funds will be sent shortly.
Extra: Tips for Beginners on OKX Crypto Trading
🚀 Want to make your trades more efficiently? Keep these in mind:
- ✅ Start Small – Do not trade a large amount on your first go. Pick a small amount to trade with until you get used to the trading style and feel comfortable.
- ✅ Use Stop-Loss Orders – Protect yourself from huge losses by stopping automatic losses from occurring.
- ✅ Keep Emotions in Check – The market can move very quickly, but it is best not to forget reason and make rash choices.
- ✅ Stay Updated – Keep track of crypto-related news and events to help inform your trading strategies.
- ✅ Practice First – Test out the demo trading feature before engaging in real trading.
Final Thoughts: Is OKX the Right Exchange for You?
In conclusion, OKX is a great option for novice traders and even for more seasoned traders. OKX poses no trouble in terms of security, skills required for use, or ways of trading which makes it the best starting point in crypto trading.
Ready to trade? Then get started by creating your account and take that first step toward crypto!!! 🚀
💬 Feel free to ask anything down in the comments.