How to Trade Crypto at OKEx
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, then choosing Basic trading.
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., 49,239.1) represents the price of a single BTC in USDT terms, and its red color indicates that this figure recently dropped (in this case, by -2.44%).
Choosing a trading pair
Use this menu to view quotations for multiple trading pairs and contract types, such as spot, futures, perpetual swaps and options.
Switching selection modes
Tap on the highlighted icon to switch between assets and select your instrument type.
Choosing instrument type
You can select specific instruments in this part of the menu. Let’s pick “Perpetual” for this tour.
Selecting the underlying
After selecting your instrument type, you can then choose which type of underlying crypto asset you want to trade.
Switching your position mode
You can choose a position mode of cross or isolated that determines how your position margin is used. In cross mode, positions of the same settlement currency will be calculated together. In isolated mode, position risk is calculated independently and will not affect assets outside of your position.
Setting a stop loss and take profit
Set the price levels where you want to trigger an order. This will help you manage your risk and keep your capital safe by insuring you exit your trade exactly at the price you want.
Assets and Orders
Tracking asset distribution
This is a visual representation of all of your collateral assets.
Track your open positions and see the health of your individual trades. You can edit the position, adjust leverage, and even add stop losses and take profit levels.
All your pending transactions and orders that aren’t fully filled can be edited before they are closed.
Track your completed trades and previous orders to see your performance.
You can change your account type in “Settings” directly from the trading environment.
Choosing your account type
Change your account type between spot, single-currency cross and multi-currency cross.
Selecting your account type
Customize your account mode and permissions based on your trading preferences.
Switching between layouts
Customize the layout to match your trading style. Switch from Traditional to Options to focus on your puts and calls.
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 4,306.28 USDT. In order to execute a buy trade, you would simply enter the amount of ETH in the “Amount (ETH)” field to the left 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 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.
Spot Trading – Instruction of Order Types
1. Limit Order
A limit order is an order to buy or sell an amount at a specific price or better. After the order is placed, the system will post it on the order book, and match it with the orders available – at the price specified or better.
Case 1: Assuming that the current BTC market price is 13,000 USDT, if a user wants to buy at 12,900 USDT, he can select order type “Limit” and set the buy price as 12,900 USDT. After the order is placed, the order will be filled automatically when the price drops to 12,900 USDT or below.
2. Advanced Limit Order
Advanced limit order offers 3 more order options than a regular limit order, including “Post Only”, “Fill or Kill” and “Immediate or Cancel”. The regular limit order has been defaulted as “Good till Canceled”.
(1) Post Only: it never takes liquidity and makes sure the user will be a market maker. If a post-only limit order would cause a match with an existing order, the order will be canceled.
(2) Fill or Kill: it makes sure the order is executed or canceled entirely without partial fulfillments.
(3) Immediate or Cancel: it requires all or part of the order to be executed immediately, and any unfilled parts of the order are cancelled.
Examples, if a user wants to buy BTC and the order book is shown as below:
(1) The user wants to get a Maker Fee, he can select the “Post Only” option under the Advanced Limit Order. If the buy price is 18,726 USDT, the order will not be filled, so the order will be placed and the user will be maker. If the buy price is 18,737.25 USDT, the order will be executed with the sell one in the order book, and the user will be taker, then the order will be cancelled immediately;
(2) If the user selects the “Fill or Kill” option, sets the buy price as 18,745.75 USDT and the order amount as 300 BTC, as the total available amount on the order book is 266 BTC (1+1+8+100+156), the order amount is not fulfilled (300-266=34 BTC) so the order will be canceled entirely. But if the order amount is 266 or less than 266 BTC, the order will be placed and filed;
(3) The user selected the “Immediate or Cancel” option, set the buy price as 18,745.75 USDT and the order amount is 300 BTC, as the total available amount on the order book is 266 BTC (1+1+8+100+156), 34 BTC (300-266) will not be fulfilled, so the order will only be executed with 266 BTC and the unfulfilled 34 BTC will be canceled.
3. Market Order
A market order is an order to buy or sell an amount immediately at current market price. Note: Value of single market price order cannot exceed 100,000 USDT.
Case 1: Assuming that the current BTC market price is 13,000 USDT, if a user wants to buy BTC immediately at market price, he can select order type “Market” and set the buying amount as, for example, 20,000 USDT. After the order is placed, the order will be filled immediately, the unfilled part of the order will be canceled. In a fast-moving market, the final buy price of this order may not be 13,000 USDT, but the real-time market price, which may be higher than 13,000 USDT or lower than 13,000 USDT.
4. Stop Order
Stop order is a kind of algorithm trading strategy by which users can predefine the trigger price and the order price, and the order will be placed automatically with the preset order price once the market price reaches the predefined trigger price. Stop orders can be divided into conditional orders and OCO orders. Stop-loss only and take-profit only can be set via a conditional order. OCO order can set stop-loss and take-profit simultaneously, and when one is triggered, the other will be invalid. Stop order will freeze the corresponding assets in advance.
Case 1: Conditional Order
The current market price of BTC is 9,700(USDT), and User A thinks that the price will pop up if it can crush the resistance below 10,000 (USDT). Then the user A can set buy-in when the price reaches at 10,000(USDT) via a conditional order. Setting steps: select order type [ Stop Order] — [Conditional], and set the parameters to trigger price: 10,000(USDT), order price:10,000(USDT), Amount:10, then click [Buy BTC] to submit the order. The conditional order will be triggered when the BTC market price reaches 10,000(USDT), and appear in the order book as a limit order with an order price of 10,000(USDT) and an order amount of 10 BTC.
Case 2: OCO orders
The current market price of BTC is 9,500(USDT). User B thinks that the price will form a resistance at 10,000 (USDT), and a further downtrend will occur if the price falls to 9,000(USDT), so he wants to lock the profit when the price reaches 10,000 (USDT), and stop the losses when the price drops to 9,000(USDT). Then the user B can sell his BTC with an OCO order. Setting steps: select order type [ Stop Order] — [OCO], and set the parameters to TP trigger price: 10,000(USDT), TP order price:10,000(USDT), SL trigger price:9,000(USDT), SL order price:9,000(USDT), Amount:10, then click [Sell BTC] to submit the order. T/P will be triggered when the BTC market price reaches 10,000(USDT), and appear in the order book as a limit order with an order price of 10,000(USDT) and an order amount of 10 BTC. The S/L settings will become invalid.
Note: If there is a huge price volatility, the stop order may not be filled after being triggered.
5. Trigger Order
Trigger Order is a set of instructions for placing a trade order at predefined parameters. When the latest market price reaches the trigger price, the system will automatically place order according to the pre-set price and amount.
Trigger Order will not freeze the corresponding assets in advance. When a Trigger Order is triggered, if the users account balance is lower than the order amount, the system will automatically place order according to the actual balance. If the users account balance is lower than the minimum trading amount, order cannot be placed.
(1) Trigger – Limit：If a user places a stop order with the limit price, when the stop order is triggered, the system will put the order to the market in the form of a limit order.
Case 1 (Buy with Trigger – Limit):
BTC is at 6,600 USDT and the user believes if the price falls to 6,500 USDT, it falls further. Thus, the user wants to buy BTC at 6,450 USDT when the price reaches 6,500 USDT. As shown in the figure below: select the order type “Trigger Order”, set the trigger price to 6,500 USDT, and the order price as 6,450 USDT with the amount of 10 BTC. When the price of BTC reaches 6,500 USDT or below, the condition of the trigger price is met, the order will be triggered, and the system will put the order to the market in the form of a limit order: the buy price is 6,450 USDT, and the buy amount is 10 BTC. Note: If the users available USDT balance is 1,000 USDT at this time, because 1,000 USDT is not enough to buy the order amount (10 BTC), the system will put the limit order to the market with the amount that 1,000 USDT can buy, if the users available balance is 0 USDT at this time, the order will not be placed.
Case 2 (Sell with Trigger – Limit):
BTC is at 6,600 USDT and the user believes the price will rise further if it can reach 6,800 USDT. Thus, the user wants to sell 10 BTC at 6,850 USDT when the price reaches 6,800 USDT. He can open a Trigger-Limit order, as shown in the figure below: when the price reaches 6,800 USDT or above, the order will be triggered, and the system will put the order to the market in the form of a limit order: the sell price is 6,850 USDT, and the sell amount is 10. If the user has only 8 BTC balance at this time, which is lower than the order amount (10 BTC), the system will automatically post an order of 8 BTC to the market. If the users balance is 0.0001 BTC which is smaller than the minimum trading amount 0.001 BTC, the order cannot be placed.
When using Trigger – Limit，to ensure that the order can be filled after being triggered, it is recommended to set the order price and trigger price as two prices close to each other.
(2) Trigger – Market：If a user places a stop order with the market price, when the trigger order is triggered, the system will put the order to the market in the form of a market order, enabling the order to be filled quickly.
Case 1（Buy with Trigger – Market）:
Assuming that the current BTC price is 6,900 USDT, the user wants to immediately buy BTC at the market price when the BTC price reaches 7,000 USDT, and the purchase amount is 14,000 USDT. As shown in the figure below: select the order type “Trigger Order”, set the trigger price to 7,000 USDT, and set the order price as the market price with the amount of 14,000 USDT. When the price of BTC reaches 7,000 USDT or reaches above 7,000 USDT, the condition of the trigger price is met, so the order is triggered, and the system will put the order to the market in the form of a market order: the purchase price is the market price, and the purchase amount is 14,000 USDT. Note: If the users available USDT balance is 10,000 USDT, the system will put the market order to the market with the purchase amount of 10,000 USDT as 10,000 USDT is less than the order amount of 14,000 USDT; if the users available balance is 0 USDT at this time, the order will not be placed.
Case 2（Sell with Trigger – Market）:
Assuming that the current BTC price is 6,900 USDT, the user wants to immediately sell BTC at the market price when the BTC price reaches 6,600 USDT, and the sell amount is 4 BTC. As shown in the figure below: Select the order type “Trigger Order”, set the trigger price to 6,600 USDT, and set the order price as the market price with the amount of 4 BTC. When the price of BTC reaches 6,600 USDT or reaches below 6,600 USDT, the condition of the trigger price is met, so the order is triggered, and the system will put the order to the market in the form of a market order: the sell price is the market price, and the sell amount is 4 BTC. Note: If the users available BTC balance is 2 BTC, the system will put the market order to the market with the sell amount of 2 BTC as 2 BTC is less than the order amount of 4 BTC; if the users available balance is 0 BTC at this time, the order will not be placed.
6. Trail Order
Trail orders allows user to set in advance strategy for significant swings in the market. When the last price reaches maximum (or minimum) market price after trail order is submitted (1±user-defined callback rate), this triggers the order to be executed on the market. The callback rate ranges from 0.1% to 5%.
When a Trail order is triggered, if the users account balance is lower than the order amount, the system will automatically place order according to the actual balance. If the users account balance is lower than the minimum trading amount, order cannot be placed.
Case 1: The current price of BTC is19,000 USDT. The user believes the BTC market will go down but rebound on a certain price floor. If the user wants to execute a buy order at the market price when the rebound rate exceeds the pre-set “callback rate”, he can place a trail order as follows:
Assuming the market swings as follow:
BTC market price falls from 19,000 USDT and reaches the lowest point at 17,800 USDT, 17,800
In summary, trail order would only be sent in the following conditions:
A buy trail order will be placed when trigger price = lowest price, and rebound rate = callback rate.
A sell trail order will be placed when trigger price = callback rate.
7. Iceberg Order
An iceberg order is an algorithmic order type allowing users to avoid place a large order while avoiding slippage. An iceberg order automatically breaks up a user´s large order into multiple smaller orders. These orders will be placed on the market according to the latest best bid and ask price as well as the parameters set by the user. When one of the smaller orders has completely filled, or the latest market price has deviated significantly from the price of the current order, a new order will be placed automatically.
Case 1: A user would like to buy 1,000 BTC and does not want to increase the cost. He can place an iceberg order:
The system will automatically place an iceberg order. The amount of each order will be 80% – 100% of the single average amount. The order price will be the latest buy price* (1-price variance). The price variance ranges from 0.01% to 1%. Once the order completely filled, a new order will be placed. When the last market price exceeds 2*(order variance), the previous order would be cancelled and a new one will be placed.
When the amount traded equals the total order amount, the iceberg trade has been filled. When the last market price exceeds the highest buy price of 20,000 USDT, the iceberg order would be temporarily halted. After the price falls down to 20,000 USDT, the iceberg order would be recommenced.
8. Time-weighted average price (TWAP)
Time-weighted average price (TWAP) is the average price of an instrument over a specified time. TWAP is a strategy that will attempt to execute an order which trades in slices of order quantity at regular intervals of time as specified by users. The purpose of TWAP is to minimize the market impact on basket orders.
Case 1: The user would like to buy 1000 BTC and place an order as TWAP.
Assuming the order book as below:
The user set the Price Variance as 1%, the Max Buy Limit Price is thus set as 18,726.93 USDT * (1 + 1.00%) = 18,914.19 USDT. System would then compute the current aggregated sell quantities posted in the order in which the price is lower than mentioned 8,914.19 USDT (which is 156+100+8+1+1=266). Subsequently the system would take a reference on user-defined sweep ratio so to determine the sliced order size, in this case, which is 13.3 BTC (266*5%). The sliced limit buy order would be posted at USDT 18914.19 for 13.3 BTC. All unfilled order quantities would not be posted as pending order but would be cancelled.
Order would be resent according to user-defined time intervals with an updated price and quantities. In case the sliced order price reaches the max/min price limit defined by the user, the order would be sent at the max/min price as defined. Said order would be automatically cancelled should there be no matched price in the market. In case the sliced order quantities reaches the max/min order quantity defined by the user, the order would be sent at the user-defined quantity accordingly.
Notes: The price variance ranges from 0.01% to 1%, sweep ratio ranges from 0.01% to 100%, and time interval ranges from 5 to 120s.
What are Futures Contracts? How to Trade Them?
What are Futures Contracts?
Futures contract is an agreement to trade a particular commodity or financial instrument at a predetermined price at a specified time in the future.
In a futures contract, both counter-parties have their obligations and rights.
For example: Both counter-parties agree on 10 contracts of the delivery of soybean at the price $5000. Then the buyer has an obligation and right to buy 10 tons of soybean at the price $5000 on a specific date. At the same time, the seller has an obligation and right to sell 10 tons of soybean at the price $5000 on the same date. The contract that represents the obligations and rights of both counter-parties is a futures contract.
But most of the time, investors do not ask for physical delivery. Instead, before the contract expires, which is also prior to the delivery day, investors will close the position to profit from the the price difference.
How to Trade Futures Contracts?
1. According to the BTC price movement, user may choose to open long or short position of different delivery dates. Currently, OKEx supports weekly, bi-weekly, quarterly and bi-quarterly contracts.
2. Weekly contracts will be settled on the imminent Friday.
Bi-weekly contracts will be settled on next Friday.
Quarterly and bi-quarterly contracts will be settled on the last Friday of March, June, September and December.
3. User will have to enter the quantity and price to place an order. When creating an order, the margin required is the value of the filled contract in BTC equivalent divided by the leverage multiplier. Order can only be placed when the account equity balance is larger than or equal to the margin.
4. When creating a new futures account, user will have to choose the margin mode before trading. Different margin modes have different margin formulae and risk management systems. User may switch the margin mode when he/she does not have any opened position and order (margin of all contract = zero).
In cross-margin mode, the risks and profits of all holding positions will be shared together. Under this mode, the minimum margin ratio for opening a position is 100%.
In fixed-margin mode, the margins and profits of each position will be isolated. User can only open a position when the equity balance is larger than the initial margin. However, the initial margin for each contract might be different.
5. Once the order is filled, user will hold the respective positions (long or short). In cross-margin mode, the equity balance of futures account has to be larger than 10% of the holding positions for 10x leverage contracts; 20% for 20x leverage contracts. In fixed-margin mode, the UPL varies based on the latest market price, but the margin remains the same as initial margin. Once the margin ratio drops to or below 10% (10x) / 20% (20x), our system will take over and force-liquidate the position(s).
6. User may open more or close position(s) anytime to take profit / stop loss.
7. On the delivery day, all opened positions will be closed at market price(USD). The profit / loss will be transferred to the futures account under “Realized profit loss”.
8. After delivery, the societal losses will be covered proportionally by the accounts with realised profits from the same contract.
9. After settlement, all realized profit and loss will be transferred to the equity balance.
10. The existing contract ends. New contracts will be launched.
How Do I Manage My Open Orders? How to Open an Order?
How Do I Manage My Open Orders?
All open orders can be found under “Orders” page, and you can always cancel them before they are filled.
“Margin” only includes the margin needed for unfilled contract(s). While “Fee” only includes the fee charged for filled contract(s).
How to Open an Order?
a) Choose the expiration type: weekly, bi-weekly, quarterly or bi-quarterly
b) Enter the price (USD) and quantity (contracts). System will calculate the available number of contracts for opening and the margin ratio after opening position.
c) Choose the execution type (Open Long, Open Short, Close Long, Close Short) to submit the order.
Under cross-margin mode, 10x leverage, an order can only be opened when the margin ratio is larger than or equal to 90%; for 20x leverage, an order can only be opened when the margin ratio is larger than or equal to 80%. Under fixed-margin mode, an order can only be opened when the available margin is larger than the margin required.
Open Long: Buy to open the position, you would profit if the price rises.
Close Long: Sell to close the position. Taking the opposing position from the long position which is no longer desirable.
Open Short: Sell to open the position, you would profit if the price falls.
Close Short: Buy to close the position. Taking the opposing position from the short position which is no longer desirable.
How to Withdraw from OKEx
How to Withdraw Crypto
Step 1: Go to the withdrawal section
Hover over “Assets” to open the menu and click Withdraw from the dropdown list.
Step 2: Select crypto to withdraw
Select crypto you want to withdraw from your OKEx account using the dropdown menu. In our example, we are withdrawing BTC. The withdrawal method options for BTC are “On-chain” or “Internal.”
The supported withdrawal networks are “BTC-Bitcoin,” “BTC-Lightning,” “BTCK-ERC20” and “BTCK-OKExChain.” For this example, we selected BTC withdrawn on-chain via the BTC network.
Click Continue to proceed.
Step 3: Enter and confirm the withdrawal details
After you have chosen the withdrawal method, enter the withdrawal address from the intended receiving wallet and the amount you want to withdraw. You can also name your receiving address to make future withdrawals faster. Then, select the account from which you want to withdraw.
After you have confirmed the withdrawal details, click Continue.
The next pop-up will ask you for your Funds password and, if you set one up, an “SMS code.” Enter them and click Confirm to submit your withdrawal request.
Step 1: Head to the “Withdraw” section
On the “Overview” page, tap Withdrawal.
If it’s your first time withdrawing using the application, you might be asked to link your phone number or authenticator app and set an additional password. If so, tap Link to begin the process.
Then, follow the onscreen prompts to link your OKEx account to your authenticator app. Complete the email verification and enter the six-digit code shown in the authenticator app. Next, set up your funds password to access the OKEx application’s full feature set.
Step 2: Choose which crypto to withdraw
In the “Withdraw” section, scroll down to or search for the cryptocurrency you want to withdraw. Tap the asset to continue.
Step 3: Enter your withdrawal details
Fill in the details of your withdrawal. You will need to enter the intended receiving address from the wallet to which you want to withdraw and the amount you want to withdraw.
You can usually leave the default withdrawal fee in the “Fees” field. However, if your transaction is particularly urgent, you can consider increasing the fee.
When you have entered your details, double-check the address and tap Submit.
On the following screen, complete the additional security steps by entering the password and codes requested. Finally, tap Confirm to initiate your withdrawal request.
Your funds should appear in the receiving wallet as soon as the relevant blockchain confirms the transaction.
How to Sell Crypto
1. Log in to your OKEx account and click “Buy Crypto” in the top menu.
2. You’ll see the Quick Trade tab with the interactive Buy widget. Click “SELL”
3. Select cryptocurrency and USD from the dropdown and enter the amount you want in either currency
4. Select how you want to pay from a variety of supported payment methods powered by our partners
5. Once your payment is confirmed, your cryptocurrency will automatically be transferred to your OKEx account
How to Sell Crypto using OKEx P2P trading
Preliminary steps before using OKEx P2P trading
In order to use the P2P trading section on OKEx, you need to have an identity-verified account (aka KYC). If you don’t have an account yet, you can sign up here and follow our tutorial.
Additionally, you will need to enter at least one payment-receiving method to your account in order to sell crypto and receive fiat in exchange. This is explained in the first step below.
Step 1: Set up a receiving account for OKEx P2P trading
Those who have a verified account can log in and click on Buy/Sell from the top menu. On the next page, click on P2P trade to open the P2P trading section.
Next, you need to click on Management and then Settings to start setting up a receiving account before you can execute a crypto-to-fiat conversion.
On the settings page, you have to scroll down to the “Payment setting” tab and select “Receiving account” before clicking on +Add more.
You will now be able to add a bank account or any other supported payment-receiving method to your account. Please note that you cannot change your name on this window, since any payment method you link to your OKEx account needs to match your real name.
Once you’ve added a receiving account, you will be set to go back to the P2P section and follow the next steps as outlined below.
Step 2: Select your preferred crypto and fiat currencies
The P2P trading section has several filters available for users to select their preferences. You can start by choosing whether you wish to buy a cryptocurrency with fiat or sell crypto for fiat. After this, you can select your preferred crypto and fiat currencies, and you can use the optional payment method filter to select a specific method of payment.
In this tutorial, we will be converting crypto to fiat by selling USDT, so we will select the sell option and will be using USDT as the cryptocurrency and PKR (Pakistani rupee) as the fiat currency, as shown in the screenshot below.
Currently, the supported cryptocurrencies on OKEx P2P include USDT, BTC and ETH, whereas fiat currencies have 28 options, including some of the most popular local currencies from around the world.
Step 3: Select an advertiser from the available options
In order to convert our crypto to fiat, we will be selling it to an advertiser with an open offer. The P2P trading page lists all the available advertisers that meet our preset conditions — i.e., willing to take our USDT and pay in PKR fiat.
There are various factors to consider before choosing an advertiser for our transaction. All of these are highlighted in the screenshot below.
The list of advertisers is accompanied by various stats and labels, as shown above. The verified label, for instance, is important because it means that the particular advertiser has performed identity verification and meets the minimum requirements for obtaining the badge.
Similarly, every advertiser’s stats are shown below their name, these include the number of total orders executed by that advertiser and their successful completion rate. Advertisers with a high number of orders as well as a good completion rate (one that is closer to 100%) should be preferred.
Other factors include advertisers’ limits, which are denoted in a separate column and show the minimum and maximum amounts the advertisers are willing to exchange.
While the advertisers are sorted on the basis of price (with the highest price on top), your decision should take all the aforementioned factors into account as well as the supported payment methods. In the screenshot above, we can see that some advertisers support multiple payment methods, including bank transfers as well as mobile payments, while others only support only bank transfers.
Once you’ve selected an appropriate advertiser that meets your requirements, you can click on sell USDT to proceed with the order.
Step 4: Place your P2P order
You will be presented with a pop-up window with details about the advertiser you selected in the previous step as well as fields you need to fill in order to place your P2P order.
Here you will enter the amount of USDT you wish to sell (your available USDT balance is shown under the field) and you will be shown the amount of fiat currency you will receive in exchange.
Once you verify all the details and select a payment method, click on sell USDT to proceed.
Please note that after this step you will not be able to cancel the order from your side.
Step 5: Wait for payment from the advertiser
After you place your order, the next screen will show you additional particulars, including the advertiser’s name (i.e., Payer’s name), your own receiving account details and order tracking information, such as the order number and time.
You will also see a chat window to your right, allowing you to communicate with the advertiser. However, since all the details are already set, there is not much need for any coordination apart from confirmation of payment.
Most advertisers will send you a screenshot of the payment via this chat for you to verify against your receiving account.
There are two particulars of note here, the first being the timer that starts at 15 minutes and runs down as you wait for payment from the advertiser. If the advertiser does not confirm the payment within this time, the order will be canceled.
The second thing to note is the inactive button that says “Release the crypto.” This button remains inactive until the advertiser confirms that they’ve paid you.
Step 6: Confirm receipt of payment and release crypto
As soon as the advertiser confirms that they’ve made the payment to your receiving account, you will be notified to verify and release crypto. At this point, you are advised to check your receiving account for the amount you were expecting as well as the payer details.
Once you are satisfied, you can click on the now-active Release the crypto button to complete the order.
In the event that you don’t receive the payment in time, you can also click on Appeal to contact support and seek resolution.
After you release the crypto, you will see the order completion confirmation and can click on Asset Transfer to track transfer details.
P2P trading rules for cancellations
OKEx P2P trading service prioritizes user convenience and safety. There are specific rules that apply to buyers and protect sellers on the platform (because sellers have already committed their assets to escrow when they place an order).
These rules apply to two categories of users: those who are new (less than three P2P orders completed) and those who are old (completed three or more P2P orders). New users who cancel five orders in a day before payment or three orders in a day after confirming payment, will face service restrictions. Meanwhile, older users will trigger restrictions if they cancel three orders on the same day before payment or one order after confirming payment.
The service restrictions scale with the number of triggers in a day. The first trigger results in a 15-minute ban from buying via P2P trades, Quick Buy/Sell, as well as from publishing or modifying buy orders. Additional triggers will result in a 1-hour ban, a 4-hour ban and then the user is banned for the entire day.
Frequently Asked Questions (FAQ)
Why have I still not received my withdrawal?
After submission, a withdrawal request is sometimes sent for manual review by the OKEx compliance team. Some withdrawal requests — particularly large ones — must be approved before we can submit them to the relevant blockchain network. On occasion, we may require additional documentation from a user to process a withdrawal.
After the withdrawal has been approved, OKEx submits a transaction to the relevant blockchain network. The network fee included with the request must be large enough to incentivize network validators to include the transaction in a block. When a validator does include it in a block, you should see the transaction appear in your cryptocurrency wallet.
The funds will not be spendable immediately, however. Different blockchain networks and wallet apps require a different number of confirmations before they consider a transaction final and, therefore, spendable. Once you see a withdrawal appear in your wallet, just wait for a few more blocks to be added to the blockchain, and your balance will become spendable.
How do I find my transaction ID?
You can check the progress of any cryptocurrency transaction by entering its transaction ID into a blockchain explorer. The process for finding the transaction ID is slightly different in the OKEx mobile app and website.
On the mobile application, tap Assets on the toolbar at the bottom of the screen. Then, tap Withdrawal.
On the “Withdraw” screen, tap the History button to the top-right corner — it’s the one with the clock on it.
Find the withdrawal you want the transaction ID for from the list in the “History” section and tap the three dots next to it. You can then copy the transaction ID and paste it into a blockchain explorer of your choice.
To find a transaction ID after making a withdrawal via the website, click the Withdraw under “Assets” in the top-right corner of the screen.
At the bottom of the “Withdraw” section, you will see a list of recent withdrawals. You will find the transaction ID in the fourth column, labeled TXID. Copy the ID and paste it into a blockchain explorer of your choice to check the progress of your withdrawal.
When will I receive my withdrawal, and do I need to pay a withdrawal fee?
You will receive notice of your incoming withdrawal in your wallet as soon as OKEx submits the transaction to the relevant blockchain network. In many cases, this is automatic. However, on occasion, a withdrawal needs manual verification.
Your balance will not become spendable immediately. The network needs to confirm it before you will be able to transact using the withdrawn funds. Different blockchains and wallet applications require a different number of confirmations before a transaction is considered final. A confirmation occurs when a new block is added to the blockchain after the one containing your transaction.
OKEx does not charge a fee for withdrawing assets from either the application or website. However, a network fee must be paid to incentivize network validators to include your transaction in a block. In most cases, the network fee we suggest will be enough to ensure a quick withdrawal. However, you can consider increasing the suggested fee if the withdrawal network is particularly congested, particularly if the transaction is urgent.