Ethereum is considered one of the most popular cryptocurrencies on the scene currently. This is because it is the second largest currency after Bitcoin regarding market capitalization.
We have previously discussed the ease of purchasing Ethereum currency due to its availability on multiple digital platforms.
This means abundant liquidity to buy the currency and sell it, whether on central or decentralized markets or even through the free market.
Today we will talk about the steps to buy Ethereum from OKX, the famous central platform where we know more.
Buy Ethereum from OKX
Okx is a centralized cryptocurrency trading platform. This means that there is a specific company or body that controls the platform and its decisions, not smart contracts, unlike decentralized platforms.
This platform is considered one of the most popular platforms on the scene currently, especially after the fall of FTX last year.
Therefore, it is considered trustworthy and almost the second-largest platform in the world after the most famous Binance platform of all time.
That’s why buying Ethereum from OKX is very easy, but you will need to do a few steps first.
Once you know that the OKX platform is centralized, this means that you must create an account on it.
This is done via phone or email, but it is preferable to create the account on both to increase the security of your account.
The platform then gives limited powers to new accounts, limited to depositing and withdrawing cryptocurrencies within a daily limit.
These limits can be increased, but we will learn about these steps later.
Buy directly with USDT
If you have USDT coins on another wallet or platform, you can transfer these coins to the exchange.
Once these coins arrive (usually within minutes) you will be able to easily purchase Ethereum. You can also buy Ethereum with Bitcoin or USDC.
Just remember to use the correct network on the platform to receive coins and also to enter the correct address so that you do not lose your coins.
If you have a smartphone, download the application and then allow the application to log in to your account using your face. This will be much easier and will save you a lot of time.
After this, go to Assets and click on Deposit. Choose Crypto, and then choose the currency you want to deposit on the platform.
You will get an address after choosing the network. Use this address on the wallet or other platform.
The coins will usually arrive within minutes and then do not forget to transfer the funds to the Trading Wallet on the platform.
This will enable you to use these currencies to purchase on the spot market.
You will choose to pair Ethereum with any of the available currencies, whether USDT, USDC, or Bitcoin.
Remember, you will find two types of markets on the platform: spot and futures. The futures market is for trading futures contracts on the platform.
This means speculating on prices and betting on their price in the future. Therefore, you do not own the currency, you are just speculating on its price.
As for the spot market, you can buy cryptocurrencies directly, either through a limit or a market order.
A limit buy order allows you to buy currencies when they fall to a certain price by placing the order in the order book, thus providing the book with liquidity. This makes you pay slightly less in fees.
The Market buy order makes you buy immediately from the order book at the current price but with slightly higher fees.
Usually, a Market order is suitable for small purchases but for larger transactions, a Limit order is much better.
But is it possible to purchase using fiat currencies? Of course, it can!
Buy Ethereum from OKX with a bank card
Remember that when you open a new account on the platform, you have limited powers, as we said.
Therefore, to buy Ethereum from OKX with a bank card, you must increase these permissions.
You are only allowed to trade in cryptocurrencies, but you cannot deposit coins or link a bank card.
To do this you must go through KYC procedures first which increases your authority.
There are several levels. In the first level, you will only need to enter your ID number.
In the second level, you must verify your identity, after that, upload a personal photo of yourself.
In the second level, you will sign a document. These procedures are much lower than other platforms such as Binance, which require a bank statement at the highest level.
Once you complete these procedures, your authority on the platform will increase significantly and you will be able to link bank cards and also use the free P2P market freely.
Link the bank card with OKX
Make sure the card is in your name so you can link it. Also, make sure that your bank deals with cryptocurrencies and the OKEx platform and does not prohibit dealing with them.
After this, link the card and you will be able to purchase directly using the card.
This method allows you to purchase either through the free market (P2P) or through a third party that the platform deals with.
Unfortunately, most Arab currencies can only be purchased through the free market.
But if you live in a European country you can purchase by card but you may need to go through KYC procedures on the third party app.
You will choose Ethereum and make your purchase but remember that you will pay fees here that are much higher than trading fees.
Trading fees range between 0.08% and 0.1%, but in this case, the fees may reach 4% sometimes, so first check the value of the fees.
Unfortunately, the platform does not have a bank transfer feature like some other platforms.
Purchasing through the P2P market (Peer-to-peer)
The platform supports purchasing via a P2P market, such as the Binance platform.
This is considered the best way to buy directly from the platform in Arab countries, but first, make sure that the law of your country allows the trading of cryptocurrencies.
Some countries, like as Saudi Arabia, warn against trading cryptocurrencies but do not prohibit it, so you can do the process.
As for Egypt, for example, it prohibits trading, and therefore it is never recommended to trade cryptocurrencies in Egypt, and so on.
If trading is allowed in your country, make sure you have passed the highest level of KYC.
This is because, in the P2P free market, you can deal with either 1st-level KYC or 2nd-level sellers.
Always choose a seller who has passed all KYC procedures because he is a reliable and safe seller.
The platform has its documents, so it will not be able to steal your money or defraud you.
Always remember that the platform here does not interfere in the process, but only organizes the purchasing process.
Therefore, you freeze the cryptocurrencies in the seller’s account until you deposit the money to him in the agreed-upon manner in his account, whether bank, PayPal, or other.
Once he receives the funds, he will press a button to send the coins to you.
Choose a seller who has a lot of buying and selling transactions and never communicates with him outside the platform.
Also, always use the Screenshot feature to record all your operations.
You will choose the currency you want to deal with, for example, the UAE dirham.
Then choose the Ethereum currency, and then choose the price that suits you.
After this, choose a seller who accepts payment methods suitable for you and pay him directly and you will get Ethereum coins.
Don’t forget to follow us so you can always learn more, and you can learn more about the Ethereum currency through our article about it!
