Popular centralized exchanges, in addition to an official conversion service, often have a marketplace where users exchange digital assets among themselves. P2P trading on OKX is more profitable than other methods because there is no commission, but the choice of cryptocurrencies is limited. Traders buy and sell only 6 tokens, but can use fiat from over 100 countries.
General information about OKX exchange
The trading platform was created by Star Xu in 2017. The service is part of the OK Group. The exchange occupies leading places in ratings. It is actively developing and introducing new features. Customers can not only trade cryptocurrencies and options, but also mine tokens in the mining pool, invest, engage in steaking and more.
The exchange did not introduce restrictions for Russians, unlike Binance. On it you can freely work with any currencies and amounts.
The daily trading volume exceeds 4 billion dollars. On OKX, traders can quickly exchange even large amounts without a long search for counterparties and waiting.
The site has a traditional for cryptocurrency exchange terminal translated into Russian. Through the menu at the top, users go to any page of the platform. If desired, you can change the color scheme of the terminal, add various indicators.
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In addition to P2P, OKX traders use several other services. Among them:
- Margin trading.
- Spot trading.
- Mining pool.
- OKX Earn.
- Official exchange and others.
For beginners, the exchange provides a demo account. Using it, a novice trader can understand P2P trading and learn to predict the movement of assets. All operations are saved in the history, and the value of currencies is adjusted following the real situation on the market.
Features of P2P trading on OKX
Users exchange tokens directly, the platform ensures the safety of transfers. For this purpose, the management of the exchange has introduced an escrow protection mechanism, which is the transfer of cryptocurrency through the account of an intermediary. A person transfers tokens to it and waits for the counterparty to provide fiat. When the money arrives on the card or e-wallet, the transaction is completed and the second party receives the cryptocurrency.
In addition, the exchange employs independent arbitrators who monitor the integrity of transactions. If there is a disagreement on the transaction, an employee will sort out the situation.
Terms
To trade Peer-to-Peer, the user must pass KYC (identity verification) and confirm the phone number. These are mandatory procedures on all centralized platforms. De-anonymizing traders helps the exchange protect the community from fraudsters. To exchange currencies on P2P, you need to get KYC level 1.
The exchange does not charge fees to customers and does not control the value of assets. Traders create orders and customize them on their own.
Fixed and floating prices
On the exchange, you can set the value of an asset of one of two types. From this depends on how much the trader will eventually receive from the sale of cryptocurrency. If you choose a fixed price, it is specified once and does not change. Floating cost implies a link to the exchange rate. If Bitcoin becomes cheaper or more expensive, the amount in the order will automatically change.
The exchange has the ability to customize the parameter “% of the index”. The change in the value of the cryptocurrency depends on it. If set to 0%, the order will follow the exchange rate. With the parameter -5%, the price of tokens will be 95% of the market price.
Advantages of verified traders
A user with this status receives a number of exclusive bonuses on the P2P-platform. Among them:
- Personalized support.
- Promotion of orders.
- Increased number of ads.
To get the status, you need to pass level 2 verification and keep at least 0.1 BTC or equivalent in another digital currency in your account. When all conditions are met, you need to click on the “Apply” button in the P2P section and wait for the moderator’s response. Requests are reviewed for 24-72 hours.
Conflict Resolution
Although P2P trading on OKX in the app and on the website is supervised by the administration, not all customers comply with the exchange’s requirements. If the buyer does not send money to the specified account and does not confirm the transfer, the seller can ask for help. Instructions:
- In the order, click on the button to file an appeal.
- Choose the reason for the appeal and enter additional information. It is worth detailing what the problem is. This will help the arbitrator to understand the situation faster and make an objective decision.
- Click on the “Confirm” button. The system will offer to contact the buyer again. If he does not respond within 5-10 minutes, you should click on “Continue Appeal”.
- Upload confirmation that the money has not arrived on the account, or other evidence. Screenshots from the banking application, chat are suitable.
- Send an appeal.
The support service will check the information and try to contact the counterparty. If he does not respond, and the money is not received, the cryptocurrency will be returned to the seller.
The buyer needs to take the same steps to resolve the conflict. Usually the problem occurs when money is sent to the card, but the second party does not confirm receipt. The cryptocurrency remains in the escrow account, and the order is gradually coming to an end.
When the time expires, the system will automatically terminate the contract. Therefore, you should not wait for the seller’s reaction if he has not confirmed the transaction in 6-12 hours.
How to start trading on the OKX P2P marketplace
Before buying and selling cryptocurrencies, you need to verify your identity, link your phone number and add at least a payment method. Without doing this, the user can only watch other people’s orders. It is not possible to respond to them and create your own.
Adding a payment method
On the official OKX website, you need to click on the “More” button in the upper right corner and go to the “My Profile” page. Next steps:
- In the “Manage payment methods” block, click on “Add”.
- Select an option from the list. The exchange works with banks, e-wallets.
- Fill out the questionnaire and pass two-factor authentication.
- Click on “Save”.
It is worth adding several ways in advance, since sellers accept money to accounts only in the banks they have chosen. They are specified in the order on the P2P page.
Buying cryptocurrency
After verification and binding a card or wallet, the user can proceed to trading. The order of actions:
- Select “Buy” to see the offers. They are sorted by default in ascending order of cryptocurrency value.
- Specify the token, fiat and payment method.
- Enter the amount in rubles (or other currency).
- Click on the green “Buy” button.
- Transfer money to the specified account and confirm the transaction.
The platform will block tokens on the seller’s balance, so the user can not worry about the security of the operation. When the counterparty checks the banking app, it will close the transaction and the buyer will receive the digital assets.
Selling cryptocurrency
This transaction is not much different from the previous one. However, when selling, it is more convenient to create your own order. To get fiat and withdraw money from the exchange, you need to:
- Go to the “Sell” tab and set up a catalog.
- Find a suitable offer.
- Click on the “Sell” button.
- Enter the number of tokens that the counterparty will receive and confirm the operation.
Within a few hours, the buyer will transfer the money. The seller will receive a notification requesting to verify the account and close the transaction.
It’s worth checking payments carefully, rather than trusting SMS. After confirming the receipt of money, it will not be easy to appeal the transaction. Also, the exchange does not recommend agreeing to traders’ offers to transfer tokens in advance.
Canceling orders
Buying cryptocurrency, the user can cancel the transaction without any sanctions. To do this, you need to click on the Cancel Order button in the card. The merchant will get the cryptocurrency back. Also, the contract will be canceled if the money is not transferred in time.
P2P orders that have been paid for cannot be canceled. If the buyer wants to cancel the tokens, it is necessary to first agree on a refund.
Sellers also have the option to cancel the transaction before the counterparty has transferred the fiat. Otherwise, the exchange must be finalized according to the terms of the contract.
Advantages and disadvantages of P2P trading on OKX
Although buying and selling tokens directly is more complicated than using an exchanger, experienced traders prefer this method. It is more profitable and convenient, but you need to look for suitable orders.
| Advantages | Disadvantages |
|---|---|
Frequently Asked Questions
📌 What is Blacklisting?
If a counterparty has not completed a transaction for a long time or has tried to cheat, it can be added to the Black List. Then the rating will drop and some of the offers for the merchant will become unavailable.
💳 What to do if a user has transferred rubles to the wrong account?
In this case, you need to contact the support service of the bank or payment system. It is also worth writing to the seller or cancel the order.
⚡ How to view information about a merchant?
To do this, you need to click on the nickname of the user. The page will display reviews, statistics and orders of the person.
✨ How do I unlock all the features of the P2P exchange?
It is necessary to obtain the “Diamond” level. Then the trader will be able to create up to 20 orders up to $150k.
📢 How to increase account security?
To protect your assets, OKX will set up two-factor authentication and confirmation via a code. It will be sent to your e-mail or phone.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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