How to Spot Trade with OKEx
Today we are going to be looking at spot trading on OKEx.
Before we give you a rundown of how to do a spot trade on OKEx, let me help you understand what spot trading is.
You may have seen different exchanges saying they are futures, derivative or spot trading sites. These are some of the main trading options you can have.
Spot trading is one of the easiest for beginners to understand. This is because unlike futures where the market can change and you must take that into account, spot trading is a trade that is settled when the initial trade is made. The spot part refers to when the transaction is delivered.
So, say you want to exchange Bitcoin for Ethereum on Thursday at 12pm. The spot trade will be determined then and should the price go down or up by the time it's delivered, that does not matter.
Simple, right? Let’s take a look at how you can go about creating a spot trade.
To begin, head to the OKEx home page. In the top part of the screen in the middle, you will see a drop-down menu which says Spot. Hover over that and click on Spot Trading.
You will be redirected to the spot trading section. Here you will see various crypto trading pairs like BTC/USDT.
You will be given the option to buy Bitcoin with USDT or sell Bitcoin for USDT, as well as the order type. On the left, you will see the latest statistics for both tokens. On the right, you will see the order book for this pairing. Pay close attention to these as they are important for you to maximize returns and assess fees.
At the top of the screen underneath the BTC/USDT headline, you will see how much of each token you have available. To increase your amount, you must transfer your assets from Funding Account to Spot Account, you won’t be able to spot trade unless you do this.
Here is how to move your crypto from funding account to spot account
Return to the OKEx home page and over Assets in the top right-hand corner. Go down the menu to transfer and click there.
Here you will see the transfer page. Choose which crypto you want to move, then from which account you wish to send from and to, type in the amount you want to send or click transfer all. Finally, click confirm to complete the move.
Like before, head to the spot trading page. Once there you will see a row of options, click the final crypto option. Type in what currency you wish to spot trade with. Let’s take BTC to OKB as an example.
Once you have chosen which crypto you’d like to trade, type into the amount section how much OKB you would like to get.
OKEx will then tell you how much BTC you need to make this happen. If that looks good to you, click confirm.
You will then be asked to enter your fund password, click submit to complete the task. To check the order has gone through, click past orders and it should be there.
So, that’s it. Quick and easy. For more information and advice on trading with OKEx, make sure to visit the website or keep looking out for more of our video tutorials.
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