Bitcoin Crash Sparks Hundreds of Millions in Liquidations

After 2021, news related to Bitcoin frequently topped the hot‑search lists. A few days ago, a piece of positive news accelerated the entry of many investors, causing the trading volume on several digital‑asset exchanges to rise sharply. While the market seemed to be thriving, Bitcoin’s price suddenly dropped by more than 15%, resulting in liquidation losses across the network that amounted to several hundred hundred million CNY. During the Bitcoin plunge, some leading exchanges experienced issues such as page lag and server outages.

In this turbulent period, the OKEX (also known as OKX) exchange maintained relatively stable operations and attracted a large number of investors, prompting even more users to choose OKEX. For newcomers to the crypto space, the procedures for depositing funds and purchasing coins on OKEX may not be clear. Below, the editorial team will walk you through the complete OKEX (OKX) deposit and coin‑buying steps in detail.

In this article we outline the full‑process for newcomers to deposit funds and buy crypto on OKEX (OKX), incorporating the platform’s recent performance to help you get started quickly. We will sequentially demonstrate key actions such as downloading the app, logging in, and selecting a buying method, ensuring a smooth experience. Accompanying screenshots further lower the learning curve.

How to Deposit and Purchase on OKEX (OKX)?

Download the OKX (OKEX) Mobile App

OKX (OKEX) Coin‑Buying Methods

1. Open and log in to the OKX app, then navigate to the Buy page and select C2C Buy or Instant Buy. The majority of users purchase USDT (a stablecoin) via C2C or from acquaintances, because most cryptocurrencies are traded against USDT. The following example shows how to buy BTC:

Step 1: On the home screen tap the `Buy` button and choose either C2C Buy or Instant Buy; the screenshots use Instant Buy.

If you opt for an on‑chain deposit, you will need the counterparty to provide the appropriate receiving address and confirm it. New users usually prefer the built‑in buying function.

1. Select the cryptocurrency you wish to purchase (e.g., BTC) and enter the amount you want to spend. You can toggle the input mode to specify the quantity of the coin instead of the fiat amount.

In C2C trading you can pick a buyer yourself, while the platform safeguards the counterpart’s funds.

Choose the desired asset (USDT, BTC, etc.) and then fill in the purchase amount.

1. After clicking Buy, select a payment method (e.g., Alipay). Confirm the details to generate an order. The screen will display the seller’s receiving information; follow the instructions to complete the offline payment, then tap I have completed the transfer. Once the seller verifies receipt and releases the coins, the purchase is finalized. You can then click View Funds to see your assets.

Completing the steps above gives you the corresponding digital asset and opens the door to further trading.

How to Sell on OKX (OKEX)

Typically you first convert the cryptocurrency to USDT, then trade via the C2C (user‑to‑user) market.

1. Log in, then tap C2C Trading on the left side of the home page.

1. Inside you will see entry points such as Instant Trade and Bulk Trade. Choose Buy or Sell and fill out the required information.

1. If the coins are not received after a long period, you can click Appeal on the order page, describe the issue in detail, attach contact information and payment proof, and a customer‑service representative will follow up.

Important notes:

• Release the coins promptly after confirming receipt of payment; if you do not confirm within 12 hours, the system will automatically release the coins to the buyer.
• If you have not received the counterpart’s payment for an extended time, click File a complaint; the order will be frozen and platform support will intervene.
• When the order shows that the buyer has paid, always verify that the funds have arrived in your account before releasing the cryptocurrency.

1. First, log in to your OKX account and hover over the Buy menu in the upper‑left corner.

1. On the Instant Buy page, tap Buy Now.

1. In the popup, click Custom Amount, enter the desired amount or select a preset integer. Choose your preferred payment method; Alipay is often the most convenient for users in China. After filling in the details, tap the Buy USDT button in the lower‑right corner (this tutorial uses USDT as an example).

1. Due to regulatory policies, all purchases are currently conducted off‑chain (OTC). The transactions are still secured by the platform, and major exchanges are considered reliable. Follow the prompts to transfer the specified amount via Alipay to the designated recipient account, double‑checking the recipient’s real‑name information to avoid mistakes.

After the transfer, click I have completed the transfer. Once the counterparty confirms receipt, the crypto will appear in your account almost instantly.

OKEX (OKX) Buying Tutorial

1. Transfer of Funds

1. Open the OKEX website. When you first access the margin‑trading section, you will be asked to activate the margin agreement.

In the Spot Trading screen, the left‑hand list of trading pairs that show a “5X” label are margin‑eligible pairs. Clicking one will pop up a “Activate Margin Trading” confirmation box; read the Borrowing Service User Agreement carefully before confirming.

1. Transfer your capital to the Margin Trading Account. You can do this by clicking the “Transfer In” button at the top‑right corner, or by clicking “Transfer In” directly in the dialog that appears. Funds must be moved to the margin account before you can use leverage.

There are three possible transfer routes:

• Method 1: In the Spot Trading view, select a pair with the “5X” label, then click Transfer In to move assets from your spot wallet to the spot‑margin wallet.

• Method 2: Go to the Funds Management page, choose Spot‑Margin Account, and then select the appropriate trading pair to transfer.

• Method 3: Upon first login, a pop‑up will remind you to transfer funds.

2. Borrowing Coins

In the left‑hand panel of the Spot Trading screen, select a pair marked with “5X” and click Borrow to obtain either the base or quote asset of that pair.

• Borrowable amount: You can borrow up to four times the combined position size of the two assets in your margin account; after borrowing, you can achieve a maximum 5× effective position.
• Borrow direction: Using the BTC/USDT pair as an example, borrowing BTC is used for a short position (selling BTC), while borrowing USDT is used for a long position (buying BTC).

3. Margin Trading

Once you have transferred funds into the margin account and borrowed the desired asset, you can start spot‑margin trading. The amount of the asset you buy or sell will be magnified by the leverage factor.

Trading examples:

1. Long ETH: Borrow USDT, use it to buy ETH, later sell ETH at a higher price, repay the USDT plus interest, and keep the remaining profit.
2. Short ETH: Borrow ETH, sell it, later repurchase ETH at a lower price, repay the borrowed ETH plus interest, and retain the difference as profit.

4. Repaying Interest and Principal

Interest on borrowed assets is calculated hourly; you may repay at any time. When repaying, select the same coin type, click Repay, enter the amount, and confirm.

Key points:

1. Interest accrues on an hourly basis, which can help keep borrowing costs low.
2. The daily interest rate is updated hourly according to supply‑and‑demand dynamics.
3. After a successful borrow, you can lock the rate for 24 hours; thereafter the rate refreshes every 24 hours.
4. The system performs a mandatory interest settlement every 7 days; there is no fixed borrowing term.

Disclaimer: Cryptocurrency transactions may be subject to tax in your jurisdiction. Please consult a tax professional to understand how capital gains, interest, or other crypto‑related income might be taxed locally.

This completes the OKEX (OKX) deposit, purchase and margin‑trading tutorial. For more information about downloading and using the OKEX platform, stay tuned to Bitaigen (比特根) and its related channels.

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