OKB is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange, OKEx. The exchange is one of the largest in the world and currently ranks third in liquidity, fourth in trading volume, and provides a wide selection of trading pairs. OKEx is similar in many aspects to the cryptocurrency exchange giant Binance, but there are a few key differences. The OKEx platform has its own cloud mining service, and the company has a more focused reach in providing options trading for users. Meanwhile, Binance strives to offer a broad range of crypto services globally.
OKB is the OKEx utility token that enables users to access the crypto exchange's special features. The coin is used to calculate and pay trading fees, grant users access to voting and governance on the platform, and reward users for holding OKB.
OKEx has become a world-leading trading floor since its launch in 2017. The platform launched in the spring of 2017 and emerged as an offshoot from the original OKCoin platform (operating since 2013 in China). OKCoin now focuses on exchanging fiat for crypto, while OKEx focuses on crypto trading with a built-in API for algorithmic trading. The exchange also gives users access to a multi-currency wallet and functions for margin trading.
OKB is a platform token issued by OKX (formerly OKEx), aimed at promoting the development and growth of the OKX platform ecosystem. As the core asset of the OKX ecosystem, OKB has multiple uses, including paying transaction fees, participating in platform voting, subscribing to seed rounds and private rounds of new projects, engaging in trading hedging, cross-chain asset management, etc. Holders can also enjoy various benefits and privileges provided by the OKX platform, such as trading fee discounts, advanced membership benefits, regular airdrops, etc.
How to Buy OKB
1. How to Buy OKB on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing OKB.
Step 5: Purchase OKB
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy OKB.
Step 6: Store your OKB
After purchase, you can choose to store OKB in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and OKB assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy OKB via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) OKB trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC OKB trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find OKB trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the OKB purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release OKB to the OKB address you provided. You can check your OKB wallet balance after the trade to confirm its success.
3. How to Buy OKB through Decentralized Exchanges (DEX)
Buying OKB on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying OKB on DEX:
Step 1: Choose a OKB-supporting wallet
Create a new wallet supporting OKB assets, then select a decentralized exchange that supports OKB.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the OKB blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the OKB trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the OKB trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the OKB blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased OKB, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased OKB to your wallet for safer storage of your digital assets.
4. Official Channels for OKB Project Team or Community
Sometimes, the OKB project team or community may launch official channels for direct OKB purchases. This may include private placements, presales, or other forms of direct sales.