P2P crypto trading, otherwise known as peer-to-peer, is a straightforward solution to buying and selling cryptocurrencies. Through it, traders get to engage each other on an exchange without the need of an intermediary.
For instance, with OKX P2P trading, OKX only acts as a facilitator, providing security and regulation to the P2P trading process. Additionally, it provides users with unlimited access, decentralization, and control over their P2P transactions.
In this guide, we’ll explore the pros and cons of the OKX P2P marketplace, along with in-depth tutorials on how to buy, sell, and trade cryptocurrencies on the platform.
To learn more about OKX, check out our OKX exchange review.
OKX Overview
OKX is a Seychelles-based cryptocurrency trading exchange that ranks among the top exchanges in the world today. Founded in 2017 by founder Star Xu, OKX is trusted by over 50 million global users in 100+ countries.
Unfortunately, OKX is not available to users in the United States. Nevertheless, it’s an excellent exchange to buy, sell, and trade cryptocurrencies like Ethereum, Bitcoin, among others. When it comes to trading, it offers options such as P2P trading, Mining pools, TradingView Platform, and OKX convert.
It also supports cryptocurrency-backed loans, cryptocurrency staking, margin borrowing, crypto trading bots, and its own blockchain (OKExChain).
Pros and Cons of OKX P2P Trading
| 👍 OKX P2P Trading Pros | 👎 OKX P2P Trading Cons |
|---|---|
| ✅ 320+ tradable cryptocurrencies | ❌ Not available in the US |
| ✅ Rating system | ❌ Limited range of supported cryptocurrencies |
| ✅ Escrow security service | ❌ Requires KYC |
| ✅ 100+ fiat currencies to choose from | |
| ✅ Zero P2P trading fees | |
| ✅ 24/7 care support | |
| ✅ Support in 100+ countries | |
| ✅ 900+ flexible, local payment methods | |
| ✅ High-interest staking opportunities | |
| ✅ Variety of trading pairs |
Understanding P2P Trading on OKX
The OKX P2P trading market enables you to trade with other OKX users rather than the exchange itself. As an OKX P2P trader, you can buy and sell digital assets such as Bitcoin, USDT, Ethereum, and more directly from other traders.
However, OKX facilitates the transactions by holding your digital assets in escrow until you receive payment confirmation from the seller. To complete a P2P transaction, simply pay with your preferred payment method (Wise, Payoneer, Western Union, etc.).
In addition, OKX doesn’t charge fees on any P2P trades. Therefore, as a buyer, you only need to pay the rate specified by the merchant. However, depending on which payment method you’re using, there might be a transaction fee.
How to Use OKX P2P Trading: Step-by-Step Procedure
OKX P2P trading allows you purchase or sell crypto to and from other traders in the P2P marketplace in your local fiat currency.
Below we outline how to buy cryptocurrencies with your local fiat currency on the OKX P2P trading marketplace.
How to Buy Crypto Using OKX P2P Trading via P2P Trading
Before anything, you need to verify your identity by completing the identity verification process to buy crypto from OKX P2P trading ads.
Note that OKX will hold any cryptocurrency that you buy until the seller confirms receiving payment. If the order is at risk of timing out, don’t pay or you risk losing your crypto to the seller.
That said, here’s how to buy crypto on the OKX P2P marketplace:
1. Join OKX and create an account.
2. Select Buy Crypto > P2P Trading > Buy. If you’re in a hurry, you can use the Express option to narrow down the best crypto offer from the current options. If you prefer making your own selection, continue with P2P trading.
3. Select the fiat currency you want to pay with and the crypto you want to receive. Make sure to select the payment method you want to use as well.
4. Locate your choice offer and select “Buy.”
5. Fill in the amount of crypto you want to buy and select the payment method. Make sure the amount is within the order limit.
6. Select “Buy [Crypto] with 0 fees.” You can use the chat-box on the order page to message the seller. However, it’s optional.
7. Make payments and then Select “I have paid.”
8. Wait for the seller to confirm receipt of payment. Afterwards, you’ll receive the cryptocurrency in your OKX account.
How to Sell Crypto Using OKX P2P Trading via P2P Trading
This method enables you to sell your crypto and receive payment in any fiat currency you prefer. Note that OKX will escrow your crypto for security and only allow you to release them when you receive payment from the buyer.
You’ll also need to add a payment method to your account to enable you to sell your crypto whenever you want to.
To sell your existing crypto to fiat on OKX P2P trading marketplace:
1. Join OKX and create an account.
2. Select Buy Crypto > P2P Trading > Sell. You can use the Express option to find the best crypto sell price from the current options on the marketplace. If you prefer going with a custom rate, continue with P2P trading.
3. Select the order you want using the filters. Choose the crypto you would like to sell, the local currency you want to receive, and your preferred payment method.
4. Select “Sell.” In the next window, specify the amount of crypto you want to sell and the payment method you want to receive the crypto in. Click “Sell [crypto] with 0 fees.”
5. Wait for the buyer to complete the payment. Make sure to double check that you’ve received the right amount.
6. Proceed to the respective order and release the crypto to finalize the transaction.
OKX P2P Trading Checklist
Below are some important trading checklist details to help you make the most out of OKX P2P2 trading.
- Review Traders: Before making any deal with any P2P trader on the OKX P2P marketplace, check their rating, reviews, verification, feedback, previous trading histories, and response time. These indicators will help you gauge their trustworthiness and reliability.
- Monitor Volatility: Monitor the latest market trends to stay on top of real-time insights that can enable you to make informed decisions or understand what direction the market is headed.
OKX P2P Trading Tips
Here are some important tips to help you succeed on the OKX P2P marketplace.
As a Buyer:
- Start Small: Although there’s nothing wrong with wanting to complete your first cryptocurrency trade quickly, it’s important that you learn the ropes first. Evaluate what you can realistically handle first. Afterwards, you can expand your trades.
- Know Your Limits: Figure out how many trades you can handle while considering factors such as time, resources, and time. Decline or pause on offers when necessary and have some extra funds on hand to allow you to react with a little flexibility.
- Build a Solid Strategy: Have a strong trading strategy that helps you stay disciplined enough to avoid tempting offers. Using such an approach helps minimize your stress levels and leads to overall satisfaction.
As a Seller:
- Be Flexible: Provide different P2P trade types and payment methods. The more offers you have, the broader your audience will be and the more opportunities you’ll find.
- Create Unique Offerings: What are your strengths? What makes you stand out from other vendors? Make sure that you offer better prices, provide excellent customer service, and facilitate fast transactions. Also, tailor your offers to meet particular needs buyers are looking for.
- Identify Options in your Region: Research what local payment options resonate with your customers along with what cryptocurrencies are in demand in your region.
- Execute Fast Trades with Clear Communication: Enable notifications from OKX web or app and communicate clearly with your trading partners. Make sure you improve your response times to build trust and efficiency.
Summary
OKX P2P is one of the best peer-to-peer exchange marketplace in 2024. Not only is the marketplace backed by OKX, but it offers support for 100+ cryptocurrencies with over 900 supported payment methods.
Moreover, OKX P2P doesn’t charge any fees on peer-to-peer trades. Instead, buyers only pay the exchange rate set by the seller. It also features a rating system where both sellers and buyers can leave a rating with feedback, incentivizing good intentions while trading.
Lastly, all P2P users must go through the KYC verification process to make sure that the OKX P2P platform is safe. Ready to start P2P trading on OKX? Join OKX and start trading now.
FAQs
Is OKX P2P Safe?
As a trusted cryptocurrency exchange platform, OKX is relatively safe. However, like every other platform, OKX is not immune to scams and fraud. To make sure you don’t fall into these scams, don’t rely on receipts (verify payments) and don’t chat with traders or vendors over third-party apps such as Telegram.
Are There Any OKX P2P Fees?
OKX doesn’t change any fees on P2P trades. However, depending on what payment method you use, you might incur bank or wallet charges.
How to Cancel P2P Order OKX?
To cancel an order on OKX P2P, simply click on “Cancel” on the order page. Select a reason for the cancellation and select “Submit.” Remember, never cancel an order if you’ve already paid the seller. Also, you can only cancel up to 3 orders daily.
How Long Do P2P Orders Take On OKX?
Sellers on OKX P2P typically complete orders within 15 minutes of receiving payment. All factors considered, an order might finalize in anywhere between 1 to 30 minutes.
