How to buy contracts on OKX

To buy contracts on OKX, you first need to register for an account, deposit funds, navigate to the contract trading page, select a contract, place a buy order, monitor your position, close your position, and withdraw your funds.

Nov 08, 2024 at 03:02 pm

How to Buy Contracts on OKX: A Comprehensive Guide

1. Register for an OKX Account:

• Visit the OKX website (https://www.okx.com/) and click "Sign Up."
• Enter your email address, create a password, and select a verification method (email or SMS).
• Complete the KYC (Know Your Customer) process to verify your identity.

2. Deposit Funds into Your OKX Account:

• Click "Assets" on the top menu bar and select "Deposit."
• Choose your desired deposit method (e.g., crypto, credit/debit card).
• Follow the on-screen instructions to complete your deposit.

3. Navigate to the Contract Trading Page:

• Once your account is funded, click "Trade" on the top menu bar.
• Select "Contract Trading" from the drop-down menu.
• You will be directed to the contract trading page.

4. Select a Contract to Buy:

• On the contract trading page, browse the available contracts.
• Consider the contract's underlying asset, expiration date, and leverage multiplier.
• Select the contract you wish to buy by clicking its ticker symbol.

5. Place a Buy Order:

• Once you have selected a contract, you need to place a buy order.

• Specify the following order parameters:

  • Order Type: Choose between Market Order (immediate execution at prevailing price) or Limit Order (execution at a specific price).
  • Order Size: Enter the number of contracts you want to buy.
  • Leverage: Select the leverage multiplier you wish to apply to your position (e.g., 1x, 5x, 10x).
  • Price: For Limit Orders, you can specify the price at which you want your order to be executed.

6. Monitor and Manage Your Position:

• After your buy order is executed, you will have a position in the selected contract.
• You can view your position and manage it by clicking "Positions" on the top menu bar.
• Monitor the contract's price, margin utilization, and profit/loss (P/L) status.

7. Close Your Position:

• When you decide to close your position, you can place a closing order.
• Place a sell order for the number of contracts you want to close.
• Your position will be closed, and the profits or losses will be realized.

8. Withdraw Your Funds:

• Once you have closed your position and realized your profits, you can withdraw your funds.
• Navigate to "Assets" > "Withdraw" on the OKX website.
• Select your desired withdrawal method and follow the on-screen instructions.