How to buy OKB (OKB) in Australia
Learn how to buy OKB (OKB) on 4+ crypto exchanges in our step-by-step guide.
OKB (OKB) is the 41st largest cryptocurrency by market cap, valued at US$3,067,914,992.
OKB is a highly volatile asset capable of major price swings in a single day. Today OKB is trading for $51.26 USD, which is lower than yesterday's trading price of $52.30 USD. Over the past year, OKB's price has seen a decrease of -3%.
So before you buy OKB, make sure you understand these unique risks as well as its legal and tax status here in Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy OKB.
How to buy OKB in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy OKB is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
You can now exchange your funds for OKB. On beginner-friendly exchanges, this is as simple as entering the AUD or OKB amount you want to purchase and clicking "buy".
Secure your OKB
Consider transferring your OKB to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy OKB in Australia
Find an exchange to buy, sell and trade OKB by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
How we keep this OKB guide up-to-date
- OKB price data is regularly updated through data feeds so you always have the latest information.
How do I find the best places to buy OKB?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy OKB?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading OKB.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing OKB with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy OKB?
Once you've created an account, you will need to deposit funds to buy OKB with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy OKB:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase OKB by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for OKB on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy OKB?
The easiest way to buy OKB is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying OKB, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of OKB has been performing recently.
Best OKB wallets to store your OKB
You can keep your OKB on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your OKB below.
Ledger Nano X Wallet
Trezor Model T Wallet
SafePal S1 Wallet
See more of the best crypto wallets
Recent OKB developments
Is OKB a good investment?Investing in cryptocurrency can be a risky exercise and it's important to do research to make sure you understand the benefits and risks involved. Before buying OKB tokens, here are some of the important factors to consider:
- Investment purpose. It's important to consider why you want to invest in OKB. Is it a short-term trade or long-term investment? If you're already actively trading cryptocurrencies on the OKEx trading platform, it can also be a way of accessing trading fee discounts of up to 40%.
- Supply. To reduce supply in an attempt to prop up value, OKB tokens are 'burnt' regularly. The platform also uses 30% of the income from OKX spot trading fees to buy back OKB from the 300 million in circulating supply.
- Relationship with OKX. OKB tokens are unique in that they are minted by the OK Blockchain Foundation - the same entity that runs the OKX platform. Therefore, any issues with the OKX platform is likely to have an impact on the OKB price movement. For example, Cointelegraph reported when OKX suspended its cryptocurrency withdrawals last year OKB price plunged by 15%. Investors should be mindful of the risk to the OKB price if there are any issues with the OKX trading platform.
Today's OKB price versus ATH
Compare today's price of OKB ($51.26 USD) against its all-time-high price of $64.92 USD on 14 November 2023. The closer the bar is to 100%, the closer OKB is to reaching its ATH again.
ATH date: November 14, 2023
OKB ATH: $64.92 USD
How to trade, convert or sell OKBYou can convert or sell your OKB with the same exchange you bought it through:
- Sign in to the exchange you have OKB on.
- If you store your OKB in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of OKB you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of OKB.
- Complete your transaction and move your OKB to a wallet for storage.
How to buy other cryptos
Disclaimer: Cryptocurrencies, including OKB, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of OKB is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the OKB or any other cryptocurrency discussed.
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