Buying OKB (OKB) in Australia is a straightforward process. To get started, you’ll need to create an account on a cryptocurrency exchange, deposit funds, and determine the amount you want to invest. In this article, we will provide a step-by-step guide on how to buy OKB in Australia using AUD.
What is OKB (OKB)?
OKB is a cryptocurrency introduced by the OK Blockchain Foundation and OKEx, a prominent crypto exchange based in Malta. As one of the largest exchanges globally, OKEx holds the third position in liquidity and the fourth position in trading volume. It offers a diverse range of trading pairs to its users.
OKB serves as the utility token for OKEx, granting users access to exclusive features on the platform. It calculates and pays trading fees, participates in voting and governance processes, and rewards users for holding OKB tokens.
Since its inception in 2017 as a spin-off from the original OKCoin platform, OKEx has established itself as a leading trading platform. The exchange, which emerged from the Chinese-based OKCoin platform operational since 2013, now concentrates on fiat-to-crypto exchanges.
In contrast, OKEx focuses on facilitating crypto trading and offers an API for algorithmic trading. Additionally, the platform provides users with a multi-currency wallet and margin trading capabilities.
How to Buy OKB in Australia?
There are five simple steps to buy OKB in Australia:
Step 1: Select a crypto exchange
When you purchase OKB or any other crypto, choose a suitable platform. Consider factors such as authenticity, security, supported coins, user interface, trading features, fees, customer support, payment methods, and the ability to purchase directly with AUD.
Conduct thorough research, read customer reviews, and opt for transparent exchanges that align with your trading preferences and offer reliable services. You can refer to reviews of Australia-based crypto exchanges for further details. But now, we recommend signing up with OKX, and we will demonstrate how to buy OKB via screenshots from an OKX account.
Step 2: Sign up for an OKX account
To register on OKX, you must provide a valid email address or a mobile number and create a strong password. However, to unlock the complete range of features the exchange offers, you must undergo a Know Your Customer (KYC) verification process. This involves submitting a government-issued identification document and undergoing facial recognition. The withdrawal limits for each account level are specified on the exchange’s official website.
Step 3: Deposit AUD in your account
After completing the verification process, you will need to choose one of three options for buying or selling cryptocurrencies on OKX:
- Express: This option provides the easiest way to purchase cryptocurrencies using credit or debit cards. Simply enter the desired amount of USD you want to spend on buying OKB, click “Buy,” and provide the necessary details to complete the transaction.
- P2P Trade: OKX allows you to engage in peer-to-peer trading for cryptocurrencies, providing an alternative method to buy crypto assets.
- Third-Party Payments: OKX also supports third-party payment providers like Banxa and Simplex, enabling additional options for buying cryptocurrencies.
Furthermore, you can deposit other cryptocurrencies into your OKX wallet and exchange them for OKB tokens. OKB is available in various trading pairs on the OKX platform, including OKB/USDT, OKB/BTC, OKB/USDC, OKB/ETH, OKB/ETC, OKB/ETC, and OKB/XRP.
Step 4: Buy OKB (OKB) On OKX
Now that you have successfully registered an OKX account, the next step is to acquire OKB tokens and transfer them to your wallet. You can purchase OKB using the funds you deposited through your bank or a debit or credit card.
When transferring your OKB tokens or any other cryptocurrency, take caution and ensure you send them to the correct wallet address. Always take the time to double and triple-check the destination address for accuracy. It is a good practice to verify the address’s first 4 and last 4 characters to confirm its correctness.
Step 5: Store your OKB safely
By default, when you buy OKB on a crypto exchange, it will be stored in an in-built crypto wallet. Clicking Wallets at the top of the screen, you can see details such as how much OKB you own and the value in AUD.
Alternatively, cold wallets not connected to the internet are considered the most secure option. They come in external devices like USB drives or hard drives. However, you must handle them carefully, as losing the key code or device could permanently lose your cryptocurrency.
If you prefer enhanced security beyond OKX, you can send your OKB to a personal wallet. Ensure you choose a wallet that meets your security requirements and provides a reliable storage solution for your OKB. Read our reviews of the best crypto wallets for Australia for more details.
Where to Buy OKB in Australia?
Where to buy OKB in Australia, we have compiled a list of the top crypto brokers and exchanges.
OKX
OKX is a highly adaptable and flexible crypto exchange to buy OKB in Australia. The platform offers a user-friendly app in different versions, catering to traders’ needs. Whether you’re a beginner, an NFT trader, or someone seeking advanced trading tools, OKX has got you covered with a seamless experience in buying OKB and trading cryptocurrencies.
With OKX, you can trade over 350 cryptocurrencies seamlessly on one of the world’s leading crypto exchanges. Whether you prefer using the app or the desktop version, the choice is yours. Funding your account is hassle-free, with various simple payment methods at your disposal. What’s more, OKX offers a sliding scale of fees, ensuring that you have access to discounts based on your trading volume or by holding OKB tokens.
Regular users are subject to a 0.1% fee on spot crypto trades. However, OKB token holders are entitled to discounts, with potential savings of up to 0.02% for holding more than 2,000 coins. High-volume traders also enjoy discounted fees, with the lowest rates available for those with a 30-day trading volume exceeding $10,000,000,000.
Binance
Binance is a leading global crypto exchange with a vast selection of over 600 cryptocurrencies, NFTs, vanilla options, and automated trading services. Given its low fees compared to competitors, it is renowned as a go-to platform for crypto enthusiasts. Buying OKB on Binance’s classic trading terminal incurs a fee of only 0.1%, making it highly cost-effective.
Deposits on Binance can be made in AUD through bank transfers, credit cards, and third-party providers like Simplex and Poli. Various deposit limits apply, ranging from 25 AUD to 20,000 AUD for credit card payments, with a minimum of 75.41 AUD for local bank transfers. Payment providers may impose additional fees, such as a 1.8% fee for credit card transactions and a $1 fee per transaction for bank transfers.
Binance offers a peer-to-peer market that connects buyers and sellers globally, allowing for fee-minimal transactions. Through this market, users can exchange fiat and cryptocurrencies directly with each other, while Binance acts as an escrow service. In addition to buying OKB, Binance also provides coin futures, enabling users to engage in derivatives trading based on crypto price movements.
Swyftx
Swyftx offers a diverse range of over 320 assets and features a convenient mobile app with a portfolio tracking feature. The platform facilitates local deposits, enabling users to deposit and withdraw AUD free of charge via bank transfers, credit cards, PayID, Poli, and Osko. Transactions across these channels are processed instantly.
Users must pay conversion and spread fees when converting fiat to crypto on Swyftx. The conversion fee is a fixed rate of 0.6% based on the transaction value, while spreads are variable, typically starting at 0.41%. It’s important to note that purchasing TRON incurs both spread and conversion fees.
Swyftx offers additional functionalities, including depositing in USD and trading popular cryptocurrencies like OKB and USDT. Users can also change their account’s base currency to USD, set up recurring purchases, invest in crypto bundles with customisable proportions, and practice trading using a demo account.
eToro
eToro is a mobile app-based social investing platform offering convenient and user-friendly means to purchase cryptocurrencies. With its unique social and copy trading features, users can leverage the investment decisions of experienced peers, enhancing their investment strategies. In addition to OKB, eToro grants access to over 70 other coins and a diverse range of investment assets such as stocks and commodities.
When conducting direct conversions from fiat to crypto on eToro, a 1% transaction fee is applicable. It’s important to note that specific transactions, including Luna Classic, may involve additional fees. The platform supports multiple deposit methods, including credit cards, PayPal, and bank transfers, albeit with certain limitations and potential conversion fees.
Deposits made on eToro are free, although payment providers may apply their fees. The minimum initial deposit requirement is $10, while subsequent deposits may have their minimum thresholds. Notably, eToro is regulated in Australia by the Australian Securities and Investments Commission (ASIC) and adheres to the guidelines of the Australian Financial Services.
Coinbase
Coinbase is an ideal platform for users seeking a user-friendly experience, making it a great choice, especially for beginners. Adding funds to purchase OKB on Coinbase is a simple process, as it supports popular payment methods like bank transfers, credit cards, and wire transfers. Credit card transfers involve a fee of 2.49%, while wire transfers cost $10. Regarding withdrawals, credit card transfers are subject to a 2.49% fee, while wire transfers incur a $25 fee.
Coinbase offers the convenience of linking bank accounts to deposit funds, making direct cryptocurrency purchases, receiving sales proceeds, and conducting balance transfers. However, credit card transfers are limited to direct cryptocurrency purchases. To facilitate a smooth process, initiating an initial deposit of $50 is recommended for bank account verification and PayID creation. This helps streamline the overall verification process.
For direct fiat-crypto conversions on Coinbase, there is a 1% conversion fee. The trading terminal on Coinbase applies fees ranging from 0.05% to 0.60% for trades. For more comprehensive information, please refer to our Coinbase review.
Is OKB A Good Investment?
Whether OKB is a good investment depends on factors and your specific investment goals. Before investing in OKB, research thoroughly and understand the associated benefits and risks. Here are some key considerations:
- Investment Purpose: Clarify your investment objective. Are you looking for short-term trading opportunities or long-term investments? If you are an active cryptocurrency trader on the OKEx platform, investing in OKB tokens can provide up to 40% trading fee discounts.
- Supply Dynamics: OKB tokens regularly undergo a “burning” process to reduce supply and potentially support value. Additionally, OKX allocates 30% of the income from spot trading fees to buy back OKB from the circulating supply. These factors may influence the token’s price.
- Relationship with OKX: OKB tokens are issued by the OK Blockchain Foundation, the same entity operating the OKX platform. Any issues OKX faces can impact the price movement of OKB. For instance, when OKX suspended cryptocurrency withdrawals in the past, the OKB price experienced a significant decline.
If you are a crypto trader aiming for regular profits through frequent trading, any time could be suitable for buying OKB. On the other hand, if you are a long-term investor, it may be opportune to purchase OKB during significant market dips. Most newcomers to the crypto market fall between these two approaches, seeking a balance between short-term gains and long-term growth.
Final Thoughts
When purchasing OKB in Australia, comparing various crypto brokers and exchanges is crucial. Take the time to evaluate their features, fees, security measures, and reputation to identify the most suitable platform. Giving preference to exchanges registered with AUSTRAC provides an additional level of confidence in terms of regulatory compliance. It is important to note that owning and using OKB carries inherent risks. Therefore, incorporate OKB into a broader investment strategy and consider seeking guidance from a financial advisor if necessary. Once you have bought OKB, assess your short-term and long-term goals to determine whether storing the tokens on the exchange or transferring them to a personal wallet is preferable.
