Cryptocurrency trading can seem overwhelming for newcomers, especially when navigating exchanges, depositing funds, and executing secure trades. This comprehensive guide walks you through every essential step using OKX, one of the world’s leading crypto platforms trusted by millions globally. Whether you're wondering if buying Bitcoin is legal in China or which exchange offers the best user experience for Chinese users, this tutorial delivers clear, actionable answers.
Is It Legal for Individuals in China to Buy Bitcoin?
A common concern among beginners is legality. While China prohibits financial institutions from offering cryptocurrency services and bans domestic crypto businesses, individual ownership and trading of digital assets like Bitcoin are not explicitly illegal. The principle of "law does not prohibit = allowed" applies here. As long as personal trading doesn’t involve illegal activities such as money laundering or fraud, buying and holding Bitcoin remains a personal financial choice outside direct legal prohibition.
👉 Discover how to securely start your crypto journey today.
Why Choose OKX for Cryptocurrency Trading?
Among centralized exchanges supporting Chinese-speaking users, OKX (formerly OKEx) stands out for its reliability, low fees, and intuitive interface tailored for Chinese users. While Binance is the largest global exchange, OKX ranks consistently among the top five by trading volume and offers:
- Competitive transaction fees with potential discounts
- Seamless CNY-to-USDT on-ramps via C2C trading
- User-friendly mobile app with localized navigation
- Strong security infrastructure and responsive customer support
For beginners seeking simplicity and safety, OKX provides an ideal entry point into the crypto ecosystem.
Step-by-Step: Account Registration, App Download & Identity Verification
1. Register Your OKX Account
Begin by visiting the official OKX website. During registration:
- Select China as your region
- Create a strong password
- Use a trusted browser (Chrome or your phone’s default browser)
No referral codes are needed—focus on security and accuracy.
2. Download the OKX Mobile App
After signing up, download the official OKX app from the homepage (tap the hamburger menu in the top-right corner). Follow device-specific installation instructions based on your smartphone OS.
3. Complete Identity Verification
To unlock full functionality, verify your identity:
- Navigate to Profile > Identity Verification
- Submit clear photos of both sides of your ID
- Perform facial recognition as prompted
OKX now uses a simplified two-tier system:
- Basic Identity Verification: Sufficient for most trading needs
- C2C Video Verification: Required for higher limits; involves a live video check
Start with basic verification—you can upgrade later if needed.
How to Buy USDT Using Chinese Yuan (CNY)
USDT (Tether) is a stablecoin pegged 1:1 to the U.S. dollar, making it a bridge between fiat and crypto markets.
Option 1: Quick Buy (Ideal for Small Amounts)
- Tap Buy Crypto > Quick Buy
- Select USDT and enter the CNY amount (e.g., 200 CNY)
- Choose a payment method: Alipay, WeChat Pay, or Bank Card
- Confirm and let the system auto-match a seller
Option 2: C2C Trading (Flexible for Larger Transactions)
- Go to Buy Crypto > C2C Trading
- Browse multiple sellers with varying prices and payment options
- Select a reputable trader with high completion rates and long-standing history
💡 Why not trade directly with OKX?
Crypto regulations require exchanges to avoid acting as direct counterparties. Instead, OKX hosts a peer-to-peer marketplace where verified merchants facilitate transactions.
Understanding Security in C2C Trades
When you place an order:
- The seller’s USDT is locked in escrow by OKX
- You send CNY via your chosen method (e.g., Alipay)
- After confirming receipt, OKX releases USDT to your account
If a dispute arises, OKX support can mediate using transaction records—ensuring fair resolution.
👉 Learn how to protect your trades with secure verification steps.
How to Trade USDT for Bitcoin (BTC)
Once USDT is in your Funding Account, transfer it to your Trading Account:
- Tap Assets > Transfer
- Move funds from Funding to Spot Trading
- Select USDT and transfer the desired amount (no fees apply)
Placing Your First BTC Order
- Return to the homepage and tap Markets > Popular Coins
- Search for BTC/USDT and select the spot (cash) trading pair
On the trading screen:
- Green bids = buyers’ offers
- Red asks = sellers’ prices
Two Main Order Types:
- Limit Order: Set your preferred price (e.g., buy BTC at $30,000). Your order waits in the market until matched.
- Market Order: Buy instantly at the best available rate.
For beginners, start with small market orders to get familiar with execution speed and pricing.
Withdrawing Bitcoin Profits Back to CNY
To convert BTC profits back into Chinese yuan:
- Sell BTC for USDT via BTC/USDT spot trading
- Transfer USDT from Trading to Funding Account
- Go to Buy Crypto > C2C > Sell USDT
Filter sellers by:
- High completion rate (>98%)
- Long registration period
- Moderate pricing (avoid abnormally high bids—risk of "dirty money")
Safety Tips for Receiving CNY Payments
- Use a dedicated bank card—not your salary or social security card
- Avoid using Alipay or WeChat if concerned about account freezes
- Confirm receipt in your banking app before clicking “I have received payment” on OKX
This ensures you maintain control throughout the process.
Should You Try Futures or Margin Trading?
While spot trading lets you own real assets, futures allow leveraged positions (e.g., 5x–100x). For example:
- With 5x leverage, a 10% price move = 50% profit—or loss
- A 20% adverse move could wipe out your entire position
Due to high risk and complexity, beginners should avoid derivatives until they master price analysis, risk management, and market behavior.
Frequently Asked Questions (FAQ)
Q: Can I use OKX from mainland China?
A: Yes. While domestic access may occasionally face network restrictions, OKX remains accessible via standard internet connections. Always comply with local financial regulations.
Q: Are there transaction fees on OKX?
A: Yes, but they’re competitive. Spot trades typically cost 0.1%, with discounts available through trading volume or promotions.
Q: Is my USDT truly backed 1:1 by USD?
A: Tether claims full reserves backed by cash and equivalents. While controversies exist, USDT remains the most widely adopted stablecoin globally.
Q: What should I do if a C2C seller doesn’t send USDT after payment?
A: Open a dispute via OKX customer service immediately. Provide proof of transfer—the platform will investigate and enforce escrow rules.
Q: Can I recover my account if I lose my phone?
A: Yes—if you’ve set up two-factor authentication (2FA) and saved recovery phrases securely.
Q: How often should I update the OKX app?
A: Regularly. Updates include security patches, performance improvements, and new features.
Final Thoughts: Start Smart, Trade Safely
Entering the world of cryptocurrency doesn’t have to be intimidating. By choosing a trusted platform like OKX, verifying your identity properly, starting with small spot trades, and prioritizing security over speed, you build a solid foundation for long-term success.