Bitcoin, the digital currency that emerged in 2009, has long since transitioned from a niche experiment within geek circles to the focal point of the global financial market. Over the past decade, Bitcoin's price has experienced astonishing fluctuations: from just a few cents at its inception to nearly $69,000 in November 2021, followed by a sharp correction. This heart-pounding volatility is one of Bitcoin's most distinctive labels.
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Faced with potential gains and equally astonishing risks, as a novice investor, the only way to make rational decisions in the wave of Bitcoin investment is to understand the essence of risk and master the safe operational procedures.
What risks does Bitcoin have and how to buy it? A step-by-step guide for novice Bitcoin investors.
Choosing a Bitcoin investment platform
Currently, exchanges that support KYC certification for domestic users and are relatively secure include Binance and OKX.
Binance: The largest cryptocurrency trading platform by volume. The platform offers an extremely rich selection of trading pairs (over 500 cryptocurrencies, thousands of trading pairs), supporting various trading modes such as spot trading, margin trading, futures contracts, and options, catering to the full spectrum of needs from novices to professional traders. Its high liquidity and competitive low fee structure make it the preferred platform for many active traders. Binance has long held the top position in global cryptocurrency exchange trading volume, providing stability and an efficient price discovery mechanism for the market.
OKX: OKX is a leading global digital asset trading platform and a frontier builder of the Web3 ecosystem. Since its establishment in 2017, it has been committed to providing users with secure, efficient, and diversified digital asset management and value-added services. It offers round-the-clock trading support to millions of users, with influence spanning over 200 countries and regions in Asia, Europe, and America, making it an important force in driving digital financial innovation. It provides spot trading services for over 500 digital assets and supports a rich array of derivatives trading, including perpetual contracts, delivery contracts, and options, to meet the trading needs of users with different risk preferences. Their actual fees for spot trading are calculated based on a trading volume of 1000 USDT, and for contract trading, it is based on 10,000 USDT; the actual fees for novices are shown in the table below.
Bitcoin investment entry steps
Buying and selling Bitcoin on the OKX platform: One detail to note here is to try to use the browser that comes with your phone, or Google Chrome is also fine; I am using Google Chrome here. We input the email or phone number that we have prepared in advance. Here, I will use an email for demonstration.
Bitcoin investment entry steps
At this point, we wait for the verification code to be sent, and then input our verification code.
Select the country/region as [China], and click [Next].
Create a password, input the account password, and click [Next]. At this point, our registration process is complete.
Bitcoin investment APP download
Next, we will install the APP. Android users can download directly from the official website.
For Apple users, since the OKX software cannot be downloaded from the domestic App Store, we need to register for an overseas Apple ID, which can be done on the Apple official website. (If you find the registration troublesome, you can buy one on a certain treasure for temporary use.)
After registration, open our App Store, click the small circle in the upper right corner, scroll down to the bottom, click [Sign Out], and then log in with the Apple ID you have registered.
Once logged in, search for "OKX" in the search box, and then click to download OKX. This process may take a while, so please be patient.
Identity verification
Now that we have completed the download, we open the OKX APP and click [Login].
Input the account we just registered, and click [Next]. Then input the login password and click [Login].
At this point, we have logged into our OKX account. Click on [Go to Verification] on the homepage; we first need to complete the basic verification by providing personal information and address information, then click [Verify Now].
The country is already selected; for document type, just normally select [ID Card]. Click [Next], and choose [Manually Input Information].
Normally input your name and ID number, and click [Submit] to complete it. Now you have completed the basic level one verification; after passing level one, you also need to verify level two. After completing level two verification, we can deposit and withdraw funds. My suggestion is to also complete level three verification.
Binding payment methods
Click the nine dots in the upper left corner, click [C2C Trading], and then click [My] in the lower right corner.
Click [Payment Account Management], click [Add Now], and select the payment method.
There are options for bank cards, Alipay, and WeChat. We choose "Bank Card," input the account number and bank name, receive a verification code, and click [Save]. At this point, your bank card is registered.
How to add Alipay and WeChat? Let’s demonstrate. Click [Alipay], input your Alipay account, and add your Alipay QR code. Send a verification code, and click [Save]. At this point, our Alipay has been successfully added. WeChat follows the same method, and I won't demonstrate it again here.
Depositing funds
After adding the payment method, we need to deposit funds. We want to buy USDT and then use USDT to buy BTC, ETH, or any cryptocurrency you want. Click [I Want to Buy Coins], and select [C2C Buy Coins].
Click "Filter" and choose the payment method you need. There are options for bank cards, Alipay, and WeChat. I will use Alipay for demonstration; select "Alipay" and click [Confirm].
Input the amount we want to buy, for example, I will use 100 yuan for demonstration. Below, it will automatically filter out merchants who can transact above 100 yuan. At this point, it is very important; we need to be cautious and not just randomly choose a merchant for the transaction. We should try to select merchants with higher transaction volumes and higher success rates. The 54,000 order looks very reliable, so we directly click on the [Buy] for that merchant.
Input the amount we want to purchase, and click [Buy USDT with 0 fees].
Click [Chat], then click [Go to Payment], and click [View QR Code]. Open Alipay and pay the amount you want to buy. After payment is completed, click [I Have Paid], and wait for the seller to release the coins to us.
You can see that 13.47 USDT has been credited.
Buying Bitcoin
How do we conduct transactions? First, click on [Assets] in the lower right corner, select [Funding Account] at the top, and click [Transfer Funds].
The coins we just purchased are in the funding account. So we need to transfer them from the funding account to the trading account. The transfer direction is from the funding account to the trading account, select USDT as the currency, input the amount, and click [Confirm]; at this point, the transfer is complete.
Click [Trading] below, and in the upper left corner, there is "BTC/USDT"; here you can choose BTC, ETH, or any coin you want to buy. Search for the coin you want to buy in the search box, for example, "BTC," and click "BTC/USDT."
Click on any red price on the right, input the purchase amount, for example, we will buy 10 USDT. Click [Buy BTC] to successfully buy.
Click [Assets], select [Trading Account] at the top, and here you can see the BTC you just purchased.
To sell, it is the same as before; click the [Trading] button below, select [Sell], then choose a red price, input the sell quantity, and click [Sell BTC]. The sell order will be displayed below. After the sale is successful, our BTC will be converted back to USDT. The demonstration of buying and selling coins is complete here.
Withdrawing funds
Next, I will show you how to withdraw funds. Click [Funding Account], and again click [Transfer Funds]; at this point, we need to transfer USDT from the trading account to the funding account for withdrawal. Be careful not to get the transfer direction wrong. Select USDT as the currency, input the amount, and click [Confirm]; at this point, your money will arrive in the funding account.
Click [I Want to Buy Coins], and select [C2C Buy Coins].
Click [Sell] at the top, filter the payment method, and again select "Alipay," input the quantity to sell.
At this point, we still need to choose a merchant with high transaction volume and high success rate. I will trade with this merchant with 35,000 transactions, click [Sell]. Input the quantity you want to sell, click [Sell USDT with 0 fees]. Send the verification code, input the verification code, and then click [Sell].
At this point, we just need to wait for the buyer to pay. After the buyer has paid, check the buyer's nickname; if we verify there are no issues, click [Confirm Receipt], input their name, and click [I Have Confirmed] to successfully release the coins. It is recommended to save every transaction. Now we have completed the withdrawal operation.
This is the complete process of registration, installing the APP, logging in, identity verification, depositing funds, buying the coins we want, selling our coins, and then converting the sold coins into cash.
What risks does Bitcoin have?
High price volatility: Bitcoin's price can surge or plummet in a very short time. For example, after Bitcoin approached $20,000 in December 2017, it fell to around $3,000 the following year; after reaching nearly $69,000 in 2021, it briefly dropped below $16,000 in 2022. Market sentiment, large institutional buying and selling, regulatory dynamics, macroeconomic conditions (such as interest rates), technological developments, and even social media comments can trigger severe fluctuations. There are no limits on price movements, significantly amplifying the risks.
Regional regulatory issues: Countries have vastly different attitudes towards Bitcoin. In China, enterprises have been banned from engaging in cryptocurrency trading and related businesses; the United States, European Union, Japan, etc., allow it but are actively formulating regulatory frameworks; El Salvador has designated it as legal tender. Changes in regulatory policies (such as increased restrictions or taxation) can greatly impact the market. The legal status of Bitcoin (commodity? asset? currency?) has not been fully clarified in most countries, leading to potential legal risks.
This is the entire process of entering Bitcoin investment. In fact, the whole process is not difficult; it may just be unfamiliar for novices. During this process, we need to pay attention to the safety of funds; whether you are depositing or withdrawing, always confirm the safety of the funds before proceeding, as this is a relatively safe practice. During the operation, there is no need to be too nervous; any issues can be resolved, as this platform has been running for a long time, and the operations are quite simple. If any problems arise, you can seek help from customer service on the platform.