No More P2P: Buy Bitcoin in 5 Minutes
45sHighlights a pain point (avoiding strangers) and promises a quick, secure solution, appealing to crypto newcomers.
▶ Play ClipAI Summary
This video demonstrates a new method to buy Bitcoin and other cryptocurrencies on the OKX exchange using local bank transfers (SPEI in Mexico, PSE in Colombia), eliminating the need for P2P trading. The process is shown to take less than 5 minutes and is presented as easy, quick, and secure.
Chapters
[00:02]
New method to buy crypto with local currencies
OKX now allows buying cryptocurrencies with Mexican or Colombian pesos via bank transfer, avoiding P2P interactions with strangers.
[00:17]
Requirements
You need a verified OKX account and the OKX mobile app, as the feature is only available in the app.
[00:43]
Account verification and app download
A video on creating and verifying an account is linked; the app is available on App Store or Play Store.
[01:09]
Activating virtual account and selecting currency
Press 'activate virtual account' in the buy section, then select your national currency (Mexican or Colombian peso).
[01:35]
Choosing cryptocurrency and amount
Select the cryptocurrency (e.g., Bitcoin) and enter the amount in local currency or crypto.
[02:01]
Final quote and exchange rate
The app shows the exchange rate (e.g., 17.41 MXN per USDT) and the amount of Bitcoin to be received.
[02:27]
Payment order details
A payment order is generated with a 10-minute window to complete the bank transfer, including the exact amount and reference number.
[02:40]
Making the bank transfer
The transfer is made from the bank app; the beneficiary name may not be required, but if asked, use the provided details.
[03:07]
Confirming payment in OKX
After transferring, swipe 'confirm payment' in the OKX app to process the order.
[03:19]
Deposit processing and conversion
OKX deposits USDT and automatically converts it to Bitcoin; the deposit is completed within a couple of minutes.
This method provides a straightforward, secure way to buy Bitcoin using local bank transfers, bypassing P2P risks, and is expected to expand to more Latin American currencies soon.
Mentioned in this Video
Tutorial Checklist
Study Flashcards (5)
What is the first requirement to buy crypto with local bank transfers on OKX?
easy
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What is the first requirement to buy crypto with local bank transfers on OKX?
easy
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A verified OKX account and the OKX mobile app.
00:17
Which currencies are currently supported for this method?
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Which currencies are currently supported for this method?
easy
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Mexican peso and Colombian peso.
01:09
How long do you have to complete the bank transfer after generating the payment order?
easy
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How long do you have to complete the bank transfer after generating the payment order?
easy
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Exactly 10 minutes.
02:27
What does OKX do after receiving the bank transfer?
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What does OKX do after receiving the bank transfer?
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It deposits USDT and automatically converts it to the chosen cryptocurrency (e.g., Bitcoin).
03:19
What is the exchange rate example given in the video?
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What is the exchange rate example given in the video?
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1 USDT = 17.41 Mexican pesos.
02:01
💡 Key Takeaways
💡
Eliminating P2P risks
Highlights a safer alternative to P2P trading, a common pain point for crypto buyers in Latin America.
00:02
📊
Local currency support
Shows OKX's expansion into Latin American markets, making crypto more accessible.
01:09
📊
10-minute payment window
Emphasizes the speed and efficiency of the process, a key selling point.
02:27
🔧
Automatic conversion
Demonstrates the seamless integration of fiat-to-crypto conversion within the app.
03:19Full Transcript
[00:02] which will allow you to buy cryptocurrencies with Mexican or Colombian pesos by making a bank transfer. With this new method, you will no longer have to interact with strangers in P2P trading. From now on, in
[00:17] less than 5 minutes, you can buy Bitcoin easily, quickly and securely. Let me show you how to do it. To do this process, you'll only need a couple of things. The first thing you will need is a verified OKX account. If for
[00:30] account yet, I'll leave the official link in the description . By using this link you would be supporting the channel, this is at no cost to you and in return you will get a 10% discount on commissions for life. Also in the
[00:43] description and above you will find a video on how to create and verify an account. The second thing you need to do is download the OKX application, as this function is only available from the app. This app will be
[00:55] available in your App Store or Play Store. Once your account is ready, log into the application and under home we are going to press this button that says buy. first time doing this process, you will see a button here that
[01:09] says activate virtual account. This is simply a matter of pressing a button to activate minutes. Here you select your national currency. In my case, the Mexican peso is already available , but the Colombian peso is also available here at the moment
[01:22] . I think they'll add the Argentine peso soon, and I suppose they'll keep Latin American currencies. Here you will select the cryptocurrency you wish to buy. Basically, they're all available here . You choose whichever one you
[01:35] want. For the purposes of this video, I'm going to buy Bitcoin. Up here you can enter the amount in Mexican pesos, or if you click on this little arrow, you Bitcoin, whatever you want. In my case, I'm going to buy exactly 1,000
[01:48] Mexican pesos and I'll be paying by bank transfer, pressure, or preview. The 1,000 pesos are roughly equivalent to this amount of USDT, which is the representation of the US dollar, and in Bitcoin this is what we
[02:01] will be getting. We press next. Here it gives us a final quote and shows us how much they are taking the Mexican peso at, that each USDT is equivalent to 17.41 PES, which if you take as a reference the
[02:14] exchange rate offered by Google, that is less than one cent below, which Bitcoin we will be receiving, the payment by bank transfer, and we press buy BTC. And a payment order has been generated here. It shows me
[02:27] the time I have to complete the order, which is exactly 10 minutes. the order will be cancelled. The exact amount I need to transfer from my bank account and the password number I require to make the transfer.
[02:40] make the transfer and I'll come back in a second. had no problems. In fact, he didn't even ask me for the concept or the beneficiary. But if they ask you for the beneficiary's name, then you should
[02:54] going to show you the transfer that has already been made and is now successful. Once you have successfully made the transfer , you will come back here to the OKX application and you will swipe this section that says swipe
[03:07] to confirm payment and swipe. And at this moment the order is already being processed. I'm going back and then we'll go to assets and here you can see the notification that a deposit is being processed. At this
[03:19] point, we simply have to wait for this operation to be executed. A couple of minutes have passed and right here, under our assets, it shows that the deposit has already been completed. What OKX did was deposit the USDT, which appears here,
[03:32] and then automatically converted that USDT into Bitcoin. And here we already have this amount in Bitcoin. And as you may have noticed, this was a simple method to buy Bitcoin or any other cryptocurrency in Colombia
[03:46] about this process, you can leave them in the comments. I always do my best to answer. I'll also leave the official OKX link with these benefits in the description, and you'll also see a couple of
[03:58] videos up here. In this video, I'll show you the complete process of creating and verifying an account step by step on Okx. And here I'll show you how to use the application show you how to use the application from beginning to end.
