This page provides technical information on how to interact with independent, third-party decentralized exchanges (DEXs). The assets herein are not accessible via the OKX Centralized Exchange, and OKX does not facilitate their trading. Digital assets displayed are automatically generated based on popularity ranking. OKX does not provide investment recommendations and is not responsible for any potential losses.
Discover how to buy OIL
Getting started with crypto can feel overwhelming, but learning where and how to buy crypto is simpler than you might think.
OIL
0x31e2...c3bd
$0.0₄92196
$0.00000 (-2.66%)
Last updated on --.
How to buy OIL on OKX DEX
Whether you’re new to DeFi or an experienced trader, follow this guide to buy OIL.
Step one
Get OKX Wallet
Create or import your Web3 wallet using the OKX app or web extension.
Step two
Fund your wallet
Transfer funds to your OKX Wallet. Make sure you’ve got the right network and crypto.
Step three
Start trading
Find the crypto you’re looking for and trade under your preferred trading mode.
What's OIL?
OIL is a digital token that helps make transactions easier and faster. Imagine it like a special kind of sticker that you can use to trade for things you want. It exists to solve the problem of slow and expensive transactions by making them quicker and cheaper. OIL is used in a network where people can exchange these tokens for services or goods, making it a useful tool for everyday activities.
How can I buy OIL?
1) Create an account on OKX by visiting the website and signing up with your email. 2) Verify your identity by providing necessary documents as per U.S. regulations. 3) Fund your account using a bank transfer, credit card, or other local payment methods. 4) Once your account is funded, search for OIL in the marketplace. 5) Place a buy order by selecting the amount of OIL you wish to purchase and confirm the transaction.
Why do people buy OIL?
People buy OIL because it can be used for various practical purposes, like paying for services or participating in certain digital networks. It is part of a growing ecosystem where digital tokens are becoming more common for everyday transactions. OIL can also be used in applications that require fast and efficient transactions, making it a useful tool in the digital economy. However, it's important to understand its limitations and ensure it fits your needs.
Things to know before buying OIL in the United States
In the United States, cryptocurrencies like OIL are legal but regulated. You must complete KYC (Know Your Customer) and AML (Anti-Money Laundering) checks when setting up an account. Be aware that any gains from selling OIL may be subject to capital gains tax. If you earn OIL through staking or other means, it might be considered taxable income. Always consult a tax professional for specific advice regarding your situation.
What are other ways to own OIL?
You can obtain OIL without buying it by participating in airdrops, where tokens are distributed for free. Some platforms offer Learn-and-Earn programs, rewarding you with OIL for completing educational tasks. Participating in network activities like staking or providing liquidity can also earn you OIL. These methods require effort and understanding of the risks involved, such as market volatility and potential loss of tokens.
How can I store my OIL?
To keep your OIL safe, you can choose between custodial and non-custodial storage. Custodial storage means a third party holds your tokens, while non-custodial storage gives you full control. Hot wallets are online and convenient but less secure, while cold wallets are offline and more secure. Always back up your wallet and keep recovery phrases safe. Use OKX's secure storage options to protect your OIL from loss or theft.
Why should I buy OIL on OKX in the UAE?
Learn more about the security measures keeping your OIL safe and readily available.
Best aggregated prices
OKX DEX aggregates major DEXs for the best prices and liquidity.
Secure transactions
OKX DEX is fully on-chain, protecting your wallet and flagging any potential risks.
Cross-chain made easy
OKX DEX’s bridge aggregator lets you easily bridge tokens across networks.
Diverse trade options
OKX DEX offers trading modes tailored for various trading needs.
Learn more about how to buy OIL (OIL)
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See what you can do with your crypto
Now that you’ve mastered the art of buying crypto, check out its potential.
Trade your crypto
Take advantage of price fluctuations and trade your crypto for other assets using OKX DEX.
HODL, or hold onto your crypto
If you think your crypto will increase in value over time, you can keep it in your wallet.
Stake your crypto or join campaigns
Explore the Discover page and participate in eligible staking opportunities or other campaigns.
How to buy crypto FAQ
1. Digital wallet
2. Existing cryptocurrency, such as BTC, ETH, or SOL, to be used as a base currency for swaps.
2. Existing cryptocurrency, such as BTC, ETH, or SOL, to be used as a base currency for swaps.
The phrase "crypto swap" is used to refer to the act of swapping one cryptocurrency for another without using a conventional exchange.
To swap on DEX, you’ll need to:
1. Set up and connect your digital wallet to the DEX you choose
2. Select OIL (OIL) as the crypto you want to swap from and to
3. Indicate the amount of cryptocurrency you wish to swap for OIL (OIL)
4. Execute the transaction
1. Set up and connect your digital wallet to the DEX you choose
2. Select OIL (OIL) as the crypto you want to swap from and to
3. Indicate the amount of cryptocurrency you wish to swap for OIL (OIL)
4. Execute the transaction
Slippage is the difference between the price a trader expects to pay or receive, and the price they actually pay. It occurs when a market moves as trade is happening. Slippage usually happens during periods of high volatility, and exchange rate changes.
These are tips to consider when choosing a secure wallet for DEX:
• Cold Wallets (Offline): Hardware wallets that are not connected to the internet make them highly secure against hacks.
• Hot Wallets (Online): OKX offers integrated wallets for easy access to your crypto. Ensure they are protected with 2FA and encryption.
• Backup Features: A good wallet allows you to back up your private keys securely.
• User Control: Opt for wallets where you hold your private keys, ensuring full ownership of your crypto.
• Cold Wallets (Offline): Hardware wallets that are not connected to the internet make them highly secure against hacks.
• Hot Wallets (Online): OKX offers integrated wallets for easy access to your crypto. Ensure they are protected with 2FA and encryption.
• Backup Features: A good wallet allows you to back up your private keys securely.
• User Control: Opt for wallets where you hold your private keys, ensuring full ownership of your crypto.
Disclaimer
This is provided for informational purposes only. It is not intended to provide (i) investment advice or an investment recommendation, (ii) an offer, solicitation, or inducement to buy, sell or hold digital assets, or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, are subject to market volatility, involve a high degree of risk, and can lose value. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. Please consult your legal/tax/investment professional for questions about your specific circumstances. Not all products are offered in all regions. For more details, please refer to the OKX Terms of Use and Risk Warning. OKX Web3 Wallet and its ancillary services are subject to separate Terms of Service.
You are viewing content that has been summarized by AI. Please be aware that the information provided may not be accurate, complete, or up-to-date. This information is not (i) investment advice or an investment recommendation, (ii) an offer, solicitation, or inducement to buy, sell or hold digital assets, or (iii) financial, accounting, legal or tax advice. Digital assets are subject to market volatility, involve a high degree of risk, and can lose value. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. Please consult your legal/tax/investment professional for questions about your specific circumstances.
You are viewing content that has been summarized by AI. Please be aware that the information provided may not be accurate, complete, or up-to-date. This information is not (i) investment advice or an investment recommendation, (ii) an offer, solicitation, or inducement to buy, sell or hold digital assets, or (iii) financial, accounting, legal or tax advice. Digital assets are subject to market volatility, involve a high degree of risk, and can lose value. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. Please consult your legal/tax/investment professional for questions about your specific circumstances.