Okcoin Reviews: A Better Way To Bitcoin?
Star Xu launched Okcoin review in Beijing, China, one of the most reputable fiat-to-crypto businesses in the world, in 2013. Okcoin developed the platform to include trading pairs with high liquidity supplied by the hot wallet, profitable interest-earning programs, and a number of altcoin markets.
|Headquarters||San Francisco, California|
|Supported Fiat Currencies||USD, Euro, Japanese Yen|
|Transaction Fees||Maker – 0.10% to 0.00%|
Taker – 0.20% to 0.02%
|Application||iOS and Android|
|Customer Support||Email, Telephone, Ticketing system, Live chats & FAQs Support|
In 192 nations throughout the world, it provides extensive features and over 30 trading pairs for both novice and high-volume traders. Okcoin is a Financial Crimes Enforcement Network-registered MSB, or Money Services Business. All customers will continue to have access to cryptocurrency assets thanks to its compliance with strict regulatory requirements.
Reviews offer neutral information, but they shouldn’t be interpreted as investment advice. The straightforward piece of advise is to thoroughly investigate the site before investing.
What Is Okcoin Exchange?
Okcoin was created in 2013 in Beijing, China by Star Xu. It is among the greatest platforms for trading digital assets, allowing users to trade fiat deposits against cryptocurrencies like Ethereum, Bitcoin, Ethereum Classic, Litecoin, and Bitcoin Cash. The exchange is simple to use for both experts and regular people. By reducing trading restrictions, such as those relating to margin trading, globally, they seek to create an exchange that is dependable and effective. Asia and China are the two main target markets for Okcoin users worldwide.
Customer happiness and honest, quick, and trustworthy service are OC’s top priorities. They offer products and services like cold storage, security encryption, and ongoing withdrawal and deposit monitoring. It was also designed to satisfy the requirements of the users, including the necessity for a mobile app to access the exchange platform. Additionally, Okcoin offers a variety of trade options for more experienced traders, including futures, leverage trading, trailing stops, Iceberg orders, etc.
How to Use the Okcoin Exchange?
Okcoin exchange is extremely user-friendly and gets the trading done in just a few clicks. But before you start to deposit or withdraw money or funds, you have to register or sign up for one account, either corporate or personal, to get access to Okcoin. On completion, link your bank a/c with the newly made Okcoin a/c for easy exchanges.
Being the largest Bitcoin exchange, Okcoin has been experiencing enormous pressure from different regulators across many countries. It has not been able to offer service in almost nine countries due to these regulatory issues. According to reviews of Okcoin, the attack on cryptocurrency exchanges by the Chinese government also significantly affected Okcoin trading. Huobi, a main and one of the best crypto exchanges in Singapore & China, OC had announced they would stop their exchanges for the local users as per the government’s regulations.
However, it continues to operate the best cryptocurrency exchange for non-Chinese markets. It was speculated that many Chinese professional companies would opt for overseas exchanges. Huobi and OC were particular targets since they were functioning without any suitable anti-money laundering systems and KYC.
Pros and Cons
|Above-par liquidity||Requires verification for withdrawals|
|Futures and Margin trading are available||Less variety of tradeable crypto assets|
|Competitive and low trading fee||Lacks MetaTrader platforms|
|Advanced platform||BTC trading volume artificially inflated|
|Fiat currency withdrawals and deposits|
Blockchain and Bitcoin exchange on the Okcoin exchange platform has maintained a constructive reputation in the crypto market. Users can benefit from Okcoin exchange by following the steps mentioned below –
Step 1 – Okcoin Sign-up
To access an Okcoin, sign-up on the Okcoin exchange website. Fill up the given form, tick the agreement box, and click Sign-Up to log in to the new Okcoin account from its website.
Step 2 – Verification
People have to verify their identity to secure their assets on the website. Unless the verification process is completed, funding will not be available. So, sign in and fill in your details in your Profile section on the website.
Completion of level 1 will allow withdrawals of not more than 2 Bitcoin. To withdraw more than 2 Bitcoins, complete level 2 by uploading images of address proof and passport. To withdraw more than 50 Bitcoins, contact business support. Insert the correct personal details since no changes can be made once the verification is complete.
Step 3 – 2-FA Security
2FA is 2-factor authentication, a security method used to confirm the claimed identity of any user by using a combination of 2 different factors. In a cryptocurrency exchange, what users know is the login details – user ID and password – and what the users have is the code – which the user receives either through an SMS or from mobile apps like Authy or Google Authenticator. So, get this 2FA by going to the Security section and select Google Authenticator. Scan the given security barcode, insert the numbers and Confirm.
Step 4 – Fund Okcoin Account
Select Fund and click Token Deposit. Choose the token and scan the given QR code or copy the deposit address. Find the deposit history in the Token Deposit section for reviewing the funding transactions.
Step 5 – Bitcoin Trades on Okcoin
Once the funds have been deposited in the account, you can start trading Bitcoin cash. Select Trade and choose the trading token. Fill in the Okcoin price and money amount to be traded and then select Buy. You can check the Order History or Open Order to view the trading on the Trade page.
Types of Okcoin Account
Users can choose from two types of accounts – Corporate Accounts and Personal Accounts. For Corporates, users can include 20 or more designated individuals, while Individuals is a one-person account. However, the verification levels are different –
Level 1 Verification – Deposits up to USD 2000 are permitted per day. No withdrawals are allowed.
Level 2 Verification – Deposits and withdrawals up to USD 50,000 permitted per day for personal a/c and up to USD 500,000 per day for corporate a/c. This verification level requires a bank statement or utility bill as proof of residence and a photocopy of govt ID card or passport.
Additionally, VIP levels are achieved by gathering reward points after completing KYC details and trading. These VIP levels decrease the trading fees amount and decide the limits of borrowing and trading leverage.
Deposit and Withdrawal
Deposits can be made in the local currency through the instant transfer option from the bank a/c. But these deposits are subject to limits. No Okcoin fees are charged on instant transfers, and the funds are generally available to every basic user immediately.
To deposit in Okcoin:
- Log in and open My Assets, and select Deposit.
- Select the currency type from the given options and then select the payment method.
- If your bank a/c is not linked to your Okcoin a/c, link them before selecting the payment method.
Worth mentioning, bank accounts added for instant transfers will not work for wire transfers. If you want to use your bank account for wire transfers, add your bank again and route info while creating the wire transfer. To link bank accounts with Okcoin accounts, Okcoin offers Plaid that uses your bank’s username & password. The name used in the bank and accounts should match, or else they will not be linked.
Once the bank account is linked, select your account from the drop menu and then select the Okcoin account where the funds will be sent. Enter the amount and enter Submit to complete the method of dropping deposits. Notably, “deposits” mean transfers of fiat deposits from your bank to your Okcoin account.
To withdraw funds, log into the account and select Assets. From the drop menu, select Withdrawal. Or click on My Assets and then Withdrawal.
Select the crypto type you want to withdraw from the Withdrawal page, e.g., ETH, BTC. Transfer your crypto to the internal wallets of Okcoin or send the currency externally to a wallet or address of your choice.
Internal wallets are only for 3rd party services and businesses using the wallet infrastructure of Okcoin. After entering the wallet address, you may enter an address tag, if needed, then submit the withdrawal request.
Okcoin Trading Fees
Generally, a trade occurs between 2 parties – the taker (the party that places an order, matching the marker’s order) and the maker (party whose orders exist on the order book before the trade occurs). Market makers make the market liquid while takers remove this liquidity by matching the marker’s order with their order.
Low fees make the Okcoin exchange popular. Taker fees on the trading platform are 0.20 percent, in line with the industry average. The exchange offers discounts to the makers, which brings down the maker fees to 0.10 percent. This helps investors unwilling to pick up the existing order from their order book. The fee schedule has made Okcoin one of the most successful trading platforms globally, with a high trading volume. The low fees are unparalleled in the international market, especially in the Chinese market.
Trading fees are determined on the sliding scale, and it takes into account the monthly volume. The taker fees fall as the trading volume increases, while the maker fees remain zero.
Deposit & Withdrawal Fees of Okcoin
The US dollar or USD is the only acceptable currency for deposits, which can be deposited in 2 ways – bank transfer & wire transfer. The transfer fee for individual users is 0.1 percent of the transferred amount, whereas, for corporate users, the transfer fee is zero. However, bank fees are not included in this deposit fee. Withdrawals in USD are possible through bank transfer or wire transfer; both cost a 0.10 percent fee along with a minimum fee of 15 USD. However, Litecoin and Bitcoin withdrawals are free.
How to Place an Order on Okcoin?
A limit order is an order to sell or purchase any amount at a particular price or even better. Once you have placed a limit order, the system automatically posts it on your order book and matches it with the other orders available. An Iceberg Order is one of the order strategies covering full-order size directly from the book of orders. It breaks large orders into several tiny limit orders. In Trailing stop orders, as the order turns more profitable, the stop price also modifies. Trail orders help protect the capital when they change due to the change in the profits. Another order for selling and buying cryptocurrency immediately at the current market prices is the market order.
Placing an order on Okcoin
Open the trading section and click on the drop-down menu. Select the type of order you want to place from the order bar and choose whether you want to purchase or sell.
Supported Countries and Cryptos
Supported Countries – Around 192 countries buy and sell crypto on the Okcoin trading platform except for the following countries-
- North Korea
Supported Crypto Coins on Okcoin:-
- Bitcoin Cash ABC
- Celo Coin
- Celo Dollar
- EOS Token
- Ethereum Classic
- Gemini Dollar
- Grin Coin
- Hedera Hashgraph Coin
- Paxos Standard
- Polkadot Coin
- Stacks Coin
- STASIS EURS Token
- TRON Coin
- Uniswap Token
- USD Coin
Okcoin is a scam?
Many professional traders ask a common question – Is Okcoin a scam? Well, scams generally operate in legit exchanges also. Sometimes, even a professional trader cannot mark the difference between a scam and a legit platform. However, Okcoin is well regulated by top regulatory authorities, and hence, it is not a scam. Okcoin is extremely reliable and secure with transparent terms of services and a positive step to enhance customer satisfaction.
Okcoin’s customer support is excellent, especially for crypto and other exchanges. The support system includes email, telephone support, ticketing system, and live chats. The representatives are not only professional but friendly with quick and effective responses. Moreover, Okcoin features a page just for FAQs answering the most commonly asked questions by average as well as advanced traders.
To sum up, we have discussed how trustworthy this fantastic exchange is in this Okcoin review. For high-volume traders, including novice and seasoned investors, it provides complex trading modes and features. It ranks among the top bitcoin exchanges as a result. But it’s crucial to remember that every exchange has its own trading philosophy. Investors can therefore choose their best trading strategy based on their needs.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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