OKCoin Review 2020
OKCoin is the largest Bitcoin exchange in the world by volume with over 16 million Bitcoins transacted per month. The cryptocurrency exchange is based out of Beijing, China and was founded in 2013 by a highly technologically experienced individual known as Star Xu. The OKCoin exchange primarily services users from China and the Asian markets but accepts traders from all over the world.
- Trading Platforms
- Trade Types/Instruments
- Account Types
- Commissions and Spreads
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
As with most cryptocurrency exchanges, OKCoin is not regulated by any reputable financial regulatory authorities. However, the exchange has built up a viable reputation among its users and the cryptocurrency community.
The OKCoin exchange may not be regulated, but that doesn’t mean it’s not reliable. OKCoin has proven itself to be a very trustworthy exchange and employs the latest security and encryption protocols for the protection of their users. For instance, OKCoin integrates bank-level SSL security encryption, cold storage for the majority of their cryptocurrency, GSLB and distributed servers, and real-time account monitoring of deposits and withdrawals.
OKCoin features one of the most advanced and stable trading platforms for the trading of Bitcoin and a select other few cryptocurrencies. The trading platform web-based and is geared towards more professional traders but at the same time is simple enough for beginners to use as well. The platform comes complete with an advanced chart that can be viewed in full screen. Also, all the trading tools and technical indicators are available for in-depth technical analysis. The platform and website are very responsive and easy to navigate. The interface is intuitively designed, allowing for beginner and advanced traders to benefit from this platform and all the trading options available to them.
OKCoin Mobile Trading
OKCoin features downloadable mobile applications for both Apple and Android mobile devices. The trading application utilizes all the features of the web-based platform in a mobile-enhanced version of the platform.
OKCoin is the perfect exchange for experienced traders as they offer traders a variety of advanced trade types. Traders can participate in margin trading, futures, place Iceberg orders, trailing stop orders, and TWAPs. The OKCoin exchange does not offer as many cryptocurrency assets as many other cryptocurrency exchanges but makes up for it with the advanced trade types. The cryptocurrencies available for trading are Bitcoin, Litecoin, Ethereum, Ethereum Classic, and Bitcoin Cash, and they can all be traded against both USD and CNY.
Users of OKCoin all fall under the same account type but there are different verification levels which grant traders greater deposit and withdrawal amounts. See below an overview of the verification levels.
Level 1 Verification permits up to $2000 USD per day but does not allow withdrawals. The following is required for level 1 verification.
- Passport or ID number
Level 2 Verification permits up to $50,000 USD in deposits and withdrawals per day for personal accounts and up to $500,000 USD per day for corporate accounts. All the standard verification is required plus:
- A photo of your passport or government issued ID card
- A utility bill or bank statement showing proof of residence
In addition to these verification levels, there are also VIP levels that are achieved by collecting reward points from trading and completing KYC information. The VIP levels reduce the amount of trader fees and determine the trading leverage and limits for borrowing. The VIP levels are as follows:
- Basic User: < 8,888 points
- VIP 1: > 88,888 points
- VIP 2: > 88,888 points
- VIP 3: > 288,888 points
- VIP 4: > 588,888 points
- VIP 5: > 888,888 points
- Gold Account: A paid account
Commissions and Spreads
The fee structure imposed by OKCoin is very low for both the Chinese and International markets. The trading fees are based on a sliding scale that refers to monthly volume on the exchange. Maker fees are non-existent, while taker fees vary but drop as trading volume increases, (taker fees range from 0.20% – 0.10%). When trading futures, traders incur a 0.03% on open positions.
Deposits and Withdrawals Options
Deposits and withdrawals can be completed with cryptocurrencies and fiat money including USD or CNY. For cryptocurrencies, deposits and withdrawals are simply completed by sending the coins to and from your personal cryptocurrency wallet and your cryptocurrency wallet on the exchange. As for fiat deposits and withdrawals, only bank and wire transfers are accepted at OKCoin, and a fee of 0.1% is incurred.
Bonus and Promotions
Unfortunately, OKCoin does not offer their users any sort of bonuses or promotions for trading. The cryptocurrency exchange is already very successful and highly liquid, so they have no need to entice new traders to their platform.
OKCoin excels in the area of customer support, especially for a cryptocurrency exchange. The support options available to traders include email, live chat, telephone support, and a ticketing system. Support representatives are professional and friendly with their responses and typically respond within an hour. Additionally, OKCoin features an FAQ page where traders can find answers to most questions they might have.
Pros and Cons
- Very high liquidity
- Can trade on Margin and in Futures markets
- Low and competitive fees
- Advanced trading platform
- Fiat currency deposits and withdrawals
- Verification required for withdrawals
- A small variety of tradeable cryptocurrency assets
Is OKCoin regulated?
No. OKCoin is not a regulated cryptocurrency exchange under any financial regulatory agency.
Where is OKCoin based?
OKCoin is based out of Beijing, China.
How does OKCoin make money?
OKCoin makes its money by charging their clients trading and withdrawal fees.
How do I deposit in OKCoin account?
OKCoin accepts cryptocurrency deposits as well as USD and CNY deposits made via bank and wire transfers.
How do I withdraw money from OKCoin?
Withdrawals of funds from OKCoin can be made the same way as deposits, through bank and wire transfers for fiat money, and through cryptocurrency transfers between digital wallets.
How do I open an account with OKCoin?
To open an account at OKCoin, simply provide an email address and password to set up an account. You will then be required to submit identity verification information for deposits and withdrawals.
Is OKCoin reliable?
Yes, OKCoin is reliable and trusted by many people from all around the world.
Does OKCoin use MetaTrader?
No. OKCoin utilizes their very own proprietary web-based trading platform.
What is OKCoin leverage?
The maximum leverage offered by OKCoin is 2 – 3x leverage.
Is OKCoin a scam?
No. OKCoin is not a scam even though it is not regulated.
How safe is OKCoin?
OKCoin is a safe cryptocurrency exchange as they use the latest encryption technology to help to secure its website from hackers and enables two-factor authentication for logins and withdrawals.
OKCoin is an excellent exchange for the advanced trading of some of the most popular cryptocurrencies on the market. The exchange is highly liquid and is trusted by many people from all over the world. The OKCoin trading platform is very responsive and beautifully designed. It also offers advanced trading types and features for experienced traders.
- Bitcoin Cash
- Ethereum Classic
- Cape Verde
- Sri Lanka
- United Kingdom
- Solomon Islands
- Trinidad and Tobago
- Burkina Faso
- South Sudan
- Virgin Islands, British
- South Korea
- Saint Vincent and the Grenadines
- Saint Kitts and Nevis
- Vatican City
- Papua New Guinea
- Cote d'Ivoire
- Dominican Republic
- Equatorial Guinea
- Bosnia and Herzegovina
- Hong Kong
- Sierra Leone
- Saudi Arabia
- Cayman Islands
- Czech Republic
- Sao Tome and Principe
- United Arab Emirates
- Marshall Islands
- New Zealand
- Antigua and Barbuda
- San Marino
- Central African Republic
- Costa Rica
- El Salvador
- South Africa
- Isle of Man