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okcoin crypto exchange

Okcoin crypto exchange review and features

  • 10 March 2022
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Okcoin is one of the most trustworthy exchange companies in the world, founded in 2013 by Star Xu in Beijing, China. Okcoin crypto exchange expanded the platform with high liquidity trading pairs provided by the hot wallet, profitable interest schemes, and multiple altcoin markets.

It offers over 30 trading pairs and advanced features for novice and high-volume traders in 192 countries worldwide. Okcoin is a registered MSB or Money Services Business with the Financial Crimes Enforcement Network. The aim is to continue to make crypto assets accessible to all customers while maintaining high regulatory compliance standards.

Okcoin reviews provide unbiased information but are not to be construed as financial advice. The simple advice is to do extensive research on the platform before investing.

What is the Okcoin crypto exchange?

Star Xu developed the Okcoin crypto exchange in 2013 in Beijing, China. It is one of the best-digitized asset trading platforms that offer fiat deposit trading with cryptocurrencies like Ethereum, Bitcoin, Ethereum Classic, Litecoin, and Bitcoin Cash. The exchange is user-friendly for both professionals and individuals. They aim to create reliable and efficient exchanges by removing trade barriers, including margin trading, on a global scale. Among global Okcoin users, Asia and China are their top target markets.

Okcoin’s main priority is to provide customer satisfaction and transparent, fast and reliable support. They offer the services and products such as B. Cold storage, security encryption, and monitoring of deposits and withdrawals. It was also created to meet customers’ needs such as B. a mobile application in both android and IOS platforms to access the exchange. In addition, for advanced traders, Okcoin offers a wide range of trading types, such as futures, margin trading, trailing stop, iceberg orders, etc.

How to use the Okcoin crypto exchange?

The Okcoin crypto exchange is extremely user-friendly and gets trading done in just a few clicks. But before you start depositing or withdrawing funds or funds, you need to register or sign up for a corporate or personal account to gain access to Okcoin. Once complete, link your bank air conditioner to the newly created Okcoin air conditioner for easy exchanges.

Regulation of Okcoin

As the largest bitcoin exchange, the Okcoin crypto exchange has faced tremendous pressure from various regulators in many countries. Due to these regulatory problems, it was not possible to offer services in almost nine countries. According to Okcoin reviews, the Chinese government’s attack on cryptocurrency exchanges has also significantly impacted Okcoin trading. Huobi, a major cryptocurrency exchange platform in China, and Okcoin had announced that they would stop their exchanges for the local users following government regulations.

However, it still operates cryptocurrency exchanges for non-Chinese markets. It was speculated that many Chinese professional companies would choose overseas exchanges. Huobi and Okcoin were particular targets as they functioned without proper anti-money laundering and KYC systems.

Pros and cons of Okcoin crypto exchange

Advantages

  • Above-average liquidity
  • Futures and margin trading are available
  • Competitive and low trading fee
  • Extended platform
  • Fiat currency withdrawals and deposits

Disadvantage

  • Verification required for withdrawals
  • Less variety of tradable crypto assets
  • MetaTrader platforms are absent
  • BTC trading volume artificially inflated

Sign up for the Okcoin account

The blockchain and bitcoin exchanges on the Okcoin crypto exchange platform have maintained a solid reputation in the crypto market. Users and traders can benefit from the Okcoin crypto exchange by following the steps mentioned below:

Sign up for the Okcoin account

Step 1 – Okcoin Login

To access an Okcoin, log in to the Okcoin crypto exchange website. Fill out the given form, tick the contract box and click Login to log into the new account on Okcoin’s website.

Step 2 – Verification

People need to verify their identity to secure their assets on the Okcoin website. Funding is not available until the verification process is complete. So log in and enter your details in your profile section on the website.

Completion of Level 1 allows withdrawals of no more than 2 Bitcoin. To withdraw more than 2 Bitcoins, complete Level 2 by uploading proof of address and passport pictures. Contact Business Support to withdraw more than 50 bitcoins. Enter correct personal information as no changes can be made once verification is complete.

Step 3 – 2-FA security

2FA is 2-factor authentication, a security method used to confirm a user’s claimed identity by using a combination of 2 different factors. On a cryptocurrency exchange, users know the login credentials – user ID and password – and what the users have is the code – which the user receives either via SMS or from mobile apps like Authy or Google Authenticator. So get that 2FA by going to the Security section and selecting Google Authenticator. Scan the given security barcode, enter the numbers and confirm.

Step 4 – Fund Okcoin account

To fund Okcoin crypto exchange, select Fund and click Token Deposit. Select the token and scan the provided QR code or copy the deposit address. Find deposit history in the Token deposit section to review funding transactions.

Step 5 – Bitcoin Trades on Okcoin

Once the funds have been deposited into the Okcoin account, you can start trading Bitcoin Cash. Select Trade and select the trade token. Enter the Okcoin price and amount of money to trade, then select Buy. You can check order history or open orders to view trade on the trading page.

Types of Okcoin Accounts

Okcoin crypto exchange users can choose from two types of accounts – corporate accounts and personal accounts. For Corporates, users can include 20 or more specific individuals, while Individuals is a one-person account. However, the Confirmation levels are different –

Level 1 Verification – Deposits allowed up to $2000 per day. No withdrawals are allowed.

Level 2 Verification – Allowed deposits and withdrawals up to $50,000 per day for home air conditioners and up to $500,000 per day for commercial air conditioners. This level of verification requires a bank statement or utility bill as proof of residence and a photocopy of an ID card or passport.

In addition, there are VIP levels that are achieved by accumulating reward points after completing the KYC details and trading. These VIP levels reduce the number of trading fees and set borrowing limits and trading leverage.

Deposit and Withdrawal

Deposit method

Deposits can be made in local currency via bank a/c instant transfer option. But these deposits are limited. There are no Okcoin fees for Instant bank transfer and the funds are usually immediately available to any basic user.

Deposit into Okcoin:

Log in, open My Assets, and select Deposit.

From the given options select your currency type and then you can select the payment method.

If your bank air conditioner is not linked to your Okcoin crypto exchange air conditioner, link it before selecting the payment method.

It’s worth mentioning that bank accounts added for instant transfers will not work for transfers. If you want to use your bank account for transfers, add your bank again and submit information while creating the transfer. To link bank accounts to Okcoin accounts, Okcoin crypto exchange offers Plaid, which uses your bank’s username and password. The name used in the bank and Okcoin accounts should match, otherwise, they will not be linked.

Once the bank account is linked, select your account from the dropdown menu and then select the Okcoin account that the funds will be sent to. Enter the amount and hit send to complete the deposit filing method. Specifically, “Deposits” means transfers of fiat deposits from your bank to your Okcoin Account.

Withdrawal method

To withdraw funds, log in to the Okcoin account and select assets. Select Payout from the drop-down menu. Or click My Assets and then click Payout.

On the withdrawal page, select the type of crypto you wish to withdraw e.g. B.ETH, BTC. Transfer your crypto to Okcoin’s internal wallets or send the currency externally to a wallet or address of your choice.

Internal wallets are only for third-party services and companies using Okcoin’s e-wallet infrastructure. After entering the wallet address, you can enter an address tag if required, and then submit the withdrawal request.

Okcoin Review on Fees

Okcoin Trading Fees

In general, a trade takes place between two parties – the taker (the party that places an order and matches the marker’s order) and the maker (the party whose orders are in the order book before the trade takes place). Market makers make the market liquid, while takers remove that liquidity by matching the marker’s order to their order.

Low fees make the Okcoin crypto exchange popular. Taker fees on the Okcoin crypto exchange are 0.20 percent, in line with the industry average. The exchange offers rebates to makers, bringing maker fees down to 0.10 percent. This helps investors who are not willing to take the existing order from their order book. The fee schedule has made Okcoin one of the most successful trading platforms in the world with a high trading volume. The low fees are unique in the international market, especially the Chinese market.

Trading fees are determined on the sliding scale and take into account monthly volume. Taker fees decrease as trading volume increases, while maker fees remain zero.

Okcoin deposit and withdrawal fees

The US Dollar or USD is the only acceptable currency for deposits, which can be made in two ways – bank transfer and wire transfer. The transfer fee for individual users is 0.1 percent of the transfer amount, while the transfer fee for corporate users is zero. However, bank charges are not included in this deposit fee. Withdrawals in USD are possible via bank transfer or wire transfer; both cost a 0.10 percent fee plus a $15 minimum fee. However, the fees of Litecoin and Bitcoin withdrawals are free.

How do I place an order with Okcoin?

Here is a guide on how to place an order on the Okcoin exchange:

A limit order is an order to sell or buy any amount at a specific price or even better. Once you place a limit order, the system automatically posts it to your order book and matches it with the other available orders. An iceberg order is one of the order strategies that cover the entire order size directly from the order book. It divides large orders into several small limit orders. With trailing stop orders, the stop price will also change as the order becomes more profitable. Follow-up orders protect capital when they change due to changes in profit. Another order to sell and buy cryptocurrency immediately at the current market prices is the market order.

Place an order on Okcoin

Open the trading panel and click on the dropdown menu. In the order bar, select the type of order you want to place and decide whether to buy or sell.

Supported countries and cryptos

Supported Countries – Okcoin crypto exchange allows Around 192 countries to buy and sell cryptos, except for the following countries:

  • Iran
  • Cuba
  • North Korea
  • Syria
  • Sudan
  • Crimea
  • Malaysia
  • Bolivia
  • Bangladesh
  • Ecuador
  • Kyrgyzstan
Supported crypto coins on Okcoin:
  • Bitcoin Cash ABC
  • Bitcoin
  • Celo coin
  • Celo Dollars
  • Dai
  • EOS Token
  • Ethereum classic
  • Ether
  • Gemini Dollar
  • Grin Coin
  • Hedera Hashgraph Coin
  • Litecoin
  • Paxos standard
  • Polkadot coin
  • Stacks coin
  • STASIS EURS token
  • tether
  • TRON coin
  • TrueUSD
  • Uniswap token
  • USD coin
  • S. dollar
Is Okcoin crypto exchange a scam?

Many professional traders ask a common question – is the Okcoin crypto exchange a scam? Well, scams generally operate on legit exchanges as well. Sometimes even a professional trader cannot tell the difference between a scam and a legit platform. However, Okcoin is well regulated by top regulators and is therefore not a scam. Okcoin is extremely reliable and secure with transparent terms of service and a positive step towards increasing customer satisfaction.

Review of Okcoin via customer service

According to Okcoin Review, Okcoin’s customer support is excellent, especially for crypto and other exchanges. The support system includes email, phone support, ticketing system, and live chats. The representatives are not only professional but also friendly with quick and effective responses. In addition, Okcoin offers a FAQs-only page that answers the most frequently asked questions from average as well as advanced traders.

Review of Okcoin via customer service

Conclusion

To sum up, in this Okcoin crypto exchange review we have discussed how extremely reliable this excellent exchange is. It offers advanced trading modes and features for high-volume traders including both novice and experienced investors. Because of this, it ranks under the list of the best crypto exchanges in the US. However, it is important to note that a specific exchange has a specific trading view. Therefore, investors can determine their most suitable trading view based on their requirements.


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