Okcoin Review 2021: Is Okcoin Exchange Regulated?

Okcoin is one of the most reliable fiat-to-crypto companies in the world, founded in 2013 by Star Xu in Beijing, China. Okcoin expanded the platform to include trading pairs with high liquidity provided by the hot wallet, profitable interest-earning schemes, and several altcoin markets.

Okcoin Summary

Headquarters San Francisco, California
Found in 2013
Native Token No
Listed Cryptocurrency 20+
Trading Pairs 30+
Supported Fiat Currencies USD, Euro, Japanese Yen
Supported Countries 192
Minimum Deposit 0
Deposit Fees Low
Transaction Fees Maker – 0.10% to 0.00%
Taker – 0.20% to 0.02%
Withdrawal Fees Low
Application iOS and Android
Customer Support Email, Telephone, Ticketing system, Live chats & FAQs Support

Okcoin Review - Platform InterfaceOkcoin Review – Platform Interface

Sign Up Now

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

Okcoin reviews provide unbiased information, but they are not to be taken as financial advice. The simple advice is to carry out intensive research on the platform before investing.

What Is Okcoin Exchange?

Star Xu developed Okcoin in 2013, Beijing, China. It is one of the best digitized asset trading platforms, offering fiat deposit trading with cryptocurrencies, such as Ethereum, Bitcoin, Ethereum Classic, Litecoin, and Bitcoin Cash. The exchange is user-friendly for both professionals and individuals. They aim to produce a reliable and efficient exchange by removing trading barriers, including margin trading, on a global level. Among the global Okcoin users, their key target market is Asia and China.

Okcoin Exchange Process to Buy CryptoOkcoin Exchange Process to Buy Crypto

The main priority of Okcoin is providing customer satisfaction and transparent, fast and reliable support. They provide the services and products, such as cold storage, security encryption, and regular monitoring of withdrawals and deposits. It is also created to meet the customers’ needs, such as having a mobile app to access the exchange platform. Additionally, for more advanced traders, Okcoin provides a wide range of trade types, such as futures, margin trading, trailing stop, Iceberg orders, etc.

Okcoin Review - Enjoy the Service of Okcoin Mobile AppOkcoin Review – Enjoy the Service of Okcoin Mobile App

Sign Up Now

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.

Regulation of Okcoin

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 cryptocurrency exchange platform in China, and Okcoin had announced they would stop their exchanges for the local users as per the government’s regulations.

However, it continues to operate cryptocurrency exchanges for non-Chinese markets. It was speculated that many Chinese professional companies would opt for overseas exchanges. Huobi and Okcoin were particular targets since they were functioning without any suitable anti-money laundering systems and KYC.

Pros and Cons of Okcoin

Pros 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

Signing Up for the Okcoin Account

Okcoin Exchange SignUp ProcessOkcoin Exchange SignUp Process

Sign Up Now

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 Okcoin 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

Okcoin Exchange Security ServicesOkcoin Exchange Security Services

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

Okcoin Exchange Funding OptionsOkcoin Exchange Funding Options

To fund Okcoin, 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 Okcoin 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

Okcoin 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 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, there are VIP levels 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

Deposit Method

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:

  1. Log in and open My Assets, and select Deposit.
  2. Select the currency type from the given options and then select the payment method.
  3. 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 Okcoin 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.

Withdrawal Method

To withdraw funds, log into the Okcoin 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 Review About Fees

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 Okcoin 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 unparallelled 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.

Sign Up Now

How to Place an Order on Okcoin?

Here’s a guide on how to place an order on the Okcoin exchange:-

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-

  • Iran
  • Cuba
  • North Korea
  • Syria
  • Sudan
  • Crimea
  • Malaysia
  • Bolivia
  • Bangladesh
  • Ecuador
  • Kyrgyzstan

Supported Crypto Coins on Okcoin:-

  • Bitcoin Cash ABC
  • Bitcoin
  • Celo Coin
  • Celo Dollar
  • Dai
  • EOS Token
  • Ethereum Classic
  • Ethereum
  • 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
  • USDK

Is Okcoin 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.

Review of Okcoin about Customer Support

Okcoin Exchange Customer SupportOkcoin Exchange Customer Support

Sign Up Now

According to Okcoin review, 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.

Conclusion

To sum up, in this Okcoin review, we have discussed how this excellent exchange is extremely reliable. It offers advanced trading modes and features for high-volume traders, including beginners and experienced investors. That’s why it comes under the best crypto exchange USA list. However, it is important to note that a particular exchange has a specific trading view. Hence, investors can determine their most suitable trading view based on their requirements.

FAQs

Can US Customers Use Okcoin?

Okcoin initially accepted USD deposits but issues relating to the intermediary banks troubled several crypto exchanges. Soon after, Okcoin ended its terms with the US customers since apparently, they were not ready to conform with the regulation demands provided by the country.

Is Okcoin Safe and Legit?

Okcoin is both safe and legit when exchanging cryptocurrencies since they utilize the latest and advanced encryption technology to secure the website from professional hackers. There is also a 2FA for withdrawals and logins.

Is Okcoin a Chinese Company?

Yes, Okcoin is based out of Beijing, China. It was founded by Star Xu in 2013, who is currently the CEO.

Is Okcoin Fee High?

Okcoin is popular for the lower fees it offers. They charge 0.20% for takers and discounted trading fees of 0.10% for makers. Okcoin Withdrawal fees are charged at 0.10%; however, Litecoin and BTC have no withdrawal fees.

How Easy Is It to Use Okcoin?

Okcoin features the more stable and advanced trading exchange for Bitcoin and other digital currencies. The platform is developed to cater to the needs of professional traders, but simultaneously it is simple to use for beginners as well.

Back to top button