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In this 2024 Okcoin review, I will delve into what Okcoin is, its history, the team, the pros and cons of the platform, and more.
I will provide comprehensive insights, covering everything you need to know, from the fee structures and available trading pairs to the reputation and customer service quality at Okcoin.
Given the presence of numerous exchanges, it’s vital to select a reputable one. I’m here to identify those reliable options, so you don’t have to.
Should you consider Okcoin as your exchange?
Let’s find out!
Key Takeaways
- Okcoin, founded in 2013, is an international exchange with offices worldwide
- Okcoin offers extremely competitive trading fees and exceptional liquidity
- User-friendly interface, convenient fiat currency deposits/withdrawals, and top-tier security measures.
- Sophisticated layout, diverse trading pairs, multiple order types, and user-friendly trading bots
- Okcoin is available in 189 countries, supports various deposit/withdrawal methods, and offers a mobile app
Pros and Cons of OkCoin
Before delivering deeper in this Okcoin review, it would be useful to know Okcoin pros and cons:
| Pros | Cons |
|---|---|
| Extremely competitive trading fees | Offers a limited selection of cryptocurrencies compared to larger exchanges |
| Provides an array of advanced trading options, including futures and margin trading | Provides a narrower range of crypto pairs |
| Boasts exceptional liquidity levels | Mandates level 2 verification for withdrawals |
| Allows for convenient fiat currency deposits and withdrawals | Only available in English |
| Maintains top-tier security measures | Supports USD as the sole fiat currency option |
| Available globally |
Exploring Okcoin: Brief Overview
What is Okcoin? Okcoin is an international exchange with offices in San Francisco, San Jose, New York City, Malta, Hong Kong, Singapore, and Japan.
It consists of individuals united by a shared commitment to promote financial decentralization and create a fair economic landscape accessible to people worldwide.
Okcoin: Background Information
- Year founded: 2013
- Headquarters: USA
- Licenses: USA, Canada, UK and the EU, Malta, Netherlands, Singapore, Hong Kong
- Fiat Currencies: USD, EUR, BRL, SGD,
- Coins Available: 200+
- Owner: Okcoin USA, Inc.
- Products and Services: Trade (spot, OTC, Day Trading), Earn/stake, Wallet
- Markets: 189
Okcoin: Features and Services
Okcoin exchange is a place where you can find an array of products and services. Below you’ll find an overview of the most important ones.
Layout and ease of use
Okcoin boasts an impressive interface and arrangement. All elements are distinctly marked and straightforward, making it particularly user-friendly for those new to cryptocurrency.
The platform provides step-by-step guidance on creating an account and initiating cryptocurrency purchases right from the homepage.
Additionally, Okcoin offers an extensive support center and neatly organizes various cryptocurrency types on its trading platform. Whether you’re interested in exploring prominent cryptocurrencies, decentralized finance (DeFi) ventures, or stablecoins, you can easily navigate to your desired category.
Available trading pairs
If you choose Okcoin, you are a click away from acquiring a fresh piece of cryptocurrency! Whether it’s Bitcoin or one of the 20+ other assets we provide, now’s the perfect time to jump in.
When you decide to make a purchase, think about starting with a modest amount and gradually increasing it over the course of weeks or months.
This strategy allows you to secure a better average price, rather than attempting to perfectly time the market.
Some of the popular trading pairs are:
- BTC/USD
- WBTC/USD
- YFI/USD
- ETH/USD
- YFII/USD
- MKR/USD
- LTC/USD
- AAVE/USD
- EGLD/USD
- ZEC/USD
Order Types Available
If you are interested in order types at the Okcoin exchange, you’ll find the following ones:
- Limit Order
- Market Order
- Stop Order
- Trailing Stop Order
- Trigger Order
- Advanced Limit Order
To initiate a Market Order on Okcoin, navigate to the Trading section.
Locate the order type bar on the right-hand side of the page. From the dropdown menu, opt for Market.
Indicate the total amount of the token you wish to purchase. Then, select either Buy or Sell. Your market order will be promptly processed.
Supported coins
Okcoin exchange is known for accepting more than 100 coins at the time of writing this review. Apart from usual ones like Bitcoin, Ethereum, and Tether, you’ll find alternatives like Bancor, Stader, or Skale.
Trading Bots
Apart from manual trading, you can engage in bot trading at the Okcoin exchange. There are two bots to choose from including Iceberg and TWAP. Both are simple to use, and you just need to log into your account, execute your order, and keep enjoying.
Keep in mind that the Iceberg bot works by automatically dividing your substantial single order into numerous smaller limit orders.
For instance, if you intend to execute a large buy order, when the market price falls below the limit price, the iceberg bot will initiate smaller buy orders at prices lower than the best bid price.
This is done with consistent or proportional price differences. The precise quantity for each limit order will be determined by applying a random multiplier on top of the amount you initially entered for each limit order.
User Experience
When it comes to user experience at the Okcoin exchange, everything looks well-thought and perfectly arranged. The platform has one of the most sophisticated interfaces, with fluid and clean features. Its design is attractive and you can spend hours trading without any trouble. On top of that, there’s a dedicated mobile app that simplifies the entire experience.
Registration process
Okcoin allows you to register on either Okcoin.com or through the Okcoin app. Simply click the “Sign Up” link on the website or app, and you can choose to register using your phone number, email, Telegram, or Google account.
Upon signing up, we will send you a verification code to finalize the registration process.
Next, you’ll need to select the type of account that suits your needs. Individual accounts are intended for personal use. If you’re representing a business, consider exploring the process for opening a corporate account.
The main distinction between individual and corporate accounts lies in the number of authorized traders who can oversee the account.
Corporate accounts allow for up to 20 designated individuals (and more if necessary), while individual accounts are strictly meant for single-person use.
Educational resources available
Okcoin exchange provides some useful educational resources that you are going to enjoy from the very first look.
First of all, you can use Okcoin’s Blog to get useful information about the brand’s services. The blog is split into several sections such as announcements, granta, crypto 101, listings, and institutions. You can also search blogs and find everything you need.
Next, you can find a developer grant, a dedicated feature that explains Okcoin’s mission to invest in protocols’ development. As part of the same section, you’ll find an interesting eBook named “Giving Back to Bitcoin.”
Is Okcoin Safe
Okcoin is highly committed to safeguarding its clients’ accounts and cryptocurrencies, implementing top-tier security measures.
It uses two-factor authentication (2FA) for added account protection. With 2FA enabled, accessing your account requires both a password and a code sent to your mobile device.
Okcoin employs end-to-end encryption to secure data. Okcoin ensures data privacy by masking information during collection, using SSL encryption for transmission, and employing AES encryption for data storage.
The platform keeps 95% of crypto funds in cold storage, the most secure option as it is offline. The remaining portion is stored in multisig hot wallets, which require three to five signatures for access, making them highly resistant to unauthorized entry.
Okcoin collaborates with cybersecurity experts to identify and address potential vulnerabilities, and conducts routine internal audits to maintain robust security protocols.
Okcoin Fees
Before opting for crypto trading at Okcoin exchange, make sure you are familiar with the following fee structure:
Transaction Fees
| User tier | 30-day Trading volume (USD) | Maker fee | Taker fee |
| P0 | < 100,000 | 0.10% | 0.20% |
| P1 | ≥ 100,000 | 0.09% | 0.18% |
| P2 | ≥ 500,000 | 0.07% | 0.16% |
| P3 | ≥ 1,000,000 | 0.04% | 0.14% |
| P4 | ≥ 5,000,000 | 0.02% | 0.10% |
| P5 | ≥ 10,000,000 | 0.00% | 0.08% |
| P6 | ≥ 25,000,000 | 0.00% | 0.06% |
| P7 | ≥ 50,000,000 | 0.00% | 0.05% |
| P8 | ≥ 100,000,000 | 0.00% | 0.04% |
| P9 | ≥ 250,000,000 | 0.00% | 0.03% |
| P10 | ≥ 500,000,000 | 0.00% | 0.02% |
The fees you incur for trading are based on your trading activity over the past 30 days. All trading volume is converted to USD using the exchange rate of the respective digital asset at the time of the transaction. This conversion also applies to markets not using USD as the base pair. Your 30-day trading volume is recalculated every day at 00:00 (UTC+8).
When you make a transaction, the fee is charged in the asset you’re purchasing. For instance, if you’re buying BTC/USD, the fee will be in BTC.
Currently, all transaction fee rates are either positive or zero. In the future, there may be instances of negative transaction fees, provided as transaction fee rebates.
These rebates will be paid out in the asset you’ve sold. For example, if you buy BTC/USD, the rebate will be in USD.
As for Okcoin withdrawal fees, the platform has prepared a detailed overview of all the costs associated with every withdrawal.
Supported Countries
Okcoin exchange is available in 189 countries worldwide. It means that customers from all around the globe use its services and engage in crypto trading.
Deposit and Withdrawal Methods
To buy cryptocurrency at Okcoin, you can use different payment methods such as credit and debit, ACH transfer, and Wire. When you decide to cash out your earnings, you’re welcome to choose from several different coins including Bank transfer.
Deposit and withdrawal limits serve to fortify the security of your account while ensuring adherence to regulatory requirements. The minimum thresholds and associated fees are contingent on the chosen payment method.
For determining your maximum limits, we consider various factors such as your account category, selected payment method, transaction record, geographical location, verification status, and other relevant criteria.
Customer Support and Feedback
The core of Okcoin customer support lies in its help center. By visiting it, you can find all useful information about registration, buying, and trading crypto, verification, moving money, and much more.
If you need more information, you can use the email address [email protected] to reach out to customer support or contact them via live chat. However, don’t expect super quick responses as exchanges operate on the bot-first approach.
Okcoin Mobile app
Okcoin crypto exchange boasts a user-friendly mobile app, and you can use it from anywhere. Just download the app for your Android or iOS device, view your portfolio, and check your earnings at any time.
Okcoin Review: Final Thoughts
As you can see from my Okcoin review, this exchange is a solid option for customers looking for different trading pairs and simple features. They provide a sleek interface that is easy on the eyes, and nothing prevents you from engaging in its services for hours.
While navigating through Okcoin exchange, you will enjoy robust security features and dedicated support from the platform. You can upgrade your experience each time, and enjoy fair fees and a fully legit experience.
Frequently Asked Questions
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01.
Is OkCoin safe?
The platform employs multiple layers of protection to proactively thwart, identify, and rectify risks and vulnerabilities, ensuring the safety of your funds. It collaborates with cybersecurity professionals and conducts thorough security audits to pinpoint potential threats before they can reach our platform or affect our users.
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02.
What are the fees associated with using Okcoin?
Okcoin offers competitive fees, with a maker fee of 0.10% and a taker fee of 0.20% for spot trading. Users can enjoy reduced fees through the Okcoin loyalty program based on trading volume. Zero-fee deposits and withdrawals add to the platform’s cost-effectiveness.
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03.
How do I create an account on Okcoin?
Creating an Okcoin account is simple. Visit the website, click “Sign Up,” provide personal information, verify your identity with a government-issued ID, set a password, and agree to terms. Your Okcoin account is then ready to use.
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04.
How can I deposit funds into my Okcoin account?
Depositing funds into Okcoin is straightforward. Log in, go to “Deposit,” choose a method (bank transfer, card, or crypto), enter details, and your funds will be promptly credited. Okcoin ensures the security of your deposits throughout the process.
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05.
What are the trading tools available on Okcoin?
Okcoin provides traders with advanced tools, including intuitive charting features, a comprehensive order book, customizable alerts, technical indicators, and drawing tools. These tools empower users to analyze market trends, make informed decisions, and conduct in-depth technical analysis for optimized trading strategies.
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06.
How can I create an account on Okcoin?
To create an account on Okcoin, visit the official website, click “Sign Up,” and provide your name, email, and secure password. Verify your email by clicking the sent link. Complete the KYC process by uploading a government ID and proof of address. After successful verification, you can start trading on Okcoin.
