OKCOIN REVIEW
Overview
Okcoin was founded in Beijing in 2013 by Star Xu, who created the company in response to the growing demand for fiat-to-crypto exchanges worldwide. Okcoin’s hot wallet, profitable interest-earning schemes, and several altcoin markets make it possible to trade cryptocurrencies with high liquidity. In this, Okcoin Review will research and discuss its features, fees, crypto exchanges, and many more.
What is Okcoin?
It is a cryptocurrency asset trading platform that allows users to deposit fiat currency into their cryptocurrency wallets and then exchange cryptocurrencies for fiat money using the platform. This exchange is simple to use by both professionals and individuals. They aim to create a reliable and efficient global exchange by eliminating trade barriers, such as margin trading, on a universal level. Okcoin’s target market is mainly in Asia and China.
Okcoin’s primary objective is to meet customer demands in terms of service, transparency, and quick and reliable support. Okcoin provides cold storage services, security encryption, regular monitoring of withdrawals and deposits, and many other services.
The mobile app is one of the available services. Okcoin also provides various interchange functions, including futures trading, margin trading, trailing stops, iceberg orders, etc.
Features of Okcoin
Constant Uptime: When trading on the market, the vendor claims that their service experiences little downtime; this allows you to trade when favorable conditions are.
Security: Your assets are protected by the program’s highly-detailed access control system, which ensures that only authorized people can work in critical areas. At the same time, multi-factor encryption hides your workplace from malicious hackers.
Identity verification: The company requires a scanned photo ID and proof of address for every user. By adhering to strict identity verification standards, the vendor drastically reduces the damage potential to your business.
Bank connectivity: Withdrawing fiat currencies in-app is now easier, thanks to bank integration. On the other hand, many crypto exchanges require you to buy coins on external markets before they can be re-imported into the app. You can now deposit and withdraw traditional currencies directly from within the app. Backend customization: Using application programming interface (API) support, you can modify the program’s backend code to meet your business demands. You can create a custom workflow and reporting and even integrate it with external software products by altering the program’s code.
Okcoin Fees
When two parties engage in a trade, it is usually a taker (the party that places an order, matching the marker’s order) and a maker (the party with charges appearing on the order book before the trade). Market makers keep the market liquid by matching the marker’s order with their own. Takers remove this liquidity by matching the marker’s order with their own.
Okcoin has low exchange fees. The Okcoin exchanges have a maker fee of 0.20 percent, which is comparable to the industry average. The maker fees on Okcoin are 0.10 percent lower than the cryptocurrency industry average. Investors who do not want to pick up the existing order from their order book can use Okcoin as their trading platform. The fee structure has made Okcoin one of the world’s most successful trading cryptocurrency platforms, with both a high trading volume and low fees.
The taker and maker fees depend on the trading volume and remain zero for the whole period.
Deposit and Withdrawal Fees
You must either send a bank transfer or wire money to make a USD deposit. The transfer fee for individual users is 0.1% of the amount deposited, whereas, for corporate users, the transfer fee is zero. However, there are no bank fees included in this deposit fee. To deposit USD using a bank or wire transfer, both of which cost a 0.10% fee and have a minimum fee of 15 USD. However, Bitcoin and Litecoin withdrawals are free.
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% |
Supported Countries and Currencies
Around 192 countries buy and sell crypto. The following countries are excluded from Okcoin’s support.
- Syria
- Sudan
- Crimea
- Malaysia
- Bolivia
- Bangladesh
- Ecuador
- Kyrgyzstan
- Iran
- Cuba
- North Korea
Okcoin Supported Cryptocurrencies are as follows-
- TRON Coin
- TrueUSD
- Uniswap Token
- USD Coin
- USDK
- 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 and other
Okcoin Pros and Cons
Pros
- Both futures and margin trading are offered.
- The company has a competitive and low trading fee.
- Advanced platform
- Fiat currency withdrawals and deposits are authorised.
- Above-par liquidity
Cons
- Verification is required for withdrawals
- BTC trading volume was artificially inflated.
Is Okcoin a scam?
A common concern among professional traders is whether Okcoin is a scam or not. Even a seasoned trader can’t tell the difference between a legitimate exchange and a scam. Okcoin, on the other hand, is very well regulated by top regulatory authorities, and it is therefore not a scam. Okcoin provides very clear and transparent terms of service and is a good step to enhance customer satisfaction.
The security of OKCoin is based on several security features that it has implemented on its cryptocurrency exchange platform in order to safeguard against hackers and fraudulent account access. It has over 95% cold storage, multi-sig hot wallets, two-factor authentication for deposits and withdrawals, and real-time account monitoring. Email and SMS alerts are also provided, as are PGP encryption.
Mobile App
With the Okcoin app, beginners can buy crypto directly and see live prices. This app Has a 4.2-star rating on Google Play Store. However, some concerns about their mobile app, like network issues and minor glitches on the Okcoin mobile app, are among the most common complaints by users. The response time for customer service matters on the desktop website is reportedly slower than on the mobile app, but now they come with the high technology you must try once.
Customer Support
Okcoin’s review, Okcoin’s customer service is excellent, especially for crypto and other exchanges. The support system includes telephone support, a live chat ticketing system, and email. It also consists of a FAQ page for common questions and a live chat area for professional help. The agents are friendly and quick, and their responses are thorough and concise. Furthermore, Okcoin has a FAQ page for commonly asked questions that answer the most frequently asked queries of average and advanced traders.
Final Thought
In this Okcoin review, we’ve discussed how this excellent exchange is extremely reliable. It provides advanced trading modes and features for high-volume traders, including beginners and experienced investors. That’s why it makes the best crypto exchange USA list. However, it is critical to note that a single exchange has a defined trading view. This means that investors can determine their most suitable trading view based on their requirements.
