Cryptocurrency Exchange

Okcoin Exchange Review 2022:Is It Safe? Trading Fees, Features.

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Mar 23, 2020

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Following the development of cryptocurrencies, there has been an increase in the number of trading platforms. You must study the reviews before entrusting the security of your assets to the exchange.

OkCoin is one of the world’s leading crypto platforms. According to Coinmarketcap, it is among the top 30 exchanges with 24hr trading volume of $26,110,491 (March 2022). 

OKCoin has features that are beneficial to both newbies and high-volume traders.

In this post, we’ll provide you with a comprehensive overview of the OkCoin exchange, including its features, FAQs, fees, reviews, pros, and cons.

Overview

Legal Name OkCoin
Official Web Addresshttps://www.okcoin.com
HeadquartersSan Francisco, California.
FoundersStar Xu
CEOHong Fang
Exchange TypeCentralized
Trading OptionsSpot, margin, OTC
Trading feesMaker fee: 0.10%~0.00%, Taker fee: 0.20%~0.02%.
Trading pairs70+
Native TokenNo
Deposit methodsBank transfers, Crypto wallet transfers.
Deposit feesdebit/credit card : 3.99%
Withdrawal methodsBank transfers, wire transfers, crypto wallets.
Withdrawal fees Withdrawal is free except for SEPA transfer depending on the payment channel.
Supported Countries 192
Restricted countries11 – Cuba, Iran, North Korea, Sudan, Syria, Malaysia, Crimea, Bangladesh, Bolivia, Ecuador, &, Kyrgyzstan
Supported fiat currenciesUSD, Euro, Japanese Yen.
Mobile AppGoogle Play, App store
Customer SupportEmail: live chats, ticketing systems 

Table of contents

What is OkCoin?

Launched in 2013, Okcoin is a Chinese-based cryptocurrency platform and is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore, and Japan. 

The founder of Okcoin exchange is Star Xu, and the current CEO is Hong Fang who was appointed in march 2020 by replacing Tim Byun. 

OkCoin is a centralized cryptocurrency exchange that offers 65 cryptocurrencies and 77 trading pairs. With 100k+ active traders, 190+ countries served, it is ranked among the top cryptocurrency exchanges by volume. 

OkCoin supports crypto-to-crypto and crypto-to-fiat currencies, it stands out to be a complete hub of a crypto exchange features like multiple payment methods, active deposits, advanced trading, client solutions, mobile app, OTC, staking, and, attractive affiliate program.  

The exchange has a trading volume of $26 million as of March 2022, which is a 12% increase from Feb 2022($14 million).

The firm has a good investment relationship with Ceyuan Ventures, Mantra Money, Technology Labs, and private investor Tim Draper.

Is Okcoin Safe And Secure?

Yes, Okcoin is safe and secure. Okcoin claims that ‘Security is at the heart of everything we do’ and keeping the breaches at bay since 2013.

Okcoin uses multi-factor authentication each time when users make deposits, withdrawals, or trade orders. 

While transmitting data, uses SSL encryption; when storing data, uses AES encryption; and when destroying data, uses secure measures. Your data is safe and secure thanks to end-to-end encryption.

Your funds are safe since they are inaccessible with a single key and require at least 3 to 5 signatures to be processed, with over 95% of your crypto in offline cold storage and a small fraction in multisign hot wallets.

Okcoin Pros And Cons

Pros

  • Understandable Interface.
  • Advanced Platform.
  • Supports fiat currency deposits & Withdrawals.
  •  Interactive Customer Support.
  • Secure Exchange.

Cons

  • No derivative trading available.
  • Controversies faced in the past.
  • Supports less digital currencies.

Features Of Okcoin

  1. Trading Options: Okcoin offers, spot trading, margin trading, advanced pro version, and OTC trading. 
  1. Affiliate : Users can affiliate with Okcoin to attract more customers to the exchange. You may get up to 30% of their trading fees if you invite them to purchase or sell on Okcoin. They will also be rewarded in BTC.
  1. Client Solutions: This section provides support to institutions by offering advanced trading tools, trading management APIs, 24/7 global client services, and flexible settlement options.
  1. Okcoin Partners: Okcoin has partnered with many giant companies to bring more ways to tarde and earn, like Taxbit, Hodlanaut, Technisys, and Roundly X.
  1. Listings: You can share a project with Okcoin to have a comprehensive  evaluation for the token projects that is shaped by regulation, compliance, and security laws, consistent with NYDFS coin listing framework.
  1. Regulation: Okcoin is on a mission to make digital assets accessible to the world while complying with the highest regulatory standards as a registered Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and a Virtual Financial Asset Act (VFAA) exchange with a transitory provision permissioned by the Malta Financial Services Authority.

Okcoin Fees

Okcoin does not charge any fee for deposits and withdrawals but the bank you are dealing with may charge an intermediate fee. 

For debit/credit card transactions Okcoin charges a 3.99% fee, the trade is executed instantly. The exchange charges a spread fee from 1%~1.5%.

The trading fees are calculated based on 30-day volume. For SEPA transfers in  European regions, the deposit fee is €0.20 + 0.3% and the withdrawal fee is €1.5. For more information visit Okcoin Fees.

Okcoin Supported Currencies

As of March 2022, Okcoin offers 65 coins and 77 trading pairs according to Coingecko. Some of the important ones are :

  • Tether
  • Bitcoin
  • Ethereum
  • Litecoin
  • USD Coin
  • Miami Coin
  • Polkadot
  • Terra
  • Bitcoin Cash
  • Ethereum Classic
  • DAI
  • Monero
  • EOS Token
  • Cronos

Some important trading pairs :

  • USDT/USD
  • BTC/USD
  • ETH/USD
  • USDC/USD
  • STX/USD
  • BTC/EUR
  • NEAR/USD
  • ETH/BTC
  • AVAX/USD

New listings: SPELL/USD, MIM/USD.

As of March 2021, the following are the suspended pairs on Okcoin exchange

ETC/USD

  • BSV/USD
  • BCH/USD
  • BCH/EUR 
  • EURS/EUR
  • BTC/EUR

Okcoin Supported Countries

Okcoin offers its services to 192 countries including:

  • Afghanistan
  • Australia
  • Austria
  • Bahamas
  • Brazil
  • Burundi
  • Canada
  • Cayman Islands
  • China
  • Costa Rica
  • Denmark
  • Egypt
  • France
  • Germany
  • India 
  • Iraq
  • Italy
  • Kazakhstan
  • Malta
  • Norway
  • Pakistan
  • Russia
  • Taiwan
  • Tajikistan
  • Zimbabwe

Okcoin Restricted Countries:

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

Mobile App Of Okcoin

Okcoin mobile app is available on Google Play and the App Store. It is also available for macOS and Windows. The app makes it easier to trade when you are out and see what’s happening in the market.

For iPhone users, the file size is 370.4MB. Requires iOS 11.0 or up and rated 4+.

For android users, the file size is 104 MB. Requires Android 5.0 and up. Rated 4+.

How to Guides of OkCoin

How to Register On Okcoin?

  1. Go to the official website of Okcoin. Navigate to ‘Sign Up’.
  2. Enter your valid Email and create a strong password.
  3. Click ‘Sign up’.

How to Recover your Password on Okcoin?

  1. Visit the Okcoin website. Click on Login.
  2. On the login page, Click ‘Forgot Password’.
  3. Enter your registered phone or Email. Click ‘Get reset code’.
  4. Check your SMS or Mailbox.
  5. Now you can reset your password.

How to do KYC Verification on Okcoin?

  1. Login into your KYC Verification. Select Identity certification from the list.
  2. Select the type of account – Individual or corporate.
  3. For individual accounts :
  • Level 1 : You can immediately start trading after filling out the following information 
  • Nationality, Full legal name, Date of birth, Country and state of residence.
  • Level 2 : Individual accounts can trade upto $1,000,000 when you complete 2nd level of verification.
  • Upload a photo of your driver’s license, ID card, or passport issued by the government.

Verification Process For Okcoin Mobile App :

  1. Sign in > profile icon >  Identity Verification > Verify.
  2. There are totally 3 levels of verification, as you go on passing all the  levels you are increasing your trading limits.
  3. You can unlock unlimited trading limits by completing verification level 3.

How to Deposit Cryptocurrencies on Okcoin?

  1. Login into your account. Navigate to ‘My Assets’.
  2. Click on ‘Deposits’.
  3. On the deposit page, select the cryptocurrencies you want to deposit.         
  1. Type in the amount you want to deposit.
  2. You can deposit money into one of your trading accounts or your funding account. Put it in your Spot or other trading accounts when you’re ready to start trading.
  3. Select the crypto address you want to send your cryptocurrencies.

How to Withdraw Cryptocurrencies From Okcoin?

  1. Login into your account. Go to ‘My Assets’.
  2. Click ‘Withdrawal’. Select the cryptocurrency you want to withdraw.
  3. You may send your cryptocurrency to any address or wallet you control, or you can move it to an internal wallet.

4. Select the withdrawal method and enter the amount.

5. Enter the wallet address. Submit your request.

6. Okcoin will send you a confirmation Email and your withdrawal process is complete when you confirm the details in the Email.

How To Buy Cryptocurrencies on Okcoin?

  1. Login into your account. Under ‘Features’ select ‘Trade’.
  2. Select the cryptocurrency pair you want to tarde. For Ex: BTC/USD.
  3. Select ‘Buy’ option. Enter the Order type, Price(USD), and Amount(BTC) you want to trade.
  4. Enter your password. Click ‘Buy’.

How To Sell Cryptocurrencies on Okcoin?

  1.  Login into your account. Under ‘Features’ select ‘Trade
  2.  Select the cryptocurrency pair you want to tarde. For Ex: BTC/USD.
  3.  Select ‘Sell’ option. Enter the Order type, Price(USD), and Amount(BTC) you want to trade.
  4. Enter your password. Click ‘Sell’.

Traders Reviews:

As per the Trustpilot review, Okcoin Exchange has been rated 3.9 out of 5, and the users review majorly talk about the terms like easy user interface, low fee transactions, quick execution of trades, responsive support, and, late withdrawals.

As per the Reddit review, Okcoin exchange traders’ comments were mainly on, no way to withdrawals, rewards not reached even after a month, suspending accounts, withdrawals only available on wire transfers, etc.

FAQ’s

Is Okcoin available to customers in the United States?

Okcoin initially permitted USD deposits, however complications with intermediary banks plagued multiple crypto exchanges, and they were unable to comply with the country’s regulatory regulations.

How many days does it take to withdraw fiat currencies using wire transfers?

It takes 1 – 5 business days to withdraw, however it depends on the region and the payment channel you are using.

Is Okcoin a reliable trading platform?

Okcoin is in the top 30 exchanges with a $100 million daily crypto trading volume. It does not have any hack event history and has shown significant growth over the years.

What is the maximum amount of bitcoin I can transmit via the Lightning Network?

The total quantity of bitcoin accessible in payment channels limits the amount of bitcoin you may transmit through the Lightning Network.

The Lightning Network is designed for small bitcoin transactions and is not suitable for large bitcoin transactions.

Coinpedia Review:

Cybersecurity8/10
Liquidity9/10
Customer support5/10
Online reputation9/10
Total Trust score9/10

Closing Thoughts

Okcoin is a very reliable and safe exchange as we have discussed above. It offers pro trading with advanced features for beginners as well as experienced traders. The exchange is quite liquid, and many individuals from all around the world have confidence in it.

The trading platform for Okcoin is incredibly user-friendly and well-designed. It also offers specialist trading and services for seasoned investors.

okcoin - 8.4

8.4

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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