In this Okcoin review 2023, I will thoroughly explore this popular exchange, offering a detailed overview of its background, the team behind it, as well as its strengths and weaknesses.
I’ll give you extensive information on fee arrangements, and the range of trading pairs, and also touch upon Okcoin’s reputation and the quality of its customer service.
With a multitude of exchanges available, it’s crucial to opt for a trustworthy one. I’m here to pinpoint those dependable choices, sparing you the effort.
Is Okcoin worth your consideration as your crypto exchange?
Disclaimer: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions. Don’t invest unless you’re prepared to lose all the money you invest.
Before delving deeper into this Okcoin review, it’s helpful to understand the platform’s strengths and weaknesses:
What is Okcoin?
Okcoin is an international exchange with offices located in various cities including San Francisco, San Jose, New York City, Malta, Hong Kong, Singapore, and Japan.
It comprises individuals united by a common goal of advancing financial decentralization and establishing an equitable economic environment accessible to people worldwide.
The Okcoin exchange offers a diverse range of products and services. Here’s a brief overview of the key offerings:
Okcoin prides itself on its intuitive interface, designed with clarity and ease of use in mind. It’s especially welcoming for newcomers to the world of cryptocurrency. The platform provides step-by-step guidance right from the homepage, ensuring a seamless account creation and cryptocurrency purchase process.
The platform neatly categorizes various types of cryptocurrencies, including popular ones, decentralized finance (DeFi) projects, and stablecoins. This categorization makes it easy for users to explore and engage with the specific type of cryptocurrency they’re interested in.
At Okcoin, you’re just a click away from acquiring a diverse array of cryptocurrencies, including Bitcoin, and over 20 other assets. When making a purchase, it’s advisable to start with a modest amount and gradually increase it over time.
This strategy allows for a more favorable average price, rather than attempting to time the market perfectly.
Some of the popular trading pairs include:
At Okcoin exchange, you’ll have access to the following order types:
Initiating a Market Order on Okcoin is straightforward:
Okcoin exchange currently accepts over 100 different coins. In addition to well-known options like Bitcoin, Ethereum, and Tether, you’ll also find alternatives such as Bancor, Stader, and Skale, among others.
Aside from manual trading, Okcoin exchange offers the option of engaging in bot trading. There are two bots available: Iceberg and TWAP. Both are user-friendly. Simply log into your account, execute your order, and let the bot take over.
It’s important to note that the Iceberg bot works by automatically breaking down a large single order into multiple smaller limit orders.
For example, if you’re executing a significant buy order, the iceberg bot will initiate smaller buy orders at prices below the best bid price when the market price drops below the limit price.
These smaller orders will have consistent or proportional price differences. The specific quantity for each limit order will be determined by applying a random multiplier to the amount you initially entered for each limit order.
The user experience on Okcoin exchange is meticulously designed, offering a sophisticated interface with seamless and organized features.
Its aesthetically pleasing design ensures a hassle-free trading experience, allowing users to engage for extended periods without any difficulty. Additionally, a dedicated mobile app further streamlines the entire process.
Signing up on Okcoin can be done through either OKCoin.com or the OKCoin app. Simply click the “Sign Up” link on the website or app, and choose to register using your phone number, email, Telegram, or Google account.
Afterward, a verification code will be sent to you to complete the registration process.
You’ll then need to select the type of account that aligns with your requirements. Individual accounts are designed for personal use, while corporate accounts cater to businesses.
The key distinction lies in the number of authorized traders; corporate accounts allow for up to 20 designated individuals (and more if needed), whereas individual accounts are strictly for single-person use.
Okcoin exchange offers a range of valuable educational resources for users to benefit from right from the start.
To begin, Okcoin’s Blog is a valuable source of information about the brand’s services. The blog is categorized into sections including announcements, grants, crypto 101, listings, and institutions. It provides a convenient search feature to help you find the information you need.
Additionally, there’s the Developer Grant section, which elaborates on Okcoin’s mission to invest in protocol development. Within this section, you’ll also find an intriguing eBook titled “Giving Back to Bitcoin.”
Okcoin places a high priority on ensuring the safety of its clients’ accounts and cryptocurrencies, employing top-notch security measures.
The platform utilizes two-factor authentication (2FA) for an additional layer of account protection. This means that accessing your account requires both a password and a code sent to your mobile device.
Okcoin employs end-to-end encryption to secure data. This ensures that information is protected during collection, transmitted using SSL encryption, and stored with AES encryption.
Furthermore, Okcoin employs a cold storage approach, keeping 95% of crypto funds offline for maximum security. The remaining portion is stored in multisig hot wallets, requiring three to five signatures for access, making them highly resistant to unauthorized entry.
Okcoin works closely with cybersecurity experts to identify and address potential vulnerabilities and conducts regular internal audits to maintain robust security protocols.
Before engaging in crypto trading on Okcoin exchange, it’s important to acquaint yourself with the following fee structure:
|User tier||30-day Trading volume (USD)||Maker fee||Taker fee|
The fees you encounter for trading are determined by 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 that don’t use USD as the base pair. Your 30-day trading volume is recalculated every day at 00:00 (UTC+8).
When you conduct a transaction, the fee is applied to the asset you’re purchasing. For example, 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 instance, if you buy BTC/USD, the rebate will be in USD.
Regarding Okcoin withdrawal fees, the platform provides a detailed overview of all the costs associated with each withdrawal. These may change depending on several factors, so check them out to know more.
Okcoin is available in more than 180 countries worldwide, allowing customers from around the globe to utilize its services and engage in crypto trading.
When purchasing cryptocurrency on Okcoin, you have the option to use various payment methods such as credit and debit cards, ACH transfers, and wire transfers.
Similarly, when you decide to cash out your earnings, you can choose from a variety of different coins, including bank transfers.
Deposit and withdrawal limits are in place to enhance the security of your account while ensuring compliance with regulatory requirements. The minimum thresholds and associated fees depend on the chosen payment method.
To determine your maximum limits, we consider various factors such as your account category, selected payment method, transaction history, geographical location, verification status, and other relevant criteria.
The central hub for Okcoin customer support is its help center, where you can find valuable information about registration, buying, and trading crypto, verification, fund transfers, and much more.
If you require further assistance, you can reach out to customer support via the email address [email protected] or contact them through live chat.
However, please be aware that responses may not be immediate, as the exchange operates with a bot-first approach.
Okcoin’s crypto exchange offers a user-friendly mobile app that you can use from anywhere. Simply download the app for your Android or iOS device, where you can conveniently view your portfolio and check your earnings at any time.
Based on my Okcoin review, this exchange stands as a reliable choice for customers seeking a variety of trading pairs and straightforward features. It provides a sleek interface that is easy on the eyes, allowing you to engage with its services for extended periods.
While navigating through the Okcoin exchange, you’ll appreciate robust security features and dedicated support from the platform. You have the opportunity to enhance your experience each time, enjoying fair fees and a completely legitimate experience.
What more could you ask for from a cryptocurrency exchange?
Okcoin prioritizes your security with multiple layers of protection, actively preventing, identifying, and resolving risks and vulnerabilities. The platform collaborates with cybersecurity experts and conducts thorough security audits to detect potential threats before they can impact our users or our platform.
As a global crypto exchange, Okcoin boasts a community of over 1 million users worldwide. With offices in six locations across the globe, it continues to establish a strong reputation in the market.
A limit order is an instruction to buy or sell a specified amount at a particular price or a better one. Once placed, the system will list it on the order book and match it with available orders at the specified price or better.
A stop order is a specific type of order that activates once a predetermined trigger price is reached. When you set a stop, you’re essentially specifying the level at which you want a position to be automatically closed, opened, or added to. Stops are commonly used to manage risk and limit potential losses, often referred to as “stop losses” as they act as a safeguard against financial loss.
Verifying your identity is crucial to the platform’s commitment to safeguarding your funds. Okcoin employs multiple layers of protection to proactively thwart, identify, and rectify risks and vulnerabilities. It collaborates with cybersecurity professionals and conducts thorough security audits to pinpoint potential threats before they can reach our platform or affect our users.
A Trading account is designed for active trading. You can deposit funds directly into your trading account or transfer them from your funding account to initiate cryptocurrency transactions. The funding account serves as a hub for storing, receiving, and sending assets. While you can deposit funds into your funding account, they must be moved to your trading account to facilitate buying or selling of cryptocurrencies.