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Okcoin Review in 2024: Pros, Cons, and Features

Last Updated January 18, 2024 3:27 PM
Justin Murphy
Last Updated January 18, 2024 3:27 PM

In this Okcoin review 2024, 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?

Let’s discover!

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.

Key Takeaways

  • International exchange
  • Good variety of trading pairs
  • Great trading options
  • Trading bots
  • AES encryption

Pros and Cons of Okcoin

Before delving deeper into this Okcoin review, it’s helpful to understand the platform’s strengths and weaknesses:

Pros:

  • Offers highly competitive trading fees
  • Provides a variety of advanced trading features, including futures and margin trading
  • Demonstrates impressive levels of liquidity
  • Permits easy deposits and withdrawals with fiat currency
  • Maintains top-notch security protocols

Cons:

  • Features a more limited selection of cryptocurrencies compared to larger exchanges
  • Offers a narrower range of crypto pairs for trading
  • Requires level 2 verification for withdrawals
  • Currently available only in English
  • Supports USD as the exclusive fiat currency option.

Exploring Okcoin: A Brief Overview

okcoin homepage desktop

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.

Okcoin: Background Details

  • Year Established: 2013
  • Headquarters: United States
  • Licenses: USA, Canada, UK and the EU, Malta, Netherlands, Singapore, Hong Kong
  • Supported Fiat Currencies: USD, EUR, BRL, SGD
  • Available Coins: 200+
  • Owner: Okcoin USA, Inc.
  • Products and Services: Trading (spot, OTC, Day Trading), Earning/Staking, Wallet
  • Markets: 189

Okcoin: Features and Services

features okcoin

The Okcoin exchange offers a diverse range of products and services. Here’s a brief overview of the key offerings:

User-friendly interface

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.

Comprehensive cryptocurrency selection

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.

Wide range of trading pairs

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:

  • BTC/USD
  • WBTC/USD
  • YFI/USD
  • ETH/USD
  • YFII/USD
  • MKR/USD
  • LTC/USD
  • AAVE/USD
  • EGLD/USD
  • ZEC/USD

Available order types

At Okcoin exchange, you’ll have access to the following order types:

  • Limit Order
  • Market Order
  • Stop Order
  • Trailing Stop Order
  • Trigger Order
  • Advanced Limit Order

Initiating a Market Order on Okcoin is straightforward:

  • Go to the Trading section.
  • Find the order type bar on the right-hand side.
  • Select “Market” from the dropdown menu.
  • Specify the total amount of the token you want to purchase.
  • Choose either “Buy” or “Sell.” Your market order will be promptly executed

Supported coins

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.

Trading bots

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.

User Experience

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.

Registration 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.

Educational resources available

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.”

Is Okcoin Secure?

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.

Okcoin Fees

Before engaging in crypto trading on Okcoin exchange, it’s important to acquaint yourself 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%

Transaction fees

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.

Supported Countries

Okcoin is available in more than 180 countries worldwide, allowing customers from around the globe to utilize its services and engage in crypto trading.

Deposit and Withdrawal Methods

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.

Customer Support and Feedback

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 Mobile App

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.

Okcoin Review: Final Thoughts

Despite limitations like a narrower range of cryptocurrencies and trading pairs, Okcoin maintains robust security measures, employing encryption techniques and cold storage to safeguard user funds. The exchange provides a comprehensive range of services, including trading bots, a wide selection of coins, and educational resources. Okcoin stands as an international exchange with a user-friendly interface, diverse cryptocurrency selection, and a wide range of trading pairs, including popular options such as Bitcoin and Ethereum.

While customer support might have room for improvement, the Okcoin mobile app offers a seamless experience for users on the go. Overall, Okcoin emerges as a trustworthy exchange worth considering for cryptocurrency enthusiasts, especially those seeking competitive fees and a user-friendly platform.

Frequently Asked Questions

Is Okcoin safe?

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.

How many users does Okcoin have today?

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.

What is a limit order?

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.

What is a stop order?

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.

Why do I need to verify my identity?

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.

What is the difference between a funding and a trading account?

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.

okcoin exchange