Okcoin is a secure crypto exchange that makes it easy to buy, sell, and hold your cryptocurrency. This Okcoin review is an up-to-date, detailed analysis of the Okcoin exchange, containing everything you need to know about Okcoin and whether it’s the right exchange for you.
Okcoin was created in 2013 in Beijing, China by Star Xu. It is one of the best-digitized asset trading platforms, allowing fiat deposits to be used to trade cryptocurrencies such as Ethereum, Bitcoin, Ethereum Classic, Litecoin, and Bitcoin Cash. Okcoin’s headquarters are in San Francisco, and the company also has offices in Japan, Hong Kong, Malta, Singapore, and Miami.
Hong Fang is the CEO of Okcoin. Over 190 countries and territories have access to the exchange. The platform allows retail and institutional investors to buy digital assets in their local currencies, with the goal of making crypto investing and trading accessible to everyone around the world.
With Earn, a tool for earning APY through decentralized lending, liquidity pools, staking, and more, Okcoin was the first centralized exchange to offer direct entry into decentralized finance (DeFi). Okcoin also provides asset managers, venture capital and hedge funds, retail brokers, payment processors, and others with institutional trading tools and APIs. Let’s delve deeper into this Okcoin review.
Okcoin review: What is Okcoin?
Okcoin is one of the world’s largest cryptocurrency exchanges, with the mission of making cryptocurrency trading and investing accessible to anyone on the planet.
Okcoin Pros and Cons
This Okcoin review displays a Okcoin pros and cons
- Okcoin earn: Earn is an Okcoin product that provides the simplest way to automatically grow your crypto. You can choose among the best staking and decentralized finance (DeFi) offers with flexible or fixed terms with some offers amounting to 22% APY.
- Affiliate program: Okcoin has an affiliate program that lets you invite people to try Okcoin, and earn lifetime commissions when they sign up and trade with okcoin. With this, you can get 30% commissions from their trading fees.
- Bug bounty program: Okcoin has a bug bounty program that incentivizes cyber security researchers, technical writers, and SEO experts to report bugs, detect grammatical errors, and also look out for security vulnerabilities and receive rewards up to $3000.
- Beginner friendly: The Okcoin exchange is beginner friendly and a good place for beginner crypto investors to start. Documentations are displayed on the home page to help users set up an account quickly and explore all of okcoin with each page easy to navigate.
- Low fees: Low fees make the Okcoin exchange popular. Taker fees on the Okcoin trading platform are 0.20 percent, in line with the industry average. The exchange offers discounts to the makers, which brings down the maker fees to 0.10 percent.
- Payment options: Okcoin has eight payment methods available on its platform to increase convince and ease at which users can deposit and withdraw on its platform. Some of the payment methods include Wire and international transfers, credit and debit cards, ACH instant transfers, SEPA transfers, and more.
- A limited number of cryptocurrencies: Okcoin supports over 30 cryptocurrencies which is a small amount compared to other exchanges. So if you’re looking for an exchange with a wider crypto selection check out our other exchange reviews.
- Not available in the U.S.: Despite not being available in the US. US residents can access the platform through Okcoin USA, a money transmitter and registered money services business with the U.S. Treasury Department.
Okcoin review: How to use Okcoin
Okcoin can be used with ease as the platform was designed for both beginners and professionals alike. There are also detailed guides, a help center, and FAQS for users. To begin using the platform you have to sign up, verify your identity and proceed to buy Crypto.
Okcoin Sign up
With this Okcoin review, you can sign up for an Okcoin Account in no time.
First off visit the Okcoin website, then click on the menu and click on “Sign up.”
Now fill in your email address and create a password, then click on “Sign up.”
Now a six-digit code will be sent to your Gmail, copy and paste it into the required field.
Now that you’re done signing up, you can proceed to verify your identity.
KYC is of the essence when interacting with centralized exchanges. It helps exchanges identify their users and increase their security. With this Okcoin review you’ll find out how to complete the Okcoin KYC process.
Okcoin KYC Verification (Level 1)
You can choose to verify an individual or cooperate account.
Now click “Verify” to commence the level 1 basic verification.
Get the following documents ready and click “Next.”
Now select your country and an ID you’d like to use for verification.
Fill in your personal information correctly and click on “Next.”
Now fill in your address details correctly and “Submit.”
Lastly, enter your social security number and click on “Next.”
With the provided information, your level 1 basic verification will be instantly verified.
Note: The fiat currency transaction limit on Okcoin level one basic verification is $1,000 USD. So if you know you’ll be transacting between $1000 USD and below, you can stick to layer one basic verification; if not, you’ll have to complete level 2 advanced verification to increase your transaction limit to $1,000,000 USD.
Okcoin KYC Advanced Verification (Level 2)
To begin, you’ll be asked to enter some additional information to increase your daily trading limit:
- A photo of your government-issued driver’s license, identity card, or passport
- A selfie to make sure it matches your ID
- For US residents, you may need to enter additional information to meet local regulations before buying your first crypto, including Government-issued ID, Proof of address.
Okcoin review: How to Withdraw from Okcoin
Log into your account, tap the menu button, scroll down, click on “Asset,” and select “Withdrawal.”
You’d be prompted to step up your security. Continue with the security setup. Input your number, then a 6-digit code will be sent to you, insert it in the required field, and click on “Continue.”
A code will also be sent to you to verify your email. Copy and insert the code in the required field, and click on “Continue.”
Now you’re all set up. Click on “Continue” to proceed.
Now select the currency you’d like to withdraw and click “Continue.”
Make sure you fill in the details correctly to complete your withdrawal.
Okcoin review: How to Buy Crypto on Okcoin
According to this Okcoin review, you can begin buying Cryptos in no time
Log in to your Okcoin account and select “Buy crypto” from your dashboard.
Then select the crypto you want to buy.
Select the amount you want to buy in crypto or spend in cash.
Decide how often you want to buy, such as daily, weekly, or monthly.
Check your purchase details and payment method by selecting Review Order.
Select Place your order to make the first purchase and automate the next ones.
Okcoin review: What Coins Does Okcoin Support
There are over 30 cryptocurrencies available on Okcoin. This small selection comes with support for the most popular cryptocurrencies, which include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
- Solana (SOL)
- Terra (LUNA)
- Tether (USDT)
- Polkadot (DOT)
- Litecoin (LTC)
- Chainlink (LINK)
- Tron (TRX)
- USD Coin (USDC)
- Algorand (ALGO)
- MarkerDAO (MKR)
- Yearn.finance (YFI)
- Compound (COMP)
- Synthetic (SNX)
- Uniswap (UNI)
- Celo (CELO)
- Avalanche (AVAX)
Okcoin review: Okcoin Fees
The Okcoin exchange is popular due to its low fees. Taker fees on the Okcoin trading platform are 0.20 percent, which is in line with industry standards. The exchange provides discounts to the makers, lowering their fees to 0.10 percent. This is useful for investors who are unable to pick up an existing order from their order book. Okcoin has become one of the most popular low-fee trading platforms in the world due to its fee structure. It has a high trading volume of over $19 million USD as of this writing.
|User tier||30-day Trading volume (USD)||Maker fee||Taker fee|
Okcoin Deposit and Withdrawal Fees
Okcoin supports a pool of currencies to deposit and withdraw, which include: USD, EUR, GBP, CAD, and SGD, amongst others. It also supports different payment channels like bank transfer (ACH), wire transfer, debit and credit cards, etc.
Okcoin charges 2.49% for using deposit cards, while the other payment methods are free. So if you incur any extra charges, this might be coming from the platform you’re interacting with, not Okcoin.
According to this Okcoin review, the table below shows the detailed fee structure of Individual accounts
Okcoin Payment Methods
You can deposit and withdraw cash using different methods, including:
- Wire and international transfers
- ACH instant transfers (US ACH Direct Debit transfers)
- SEPA transfers
- Debit and credit cards (Visa and Mastercard)
- TED and Pix
- Silvergate SEN
The Okcoin app is an intelligent and intuitive mobile application for Apple and Android devices. The Okcoin mobile app offers the same features as the web platform, so you can use it for crypto trades, staking, deposits, and withdrawals.
The Okcoin app has a 4.5 ⭐ rating in over 5k reviews. Even with its high ratings, the Okcoin app has amassed a pool of negative user reviews. Some of the complaints include an unusual $10 debit from users’ accounts, withdrawal problems, locked accounts, and so on. However, some users still have positive things to say.
You can integrate Okcoin’s powerful APIs into your applications to get the best possible experience. Okcoin APIs are classified into three types: account APIs, trading APIs, and market trends APIs.
The account and trading APIs require API key authentication and allow you to place and cancel orders, as well as view order status and account information. While the market data API is open to the public and provides market data such as historical trading pair prices.
After you sign up for Okcoin, you can create API Keys with different permissions to separate your API Keys’ privileges, allowing you to use one API Key to trade and the other to withdraw.
Okcoin review: Okcoin Supported Countries
Okcoin services are available in 192 countries. U.S. residents can only use Okcoin through Okcoin USA, with the trading service currently restricted in regions like Hawaii, Nevada, New York, West Virginia, and all U.S. territories other than Puerto Rico.
Furthermore, it is also prohibited in countries that are sanctioned by the U.S. (Cuba, Iran, North Korea, Crimea, Sudan, and Syria), as well as Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Malaysia.
The list of supported countries is shown in the table below.
Okcoin Customer Service
Positive feedback about Okcoin support has been received, according to Okcoin reviews. Email, phone support, a ticketing system, and live chat are all part of the support system. The representatives are not only professional, but also friendly, and they respond quickly and effectively. Furthermore, Okcoin has a FAQ page that answers the most frequently asked questions by both novice and experienced traders. It also has a 3.3 ⭐ rating on Trustpilot in over 1.4k reviews.
Is Okcoin legit?
Okcoin makes every effort to keep its users’ funds secure. Okcoin has implemented the following security measures to protect its users’ accounts and cryptocurrency:
Two-Factor Authentication: Setting up Two-Factor Authenticator will require you to enter both your password and a code sent to your mobile device to access your account.
End-to-End Encryption: End-to-end encryption is used to protect data. Okcoin masks data during collection and uses SSL encryption during transmission and AES encryption during data storage.
Cold Storage: It keeps 95% of cryptocurrency funds in cold storage and the remainder in multi-sig hot wallets. Cold storage is the most secure crypto storage option because it is done offline. Okcoin keeps a small portion of its funds in “hot wallets,” which are inaccessible with a single key and require three to five signatures to access.
Okcoin also stated on its platform that it has partnered with cybersecurity experts to hunt down security vulnerabilities and run periodic audits.
Okcoin review: Bottom line
OKCoin is an excellent exchange for both beginners and advanced traders, containing some of the market’s most popular cryptocurrencies. The exchange is highly liquid, and many people from all over the world trust it. OKCoin’s trading platform is both intelligent and aesthetically pleasing. It also provides advanced trading types and features for seasoned investors.