Everything You Need to Know About OKCoin
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Bitcoins have gained popularity in the few recent years and are currently at an all-time high since its inception in 2009. Cryptocurrencies are on a meteoric rise with the Bitcoin price fluctuating from time to time. Numerous reasons have been construed to explain this phenomenal trend.
Every cause has more effects than one, with the rise in Bitcoins and other forms of cryptocurrencies, there has been the creation of exchange platforms to facilitate buying and selling of these cryptocurrencies. OKCoin is one such platform where you as a user can be able to perform transactions using cryptocurrencies such as Bitcoin.
If you have been looking forward to using the OKCoin exchange platform but ask yourself questions such as what exactly is ok Coin? is OKCoin legit? Is OKCoin safe to use in crypto exchanges? Is OKCoin scam? Can I trust OKCoin to deliver value to my invested funds? All these inquiries will be answered as the paragraphs unfold.
What is OKCoin?
OKCoin exchange is a crypto-exchange platform based in Beijing, China. OKCoin was founded in June 2013 by its Chief Executive Officer, Star Xu and currently has an exchange volume of a whopping 16million bitcoins per month. OKCoin as a digital trading platform provides spot trading between the digital currencies and fiat currencies to customers worldwide. It is a leading exchange platform bragging about features such as cold storage and bank level SSL security which provides a user with top-notch trading services when buying and selling cryptocurrencies.
- OKCoin is managed by OKCOIN PTE.LTC which is a registered company in Singapore. Trades.
- OKCoin is currently focused on providing digital exchange services exclusively to the Chinese market. It, however, states in its objectives, the plans to venture out into markets oversees therefore as a potential user outside Chinese you can stay on the lookout for the launch of an overseas market by OKCoin.
- This splits OKCoin into two separate and distinct exchanges;
- OKCoin China which is available to residents of China only.
- And OKCoin international which will be available to worldwide traders outside the Chinese market.
- Besides being a crypto-exchange platform, OKCoin offers a lending app and mobile consumer payment plan.
- OKCoin is a major trading platform for the bitcoin exchanges and is particularly popular in China.
- Fiat currencies: the Japanese Yen, the US dollar, and the Euro.
- Digital assets such as the Bitcoin, Ethereum, Bitcoin cash, and Litecoin.
- The OKCoin exchange China supports the operation of the CNY/BTC spot exchange with the margin trading being provided for by the Beijing entity.
- OKCoin international operates the USD/BTC spot exchange from the Singapore entity.
Buying and selling methods
- Of all the platforms for digital exchanges, OKCoin is the most stable, advanced and liquid sites today.
- To buy Bitcoin on this platform, go to the Top Menu “trade,” click on the Buy/Sell tab and choose the purchase method that suits you, enter details of the amount to be purchased and click the buy button.
- The exchange platform offers a range of order types such as; market order, trail order, stop order, Time Weighted Average Price order, the One Cancels the Other order, limit order, and iceberg orders.
- If after learning about OKCoin you want to buy bitcoins on this platform, some steps need to be followed to set up account before making a sale or purchase order;
- Set up your account wallet- this is an essential tool regardless of the method of purchase a user wishes to use. This can be a desktop wallet, mobile wallet or an online wallet. You can read more to understand how these various wallets work and appreciate the specifics to select the most suitable one for one’s uses.
- Open an account with OKCoin through the website of the mobile apps available for Android and iOS.
- Once you log in to this platform you can find other individuals selling cash, and from the range of options provided, a user can exchange bitcoins for fiat currency and vice versa.
OKCoin Trading Fees
- The OKCoin platform allows for the deposit of the US dollar only. Deposits are made through dollars via wire or bank transfers.
- Individual users are charged a fee of 0.1% on the transferred amounts excluding bank charges.
- Withdrawals are charged a 0.1% fee and requires a minimum of $15.
- Litecoin and bitcoin withdrawals are free.
- Trading fees are dependent on many factors. The marker fees begin from zero while the taker charges drop as the volume of trade increases. Taker fees range between 0.20% and 0.10%.
|30 day BTC volume||Taker fee
|30 day ETH volume||Taker fee
|30 day BCH volume||Taker fee
|30 day LTC volume||Taker fee
|5, 000 LTC|
|50, 000 LTC|
|150, 000 LTC|
|300, 000 LTC|
|500, 000 LTC|
|30 day ETC volume||Taker fee
|50, 000 ETC|
|150, 000 ETC|
|300, 000 ETC|
|500, 000 ETC|
Special features of the OKCoin platform
- Availability of mobile apps– these are downloadable for Android and iOS
- Desktop clients- it is possible for you to have a desktop client for Windows and Mac
- Has browser support- OKCoin has a web platform that is accessible via browsers on any device
- Has a proper Application Programming Interface (API) – the availability of this support makes it easy for you to customize it to fit your needs. These APIs are used to access trade histories, account information, market data, trade execution and depth of bids.
- Multi-country support– mainly subdivided into two versions; OKCoin china for Chinese customers only and OKCoin international for non-Chinese users.
- Offers lucrative margin trading by providing some trading pairs for leverage.
How to register/use OKCoin?
- To create an account, you have to follow a series of steps that will be described below;
- Log into the OKCoin website or application
- Sign up into the platform- by providing the credentials such as mobile phone number and email address. Ensure you use a secure password that does not feature on other sites or accounts
- After setting up the account, verification precedes deposit/withdrawal of funds.
There are two verification levels according to your preference as a user.
- The first level verification is relatively simple and can be done within two minutes. After being a verified user, one can deposit any amount of bitcoins or Litecoins or withdraw bitcoin or Litecoin up to a maximum of 500 and 10,000 coins respectively.
- The second level involves verification of detailed information such as birthdate and residential address, verifying phone number and providing identification
Is OKCoin safe?
Can I trust OKCoin? Users, investors and other trading partners alike are often encountered by this question either consciously or subconsciously. How do not label OKCoin scam? It is by understanding how the system works and how it has been perceived regarding offering security and customers during its time of operation.
The OKCoin platform has been subject to the controversy sometimes in the past including a contractual dispute with Bitcoiner Roger Ver. Besides this high profile dispute, the OKCoin platform has managed to maintain a positive reputation and is termed as among the most reputable cryptocurrency exchanges in China.
Security- Can I trust OKCoin with my funds?
The exchange platform gives users a secure storage place for their funds. There is the two-factor authentication feature that requires authentication by more than one person to authorize a transaction. It has an admin password feature that allows for the timing of the system when requesting for the login password. The platform holds users’ funds in cold storage. It also maintains a hot wallet with a sufficient capacity to maintain the required liquidity. More funds are kept in the cold wallet to enable the platform to withstand hits which most digital systems such as these are prone to suffer.
When it comes to help and support, OKCoin is well ahead of the other exchange platforms. You can contact the customer via email, telephone call or live chat at any time of the day all days of the week. They have a comprehensive Frequently Asked Questions. The FAQ section usually is mostly concerned with the Futures section.
The OKCoin website is relatively easy to use and is well adjusted by the professional traders. The platform has a range of tools that are employed for technical analysis for the objective of future and spot trades.
OKCoin Review summary
- What comes to the mind of most people when OKCoin is mentioned or any other crypto-exchange platform is its reliability to safely and securely perform transactions.
- As a potential user, you may ask yourself, is OKCoin legit? Is OKCoin scam?
- It is apparent that OKCoin is an instrumental digital exchange platform with additional tools and features such as wider range of advanced order types and relatively low fees.
- The accessibility and ease of use of this platform make it an invaluable crypto-exchange platform.
- It can utilize a number of improvements such as the incorporation of tools to analyze performance and research amenities.
Pros of OKCoin
- It has an advanced set of market order types.
- Higher withdrawal limits compared to other platforms.
- Charges relatively low fees.
- Clean interface.
- A platform that offers the best liquidity globally.
Cons of OKCoin
- Verification has been said to be challenging especially for foreign traders.
- It is largely Chinese platform-its efficiency is limited to the Chinese market.
Thank you for reading this OKCoin review. Make sure to visit our website more often and follow everything crypto happening around the world.