OKCoin is one of the largest Bitcoin exchange in the world with volumes reaching just over 16 million Bitcoins transacted per month. The cryptocurrency exchange is based out of Beijing, China and services users from all over the world. The group operates within regulated markets and has recently opened an office in Malta to service EU customers.
The exchange has built up a viable reputation among its users and the cryptocurrency community and uses the latest security and encryption protocols for the protection of their users. For instance, OKCoin integrates bank-level SSL security encryption, cold storage for 98% of their cryptocurrency, GSLB and distributed servers, and real-time account monitoring of deposits and withdrawals.
OKCoin features one of the most advanced and stable trading platforms for the trading of Bitcoin and a select other few cryptocurrencies. The trading platform is web-based and geared towards more professional traders but at the same time is simple enough for beginners to use as well. The platform comes complete with an advanced chart that can be viewed in full screen. Also, all the trading tools and technical indicators are available for in-depth technical analysis. The platform and website are very responsive and easy to navigate. The interface is intuitively designed, allowing for beginner and advanced traders to benefit from this platform and all the trading options available to them.
OKCoin Mobile Trading
OKCoin mobile application can be downloaded for both Apple and Android mobile devices. The trading application utilises all the features of the web-based platform in a mobile-enhanced version of the platform.
OKCoin is the perfect exchange for experienced traders as they offer traders a variety of advanced trade types. Traders can participate in margin trading, futures, place Iceberg orders, trailing stop orders, and TWAPs. The OKCoin exchange does not offer as many cryptocurrency assets as many other cryptocurrency exchanges but makes up for it with the advanced trade types. The cryptocurrencies available for trading are Bitcoin, Bitcoin SV, Bitcoin Cash, Litecoin, Ethereum and Ethereum Classic, and they can all be traded against USD, EUR and CNY.
Creating an account with OKCoin is easy and normally done within a few hours. Users can open either a personal or institutional account. Individual users should select the “Open Personal Account” option while corporate users who expect to have multiple individuals access the account should select the “Open Institutional Account” option.
The platform has two types of verification requirements based on the customer’s activities. Level 1 verification allows users to deposit or withdraw tokens less then 2 BTC. If more than 2 BTC tokens will be withdrawn, level 2 verification is required.
In April 2019, OKCoin releaed a new membership tier for clients who deposit a minimum of US$100,000 in trading volume over 30 days. Premier Clients are guaranteed wire processing within 90 minutes from when the applicable bank is open and available for business. In addition, Premier client fees will be reduced to the lowest published rates and allocated a designated Account Manager with priority given on customer support and troubleshooting. Clients will also have direct access to the Product team and the ability to connect to our partner network.
Commissions and Spreads
The fee structure is very low for both the Chinese and international markets, The trading fees are based on a sliding scale that refers to monthly volume on the exchange. Maker fees are non-existent, while taker fees vary but drop as trading volume increases, (taker fees range from 0.20% – 0.10%). When trading futures, traders incur a 0.03% on open positions.
Deposits and Withdrawals Options
Deposits and withdrawals can be completed with cryptocurrencies and fiat money including USD, EUR, GBP, CHF or CNY. For cryptocurrencies, deposits and withdrawals are simply completed by sending the coins to and from your personal cryptocurrency wallet and your cryptocurrency wallet on the exchange. As for fiat deposits and withdrawals, currently only bank and wire transfers are accepted at OKCoin, but will be opened up to credit card transactions in Q4 2019.
Bonus and Promotions
OKCoin excels in the area of customer support, especially for a cryptocurrency exchange. The support options available to traders include email, live chat, telephone support, and a ticketing system. Support representatives are professional and friendly with their responses and typically respond within an hour. Additionally, OKCoin features an FAQ page where traders can find answers to most questions they might have.
Pros and Cons
- Very high liquidity
- Can trade on Margin and in Futures markets
- Low and competitive fees
- Advanced trading platform
- Fiat currency deposits and withdrawals
- Verification required for withdrawals
- A small variety of tradeable cryptocurrency assets
How safe is OKCoin?
OKCoin is a safe cryptocurrency exchange as they use the latest encryption technology to help to secure its website from hackers and enables two-factor authentication for logins and withdrawals.
OKCoin is an excellent exchange for the advanced trading of some of the most popular cryptocurrencies on the market. The exchange is highly liquid and is trusted by many people from all over the world. The OKCoin trading platform is very responsive and beautifully designed. It also offers advanced trading types and features for experienced traders.