What is Okcoin?
Okcoin is a cryptocurrency exchange that helps millions of people from all over the world to access different crypto assets easily and conveniently. Okcoin was founded by Star Xu, a man who came up with the idea of creating a crypto exchange back in 2013 in China. Not only that, he also founded another popular crypto exchange, Okex, a year after he founded Okcoin.
As of now, Okcoin is based in San Francisco, California, and is considered to be one of the biggest crypto exchanges on the internet. Having employed hundreds of people to work for their organization, Okcoin focuses on making their services up to the standards of the latest blockchain industry and users’ requirements. Not only that, they offer their services in more than 190 countries, which cover almost the entire world, to open doors for everyone to easily access digital assets, which could be the future of finance.
My Overall Thoughts on Okcoin
Okcoin can be considered as an all-in-one crypto exchange, making it possible for traders from all over the world to explore the blockchain industry. They not only allow their users to easily buy or sell over 60+ cryptocurrencies, but they also offer a premium trading experience with countless features.
To make things even better for newcomers, Okcoin has designed their platform in a way that makes it easy for anyone to navigate throughout the exchange. There is even an entire help center available to answer questions and problems. For me, the following are the three things about Okcoin that attracted me the most, and I think most types of traders and investors will also enjoy:
1) Okcoin premier trading: With the integration of Okcoin Premier Trading, they have simply enhanced the whole concept of trading. The easy, fast, and reliable trading experience they offer is top-notch and remarkable. Even the markets along with the trading pairs can be accessed within a second, and users can start trading immediately. There is also an option to use Pro Trading or remain on the beginner-friendly chart variants as you begin your journey.
2) Plenty of payment methods: If you take a look at the payment methods available at Okcoin, you will notice that there are a lot of options to choose from. You can select credit/debit cards, wire transfers, crypto wallets, and even Apple Pay in some cases. In other words, it really is easy to get started investing and trading with Okcoin.
3) Supported in over 190+ countries: Worldwide availability is another factor about Okcoin that attracts me to their platform. Unlike many other exchanges, OKCoin is legal in the US, as well as over 190 other countries without any types of restrictions.
The aforementioned points are what make Okcoin an excellent choice for traders and investors. Some users criticize the lack of live chat customer support, but I have found that if you run into issues you can always contact them via email and they will reply in a reasonable time frame.
Key Features & Advantages of Okcoin
OKCoin has the features and functions to satisfy the needs of their users from all around the world. As we are talking about one of the biggest crypto exchanges here, the available features are not just useful for trading, but they help users explore other opportunities too.
If you want to know exactly what the key features and benefits of Okcoin are, you can keep on reading below:
Negatives & Disadvantages of Okcoin
While OKCoin takes care of their traders and investors by providing so many convenient options, the platform has a few flaws and negatives too. These negatives might not be a major deal, but they can still affect the experience of traders at some point. You can take a look and see if you should worry about them.
What Services does Okcoin offer?
Okcoin is integrated with plenty of features and options that do a great job offering users an experience they want. If you want to know what services Okcoin provides and whether it would be your first-choice crypto exchange, you can feast your eyes on the points mentioned below.
Over 60+ cryptocurrencies available: Okcoin offers more than 60 popular assets to buy, sell, or trade right away. The variety is not as wide as some other exchanges, but you can still get your hands on many assets that have the potential to grow in the future.
User-friendly platform with convenient features: No one wants to go through the hassle of understanding a complicated platform or exchange just to use the services. Thanks to the user-friendliness of Okcoin, you definitely do not have to worry about this factor. Okcoin is designed in a way that it offers a pleasing look, fast UI, defined theme, along with the option to get started straight away.
When you visit Okcoin, you will get the option at the top right corner to signup. The whole procedure is simple and you can start trading or investing right after verifying your account and identity.
Mobile apps available for iOS and Android: If you want yourself connected to the cryptocurrency world all the time, then you need a mobile phone to help you do so. Not only can smartphones allow you to keep up with the latest trends, news, and signals, but they can even help you trade, invest, or use financial services quite easily.
With Okcoin, users can access the mobile app on iOS and Android devices. The best thing is that users don’t really have to compromise on their trading experience when using mobile apps. You can check real-time price charts, buy/sell cryptocurrencies, and stake your assets through the app.
Trouble-free buying and selling of cryptocurrencies: While you might have to face a few hurdles getting your preferred crypto asset on other platforms, Okcoin offers a relatively simple and straightforward method to proceed with. If you want the fastest method to purchase cryptocurrencies on Okcoin, you can simply use credit or debit cards to buy the coin you like depositing first. It will literally only take a minute or two, and you will have your hands on some crypto. Alternatively, you can deposit funds in your account beforehand, and trade it for the crypto you desire.
Okcoin Premier trading with advanced features: When it comes to trading with Okcoin, they focus quite a lot on their Premier trading program, which is built keeping some critical things in mind. The foremost aim of their Premier trading program is to help traders elevate their trading experience and make it better through their services. Note that you need to reach P1 tier status (trading volume over $100,000 in the last 30 days) to access Premier trading.
With the Okcoin trading platform, users get access to a complete and thorough trading interface. You can select different trading pairs, check their charts, market conditions, prices at different timestamps, and much more in the one place. Not only that, but Okcoin allows users to access a full-screen professional trading option or the straightforward beginner-friendly option. You can go with either of them, depending on your understanding and expertise. If you have specific preferences for trading, you can customize charts and tweak everything available to make it perfect for your needs with the Premier trading platform.
Diversity in trading options: Having only a single market to focus on while trading can be a massive disadvantage for professional or even beginner traders in today’s world. But if you are trading with Okcoin, you will get several markets to choose from. While the market diversity at Okcoin is not the greatest, they still offer options that are versatile and can enhance your experience.
If we specifically talk about what types of trading are available at Okcoin, you can spot trade, margin trade, or go with OTC trading. The best thing about OTC trading is that you can buy or sell any crypto asset you want without worrying about slippage. As for margin trading, the maximum leverage is 10x, and it will help you gain better exposure to the market and explore more trading options to easily better trades. Lastly, spot trading is where you will get access to the most trading pairs, and you can simply place your orders to get started.
Extra earnings with crypto staking: Okcoin offers more than ten cryptocurrencies that can be staked on their platform, and who doesn't want to earn passive income? If you want your crypto to earn you more crypto, then you can check out the Okcoin staking program and see if the returns are worth it for the time period. Just for reference, the highest interest rate users can earn on Okcoin at the time of writing is about 14%. It definitely is a lot higher than anything a bank would offer.
There are other assets available with various interest rates; you should choose the coins that you think have the potential to grow and are also offering a reasonable interest rate. It's definitely a great idea to check the staking terms and see if they are flexible or not. Flexibility will bring convenience for you, and you may be able to cash out your assets early or set a staking period as per your preference.
Different payment methods supported: It is obvious that if you want to buy cryptocurrency, you will need to deposit funds into your account. The thing is, it is not always as easy as it sounds due to policies, laws, and regulations of different countries around the world. Okcoin has managed to deal with this, and supports more than 190 countries and allows users to deposit funds through several methods. Most users have the choice to use their debit or credit cards or wire transfer. There are a few countries like the US where Okcoin does not support payments with credit/debit cards; in that case, you can simply go with the other available methods.
30% fee rewards through affiliates: If you think you can bring people or even your family members or friends to Okcoin, then you can earn passive income through their affiliate program. Whatever the fee your affiliates pay to Okcoin, you will receive 30% of that fee as the reward, for an indefinite amount of period. While the amount might not seem that high, you can earn a good profit if you bring more traders, or ones who trade large amounts.
Vast learning center and guides: No matter how advanced technology gets, people will still need proper guidance and learning material to understand things better. Things can get even more complicated when we start talking about cryptocurrencies and the blockchain. If you are a newbie or an amateur and do not know where to start, Okcoin will assist you with the learning center, filled with guides, posts, and plenty of informational content. Take your time to explore the library to better understand how everything works.
Available in over 190 countries: There are tons of crypto exchanges that restrict users from several continents from joining due to various reasons. Only a handful of platforms offer their services to almost the entire world, and Okcoin is one of them, supporting users from over 190 countries. It does not matter if you are from the US, Asia, Africa, or Europe, there is a high chance you can set up an account with Okcoin.
What I don't like about Okcoin
Now it is time to explore the darker side of Okcoin and see what areas the platform lacks in. The issues are definitely not that big, but it still is a good idea to keep them in mind so you won’t face problems later.
No live chat customer support: No one wants to wait hours or days to get a response to a query, but without a live chat option, this could be what you have to deal with on Okcoin. Their customer support is definitely not on par with the standards of the modern world. If you have any type of concern or issue, you have to go with the old method of submitting a ticket and await a reply. This is not only time-consuming, but inefficient and troublesome.
Limited cryptocurrencies compared to other exchanges: Okcoin has around 60 cryptocurrencies listed on their platform. This number is relatively low compared to many of the large crypto exchanges in the world. If you only want to stick to popular and well-known cryptocurrencies, this isn't an issue, but if you want to find a new coin before it is available elsewhere, then you most likely will not find it on Okcoin.
Okcoin Fees
Okcoin Deposit Fees
- International Wire Transfers: Free
- ACH Transfers: Free
- Crypto Wallets: Free
- Credit/Debit Cards: 3.99% of the entire transaction
- SEPA (TrustPay): €0.20 +0.3%
- SEPA (Finductive): €4
Okcoin Trading Fee
The trading fee at OKCoin starts at 0.10% for makers and 0.20% for takers. The trading fee is reduced if the trading amount exceeds specified limits for the past 30 days. You can take a look at the chart below to understand how things work:
Okcoin Fiat Withdrawal Fees
- International Wire for US, EU, and Singapore: Free (Min. varies)
- International Wire for other locations through Far Eastern International Bank: Free (Min. $100)
- International Wire for other locations through Royal Business Bank: $35 (Min. $100)
- ACH: N/A
- SEPA (TrustPay): €1.5 (Min. €1)
- SEPA (Finductive): €8.5 (Min. €5001)
Okcoin Crypto Withdrawal Fees
OKCoin does not charge its users for crypto withdrawals. The only fee that the users have to pay while withdrawing crypto is the network fee. Do remember that the network fee varies greatly depending on the market conditions.
Pros and Cons of Okcoin
- Okcoin Premier trading experience
- 60+ popular cryptocurrencies available
- Mobile app for iOS and Android
- Extra earnings through staking and affiliate programs
- Different trading options available
- Limited range of cryptocurrencies
- No live chat support
Verdict
Okcoin can serve modern-day traders quite well with their services and features. The inclusion of over 60+ popular crypto assets, along with the option to margin and spot trade, has definitely brought a lot of opportunities for traders and investors. If you are someone who has just entered the crypto world, you will find it easy to understand everything with the help of Okcoin's guides, easy interface, and help center. In case you get into some trouble, you can submit a ticket and wait for their response to sort out the issue. Finally, Okcoin allows users from almost the entire world to join their platform and invest in crypto. You just have to sign up, submit the required documents, verify your identity, and you will be good to go.
If you want to check out some other options before you sign up to Okcoin, you can have a look at this article on the best crypto exchanges. I have also included a comparison table below so you can make a quick judgement based on key facts.
Comparison Table of the Best Crypto Exchanges in the USA
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Frequently Asked Questions
Yes, Okcoin is available in the US along with many other countries. Users can quickly join the platform and begin their crypto activities by verifying their identities.
Okcoin is a safe and secure platform, and there is no danger in using their services. They use the latest security encryption along with account security methods to provide the best possible safety to their users.
Yes, there is an Okcoin mobile app for iOS and Android, where users can buy, sell, or trade cryptocurrencies. There are also other features you can use on the app, or even just use it as a basic crypto wallet to keep track of your portfolio in one spot.
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