Here we re making a review of OKCoin, again one of the oldest on the market with strong history. OKCoin was founded by Star Xu in 2013 and gradually growing to be one of the biggest exchanges in the industry. Star Xu has extensive experience and background working in Docln and Yahoo with education from the University of Science and Technology Beijing. This is an exchange that is aimed mostly at China, but in the last few years, it has begun its expansion towards other markets.
To this moment OKCoin is going strong and in 2017 launched another version to run along with the main exchange – Okex. With one account you have access to different features and instruments. It is good to see that there exchanges that are building the infrastructure. It is very important to have multiple options as FIAT gateways and exchanges where you can securely trade crypto.
OKCoin Features Review
|Deposits||10+ Cryptocurrencies, Credit/Debit cards, Wire transfer|
|Max. Withdrawal Limit||Depends on the account verification level|
OKCoin Security Review
With OKCoin being a big exchange coming from China you usually don’t expect high security or quality. But that was before, now things are different as the time goes and they became better in building stuff. The exchange aims for high security and stability thus implying high security for their users. Hot and Cold storage is mandatory, with access to the passwords secured by two OKCoin personnel at different locations. On top of that, you will find other valuable security options as 2FA Google Authenticator, an option to link your mobile number and E-mail verification, of course, those emails coming with anti-phishing code. If you are searching for exchanges with high security you can read our article for regulated crypto exchanges here.
OKCoin Deposits and Withdrawals Review
USD and EUR is your option here for deposits and withdraws of FIAT for international users. You will also find CNY if you are from China. Overall you don’t have many options on OKCoin from FIAT. But on the cryptocurrency side, you will find a little bit more – BTC/ETH/LTC/EOS/XRP/TRX and more. They have been growing their products over the years. Unfortunately here you don’t have Debit/Credit cards available as an option.
OKCoin User Interface Review
It is not a flashy UI, but it is an effective UI keeping a minimalistic design aiming to keep everything tight. Personally, I like this type of design too, of course, not everything about it but it is somehow very cozy, especially the dark version of the user interface. Therefore everything is clear and easy to understand as this is what minimalistic design does. I find everything laid out pretty good with the crypto options on the left followed by a chart and the order tab on right with the order book.
The chart is a little bit ineffective here but OKCoin has a surprise for you. You have two buttons above the chart and one is for a dedicate page for charting and the other (the Full Screen button) is leading to a more advanced UI.
This full-fledged view of the chart will give you an environment for uninterrupted charting. You also have two options Original which is the one presented on the screenshot and Trading View which changes the chart to that of a more traditional looking one.
OKCoin advanced UI is completely different from the main proposition. The advanced UI design is much more suitable for day trading. It is very good when exchanges give you choices, choices of currencies for deposit and withdrawal and choices from different UI designs. Thus in this way, it is more likely the exchange to be liked by more people.
Trading Fees Breakdown
On OKCoin you will find one of the lowest and competitive fees on the market. With a flexible tier system of 5 levels depending on the volume of 30 days.
|2||100k – 1 million||0.02%||0.9%|
|3||1 million – 5 million||0.00%||0.08%|
For the next Tier – 5 you can contact OKCoin for a personal proposition to get even lower fees.
Fees on deposits and withdrawals depend on what you decide to use. Most are free but with some options, there is a charge.
|Channel||Deposit Fee||Withdraw Fee||Deposit Minimum|
|Signature Bank (Bank Transfer)||Free||Free||Corporate – 100$|
|Silvergate Bank (Bank Transfer)||Free||Free||US users – 100$|
|Prime Trust (Bank Transfer)||Free||35$ per transaction||100$|
|Epay Account Transfer||1%||Free||No minimum|
|Prime X Transfer||0.45 + 0.30$ fee from OKCoin|
5% fee from Simplex
Options and Order Types
OKCoin has quite the options for trading and especially advanced order types. Which you don’t find often on other exchanges, thus making OKCoin one of the more advanced in this area. For trading and exchanging you have over 10 cryptocurrencies against USD/EUR and crypto to crypto. And on top of that, you can margin trade them with 3x on the exchange on BTC/LTC/ETH/BCH/XRP/USDT towards USD.
Now let’s get on with the order types that you can find on OKCoin. You have the option to choose and trade with 7 different order types, each one of them for different situations and strategies.
Of course, let’s start with the basics – Limit, Market and Stop-Limit orders are available. For the more advanced orders, you have Trail, Iceberg, TWAP and advanced limit order. This is quite the choice that you have here. For those looking for a wide option of orders, consider going to OKCoin.
OKCoin implements a normal referral program where you can get 30% from the trading fees. Don’t get too excited as the exchange requires KYC so you can use it and this may be a problem towards attracting many people to OKCoin. Nevertheless, you can create a significant income even with the mandatory KYC present.
Is OKCoin a scam?
OKCoin is not a scam, maybe in another reality but not here. It is one of the oldest and one that has never had any breaches. You consider OKCoin safe and your capital being in good hands. Remember to never keep more than you intend to trade or exchange.
If you are searching for exchange and are from China you should consider using OKCoin as it will offer you native solutions for deposits and withdrawals. With its recent expansion to western markets, this exchange is suitable for many people if you want to pass the KYC procedure. Of course, there are many options but it all depends on what you are searching for. If you are searching for many order types which will help you trade more effectevely then this is the exchange for you. Of course, there are competitors like Binance and dedicate trading platforms like PrimeXBT/Bybit, etc… which will offer you more or you can go the sub-exchange of OKCoin – Okex for dedicated trading exchange.
Pros / Cons
- Multiple FIAT options
- Covering Chinese market
- Seven advanced order types
- Mandatory KYC
- Lack of Debit/Credit cards deposit options