OKCoin Review

okcoin-review

OKCoin was founded in 2013 by Star Xu and gradually developed it into one of the largest crypto exchanges in the industry. He has extensive experience and background from his work for Docln and Yahoo and education from the University of Science and Technology Beijing. 

This is an exchange mainly aimed at China, but in recent years it began its expansion into other markets like Europe and North America.

Up to this point, OKCoin is strong and has launched another version in 2017, which will run together with the main platform – Okex. With one account, you have access to various functions and instruments. It is very important to have several options where you can securely trade the crypto market.

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Pros / Cons
  • Multiple FIAT options
  • Covering Chinese market
  • Seven advanced order types
  • Mandatory KYC
  • Lack of Debit/Credit cards deposit options

OKCoin Features Review

MarketsCrypto/FIAT
Supported countriesWorldwide
KYCYes
Leverage3x
Deposits10+ Cryptocurrencies, Wire transfer
Min. Deposit50$
Max. Withdrawal LimitDepends on the account verification level
Trading fee0.1%
Supportlive chat
Mobile appiOS/Android

 

OKCoin Security Review

With OKCoin being a big exchange coming from China, you would not normally expect high security or quality. But that was in the past, now things are different as the time goes and they became better in building stuff, the exchange gradually provided very high security and stability for the users. OKCoin uses Hot and Cold wallets for its funds with access to passwords secured by two OKCoin employees based in different locations. Other valuable security options include 2FA Google Authenticator, an option to link your mobile phone number and email verification, of course, those emails come with anti-phishing code. If you are searching for regulated exchanges with high security you can visit our page for regulated crypto exchanges here.

OKCoin Deposits and Withdrawals Review

USD and EUR is your option for fiat currency deposits and withdrawals for international users. You will also find CNY if you are from China. Overall you don’t have many fiat options on OKCoin, but on the cryptocurrency side you have:

  • BTC
  • ETH
  • LTC
  • EOS
  • XRP
  • TRX 
  • and more. 

They have been expanding their products over the years. Unfortunately, you do not have debit, credit cards as an option here.

OKCoin User Interface Review

okcoin-white-UI

okcoin-dark-UI

It’s not a flashy UI, but it’s an effective one that maintains a minimalistic design while providing an organized environment. Everything is clear and easy to understand, as everything is laid out pretty well. The crypto options are located on the left side, followed by a chart and the order tab on the right side with the order book.

OKCoin gives you two options for charts, a special page for the chart with a simpler design and an advanced full-screen option with a different interface.

chart-full-screen

chart-advanced

This full-fledged view of the chart provides an environment for uninterrupted charting. You also have two options Original, which is the one shown on the screenshot, and Trading View, which changes the chart to that of a more traditional looking one.

Advanced User Interface

OKCoin Advanced UI is completely different from the main option and is much better suited for day trading. It’s very good when the exchanges give you the option to choose, the choice of currencies for deposits and withdrawals, and different UI designs. In this way, it is more likely that the exchange will be preferred by more people.

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Trading Fees Breakdown

On OKCoin you will find one of the lowest and most competitive fees on the market. With a flexible system of 5 levels, depending on the traded volume over 30 days.

TierUSDMakerTaker
Lv1<100 0000.10%0.20%
P1>100 0000.07%0.14%
P2> 500 0000.05%0.10%
P3> 2 000 0000.03%0.08%
P4>5 million0.01%0.07%
P5>10 million-0.005%0.06%
P6>20 million-0.01%0.04%
P7>30 million-0.01%0.03%

For the next Tier – 5 you can contact OKCoin for a personal proposition to get even lower fees.

The fees for deposits and withdrawals depend on what you choose. Most are free, but some options may incur fees.

ChannelDeposit FeeWithdraw FeeDeposit Minimum
Signature Bank (Bank Transfer)FreeFreeCorporate – 100$
Individual 50$
Silvergate Bank (Bank Transfer)FreeFreeUS users – 100$
Prime Trust (Bank Transfer)Free35$ per transaction100$
Epay Account Transfer1%FreeNo minimum
Prime X Transfer0.45 + 0.30$ fee from OKCoin
5% fee from Simplex
Not supported50$

Options and Order Types

OKCoin has quite a few options for trading accompanied by advanced order types which you won’t often find on other exchanges thus making OKCoin one of the most advanced in this area. There are over 10 cryptocurrencies available for trading and exchanging against USD, EUR. And on top of that, you can margin trade them 3x. 

Margin trade is available on the following cryptocurrencies:

  • BTC
  • LTC
  • ETH
  • BCH
  • XRP

You have the possibility to choose and trade 7 different types of orders, each one for different situations and strategies. 

The Order types are: 

  • Limit
  • Market
  • Stop-Limit 

The advanced orders types are:

  • Trail
  • Iceberg
  • TWAP
  • Advanced Limit Order
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Affiliate Program

OKCoin introduces a normal referral program where you can receive 30% of the trading fees. Don’t get too excited, as the exchange requires KYC to be used, and this could be a problem in getting many people to join OKCoin. Nevertheless, even with the presence of the obligatory KYC, you can still earn a considerable income.

Is OKCoin a scam?

OKCoin is not a scam, maybe in another reality, but not here. It is one of the oldest, and one which has no known big breaches. You can consider OKCoin safe with your capital in good hands. Remember never to keep more than you intend to trade or exchange.

Conclusion

If you are looking for an exchange and are from China, you should consider using OKCoin as it offers local solutions for deposits and withdrawals. With its recent expansion into Western markets, this exchange is suitable for many people if you want to go through the KYC process. 

Of course, there are many possibilities, but it all depends on what you are looking for. If you are looking for many types of orders that will help you trade more efficiently, this is the exchange for you. There are competitors such as Binance and dedicated trading platforms such as Bitmex, Bybit, etc… or you can choose the sub exchange of OKCoin – Okex as your dedicated trading exchange.

OKCoin is an exchange based in Beijing with offices around the world with very high security and different options for trading.