OKCoin Review – Is OKCoin safe or scam?

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OKCoin is the largest Bitcoin exchange in the world by volume with over 16 million Bitcoins transacted per month. Star Xu, a highly skilled technoloid individual, founded the cryptocurrency exchange in Beijing, China. OKCoin is a cryptocurrency exchange that primarily serves users from China and other Asian markets, but also accepts traders from around the globe.

Regulations

OKCoin, like most cryptocurrency exchanges is not regulated or supervised by any financial regulatory authority. The exchange has a solid reputation with its users and the crypto community.

Reliability

OKCoin may not be licensed, but that does not mean it isn’t reliable. OKCoin is a trusted exchange that uses the most recent security protocols to protect their users. OKCoin has integrated bank-level SSL security encryption and cold storage for most of their cryptocurrency, as well as distributed servers and GSLB. They also provide real-time account monitoring and the ability to withdraw and deposit.

Trade Platforms

OKCoin is one of the most stable and advanced trading platforms available for trading Bitcoin and other cryptocurrencies. Web-based, the trading platform is designed for professionals but is easy enough to use for beginners. A full-screen chart is available on the platform. All the technical indicators and trading tools are available for detailed technical analysis. The website and platform are responsive and easy-to-use. It is easy to use, and both novice and experienced traders can benefit from the platform and all its trading options.

OKCoin Mobile Trading

OKCoin offers downloadable mobile apps for both Android and Apple mobile devices. All the features of the web-based platform are available in a mobile-enhanced edition of the trading app.

Trade Types/Instruments

OKCoin is the ideal exchange for traders who are experienced as they offer advanced trade types and a wide range of trading options. Trades include margin trading, futures, placing Iceberg orders, trailing stops orders and TWAPs. OKCoin does not have as many cryptocurrency assets to trade as other exchanges, but it has advanced trade options. There are five cryptocurrencies that can be traded: Bitcoin, Litecoin and Ethereum. They can also all be traded against USD or CNY.

Types of accounts

OKCoin users all belong to the same account type, but traders have different verification levels that grant them greater withdrawal and deposit amounts. Below is a list of verification levels.

Level 1 verification allows withdrawals up to $2000 USD daily but not up to $2000 USD per-day. Level 1 verification requires the following.

  • Name
  • Nationality
  • Your birthdate
  • Passport number or ID number
  • Address

Level 2 verification allows withdrawals and deposits up to $50,000 USD per day from personal accounts, and $500,000 USD per daily for corporate accounts. Plus, all the required verifications are required.

  • Take a photo of your passport/government issued ID card
  • An original utility bill or bank statement proving residence

These verification levels are not the only ones available. VIP levels can also be achieved by earning reward points for trading and completing KYC information. VIP levels lower trader fees, determine trading leverage, and limit borrowing. These are the VIP levels:

  • Basic User 8,888 Points
  • VIP 1: >88,888 points
  • VIP 2: >88,888 points
  • VIP 3: More Than 288,888 Points
  • VIP 4: >588,888 points
  • VIP 5: >888,888 points
  • A Gold Account: A premium account

Spreads and Commissions

OKCoin charges very little for both Chinese and International markets. Trading fees are calculated based on monthly exchange volume. Maker fees are not applicable, but taker fees can vary, but they drop as the trading volume increases (taker fees range between 0.20% and 0.10%). Trader fees for trading futures include 0.03% for open positions.

Deposits and Withdrawals Options

Withdrawals and deposits can be made with fiat money, cryptocurrencies and fiat currency such as USD and CNY. Deposits and withdrawals can be made with cryptocurrencies by simply sending coins to your personal cryptocurrency wallet or your exchange cryptocurrency wallet. OKCoin accepts only wire and bank transfers for withdrawals and deposits. A 0.1% fee is charged.

Bonuses and promotions

OKCoin doesn’t offer any kind of trading bonuses or promotions. OKCoin is already a highly successful cryptocurrency exchange and has a large liquidity, so it doesn’t make sense to attract new traders.

Support for Customers

OKCoin is a leader in customer service, especially as a cryptocurrency exchange. There are several support options for traders, including email, live chat and telephone support. The support representatives are friendly and professional in their responses. Usually, they respond within one hour. OKCoin also has an FAQ page that traders can use to find answers to any questions they may have.

Both the pros and cons

Pros

  • High liquidity
  • Tradeable on Futures and Margin markets
  • Competitive and low fees
  • Advanced trading platform
  • Fiat currency withdrawals and deposits

Cons

  • For withdrawals, verification is required
  • A limited number of cryptocurrency assets that can be traded

FAQ

  • Is OKCoin subject to regulation?

No. No. OKCoin is not a cryptocurrency exchange that has been regulated by any financial regulatory agency.

  • Is OKCoin based in the United States?

OKCoin’s headquarters are located in Beijing, China.

  • What makes OKCoin money?

OKCoin earns its money by charging clients withdrawal and trading fees.

  • How can I deposit into an OKCoin account

OKCoin allows you to deposit cryptocurrency as well as USD or CNY via wire transfer and bank transfers.

  • How can I withdraw money from OKCoin

OKCoin allows you to withdraw funds the same as deposits. You can do this through wire transfer or bank transfers, and also through transfers of cryptocurrency between digital wallets.

  • How can I open an OKCoin account?

To create an OKCoin account, you will need to provide an email address. For withdrawals and deposits, you will need to provide identity verification information.

  • Is OKCoin reliable

OKCoin is trusted and reliable by many people around the globe.

  • Does OKCoin use MetaTrader?

No. OKCoin uses their own web-based trading platform.

  • What is OKCoin leverage?

OKCoin offers a maximum of 2 to 3x leverage

  • OKCoin is a fraud?

No. OKCoin isn’t a scam, even though it’s not regulated.

  • Is OKCoin safe?

OKCoin is a secure cryptocurrency exchange. They use the most recent encryption technology to protect their website from hackers. It also allows two-factor authentication to log in and withdraw.

Conclusion

OKCoin is an excellent exchange for the advanced trading of some of the most popular cryptocurrencies on the market. It is extremely liquid and trusted by many people around the globe. OKCoin’s trading platform is responsive and well-designed. The platform also features advanced trading options and features for more experienced traders.

OKCoinUser Reviews

This exchange can be ratedCheck out more OKCoin user reviews

OKCoinFeatures

There are many coins available

  • Bitcoin
  • Litecoin
  • Ethereum
  • Bitcoin Cash
  • Ethereum

Accepted countries

  • Australia
  • Cameroon
  • Chad
  • Canada
  • Denmark
  • France
  • Greece
  • Haiti
  • Iceland
  • Libya
  • Mexico
  • Nepal
  • Belize
  • Romania
  • Cape Verde
  • Senegal
  • Sri Lanka
  • United Kingdom
  • Eritrea
  • Gambia
  • Indonesia
  • Lebanon
  • Angola
  • Malta
  • Bahamas
  • Benin
  • Chile
  • Ghana
  • Gibraltar
  • Grenada
  • Serbia
  • Guinea-Bissau
  • Syria
  • Tonga
  • Kenya
  • Finland
  • Namibia
  • Oman
  • Jamaica
  • Palau
  • Solomon Islands
  • Kyrgyzstan
  • Tunisia
  • Montenegro
  • Peru
  • Sweden
  • Trinidad and Tobago
  • Yemen
  • Bahrain
  • Belarus
  • Bulgaria
  • Colombia
  • Algeria
  • Cyprus
  • Cuba
  • Burkina Faso
  • Cambodia
  • Kuwait
  • South Sudan
  • Tanzania
  • Turkey
  • Virgin Islands, British
  • Japan
  • South Korea
  • Malawi
  • Maldives
  • Netherlands
  • Botswana
  • Qatar
  • Saint Vincent and the Grenadines
  • Slovenia
  • Sudan
  • Saint Kitts and Nevis
  • Taiwan
  • Tuvalu
  • Vatican City
  • Uruguay
  • Malaysia
  • Nauru
  • Moldova
  • Papua New Guinea
  • Zambia
  • Andorra
  • Bolivia
  • Afghanistan
  • Congo
  • Cote d’Ivoire
  • Laos
  • Dominican Republic
  • Mauritania
  • Egypt
  • Gabon
  • Morocco
  • Uganda
  • Nigeria
  • Swaziland
  • Vietnam
  • Austria
  • Barbados
  • Djibouti
  • Equatorial Guinea
  • Comoros
  • Estonia
  • Bosnia and Herzegovina
  • Fiji
  • Ethiopia
  • Mali
  • Hong Kong
  • Ireland
  • Philippines
  • Macedonia
  • Poland
  • Madagascar
  • Italy
  • Sierra Leone
  • Vanuatu
  • Panama
  • Portugal
  • Samoa
  • Saudi Arabia
  • Timor-Leste
  • Albania
  • Burundi
  • Guinea
  • Iran
  • Armenia
  • Bangladesh
  • Belgium
  • Kiribati
  • Lithuania
  • Bhutan
  • Mongolia
  • Cayman Islands
  • Myanmar
  • Niger
  • Rwanda
  • Slovakia
  • Czech Republic
  • Thailand
  • Sao Tome and Principe
  • United Arab Emirates
  • Ecuador
  • Germany
  • India
  • Liberia
  • Liechtenstein
  • Luxembourg
  • Marshall Islands
  • Mozambique
  • Monaco
  • New Zealand
  • Pakistan
  • Togo
  • Uzbekistan
  • Venezuela
  • Zimbabwe
  • Antigua and Barbuda
  • Croatia
  • Argentina
  • Guyana
  • Kazakhstan
  • Lesotho
  • Norway
  • San Marino
  • Paraguay
  • Central African Republic
  • Spain
  • Suriname
  • Switzerland
  • Tajikistan
  • Guatemala
  • Honduras
  • Iraq
  • Mauritius
  • Nicaragua
  • Somalia
  • Azerbaijan
  • Singapore
  • Brazil
  • Brunei
  • China
  • Costa Rica
  • El Salvador
  • Georgia
  • Hungary
  • Israel
  • Jordan
  • Latvia
  • Micronesia
  • Seychelles
  • South Africa
  • Turkmenistan
  • Ukraine
  • Isle of Man
  • Kosovo

Payment Method

Deposit Options

Cryptocurrency

Withdrawal Options

Cryptocurrency

Information for Companies

Exchange DetailsInformation
Headquarters CountryHong Kong
TypeExchange
Trading allowedYes

Contact Information

Web:http://www.okcoin.com

Email:support@okcoin.com

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