Deposit methods: transfer and cryptocurrencies
Minimum deposit: –
Platform: own; web technology
Leverage: 3 to 1
Commissions: from 0.2%
What is OKCoin?
OKCoin is one of the great Asian Bitcoin and cryptocurrency brokers based in China.
Despite being a broker focused on the Chinese market, the most promising in the world, it provides cryptocurrency trading and trading services to the rest of the world.
This is a company with a long history and strong institutional backing as it has been receiving funds and investments from well-known international finance players for many years.
For example, OKCoin has earned investments from VenturesLab , the company founded by Tim Draper, who also invested heavily in companies like Hotmail, Baidu, and Tesla.
In addition, in early 2014, OKCoin received an investment of $ 10 million from the Chinese funds Ceyuan and Longling Capital, owned by the company Meitu, which is listed on the Hong Kong stock exchange, so we see that this broker has the backing of a company that is listed on one of the main exchanges in the Asian market, the powerful Hong Kong exchange.
Another proof of this broker’s strength is that the CME group added OKCoin as its cryptocurrency price provider in 2016.
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Open account with OKCoin
The process is actually simple, but as we already see on the web, accounts are not opened to clients from the United States, Iran or North Korea, among others
In recent times it has become difficult to open an account with this broker. For example, traders in the United States can no longer open accounts due to regulatory problems, as American regulators are trying to limit as much as possible that traders from that country can trade in foreign brokers not legally registered in the United States.
Other restrictions to open account with this broker are:
Chinese platform: making international traders almost impossible to operate with guarantees, unless you understand Chinese.
Account verification problems, which can take a long time and headaches.
To open the gutter we can do it in dollars, bitcoins, litecoins or ethereums, but the first option is not available to investors in the United States.
For the Chinese site it is only possible to deposit CNY, while in the international one we can do it with USD or cryptocurrencies.
There is no minimum to deposit with which we can enter the minimum amount to make an operation.
The platform of this broker is based on web technology and is quite simple.
OKCoin markets and commissions
This broker does not have an excessive number of markets to trade, the main ones being Bitcoin, Litecoin and Ethereum.
One of the main characteristics of OKCoin is that in the menu there is an access to Okex, another platform with which we will be able to trade cryptocurrency futures with a leverage of 20 or 10 to 1.
Trading fees depend on the volume traded in 30 days:
0 Bitcoin: 0.20%
50 Bitcoin: 0.18%
200 Bitcoin: 0.16%
600 Bitcoin: 0.14%
500 Bitcoin: 0.12%
000 Bitcoin: 0.10%
In addition to being able to open an account with your futures service and trade on margin, OKCoin also offers leverage on your standard account, with a maximum of 3: 1 that can be used up to $ 500,000.
OKCoin Customer Service
Customer service is not the strength of this broker, as it is strongly focused on the Chinese market, although we can also communicate in English.
Contact options are extensive, with phones in Hong Kong, Canada, Ireland, Singapore and Russia.
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The email of this broker is firstname.lastname@example.org
The FAQ section is also available but it is not very extensive.
This is a broker that has a large volume and capabilities to trade in the world market of critpomoendas
However, it is not the most transparent broker and may not be the most suitable for international investors.
Maybe it is for the Chinese.
In recent times there have been some problems, such as difficulties in withdrawing deposits for a few months, in addition to the greater restrictions of the American regulators and the new ones of the Chinese, with the continuous threats from the regulators of that still authoritarian country.
Despite the fact that the broker works, apparently, quite well, there may be better options on the market.
One point that I did not like very much was the fact that you cannot see the trading model or the spreads available to trade cryptocurrencies, which is what the rest of the world’s great brokers in the sector like Kraken, Bitfinex or Bitstamp do.
However, a point in favor of this broker is the leveraged trading service, especially with its associated company, Okex.
The latter is fine for those who love high-risk trading, but if you are not one of them and especially if you are not an expert, you would do well to stay away from this service.
Now if you know what you do with trading, this is one of the best cryptocurrency exchange houses out there.