Okcoin Review 2022: Is Okcoin Exchange Regulated?
Okcoin, which was established in 2013 by Star Xu in Beijing, China, is recognized as one of the cryptocurrency exchange companies that can be relied upon the most. Okcoin developed the site to include trading pairs with high liquidity supplied by the hot wallet, lucrative interest-earning schemes, and a number of markets for alternative cryptocurrencies.
It provides more than 30 trading pairs as well as advanced tools for traders of all experience levels and volumes in 192 countries across the world. The Financial Crimes Enforcement Network has recognized Okcoin as a registered MSB, which stands for money services business. In accordance with the stringent requirements for regulatory compliance, it intends to keep working toward the goal of making crypto assets available to all clients.
Okcoin reviews are meant to be read for their informational value only and not as a substitute for professional financial guidance. Before making any investments, you should follow the basic piece of advice to do extensive research on the site.
The Okcoin Exchange is what exactly, right?
In 2013, Star Xu came up with the idea for Okcoin in Beijing, China. It is one of the greatest platforms for trading digital assets, and it allows users to trade cryptocurrencies with fiat currency deposits. Users can trade cryptocurrencies such as Ethereum, Bitcoin, Ethereum Classic, Litecoin, and Bitcoin Cash on this platform. Both individuals and businesses will find the exchange simple and straightforward to use. The elimination of trade restrictions on a global scale, including margin trading, is one of their primary goals, with the end result being a reliable and effective exchange. Asia and China are the most important target markets for worldwide Okcoin consumers.
The provision of service that is open, prompt, and dependable, in addition to the happiness of customers, is Okcoin’s top focus. They offer the services and goods, which include cold storage, security encryption, and consistent monitoring of deposits and withdrawals. It is also designed to fulfill the requirements of the clients, such as providing a mobile app that can be used to access the trading platform. In addition, Okcoin offers a diverse selection of trade kinds for more experienced traders. These trade types include futures trading, leverage trading, trailing stop trading, Iceberg orders, and many more.
How to Participate in the Okcoin Trade?
The Okcoin exchange is very simple to use and allows users to complete transactions with only a few mouse clicks. However, in order to gain access to Okcoin, you will first need to register or sign up for one account, either corporate or personal. This must be done before you can begin to deposit or withdraw money or cash. After finishing, link your bank account to the newly created Okcoin account so that you may easily make exchanges.
The Institutionalization of Okcoin
Due to the fact that it is the largest Bitcoin exchange, Okcoin has been under to a significant amount of pressure from various regulators in a variety of nations. As a direct result of these regulatory concerns, the company is unable to provide its services in nearly nine different countries. The Chinese government’s onslaught on cryptocurrency exchanges is said to have had a considerable impact on Okcoin trading as well, according to evaluations of the cryptocurrency. As a result of the rules imposed by the government, major and one of the best cryptocurrency exchanges in Singapore and China, Huobi and Okcoin, have stated that they will discontinue providing exchange services to local users.
Despite this, it continues to run the most successful bitcoin exchange that caters to markets outside of China. It was hypothesized that a great number of Chinese professional enterprises would choose to conduct business in foreign countries. Huobi and Okcoin were singled out as specific targets due to the fact that they were operating without any appropriate anti-money laundering systems and KYC procedures.
The benefits and drawbacks of okcoin
Pros
You can acquire additional tokens by participating in stakes.
• It is simple to get started with.
• Reasonably affordable service costs
• Accessible in a great number of nations across the globe
Cons
• It is not available in every state in the United States.
• Comparatively fewer tokens are available for purchase than at other exchanges
• Fewer available choices for providing support to customers
Who is eligible to sign up for an account with Okcoin?
Okcoin can be purchased in a number of countries, including the United States. However, it is not available in all of the states in the United States. This trading service will not allow you to open an account if you are a resident of the following states: Hawaii, Indiana, Louisiana, Nevada, New York, or West Virginia.
You can register an account with Okcoin and trade up to $2,000 worth of coins if you live in a state that allows the use of cryptocurrencies and if you provide the following information:
• Nationality
• Full legal name
• Birthdate
• Address
• Identification number issued by the government
There are extra restrictions for people who wish to engage in transactions more than $2,000 dollars. In order to trade up to one million dollars, you will be required to upload a photo of an ID issued by the government. If you want access to limitless trading, in addition, you will be required to provide further verification of your address in addition to other details.
If you are interested in trading cryptocurrency pairings as well as trading crypto/fiat pairs, Okcoin may be the platform that best suits your needs.
The Process of Creating an Account with Okcoin
A positive reputation in the cryptocurrency sector has been maintained by the Blockchain and Bitcoin trade that takes place on the Okcoin trading platform. Users can take use of Okcoin exchange by doing the actions outlined in the following paragraphs:
Step 1 – Okcoin Sign-up
Sign up for an account on the Okcoin exchange website to get your hands on some Okcoin. To create a new Okcoin account on the website, you will need to fill out the offered form, check the box indicating that you agree to the terms, and then click Sign-Up.
Step 2: Verification.
On the Okcoin website, users are required to provide proof of identity before they can safeguard their money. In the event that the verification procedure is not finished, funding will not be made available. Therefore, log in to the website and complete the details requested in the “Profile” part of the page.
Upon successful completion of level 1, you will be able to make withdrawals of up to 2 Bitcoin. In order to withdraw more than 2 Bitcoins, you will need to complete stage 2 of the process by uploading photos of proof of address and a passport. Please get in touch with our business support staff if you wish to withdraw more than 50 Bitcoins. Please ensure that the right personal information is entered, as once the verification process is finished, no modifications may be done.
Step 3: Two-Factor Authentication
Two-factor authentication, also known as 2FA, is a security approach that involves utilizing a combination of two distinct factors in order to verify the purported identity of any user. What users of a cryptocurrency exchange know is their login information, which consists of a user ID and password. What users have is a code, which the user receives in the form of an SMS or from mobile applications such as Authy or Google Authenticator on their mobile devices. Get this two-factor authentication (2FA) by navigating to the Security section of your account settings and selecting Google Authenticator. Scan the security barcode that has been provided, enter the digits, and then confirm.
Step 4: Add Funds to Your Okcoin Wallet
To fund your Okcoin account, go to the Fund menu and then click the Token Deposit button. Select the token, then either copy the deposit address or scan the QR code that is provided. To see the previous financing transactions, navigate to the Token Deposit area and look for the deposit history there.
Step 5: Trading bitcoins on Okcoin.
You will be able to begin trading Bitcoin cash as soon as the funds have been successfully sent into the Okcoin account. Click Trade, then pick the appropriate trading token. After inputting the amount of money to be traded and the price of Okcoin, pick the Buy button. On the Trade page, you may view the current trade by checking either the Order History or the Open Order.
Different Kinds of Okcoin Accounts
Users of Okcoin have the option of selecting either a Corporate Account or a Personal Account depending on their needs. Users can comprise 20 or more selected individuals while using a Corporates account, however an Individuals account only allows for one user. Nevertheless, there are several distinct levels of verification:
At the Level 1 Verification, you are allowed to make deposits of up to $2,000 USD every day. There is no provision for withdrawals.
Deposits and withdrawals of up to USD 50,000 per day are permitted for personal accounts with Level 2 Verification, while deposits and withdrawals of up to USD 500,000 per day are permitted for corporate accounts with Level 2 Verification. This level of verification calls for a bank statement or utility bill to be presented as proof of residence, in addition to a photocopy of a government-issued identification card or passport.
In addition, there are different degrees of VIP access that may be obtained by accumulating reward points following the completion of KYC details and trading. These VIP levels determine the maximum amounts that can be borrowed and traded on leverage, as well as the trading costs that are charged.
Deposits and Withdrawals are Permitted
The Method of Deposit
Through the use of the quick transfer option provided by the bank account, deposits may be made in the country’s native currency. However, there are restrictions placed on these deposits. On quick transfers, Okcoin does not charge any fees, and the recipient of the transfer will typically have instantaneous access to their funds.
In order to make a deposit in Okcoin:
1. Sign in, go to My Assets, and then click the Deposit button.
2. First, from the list of available options, choose the type of currency, and then decide how you want to be paid.
3. Before choosing a payment method, you need connect your bank account to your Okcoin account if they are not already connected.
It is important to note that bank accounts that have been added for quick transfers cannot be used for wire transactions. If you want to use your bank account for wire transfers, you will need to add your bank and route information once again while you are setting up the wire transfer. Okcoin provides a service called Plaid, which makes use of your bank’s username and password to link bank accounts with Okcoin accounts. If the name in the bank account and the name used in the Okcoin account do not match, the accounts will not be linked.
After the bank account has been linked, choose your account from the drop-down box, and then choose the Okcoin account to which you want the funds to be paid. Simply entering the amount and clicking “Submit” will finish the process of dropping off deposits. To clarify, when we talk about “deposits,” we mean transferring money from your traditional bank account into your Okcoin wallet.
Withdrawal Method
To get your money out of your Okcoin account, just log in and go to the Assets tab. Choose “Withdrawal” from the list that drops down. Or select Withdrawal from the menu that appears after selecting My Assets.
On the Withdrawal page, choose the form of digital currency that you want to withdraw, such as ETH or BTC. Then, either transfer your digital currency to one of Okcoin’s internal wallets or send the currency to an external wallet or address of your choosing.
Only third-party services and enterprises that make use of Okcoin’s wallet infrastructure are permitted to make use of internal wallets. After inputting the address of the wallet, you can enter an address tag if one is required, and then you can send in the request to withdraw the funds.
Review of Okcoin Concerning Fees
Transaction costs when using Okcoin
A taker (the party that makes an order, matching the marker’s order) and a maker (the party that receives the taker’s order) are the two parties involved in a trade in the general case (party whose orders exist on the order book before the trade occurs). Market makers are responsible for adding liquidity to the market, whereas takers are responsible for draining this liquidity by matching the marker’s order with their own order.
The Okcoin exchange is very popular because of its low costs. Taker costs on the Okcoin trading platform are 0.20 percent, which is comparable to the average charge across all industries. Because the makers are eligible for savings through the exchange, the costs they pay have been reduced to 0.10 percent. Investors who are hesitant to pick up an existing order from their order book can benefit from this. As a result of the fee schedule, Okcoin has become one of the most successful trading platforms in the world, with a significant number of trades. On the worldwide market, notably the Chinese market, the low fees are unrivaled by any other competitor.
The monthly volume is taken into consideration when calculating the trading costs, which are computed using a sliding scale. While the taker fees are reduced in proportion to an increase in trade volume, the maker fees are held constant at zero.
The fees that Okcoin charges for deposits and withdrawals
The sole currency that can be used for deposits is the United States dollar, abbreviated as USD. You have two options for making deposits: bank transfer or wire transfer. Individual users are subject to a transfer fee equal to 0.1 percent of the amount being moved, however corporate customers are not subject to any transfer fees. On the other hand, the fees charged by the bank are not included in this deposit fee. Withdrawals can be made in US dollars using either bank transfers or wire transfers; the fees for each method start at 15 USD and are 0.10 percent of the amount withdrawn. However, there is no fee associated with withdrawing Litecoin or Bitcoin.
What is the Process for Placing an Order on Okcoin?
The following is an instruction manual for placing an order on the Okcoin exchange:
A limit order is an order to sell or buy any quantity at a specified price or one that is even better than that price. After you have submitted a limit order, the system will immediately post it on your order book and attempt to pair it with other orders that are currently being fulfilled. One of the order tactics that covers the complete order size directly from the book of orders is called an iceberg order. It will split up huge orders into a number of smaller limit orders. When using trailing stop orders, the stop price will adjust in accordance with how profitable the order is becoming. When there is a fluctuation in the capital owing to a change in the profits, trail orders can assist in protecting the capital. The market order is another type of order that may be used to sell and purchase bitcoin quickly at the prices that are currently available on the market.
Making a purchase with Okcoin.
Launch the trading section, then select an option from the menu that drops down. Use the order bar to select the kind of order you want to place and then decide whether you want to buy or sell the item.
Countries and Cryptocurrencies That Are Supported
Countries That Are Supported – On the Okcoin trading platform, about 192 countries purchase and sell cryptocurrencies, with the exception of the following countries:
• Iran
• Cuba
• North Korea
• Syria
• Sudan
• Crimea
• Malaysia
• Bolivia
• Bangladesh
• Ecuador
• Kyrgyzstan
Supported Crypto Coins on Okcoin:-
• Bitcoin Cash ABC
• Bitcoin
• Celo Coin
• Celo Dollar
• Dai
• EOS Token
• Ethereum Classic
• Ethereum
• Gemini Dollar
• Grin Coin
• Hedera Hashgraph Coin
• Litecoin
• Paxos Standard
• Polkadot Coin
• Stacks Coin
• STASIS EURS Token
• Tether
• TRON Coin
• TrueUSD
• Uniswap Token
• USD Coin
• USDK
Is Okcoin a fraudulent scheme?
The question “Is Okcoin a scam?” is asked frequently by seasoned investors and traders. In most cases, frauds can be found operating within legitimate exchanges as well. Even the most experienced traders don’t always have the ability to tell the difference between a fraudulent platform and a legitimate one. However, Okcoin is not a fraud because it is tightly regulated by some of the most prominent regulatory authorities in the world. The terms of service for Okcoin are easy to understand, which is a step in the right direction toward improving the level of happiness experienced by customers.
System Operating Environments That Are Supported
In addition to its website, which can be accessed at any time through your web browser, OKCoin is offered as a desktop application for MacOS and Windows, as well as a mobile app for Android and iOS.
What services are provided by Okcoin?
Okcoin is a cryptocurrency exchange that is accessible in many countries throughout the world, including the United States. It gives users access to more than 20 different cryptocurrency pairs. On Okcoin, you may buy, sell, and trade cryptocurrencies through the use of your desktop or laptop computer, as well as the iPhone app or the Android app.
The following cryptocurrencies and tokens are currently available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and Polkadot (DOT)
There are several other tokens that can be used, such as Tether (USDT) and other other stablecoins and alternative cryptocurrencies. Okcoin, on the other hand, does not provide customers with access to as extensive a selection of tokens as other exchanges, such as Coinbase and Binance. US.
Okcoin has costs that are determined by your 30-day moving average trading volume, making it a better choice for frequent traders. The biggest fees are assessed to traders whose monthly trading volume is less than one hundred thousand dollars. However, even those fees are rather low, ranging from 0.10% to 0.20% of the transaction amount depending on whether you are a maker or a taker. In addition, you could be required to pay an additional fee depending on the method of payment you use.
You can trade numerous pairings of cryptocurrencies with Okcoin, in addition to being able to buy cryptocurrencies with fiat currency. Make sure that the tokens or pairs that you are interested in trading are supported on Okcoin before you sign up for an account.
You can also learn more about the ramifications of upgrades, crypto news, and blockchain technology by reading Okcoin’s articles on cryptocurrency for beginners, which are featured on the Okcoin website.
Trading on the margin
Okcoin not only lets you use your existing financing source and trading account, but it also gives you the option to engage in margin trading. Because of this, you are able to take out loans to leverage your position and increase the possibility for your profits. When trading on margin, however, you should exercise extreme caution because leverage can potentially compound the size of your losses.
Earn
One of the most intriguing aspects that Okcoin has to offer is what it calls its “Earn” program. This program allows you to earn an annual percentage yield (APY) of up to 17% on your cryptocurrency holdings (as of August 24, 2021). You can stake a variety of cryptocurrencies using Earn, which allows you to earn incentives in the cryptocurrencies itself as well as additional coins in exchange for keeping your cash in cryptocurrency.
In certain circumstances, Okcoin provides you with the opportunity to earn additional cryptocurrencies in exchange for staking. The process of staking entails locking up a percentage of your crypto assets, which then contribute to the validation of the transactions on a specific blockchain. In exchange, you will gradually accrue a certain amount of incentives over time.
For instance, Okcoin may provide you with the opportunity to stake Stacks (STX) and reward you with Bitcoin in exchange. You have another option for earning more yield in Compound (COMP), which is to make your supply of USD Coin (USDC) available for use in a borrowing pool.
Additional capabilities for experienced traders
In addition, Okcoin provides an over-the-counter trading desk that enables customers to conduct transactions directly with the company rather than going through an exchange. However, in order to access this service, you will need to be a trader who conducts a significant volume of business.
You can also take advantage of its Pro platform, which gives you access to a variety of different orders and enables you to carry out transactions that are more complicated.
OKcoin protects its customers by implementing several layers of security, including multi-factor authentication, SSL encryption, and AES encryption, among other measures. In addition to these characteristics, Okcoin holds the majority of cryptocurrencies offline, in a facility known as cold storage. In addition to this, it performs platform audits on a regular basis, taking into account the recommendations of cybersecurity professionals.
Who would benefit most from using Okcoin?
Okcoin provides several features, such as Earn, that can be appealing to users with a reduced risk tolerance as well as those who are searching for yield. These users may be interested in Okcoin because of these advantages. Additionally, it provides novices who are learning how to buy Bitcoin and other cryptocurrencies with some useful teaching tools that they may use. However, in general, it is likely that this cryptocurrency trading platform will work best for aggressive traders who are willing to take on a somewhat high level of risk.
Even if Okcoin could be a simple platform to use, it is essential to be aware that cryptocurrency, in general, is still seen as a riskier asset class owing to the volatility it exhibits. Furthermore, frequent trading is often associated with a higher level of risk than the buy-and-hold strategy. It is crucial to be aware of your limits and what you can afford to lose while investing in cryptocurrencies. You should only invest the amount of money that you can afford to lose.
Evaluation of Okcoin with Regards to Its Support for Customers
The customer service that Okcoin provides, in particular for cryptocurrency and other exchangers, is praised highly in reviews of the company. E-mail, telephone assistance, a ticketing system, and live chats are all part of the system that provides support. The customer service representatives are not only professional but also nice, and they provide responses that are prompt and efficient. In addition, Okcoin has a page dedicated specifically to frequently asked questions (FAQs), which answers the questions that are asked the most frequently by both novice and experienced traders.
How to sign up for an account with Okcoin
The process of creating an Okcoin account is not overly complicated. After clicking on the “Sign Up” button, you will have the option to establish an account by providing either your email address or your phone number. Connecting your Okcoin account to your Google or Telegram account will make it much simpler for you to sign in. This option is available to you.
After you have established your account, you will be able to enter information confirming your identity. This may include your name, date of birth, address, and the number found on any official identification you own. To begin purchasing cryptocurrency, you will need to first link up a source of funding to your account.
You have the potential to make trades for up to $2,000 with the information provided. You will need to be able to upload a picture of your photo identification and any other required papers if you wish to engage in more trading.
Other platforms that should also be considered
Here is a list of some of the most reputable cryptocurrency exchanges that you might use instead of Okcoin if you feel that option is a better fit for your needs.
Coinbase provides access to a more extensive selection of cryptocurrencies and makes it significantly less difficult to fund an account. It’s possible that newcomers, as well as people who are more interested in buying and holding cryptocurrencies, will find more success with Coinbase. Coinbase has more expensive fees, but the convenience it provides may make them worthwhile. Coinbase also offers a rewards program, through which users may earn more tokens for gaining knowledge of new alternative cryptocurrencies and earn a return for staking.
Kraken is another another bitcoin exchange that caters only to traders. Kraken, on the other hand, offers a bigger selection of cryptocurrency pairs and tokens to trade, in addition to more ways to fund your account than Okcoin does. Advanced traders who have a significant amount of cryptocurrency knowledge and experience may find that Kraken is an appealing option.
The End of Our Okcoin Examination
In a nutshell, throughout our review of Okcoin, we have gone over how reputable and trustworthy this trading platform truly is. It caters to high-volume traders by providing complex trading modes and features, and it is suitable for both novice and seasoned investors. Because of this, it is included on the list of the best cryptocurrency exchanges. Having said that, it is essential to keep in mind that each exchange operates with its own unique trading perspective. As a result, investors are able to pick the trading view that is best suitable for them based on the requirements they have.
FAQs
Are Customers in the US Allowed to Use Okcoin?
Okcoin initially allowed deposits in US dollars, however problems with intermediary banks plagued a number of cryptocurrency exchanges at the time. Soon after that, Okcoin terminated its contracts with its US consumers because, reportedly, these customers were not prepared to conform with the regulation demands that were presented by the government.
Is it a Legit and Safe Way to Use Okcoin?
Because they use the most recent and cutting-edge encryption technology to protect their website from being hacked by experienced cybercriminals, transferring cryptocurrency with Okcoin is not only legitimate but also completely safe. Both logins and withdrawals are protected by a two-factor authentication system.
Is Okcoin a company that’s based in China?
The headquarters of Okcoin may be found in Beijing, China. Star Xu, who serves as the company’s CEO at the present time, established it in 2013.
Is Okcoin’s Fee Too Expensive?
Because it has reduced transaction fees, Okcoin has gained a lot of popularity. They charge a trading fee of 0.20% for takers, while makers pay a trading fee that is lowered to 0.10%. Okcoin withdrawal costs are set at 0.10%, whereas Litecoin and Bitcoin withdrawals are free of charge.
How Difficult Is It to Make Use of Okcoin?
Bitcoin and other digital currencies can be traded on Okcoin’s trading platform, which is considered to be the most secure and technologically advanced in the industry. The trading platform was designed to accommodate the requirements of experienced market participants while at the same time maintaining an intuitive interface for new users.
