Okcoin vs Coinbase | Key Reasons Why Coinbase Is Better
Jack Moreau
Feb 2024
7 min read
Fact checked
Okcoin vs Coinbase: With so many exchanges out there, it can be overwhelming to choose the right one. That's why we've done the research for you and compared these two popular exchanges. In this article, we'll dive into their features, fees, security, and user experience to help you make an informed decision!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
When it comes to cryptocurrency exchanges, Coinbase is well established as one of the biggest exchanges in the world while Okcoin is a much smaller player. So how does the old legacy giant compare to the younger and smaller contender? Let's begin with the basics.
Okcoin website
Okcoin was founded in 2013 by Star Xu and is registered in Malta as Okcoin Europe Ltd. The exchange has over 500 employees and is available in 192 countries with 7 jurisdictions being prohibited from using it such as such as Malaysia and Virgin Islands.
Okcoin app
Okcoin is licensed by FinCEN, MSB in US & Canada, and MAS in Singapore, while Coinbase is licensed by FinCEN & FCA. Coinbase was founded in 2012 by Brian Armstrong and is registered in the District of Columbia.
It has over 5000 employees, is available in over 100 countries and is licensed by FinCEN in the United States. In terms of user base, Coinbase has a massive edge with over 100 million users compared to Okcoin's 1 million.
Coinbase exchange
When it comes to number of cryptocurrencies, Coinbase comes out on top with over 200 compared to Okcoin's 80.
While Okcoin may be a smaller player in the market, its regulatory compliance and presence in multiple countries make it a viable option for users seeking a more global reach.
Coinbase app
Okcoin vs Coinbase: Signup & KYC
Okcoin requires KYC verification for all trading, but signing up is a breeze and takes less than a minute with just an email. There are two levels of identity verification, with level 1 being the basic requirements needed to buy and sell on the platform.
Okcoin signup and KYC process
If you want to trade a higher amount each day, you can complete level 2 verification which involves submitting a government ID and selfie. The verification process can be done within a few hours or up to a few days in the slowest case.
Coinbase also requires KYC verification for all users. The signup process takes about a minute to complete as you need to verify your email, phone, and personal information. The verification process itself takes a few minutes to submit the required documents and can be verified in a few hours
Okcoin vs Coinbase: Products & Services
Okcoin is a cryptocurrency exchange that offers users the ability to engage in spot trading, recurring purchases, and OTC desk services. One of the standout features of Okcoin is its user-friendly website and great user experience, making it an ideal option for beginners looking to dive into the world of cryptocurrency trading. Despite its ease of use, Okcoin's spot volume is relatively low, currently sitting at $10 million.
Buy cryptocurrencies Okcoin
Okcoin has also provided proof of reserves, giving users added confidence in the security of their assets. One notable limitation of the platform is that it does not offer leverage, which may be a drawback for more experienced traders looking for more advanced trading options.
Overall, Okcoin's user-friendly platform and commitment to security make it a solid choice for beginners and more conservative traders seeking a reliable and accessible cryptocurrency exchange.
Coinbase is a popular cryptocurrency exchange that offers a wide range of features to its users, including spot trading, lending and borrowing, the Coinbase web 3 wallet, Coinbase card, NFTs, learn and earn, and recurring buys.
Coinbase earn
The exchange boasts a great user experience, with a beginner-friendly and easy-to-navigate website that makes it easy for users to engage with the platform.
However, some users have reported connection issues, and there have been instances where users have had to wait to log in.
In terms of trading volume, Coinbase is one of the largest exchanges in the market, with a high spot volume of $1.2 billion. Additionally, Coinbase is a public company and conducts quarterly audits, adding an extra layer of transparency and security for users.
When it comes to spot trading fees, Okcoin takes the lead with a low maker fee of 0.10% and a taker fee of 0.20%.
In comparison, Coinbase has higher maker fees of 0.40% and taker fee of 0.60% for spot trading. Both exchanges currently do not offer futures trading, which may be a drawback for traders looking for more advanced trading options.
Coinbase spot fees
Overall, Okcoin's more competitive fee structure offers traders the opportunity to save on fees and potentially increase profits. However, Coinbase's larger user base and wider range of features may still make it an attractive choice for traders looking for a more robust trading experience.
With Okcoin, users can buy cryptocurrency with their card but keep in mind that a 2.49% processing fee applies.
Okcoin also offers convenient fiat deposit methods via bank and wire transfer for USD and SEPA for EUR, both without any deposit fees. For those depositing with a card, a fee of 2.49% applies.
Coinbase users can also easily buy cryptocurrency with their card, although a transaction fee of 1%-5% applies.
Coinbase supports three major fiat currencies, including USD, EUR, and GBP, making it accessible to a wide range of users.
Coinbase fiat deposits
Fiat deposits can be made using ACH, Wire (USD), SEPA (EUR), and Swift (GBP), with deposit fees varying depending on the method chosen.
ACH/SWIFT deposits are free, while Wire deposits incur a fee of $10 USD. Euro deposits with SEPA are available on Coinbase for a small 0.15 EUR deposit fee.
When it comes to fiat withdrawal options and fees, Okcoin and Coinbase offer a range of methods and charges.
Okcoin allows users to withdraw fiat via bank transfer and SEPA transfer, with no fees for either USD or EUR withdrawals.
However, their withdrawal fees for cryptocurrencies are slightly higher than Coinbase's.
Coinbase on the other hand offers more withdrawal options such as ACH, Wire, SEPA, and Swift, but charges a $25 USD fee for wire withdrawals and a 0.15 EUR fee for SEPA withdrawals. Their cryptocurrency withdrawal fees are generally lower than Okcoin's.
In conclusion, Okcoin offers a smaller range of supported cryptocurrencies but has significantly lower trading fees fees for spot while Coinbase has a larger user base and a wider range of features and services.
When it comes to buying and depositing cryptocurrencies, Okcoin may be a better option for users looking to buy crypto with a card and zero deposit fees via bank transfer, while Coinbase offers more flexibility with its fiat deposit options.
Finally, when it comes to fiat withdrawal options and fees, Okcoin may be the better option for those looking to withdraw fiat in USD or EUR without any fees, while Coinbase offers more withdrawal options despite their fees.
In the end, the choice between Okcoin and Coinbase will depend on your individual needs and preferences. Regardless of which exchange you choose, always remember to do your research and invest wisely. Happy trading!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
