OkCoin Exchange Review | Read Out Conclusion Of This Little Gem
Jack Moreau
Feb 2024
8 min read
Fact checked
Introduction: In a world where the cryptocurrency market is constantly evolving, it's crucial to find a reliable exchange that you can trust. If you're considering Okcoin, our unbiased review will provide you with all the information you need to make an informed decision. From its features to its security measures and customer service, we've got you covered. Discover whether Okcoin is the right exchange for you!
Okcoin is a cryptocurrency exchange that was founded in 2013 by Star Xu and is registered in Malta. The company has over 500 employees and serves customers in 192 countries. Unfortunately, residents of Cuba, Iran, Syria, and Crimea are prohibited from using the platform, and there are additional restrictions in place for Malaysia, Virgin Islands, Bolivia, and Bangladesh.
Okcoin is a registered MSB with FinCEN, which means that it is subject to strict regulatory oversight. This is good news for users who are concerned about the security of their funds. The platform has over 1 million users with half of those having downloaded the Android app.
Okcoin Android App
One of the great things about Okcoin is its user-friendly interface. While the platform only offers a limited set of product features, it's easy to navigate and actually perfect for beginners who just want to buy and sell cryptocurrencies.
Okcoin offers over 80 cryptocurrencies to choose from and users can find the most popular coins and tokens such as BTC, ETH, SOL, DOT, ADA and ATOM. Users can trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and they can do so with low fees and fast transaction times.
Okcoin KYC Requirements
Signing up for Okcoin is a breeze and can be done in less than a minute with just an email address. However, to fully unlock all trading privileges, users must complete the KYC verification process.
This process involves two levels of verification, with the first level requiring basic information such as name, date of birth, country of residence, and social security number. The second level requires a government-issued ID and a selfie to verify identity and trade higher amounts.
Okcoin signup & KYC
Fortunately, the verification process on Okcoin is relatively quick, taking only a few hours in most cases. However, in some instances, it can take up to a few days for the slowest cases. Once verified, users can enjoy all the features that Okcoin has to offer, making it a great choice for new crypto investors.
Okcoin Products & Services
Okcoin only offer a few basic services such as spot trading, recurring purchases and an OTC desk. The user experience is very beginner-friendly with everything being easy to use and understand. The platform has a low spot volume but this is more than made up for by its great user experience.
Buy crypto Okcoin
Okcoin is perfect for those who are just starting out in the world of cryptocurrency trading. The platform make it easy to buy and sell crypto, and the user experience is very intuitive. I would rate Okcoin as one of the top 5 most beginner friendly exchanges on the market today.
If you're thinking about trading on Okcoin, you'll want to know what fees you can expect to pay. Okcoin charges a 0.10% maker fee and a 0.20% taker fee for spot trading.
Unfortunately, Okcoin doesn't offer futures trading or margin trading and while these fees are not the lowest in the industry, they're definitely competitive.
Okcoin supports two fiat currencies, USD and EUR, and offers fiat deposit methods via bank/wire transfer for USD and SEPA for EUR.
With both USD and EUR, bank wire and bank deposits are free of charge with daily limits of up to $1 million. The funds will be available almost immediately while Okcoin will debit your bank account within 3-5 business days.
For those who wish to deposit funds via credit/debit card, there is a 2.49% deposit fee, which is relatively low compared to some other exchanges. Overall, Okcoin offers great fiat deposit support for Americans and Europeans and competitive deposit fees for those who use cards.
How to withdraw from Okcoin?
Okcoin offers users the ability to withdraw fiat currencies through both bank and SEPA transfers. The platform provides free withdrawals for both USD and EUR, making it an attractive option for those looking to cash out their investments without incurring steep fees. For those unfamiliar with SEPA transfers, they are a popular method for sending money between European countries.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
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.
