Okcoin exchange review
Okcoin is a centralized exchange that occupies #116 on Guru InvestingExchange Tracker. Okcoin has trading volume US$171,571 in the last 24 hours and US$3,390,506,670 in the last 7 days.
Okcoin currently has 5 cryptocurrencies, 8 paper currencies and 4 markets (cryptocurrency trading pairs). The most popular trading pair on Okcoin: Bitcoin/USD.
Compare Okcoin next to other exchanges here: Exchange comparison tool.
Okcoin — centralized cryptocurrency exchange. Originally developed as Bitcoin (BTC) exchange, it offers Okcoin spot trading and direct cryptocurrency purchases for individual and institutional clients.
Cryptocurrency exchange Okcoin KYC compliant and is available in more than 190 countries. Some features and services may be limited due to regional policies. Okcoin is available on desktop and mobile devices.
Markets
Okcoin spot market is the main service offered on the platform. There are several solutions available for institutional traders, including Client, affiliate and professional programsand affiliate program for all users.
Margin trading available. Traders who conduct large-scale transactions can access over-the-counter (OTC) trading. However, the list does not include derivatives markets. Real-time Okcoin cryptocurrency price data can be viewed separately from the market.
The platform supports crypto-crypto and crypto-fiat trading. The main fiat currency markets are US dollars, euros and Singapore dollars. In total, the list contains more than 90 Okcoin trading pairs and more than 70 assets. Fiat and cryptocurrencies can also be used to purchase digital assets directly on the platform.
Okcoin exchange fees are calculated using a multi-level maker-taker model. Eat 11 levels in total the transition from P0 to P10. The default currency used for denomination is US dollar. For customer convenience, non-USD Okcoin trading pairs are converted to USD.
Transaction fee levels are based on Okcoin’s final 30-day trading volume. Level 1, known as P0, requires volume of less than $100,000. Maker-taker fees are 0.10% and 0.20% respectively.
Starting from the P5 level, where Okcoin’s minimum required trading volume exceeds $10 million, makers are not required to pay any fees and taker fees are gradually reduced. At P10, takers pay 0.02%.
Professional and institutional traders who handle higher volumes of Okcoin may be eligible for discounts or custom rates. The platform offers incentives for professional market makers.
The purchase commission is charged in the base currency, and seller discounts are paid along with the asset sold. For example, if the trading pair is BTC/USD, the buyer pays a commission for the Okcoin cryptocurrency in BTC, and the seller receives a discount in US dollars.
Okcoin does not charge any deposit fees. However, customers who deposit and withdraw bank transfers may be subject to processing fees and third party intermediary fees.
Acceptable payment channels may vary depending on your region and your individual or business user status. Some platforms may require a minimum Okcoin cryptocurrency price for deposits/withdrawals.
other services
In addition to the Okcoin crypto exchange, clients can also access Earning program. This allows you to earn cryptocurrency rewards for staking assets. There are two possible terms of rates – fixed and flexible. There are no additional transaction, gas or service fees to participate in Okcoin Earn.
About company
Cryptocurrency exchange Okcoin was founded Mingxing “Star” Xu in China in 2013. Following the cryptocurrency ban in China, the company’s current headquarters is registered in San Francisco, California.
A year after its launch, the Okcoin cryptocurrency exchange was considered the largest in China. After venture funding, he raised about $10 million. In April of the same year, following increased restrictions in China, the platform began expanding into overseas markets by opening an English-language website and launching margin trading.
In July 2014, Okcoin released its official mobile app and began accepting deposits and withdrawals in US dollars. In September, he set a record for the global BTC/USD market. Okcoin daily volume exceeded 16,300 BTC.
In 2017, following changes in national policy, cryptocurrency exchange Okcoin introduced fees to prevent market volatility and speculation. At that time it was considered one of the three largest exchanges in Chinaalong with BTCC and Huobi.
Over the years, Okcoin has opened several international divisions. In addition to its headquarters in the United States, it is also located in Malta, Singapore and Japan. In 2019, the euro was registered on the platform, which marked Okcoin’s entry into European markets. The platform announced that the unit will be regulated by the Malta Financial Services Authority.
Star Xu is a Chinese entrepreneur. He is also known as the founder of OKEx, another cryptocurrency exchange under the Ok Group umbrella. Following disputes with the Chinese authorities, Xu abandoned negotiations with Ok Group.
Hong Fan is the current CEO of the Okcoin crypto exchange. Before taking on this role in 2020, she was Chairman of the Exchange and Chief Operating Officer of Ok Group. Fang is an entrepreneur and investment banking expert with nearly a decade of experience as an associate at Goldman Sachs.
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A cryptocurrency exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, and others.
Safety varies by exchange. Look for platforms with strong security measures, like two-factor authentication and cold storage for funds.
Consider factors like security, fees, available coins, user interface, and customer support.
Centralized exchanges are managed by a company, while decentralized exchanges operate without a central authority.
Many exchanges require Know Your Customer (KYC) verification for security and regulatory compliance.
Trading fees vary but typically include maker fees (for adding liquidity) and taker fees (for removing liquidity).
Yes, most exchanges offer cryptocurrency-to-cryptocurrency trading pairs.
Withdrawal times depend on the exchange and the cryptocurrency. Some are instant, while others may take hours or even days.
A wallet address is like a bank account number for cryptocurrencies. It’s required to send your crypto to the right place.
Yes, depending on your country’s tax laws, trading cryptocurrencies may have tax consequences. Consult a tax professional for guidance.
Yes, many cryptocurrency exchanges operate 24/7, allowing you to trade at any time.
A market order buys or sells at the current market price, while a limit order sets a specific price at which you want to buy or sell.
Yes, each exchange sets its own minimum and maximum trading limits, which can vary widely.
It’s not recommended. For security, it’s better to use a cryptocurrency wallet, especially for significant holdings.
Exchanges typically have account recovery processes, including password reset options and support for forgotten usernames.
Some exchanges offer insurance, but coverage can be limited. It’s essential to check an exchange’s insurance policy.
Use strong passwords, enable two-factor authentication, and be cautious of phishing scams and suspicious emails.
Yes, but it’s recommended to learn the basics of trading and understand the risks involved before you start.
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the US dollar. They provide stability and are commonly used for trading and transferring funds on exchanges.
Yes, regulations vary by country. Many countries have implemented or are considering regulations to govern cryptocurrency exchanges for consumer protection and financial stability.
