Review of the Japanese exchange OKCoin
OKCoin Japan is a centralized exchange that occupies #107 on Guru InvestingExchange Tracker. OKCoin Japan has trading volume US$8,368,330 in the last 24 hours and US$5,493,292,456 in the last 7 days.
OKCoin Japan currently has 34 cryptocurrencies, 0 paper currencies and markets (cryptocurrency trading pairs).
Compare OKCoin Japan next to other exchanges here: Exchange comparison tool.
Cryptocurrency exchange OKCoin Japan is a subsidiary of OKGroup.which includes OKH And OKCoin. The company offers a wide range of cryptocurrency trading and exchange services, and this platform is created and designed keeping in mind the needs of Japanese traders and investors.
The platform has a reliable KYC a system that ensures the integrity of the platform. This involves verifying your email address and phone number, and uploading a government-issued ID. Since the OKCoin Japan cryptocurrency exchange was created for the Japanese market, the authenticity of this data is verified against government databases.
The exchange is intended for people living in Japan, but is not limited to other countries. The main thing that users who decide to use the platform must accept Japanese yen as the only approved fiat currency.
Markets
OKCoin Japan cryptocurrency exchange supports two markets: Bitcoin and Yen. BTC markets support crypto-crypto trading while JPY markets support cryptocurrency-fiat and fiat-crypto trade. The platform has 22 OKCoin Japan trading pairs available. 18 of these trading pairs are crypto-fiat pairs, and the remaining 4 pairs are crypto-crypto pairs. Some of the main cryptocurrencies supported include ETH, BTC and BCH. Other altcoins such as AVAX, XLM, BAT and QTUM are also supported.
The platform uses Spot OKCoin as the only available option for making trades. Although margin and derivatives are not currently available, these options are expected to be added in the future. Trading fees apply the OKCoin Japan volume discount method, which gradually decreases based on the number of your transactions over time. Trading fees range from from 0.07% to 0.02% for maker trades, although it fluctuates between from 0.14% to 0.06% for taker transactions. When using a tiered system, from levels 1 to 7, the amount the user pays decreases as the level increases. Transaction fees paid when selling crypto assets are free.
OKCoin exchange fees are among the most competitive on the market.. Firstly, the platform does not charge users for opening and maintaining accounts. Secondly, for all deposits made in Japanese Yen, the only fees are those charged by the participating banks. Please remember that the Japanese Yen is the only accepted fiat currency on the platform. The transfer of crypto assets between users on the platform is free. However, when uploading a crypto asset, a commission for the OKCoin cryptocurrency is charged. For BTC, the price of the OKCoin cryptocurrency ranges from 0.0005 to 0.02 BTC. When withdrawing funds, the commission increases depending on the amount to be withdrawn.
other services
OKCoin cryptocurrency exchange offers betting services to your users. Thanks to this feature, users get the opportunity to stake their crypto coins or tokens for rewards. As with other staking programs, more rewards are earned when crypto assets are staked over a longer period of time. Additionally, you can choose between flexible plan without a fixed rate period and a regular plan with a fixed rate period. You can also use multiple betting plans (periods). If you make an additional stake, it will be different from the assets that are already staked. When using a flexible plan, betting will continue until the cancellation procedure is completed.
Additionally, the platform has a feature known as “Last minute offers”. Flash trades are similar to betting plans but do not last long. In order for users to participate in flash offers, they must first register and be approved. Once approved, the pledged digital asset will be deposited and stored. At the end of the forward transaction period, the staked asset and profit will be returned to the user.
About company
As stated earlier, OKCoin Japan was launched in 2020 by OKGroup. OKCoin was founded in China Star Xu. However, since the company is licensed globally, it has offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. The company employs more than 100 thousand people. The exchange is licensed to operate in more than 180 countries, including the United States and the European Union.
Star Xu had experience in technology management and previous experience developing search algorithms at Yahoo and Alibaba. Since its inception, OKCoin has grown into one of the largest and fastest growing exchanges in the world. It is still a private company with at least $10 million in Series B funding.
Cryptocurrency exchange OKCoin Japan is taking a number of steps to ensure the safety of its users’ funds. First, they focus on platform security by partnering with external cybersecurity experts monitor security vulnerabilities and conduct periodic internal audits. In addition, they use microservice architectures to authenticate and authorize each request to access a user account. This means that all user sessions are secure and verified using complete identity protection. Accounts must use multi-factor authentication to allow users to enter, withdraw and trade orders.
Additionally, the platform takes steps to ensure data security by using SSL encryption when transmitting data with AES encryption and using secure methods when destroying data. Finally, OKCoin Japan stores over 95% of its funds offline. cold storage and a small portion in multi-signature hot wallets.
No exchange hacks have been reported, as users are advised to use two-factor authentication, secure passwords, new email, and always check links for possible phishing attempts.
As of December 2022, OKCoin Japan has a trading volume of 640 BTC, equivalent to approximately $10 million, over a 24-hour period.
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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.
