What is OKCoin? (OKCoin Review)

OKCoin is a global cryptocurrency exchange founded in 2014, with offices in San Francisco, Malta, Hong Kong, Korea, Japan,  and Singapore. In keeping with the lofty mission “to make crypto investing and trading more accessible to anyone around the world,” OKCoin has recently announced a large expansion to its San Francisco office.

OKCoin offers buying, earning, lending, and trading services for many crypto assets, including bitcoin, ethereum, bitcoin cash, litecoin, EOS, and more.  OKCoin is also available on desktop and for both iOS and Android. 

OKCoin Review

Features offered by OKCoin

  • 6 global offices serving 180 countries
  • Multiple deposit and withdrawal options including ACH, wire, and credit/debit cards 
  • Spot trades
  • Margin lending
  • Staking STX for high yield (15%) bitcoin return
  • DeFi yields on USDC, USDT, and DAI via Compound, Curve, and
  • Lucrative referral program
    Robust FAQs and 24/7 customer service

Account Creation and Security

Creating an individual account on OKCoin is easy and familiar. You can use your phone number, email, Telegram, or Google to create an account and begin the verification process to begin trading.
There are three levels of identity verification for trading on OKCoin:
Level 1 requires you to provide basic personal information, such as country you reside in, address, and a government issued ID number. Completing level 1 allows you deposit or withdraw up to $2000 in fiat or tokens.
Level 2 verification requires uploading a copy of your government issued identification and increased trading limits to $1,000,000.
Completing Level 3 verification unlocks unlimited trading and requires only that you upload proof of address from their list of approved documents.
Experienced traders looking for more tools to up their game can apply for a Premier account with OKCoin, granting them access to more funding options, lower fees, and more portfolio management tools.
OKCoin boasts best practice security for both your crypto funds and your personal information. The majority (95%) of depositor funds are stored in a cold wallet, and the small remainder is stored in multi-sig wallets. OKCoin also employs third-party firms for security audits of their application and storage practices. 
In addition to their focus on internal security, OKCoin encourages users to take responsibility for securing not only their OKCoin account with 2FA, but their entire online presence with helpful tips in their FAQs. 

OKCoin Fees

OKCoin offers tiered trading fees, based on 30-day trading volume, that max out around .20% for the lowest volume and lowest tier. Account verification at higher levels and increased trading volume reduce transaction fees for trades.
Most deposit methods and some withdrawal methods do not have a fee attached, but may have minimum requirements. As fees can vary by transaction and funding type, be sure to read OKCoins fee schedule for each type of transaction on their platform.  

OKCoin Review: Conclusion

OKCoin offers a robust set of tools for every level of crypto trader in an easy to navigate, familiar app environment that rightly highlights their best in practice security measures. OKCoin boasts licensing in more than 180 countries, including the US and EU, and offers advanced traders a “premier” account with even more options for funding, settlement, and planning your trading strategy.
OKcoin offer something for every level of crypto trader and the support you need to feel comfortable diving into trading crypto assets. After all, OKCoin’s motto is, “Everyone is a trader.”

What do you think?

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