OKCoin review 2023

OKCoin is a decentralised exchange platform, which means it’s based on the blockchain and there is no central authority running things. Instead, all the liquidity is put up by a network of individuals working together. Read on this review to find out more about how it works and for help deciding whether to invest.

What can I do with OKCoin?

With OKCoin you can trade cryptocurrency coins and swap between more than 30 different coin pairs. It has a simple sign up process, an exchange that works on web, desktop, and mobile, and some of the lowest fees around.

OkCoin was founded in 2014 as one of the earliest decentralised exchange platforms. Its low fees are based on a utopian vision to make cryptocurrency available to everyone, and all you have to do to sign up is go through a short verification process.

OKCoin cryptocurrencies and trading options

What cryptocurrencies can you trade on OKCoin?

There are more than 20 crypto coins available to trade, including all of the most popular ones like Bitcoin and Ethereum. There are also over 30 coin pairs so you can swap between those tokens whenever you like.

Major cryptos traded on OKCoin

• Bitcoin
• Bitcoin Cash
• Ethereum
• Ethereum Classic
• Litecoin
• Tether
• Stacks
• Polkadot
• EOS
• TRON
• Uniswap
• Celo
• Dai
• Chainlink
• Compound
• Avalanche
• Hedera Hasgraph

OKCoin core currency pairs

• BTC/USD
• ETH/USD
• LTC/USD
• BTC/USDT
• STX/BTC
• ETH/EUR
• EURS/EUR
• TRX/USD
• EOS/USD
• UNI/USD
• BSV/USD
• CELO/BTC
• BCH/BTC
• USDK/USDT
• LINK/BTC
• AVAX/BCH
• DOT/BTC
• ETH/TRX

All OKCoin trading options

OKCoin provides a total of 24 crypto and fiat pairs to trade and a total of 31 pairs, including popular coins, such as USDT, BTC, LTC, and ETH.

Can I trade with leverage on OKCoin?

Yes, you can trade with leverage on OKCoin up to 1:10. However, OKCoin does not offer margin trading services to its American, European, or Singaporean customers because of local regulations. The tiered margin ratio system permits higher leverage if a user borrows relatively lower amounts. Larger amounts require a higher maintenance rate, limiting user leverage.

All margins are calculated before placing an order and differ depending on the cryptocurrency you wish to trade. 

What are the spreads?

Rather than spreads, OKCoin charges fixed trading fees which are based on a sliding scale of your monthly trading volume. Maker fees are non-existent at higher volumes, while taker fees vary. Taker fees also drop as the volume of your transactions increase. For example, maker fees start at 0.10% for trading volume under $100,000, while taker fees are 0.20% for the same volume.

Fees, limits, and payment options on OKCoin

What are the deposit and withdrawal fees, limits, and speeds?

OKCoin offers a variety of deposit and withdrawal options. You can also select OKCoin to be your third-party payment provider for crypto transactions, but only with your debit/credit card account.

How much are OKCoin’s fees and commissions?

Transaction fees depend on your 30-day trading volume in USD and tend to get lower as you trade more. Generally speaking, OKCoin charges some of the smallest taker/maker’s fees in the industry.

OKCoin trade sizes and limits

OKCoin enables traders to trade the minimum lot possible (0.0001 lot) with no stated upper maximum trade caps.

OKCoin trading platform

What devices can I use OKCoin on?

OKCoin’s digital asset exchange is available via desktop, web browser, or mobile app. 

The desktop version is available for both Windows and macOS, while the mobile app can be downloaded from Google Play or the App Store. 

• Desktop (Windows & macOS)
• Web browser
• iOS mobile device
• Android mobile device

Can I use OKCoin in my country?

OKCoin is available in 190 countries and territories worldwide, including the United States, UK, UAE, and Cyprus. However, residents of several states from the US, as well as from different provinces in Canada will not be able to perform trades on OKCoin. Select your country from the list below to see if it is available where you are.

Is OKCoin available in my language?

Currently, the OKCoin app is only available in English and in Chinese. 

How easy is it to use OKCoin?

OKCoin’s digital asset exchange is available in more than 190 countries and territories and accounts for billions of secure crypto transactions. It is easy to get started with, as the sign up process can be completed in 3 easy steps and is trusted by thousands of traders worldwide.

You can choose to trade on OKCoin from your web browser, desktop, or any mobile device while benefiting from a simple, easy to use interface. Altogether, opening an account and exchange/trading is made easy for everyone, regardless of his or her level of expertise.

Key features

OKCoin has gathered the support of over 100,000 customers worldwide. Here are some of the features that helped popularize the exchange:

Low cryptocurrency fees

Depending on your 30 day rolling trading volume, you can trade with fees as low as 0% for takers and 0.2% for makers for larger volume traders. This makes the exchange an ideal destination for those that are active almost daily.

Top-grade security

The exchange keeps its deposits safe via cold, offline storage, 24/7 transaction monitoring, and multi-factor AES data encryption that makes it almost impossible to breach or compromise due to its 360 degree view of platform security.

Licensed & regulated across the world

OKCoin has several financial subsidiaries operating around the world, all are fully licensed in their respective jurisdictions to conduct its exchange/money transmitter services. The exchange currently welcomes traders from 190 countries and territories.

Security and regulation

Is OKCoin safe?

OKCoin masks data during collection, uses SSL encryption during transmission, and protects data storage with AES encryption to keep its client’s funds and data safe at all times.

Am I and my cryptocurrency protected?

OKCoin uses encryption to secure users’ information and several other layers of security protocols to prevent informational breaches. Over 95% of its crypto is stored offline in cold storage wallets, with only a small fraction kept in multi-sig hot wallets. Therefore, your funds are safe and require 3-5 signatures approved before they can be transferred elsewhere. 

Is OKCoin regulated?

Yes, OKCoin is a licensed and regulated exchange that operates under various names, depending on the jurisdiction. It is regulated in the US under its OKCoin USA Inc. subsidiary and it is also registered as a Money Services Business with FINTRAC in Canada.

In Europe, OKCoin Europe Ltd is registered in Malta, while in Singapore it operates under the name OKCoin Pte. Ltd.

Do I have to verify my account with OKCoin?

Yes, OKCoin runs a Know Your Customer (KYC) policy and requires verified information in order to allow trading on its platform. Since it doesn’t offer a free demo account version, all trades must be registered and run through a verification process.

Extra information

Educational resources 

OKCoin has several educational resources and informative pieces available for its clients. The materials include a trading blog with a series of educational articles about the state of the crypto market, different altcoin and their features among other pieces, as well as a well-organized FAQ section to easily answer the most common questions new users might have.

Tools and charting

OKCoin features limited trading and charting tools, in the form of multiframe charts and varying order types, but not much else. It does offer an API that is publicly accessible and is designed as a reliable tool for cross-platform trading bots, which can be used to build useful, custom charting or other tools to support larger-volume trading.

Customer support

Customers can easily reach OkCoin via email or by sending feedback through a web form.

OkCoin can also be reached directly on any of its social media platforms – Facebook, Twitter, Reddit, Telegram English, Telegram ASEAN, or LinkedIn. 

Our verdict

The limited number of coins currently available may turn away some as will the lack of advanced trading features. But overall, those looking for a safe, licensed and regulated cryptocurrency exchange to trade major crypto coins with relatively low fees, won’t be disappointed with OKCoin.

It has handled billions of client transactions securely on its mobile app, web, and desktop-based platform, while keeping transaction fees low, and securing client funds by masking data during collection and providing end-to-end encryption.

The OKCoin exchange itself is simple and easy to use, with none of the more advanced trading charting tools experienced traders might expect. However, OKCoin does allow trading with leverage, albeit only up to 10x and only in certain countries due to local regulations and also offers a publicly accessible API, which can be used to build custom trading bots.

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