A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of OKCoin consists of four parts: general information, fees, deposit methods and security.
OKCoin is a cryptocurrency exchange based in Hong Kong. Many other exchanges also come from Hong Kong, including the immensely popular KuCoin and Binance. Other Hong Kong exchanges include Bit-Z, Gatecoin and BitFlip.
This exchange started up in 2013. OKCoin states that security is their no. 1 priority and that they employ “industry-leading security practices”. In 2013, the exchange reportedly got millions of US dollars of angel investments from VenturesLab, co-founded by the globally recognized Tim Draper, who invested in leading companies such as Hotmail, Baidu, and Tesla. In early 2014, the exchange reportedly received a 10 million US dollars investment from China’s famous venture capital fund Ceyuan and Longling Capital, owned by the founder of the Hong Kong listed company Meitu (01357.HK).
The following is OKCoin’s mission statement:
“We aim to provide the most reliable digital asset trading platform and help advance the blockchain industry and we believe in the core idea of bitcoin and blockchain. We believe that the distributed ledger and smart contract technology will build up the foundation of human trust, eliminate trade barriers, improve transaction efficiency, and drive transformative change.”
OKCoin accepts US-investors from California, but no US-investors from any other state. The exchange has announced however that they are offering trading to other US-state residents within short. In any event, US-investors should as always do their own independent assessment of any problems arising from their residency or citizenship.
OKCoin Trading fees
This trading platform offers a flat trading fee of 0.20%. OKCoin does accordingly not distinguish between takers and makers. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
0.20% fee is slightly below the industry average. The industry average is arguably around 0.25%. The fee thus constitutes a competitive advantage against other top crypto exchanges in the market.
OKCoin Withdrawal fees
Also, OKCoin does not charge any withdrawal fees at all for withdrawing BTC. This is a strong competitive edge in the market and distinguishes OKCoin from most other top crypto exchanges.
OKCoin offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
The exchange has implemented technologies such as GSLB, distributed server clusters, distributed storage, and a high-speed memory-based trading engine all backed up in multiple machines, cold storage locations, and hot wallets with offline private keys. All of the foregoing are of course implemented to ensure maximum security.
However, OKCoin’s security score is D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):