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.
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.”
If you require that your exchange is also available as an application or a downloadable client for your desktop, then you have come to the right place. OKCoin is available for download at both the App Store and Google Play. It is also available as a download client for both macOS and Windows.
OKCoin accepts US-investors from 22 different states in America. The exchange has announced however that they are offering trading also 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. The states from where the exchange currently accepts investors are the following: Alabama, Arkansas, Colorado, Connecticut, Georgia, Idaho, Iowa, Kentucky, Maine, Maryland, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, Pennsylvania, Rhode Island, South Dakota, Utah, Washington and Wisconsin.
Other restricted areas, from which users may not trade on OKCoin, include Cuba, Iran, North Korea, Crimea, Sudan, Syria, Malaysia, Bangladesh, Bolivia, Ecuador, and Kyrgyzstan.
The team behind the OKoin exchange is very experienced. The most recent addition to the group is Hong Fang, who was announced as Chairman of OKCoin and Chief Operating Office of OK Group on 24 September 2019. The exchange then also stated that Ms. Fang, in her capacity as one of OKCoin’s early investors, was the perfect candidate to drive the global expansion of OKCoin while also overseeing operations at OK Group.
The trading volume at this exchange is not overly impressive. On the date of last updating this review (2 January 2020), OKCoin’s 24 hour trading volume was USD 1.7 million. This placed OKCoin on place no. 124 on the list of the exchanges in the world with the highest 24 hour trading volumes.
So, if you are a trader that requires high trading volume from your next exchange, then maybe you should think twice about choosing OKCoin.
OKCoin Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at OKCoin:
OKCoin Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
OKCoin’s trading fees for takers are 0.20%. This fee is in line with industry average. The exchange also offers a discount to makers, who trade at a fee of 0.10%. This is especially beneficial for the investors not interested in picking up existing orders from the order book.
Both these fees are roughly in line with the existing industry averages.
OKCoin also offers lower trading fees for the users on the platform that trade a lot, as follows:
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. Users from Europe can deposit via SEPA, which is very efficient and cheap.
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 somewhat below industry average.
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 crypto market with fiat currency. There are many entry-level exchanges out there, such as: