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OKCoin Exchange Review
OKCoin is a top tier fiat-to-crypto exchange that offers margin trading, a wide selection of digital assets and no fees for almost all deposits and withdrawals.
Founded in 2014, this cryptocurrency exchange is not to be confused with OKEx, which was founded by the same person, Star Xu, but OKEx and OKCoin split apart in 2017. OKCoin has since operated as their own separate crypto exchange that offers convenient fiat deposits and withdrawals and fiat trading pairs, unlike OKEx, which only allows for purchases via credit/debit cards. OKCoin remains in the top 50 exchanges by trading volume.
Whether you are new to crypto or a seasoned pro, our OKCoin Review will help you determine if it is the right exchange for you.
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OKCoin Overview
- Solid on-boarding option for new crypto users
- Top 50 exchange with significant trading volume
- Competitive fee structure
- Simple, easy-to-use interface with mobile app
Pros
Easy sign up process
Fiat trading pairs in three currencies
Free fiat deposits and withdrawals
Low fees
Mobile app
Cons
Somewhat limited crypto asset selection
Connection to Star Xu and OKEx
Only accepts Visa for credit card funding
Signing Up for an OKCoin Account
It is really easy to sign up for an OKCoin Exchange account by following these steps:
- Click Sign Up on the OKCoin homepage
- Enter your email and create a password, or choose from Google or Telegram auto sign up
- Enter verification code sent to email
- Choose Individual Account
- Enter personal information that matches your government ID, click Submit Personal Info
- Done! Level 1 Verification is now complete, which allows you to deposit and withdraw up to $2000 total each day
- To reach Level 2 Verification and unlock higher limits, you need to upload a photo of a piece of government ID that matches the information you provided
- To reach Level 3 Verification and unlock unlimited limits you need to provide proof of address in the form of a utility bill, bank statement or another ID for example
- Regardless of which verification level you unlock, you will need to add funds to your account, either by depositing fiat, crypto, or purchasing some with a Visa credit card
What Can You Buy on OKCoin?
OKCoin Exchange has a somewhat limited selection of crypto assets, with only 22 assets available. That said, they have all the major players, along with many assets in the DeFi sector. Here are some of the crypto assets you can buy, sell, and trade on OkCoin:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
- Ethereum Classic (ETC)
- EOS
- Ripple (XRP)
- Tron (TRX)
- Chainlink (LINK)
- DAI
- Tether (USDT)
- Polkadot (DOT)
- Yearn.finance (YFI)
- Uniswap (UNI)
Supported Operating Systems
OKCoin is available as a desktop application for MacOS and Windows, and as a mobile app for Android and iOS, along with its website which is accessible at all times through your web browser.
Is OKCoin Safe?
Our OKCoin review has found that while OKCoin has not been hacked, OKEx was hacked when they were still owned by OKCoin in 2017. Otherwise there have been no security issues with OKCoin. That said, their security standards are much in line with the rest of the industry. Two Factor Authentication (2FA), mobile verification, mandatory 2FA, and anti-phishing codes are all available and recommended, but only a mobile or 2FA is required. In addition, 95% of assets are stored in cold storage, meaning that even if the exchange was hacked, users’ funds would be mostly safe.
Are OkCoin Fees High?
OkCoin Exchange has some of the best fees on the market today across trading platforms. This applies to both their trading fees and their deposit and withdrawal fees. For crypto trading, maker fees start at 0.1% and can go as low as 0%, while taker fees start at 0.2% and can go as low as 0.02%.
For fiat deposits and withdrawals, OKCoin has some of the best fee practices around, as almost all their deposits and withdrawals through bank transfers are free and have very reasonable minimums. The only time you will really pay any high fees on OKCoin is if you fund you account with a credit card.
OKCoin Frequently Asked Questions
OKCoin is available in 192 countries, so it may be better to ask which countries it does not support. To see all supported countries please visit OKCoin’s page.
OKCoin has never been hacked and is considered to be a safe exchange. Enabling 2FA and other security features improves its safety. As a reminder: It’s always recommended to store large amounts of crypto on a personal wallet.
OKCoin is in the top 50 exchanges by daily trading volume and moves around $100 million in crypto a day. Those are particularly impressive numbers and OKCoin has shown significant growth over the last couple years.
Binance is likely a better choice due to greater selection of cryptocurrencies, ability to stake directly through the exchange, and higher trading volume and liquidity. OKCoin’s interface is a little cleaner, however, and easier to use in general.
No you cannot. Surprisingly OKCoin is one of crypto exchanges that does not offer its own proprietary token, despite having coin in its name.
