Review of OKCoin cryptocurrency exchange
OKCoin — is a Chinese cryptocurrency exchange that specializes in Bitcoin. Today it also supports other popular crypto coins. The company was founded by Star Xu in 2013. The headquarters is located in Beijing.
To organize the work of the exchange, investments of $ 10 million were attracted. The investors were:
- Ceyuan Ventures;
- Mantra Capital;
- Ventures Lab;
- Tim Draper.
The founder of the Exchange previously worked at Yahoo and Alibaba. He then took over as Chief Technical Officer for Docln.com. A team of 120 engineers was under his leadership.
The OKCoin cryptocurrency exchange has 130 employees.
The platform for exchanging digital currency has managed to appear in reputable media. Such well-known resources have written about her:
- CryptoCoinsNews and other.
OKCoin has publicly stated that it intends to become a worldwide cryptocurrency exchange company. However, so far the information on the site is presented only in English and Chinese.
The company’s team includes:
- Chris Lee – CEO
- Tom Sun – CTO;
- Tim Byun – Head of Risk Management Department;
- Jack C. Liu – Head of Communications;
- Anming Jiang – Marketing Director.
Registration on the OKCoin exchange
The exchange offers two registration options:
- Through a mobile number.
- Via email.
Since SMS with a code does not always come to the phone, we recommend using the second option. A letter will come to the mail with a request to confirm the e-mail. After that, the user will have access to their personal account.
To use all the features of the OKCoin cryptocurrency exchange, the user must verify his identity. There are 2 levels of verification. To pass the first level, you need to confirm your e-mail and personal data (full name), nationality and passport number.
Level 2 verification will allow you to withdraw funds through banks. To do this, you need to confirm your phone number, driver’s license, passport, and so on. Verification is used by most exchanges today, so don’t be intimidated.
Methods for depositing and withdrawing funds on the OKCoin exchange
OKCoin offers several ways to deposit and withdraw funds:
- USD (temporary deposits and withdrawals through banks are not available);
- Bitcoin (unlimited input, withdrawal 200 BTC per day);
- Litecoin (unlimited input, 5,000 LTC withdrawal per day);
- Ethereum (unlimited input, withdrawal 1,000 ETH per day).
Cryptocurrency exchange on OKCoin exchange
The cryptocurrency exchange supports only 4 exchange directions:
It is worth noting that there is margin trading on the exchange. For opening positions, it charges a small commission of 0.03%. When trading ETC and ETH, users are charged a commission of 0.05%. You can familiarize yourself with the terms of commission fees on the official OKCoin website.
OKCoin has always been considered one of the largest exchanges. Previously, when competition in the market was lower, it often occupied the first lines. But today it is inferior in these indicators to such sites as Poloniex and Kraken.
The daily trading volume is 14,070 BTC.
It should be noted that earlier the volume of trading on the exchange sometimes reached several hundred Bitcoins. After this figure fell several dozen times, OKCoin was accused of using bots. With their help, managers could artificially increase the trading volume in order to occupy the first places in the ratings.
The exchange management, in turn, denies the use of such programs. The high trading volume is explained by the fact that previously there was no or a minimum commission on the exchange, which made it an attractive platform for exchanging cryptocurrencies against the background of competitors.
The cryptocurrency exchange takes care of the safety of its clients’ funds. The company offers several ways at once with which you can improve the security of your account.
SMS is used to withdraw funds and change security settings. Thus, intruders will not be able to deduce.
- Two-factor authentication.
Two-factor authentication is one of the most common ways to improve account security. OKCoin offers two-factor authentication through Google and WeChat services.
In your personal account, you can view your account login history. If you suspect that someone is using your account, you should immediately change your password.
Advantages and disadvantages of OKCoin exchange
The OKCoin exchange has its pros and cons. Let’s take a look at this exchange from the perspective of a Russian user. Why is this platform good for Runet??
Compared to other cryptocurrency exchange platforms, OKCoin has few advantages. Among the advantages are:
- Large trading volumes.
OKCoin is consistently among the top 10 cryptocurrency exchanges. This site is suitable for those who need to buy or sell cryptocurrency in large volumes.
- Margin trading.
Traders always give preference to companies that provide the ability to trade with leverage. This allows you to significantly increase volumes and profits.
The exchange has much more disadvantages. Therefore, Russian-speaking users should think several times before opening an account with OKCoin. Among the disadvantages of the site are:
- Limited number of pairs.
The exchange only supports 4 pairs. Only top cryptocurrencies can be bought or sold in it. If you want to trade new coins, then you will have to register with another exchange.
Unverified users cannot deposit or withdraw money. Thus, the anonymity for which everyone loves cryptocurrencies is lost.
- Lack of Russian.
The management of the platform, apparently, has little interest in the Russian segment of the market. However, even if the Russian language is present, this platform will still be inferior to BTC-e.
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Reviews of the OKCoin cryptocurrency exchange
In general, the cryptocurrency exchange has a positive reputation in the market. This platform has not yet encountered serious problems for users, so it can be safely used to buy or sell Bitcoin, Ethereum and other coins.