Okcoin Review 2024

Autor

Revisor

Last update: 12 months ago

Our veredict

Okcoin presents itself as a promising platform for cryptocurrency enthusiasts, especially those who are new to the world of digital assets. Its strongest points lie in its user-friendly interface and commitment to compliance and security, which are crucial for gaining the trust of users, particularly in a landscape as variable as that of cryptocurrencies. Okcoin operates under regulation in multiple jurisdictions, including the USA, which adds a layer of security and reliability not always found in crypto exchanges.

However, Okcoin is not without its drawbacks. While it does offer a variety of features that are friendly for beginners, its trading options and market depth may not satisfy more experienced traders looking for advanced trading functionalities and a wider array of altcoins. Additionally, some users have reported issues with customer service responsiveness, which is a critical area for improvement, especially in scenarios where users need timely support to resolve trading issues or account concerns. Overall, Okcoin might be well-suited for beginners due to its simplicity and security, but might fall short for those with more complex trading needs.

Pros

Cons

Investing risks losing your money

3,7

Threenvest Score

Fees

0,10%/0,20%

U.S Legal

Yes

With the confidence of Threenvest

Year Founded: Okcoin was established in 2013, demonstrating a long-standing presence in the cryptocurrency exchange market which underpins its reliability and experience.

Security Methods: Okcoin prioritizes user security with robust measures including SSL encryption, cold storage of assets, and two-factor authentication, ensuring a secure trading environment.

Possible Regulation: The platform adheres to regulatory standards in multiple jurisdictions, including the United States, which provides a framework of compliance and operational integrity.

Reputation and Reviews: Okcoin enjoys a solid reputation in the crypto community, underscored by generally positive reviews from users praising its user-friendly interface and reliable service.

Trading Volume and Liquidity: Okcoin offers substantial liquidity and trading volume, which ensures that users can execute trades efficiently and at the true market price, minimizing slippage and providing better trade executions.

Best Crypto Exchanges

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About Okcoin

Introduction Okcoin stands as one of the more user-friendly cryptocurrency exchanges, aiming to simplify the buying and selling of cryptocurrencies for its users across various countries. With its focus on providing a secure platform for cryptocurrency transactions, Okcoin caters especially to beginners entering the crypto space.
What is Okcoin? Okcoin is a global cryptocurrency exchange that enables users to buy, sell, and securely store cryptocurrencies. It supports major crypto assets and is known for its straightforward platform, which is designed to make cryptocurrency trading accessible for newcomers and experienced traders alike.
Background and History Founded in 2013, Okcoin was established with the vision to bridge the gap between fiat and cryptocurrencies in an efficient and easy-to-understand manner. The exchange has expanded its services globally, gaining a significant user base by focusing on compliance and user security. Okcoin is one of the earliest crypto exchanges and has navigated through the evolving regulatory landscapes to ensure user trust and safety.
Founders The founder of Okcoin is Star Xu, an entrepreneur with a deep background in technology and a keen understanding of digital finance. Xu’s vision for Okcoin was to create a platform that was not only technologically robust but also user-centric, emphasizing security and regulatory compliance to foster trust among users.
Fun Fact Did you know that Okcoin was one of the first exchanges to offer fiat-to-crypto transactions, paving the way for broader adoption of cryptocurrencies in everyday transactions?
Interesting Fact Okcoin has been a pioneer in advocating for and implementing blockchain technology solutions beyond the finance sector, including efforts in charity and public welfare programs.

Why Choose Okcoin?

Choosing Okcoin as your cryptocurrency exchange offers a blend of reliability, user-friendliness, and security that is especially appealing for those new to the crypto world. Founded in 2013, Okcoin has established itself as a stable platform in the volatile world of cryptocurrency trading. Its commitment to adhering to regulatory standards in multiple countries not only enhances its credibility but also ensures a secure trading environment for its users. This makes it a trustworthy choice for those who prioritize legality and safety in their trading endeavors.

One of Okcoin’s major strengths is its user-centric design, which simplifies the crypto trading process. The platform is particularly well-suited for beginners, offering a straightforward interface that makes it easy to buy, sell, and manage cryptocurrencies without getting overwhelmed by complex trading options. Additionally, the platform supports major cryptocurrencies, providing users with the opportunity to trade in popular assets like Bitcoin, Ethereum, and more. This accessibility is complemented by robust customer service that assists users in navigating through any issues or queries they might have.

Moreover, Okcoin’s trading volume and liquidity are indicative of a healthy trading environment, ensuring users can execute transactions efficiently without substantial price slippage. The platform’s security protocols, including SSL encryption and cold storage of assets, further safeguard user funds and personal information. Choosing Okcoin means opting for a crypto exchange that not only values the security of its users but also provides a stable and straightforward platform for engaging with digital currencies, making it an excellent choice for anyone looking to delve into the world of crypto trading.

Where it falls short

One of the primary drawbacks of Okcoin is its limited offering in advanced trading features, which may not satisfy experienced traders seeking comprehensive analytical tools and a wide array of trading options. The platform’s simplicity, while a boon for beginners, can be restrictive for seasoned traders who require features like advanced charting tools, algorithmic trading, or a wider variety of order types. To address this, Okcoin could enhance its platform by integrating more sophisticated trading tools and expanding its order types to include options like stop-loss orders, trailing stops, and conditional orders. By catering to the needs of advanced traders, Okcoin could broaden its appeal and retain users as they grow more proficient in their trading skills.

Another area where Okcoin falls short is its limited altcoin trading options. Currently, the platform focuses primarily on major cryptocurrencies, which can be a limitation for traders interested in the broader spectrum of smaller, potentially more volatile altcoins that might offer higher returns. To improve in this area, Okcoin could expand its cryptocurrency offerings to include a greater variety of altcoins and emerging digital tokens. This expansion would not only attract a broader user base but also provide current users with more diversified trading opportunities. Additionally, by increasing its altcoin offerings, Okcoin could enhance its market competitiveness and keep pace with other major exchanges that offer extensive crypto portfolios.

Features	Explanation
Minimum Trade	Okcoin allows for relatively low minimum trade volumes, making it accessible for beginners without requiring large initial investments.
Trading and Transaction Fees	Okcoin’s fees are competitive within the industry, but they are not the lowest available, which could be improved to attract more users.
Number of Cryptocurrencies	While Okcoin supports all major cryptocurrencies, its selection of altcoins is somewhat limited compared to larger exchanges.
Crypto-to-Crypto Trading Pairs	The platform offers a decent range of crypto-to-crypto trading pairs, though it lacks the variety seen in more comprehensive exchanges.
Website Transparency	Okcoin provides clear information on fees and security practices, though details on corporate governance could be more comprehensive.
Credit/Debit Card	While Okcoin provides a range of services to facilitate cryptocurrency trading and management, the absence of an exchange card means users may miss out on the convenience and benefits that such cards typically offer, like easy conversion of cryptocurrencies to fiat for everyday transactions.
Storage Offering	The exchange offers secure storage options with a majority of assets kept in cold storage, enhancing security for user funds.
Staking and Rewards	Currently, Okcoin has limited options for staking and rewards, which is an area ripe for development to enhance user returns.
Mobile App and Desktop	Okcoin provides robust mobile and desktop platforms that are intuitive and user-friendly, suitable for traders of all experience levels.
Customer Service	Customer service is available, but response times can vary. Improving responsiveness and support hours could boost user satisfaction.
Deposit and Withdraw	Deposits and withdrawals are handled efficiently on Okcoin, with support for multiple payment methods, though some users seek faster processing times.

Investing risks losing your money

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I recommend Okcoin for those new to cryptocurrency trading due to its user-friendly interface and robust security measures. While it offers a solid foundation for beginners with support for major cryptocurrencies and practical payment options, seasoned traders might find the range of tools and altcoin options somewhat limiting. If you’re starting out or primarily interested in major cryptocurrencies, Okcoin provides a reliable and secure platform to begin your trading journey.

Fees

Okcoin’s commission structure is designed to be competitive within the cryptocurrency exchange market, balancing affordability with the provision of quality services. The exchange operates with a tiered fee system where trading fees vary based on the user’s trading volume, incentivizing more active traders with lower fees. Transaction fees for buying and selling cryptocurrencies are generally in line with industry averages, though not the lowest available. While deposits are typically free, withdrawals incur a fee that varies depending on the currency being withdrawn and the method used, which ensures operational efficiency and security in fund transfers. This approach to commissions allows Okcoin to maintain a balance between accessibility for new traders and cost-effectiveness for high-volume traders.

Pros

Tiered Fee System: Okcoin employs a tiered fee system, rewarding high-volume traders with lower transaction fees. This structure incentivizes active trading and can significantly reduce costs for frequent users.
No Deposit Fees: The platform does not charge any fees for deposits, making it cost-effective for users to fund their accounts and encouraging new and small investors to start trading without additional costs.
Competitive Trading Fees: Okcoin’s trading fees are competitive within the industry, making it an attractive option for traders looking for a cost-effective trading platform.

Cons

Variable Withdrawal Fees: Withdrawal fees on Okcoin can vary widely depending on the cryptocurrency and the method used, which can sometimes lead to unexpectedly high costs if not carefully checked.
Limited Incentives for Low-Volume Traders: The tiered fee system primarily benefits high-volume traders, potentially leaving casual or low-volume traders with relatively higher fees, which could be a deterrent for those not trading large amounts.

Analyzing Trading Commissions

At Okcoin, the trading fees are structured to decrease as the user’s trading volume increases. This tiered system is designed to reward users who trade more frequently or in larger volumes with lower fees. For example, the fees can start around 0.1% for both makers and takers, which is on par with many major exchanges, but can decrease significantly for high-tier traders engaging in multi-million dollar transactions monthly. The fee structure benefits active traders by reducing their cost per trade, which can be a significant advantage in a market where margins are often tight. This incentivizes not only increased trading frequency but also loyalty to the platform, as traders with higher volumes will see substantial savings over time compared to flat-rate or higher-tiered fee structures.

Hidden Fees and Transparency

When it comes to deposits and withdrawals, Okcoin maintains a user-friendly policy with no deposit fees, which is not always the case with all exchanges. This encourages traders to fund their accounts without the worry of incurring charges simply for depositing funds. However, withdrawal fees do apply and can vary widely depending on the type of cryptocurrency being withdrawn. This is where users need to be cautious, as these fees can sometimes be a significant portion of small withdrawals. Moreover, Okcoin charges a network fee for withdrawals, which is standard across the industry but varies depending on blockchain congestion. This means that the withdrawal fees are not fixed and can fluctuate based on external factors that may not be immediately apparent to all users, especially those new to cryptocurrency trading.

Comparative Analysis

When placed in context with other major exchanges, Okcoin’s fee structure holds up as competitively moderate. For instance, some leading exchanges might offer slightly lower trading fees but compensate with higher withdrawal fees or vice versa. Okcoin’s strength lies in its balanced approach, ensuring that it remains attractive to both small scale traders and institutions alike. The absence of deposit fees and relatively lower trading fees for high-volume traders offer a compelling reason for users to choose Okcoin over others that might nickel and dime users at every possible turn.

The Impact of Fees on Trading Strategy

Trading fees are a critical factor in the development of a trading strategy. They can significantly impact profitability, particularly for day traders and other short-term trading styles. Okcoin’s lower fees for high-volume traders can influence trading strategies, encouraging more frequent trades or larger volumes per trade to capitalize on lower costs. Conversely, casual traders must consider the impact of relatively higher fees on their trading, as their costs will not decrease with volume and could erode profits from smaller or infrequent trades. This necessitates a careful analysis of trading frequency, volume, and the corresponding fee tier to optimize trading costs effectively.

Conclusion

Okcoin’s commission structure reflects its understanding of the diverse needs of the crypto trading community. By offering a fee system that rewards high-volume trading without penalizing newcomers or casual traders with excessive fees, Okcoin positions itself as a versatile platform suitable for a wide range of traders. While its withdrawal fees require attention due to their variability and potential impact on smaller traders, the overall fee strategy is built to foster a robust trading environment that can adapt to the evolving dynamics of the cryptocurrency market. This thoughtful approach to fees, combined with transparent practices and a user-friendly platform, makes Okcoin a commendable choice for anyone looking to engage in cryptocurrency trading.

Product selection

Okcoin offers a comprehensive suite of services and products tailored to meet the needs of both novice and seasoned cryptocurrency traders. The exchange provides a straightforward platform for trading major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, among others. In addition to basic trading capabilities, Okcoin supports spot trading, enabling users to buy and sell crypto at current market prices instantly. For those interested in earning through their holdings, Okcoin offers staking services, allowing users to earn rewards by participating in the network operations of various blockchain projects. The exchange emphasizes security and ease of use, with robust wallet services for safe asset storage and a mobile app that allows users to trade on the go, maintaining flexibility in managing their portfolios.

Furthermore, Okcoin maintains a commitment to regulatory compliance, providing a secure and reliable trading environment that adheres to legal standards across multiple jurisdictions. This blend of accessibility, functionality, and security makes Okcoin a versatile platform catering to a diverse range of trading preferences and requirements.

Pros

Comprehensive Trading Options: Okcoin supports a variety of trading activities including spot trading, which allows users to purchase and sell cryptocurrencies instantaneously at current market prices. This flexibility is suitable for both beginners and experienced traders who seek quick and direct market access.
Staking Opportunities: The platform offers staking services that enable users to earn passive income on their cryptocurrency holdings. This not only helps in maximizing asset utilization but also supports the overall blockchain ecosystem by aiding in network security and operations.
Robust Mobile App: Okcoin’s mobile app is highly functional, providing users with the ability to trade on the go without losing any of the desktop version's capabilities. This is particularly beneficial for traders who need to make swift decisions based on market changes from anywhere at any time.

Cons

Limited Cryptocurrency Options: While Okcoin supports all major cryptocurrencies, its range of altcoins is somewhat limited compared to other top exchanges. This can be a drawback for traders looking to diversify into less mainstream, potentially higher-growth digital assets.
Basic Trading Features: The trading tools and features provided by Okcoin, while sufficient for beginners and intermediate users, may not satisfy advanced traders. The platform lacks more sophisticated trading options like advanced charting tools, derivatives, and extensive API support that can be crucial for complex strategy development and execution.

Read more about product selection in Okcoin

Okcoin offers a robust array of services and products tailored to cater to a diverse clientele, from crypto beginners to seasoned traders and investors. Below, we delve into each of these offerings to provide a comprehensive understanding of what Okcoin brings to the table.

Spot Trading

At the core of Okcoin’s offerings is its spot trading platform, which allows users to buy and sell cryptocurrencies instantly at current market prices. This is ideal for those who want to capitalize on market movements or those looking to quickly enter or exit the market.

Staking

Staking services at Okcoin enable users to earn rewards by locking up certain cryptocurrencies in a process that supports the operation and security of a blockchain network. This is a great way to earn passive income while contributing to the blockchain ecosystem.

Mobile App

The Okcoin Mobile App mirrors the functionality of the desktop platform, providing comprehensive trading tools and real-time data, ensuring traders can manage their portfolios, execute trades, and monitor the market from anywhere.

Leveraged Tokens

Okcoin provides leveraged tokens, which are financial derivatives that give traders increased exposure to the price movements of cryptocurrencies without the complexities of managing a leveraged position. This means you can potentially increase your returns without directly increasing your investment amount.

Futures Trading

For those looking at longer-term investment or hedging strategies, futures trading allows trading on the future price of cryptocurrencies. This is advanced trading that involves agreeing to buy or sell a particular asset at a predetermined price at a specified time in the future.

Wallet Services

Okcoin offers a secure wallet service where users can store their digital assets. The wallets use advanced security measures to ensure the safety of your assets, such as encryption and cold storage.

API Services

For tech-savvy traders and developers, Okcoin provides API services which allow users to integrate their own trading software or bots with Okcoin’s platform. This is beneficial for automating trading strategies and accessing market data in real-time.

TradingView Integration

Okcoin integrates with TradingView, a popular analytical tool used for charting and analyzing financial markets. This integration allows users to utilize advanced charting tools directly within Okcoin, enhancing their ability to make informed trading decisions.

Earn Opportunities

Okcoin’s Earn feature allows users to participate in various yield-generating activities like staking and saving. This can be a low-risk way to grow your cryptocurrency holdings by earning interest over time.

Debit Card

Okcoin plans to offer a Debit Card that can be loaded with cryptocurrencies and used for everyday purchases, similar to a traditional bank card. This bridges the gap between crypto and daily commerce, making it easier to use digital assets for regular transactions.

Research and Education

Understanding the need for accurate information and education in the volatile crypto market, Okcoin provides research and educational resources that help users make informed decisions. These resources range from beginner guides to in-depth market analysis.

Yielding Pools and Bonus Deals

Yielding Pools offer another avenue for users to earn returns on their cryptocurrency holdings by participating in liquidity pools. Additionally, Okcoin occasionally offers Bonus Deals, such as deposit bonuses or promotional trading fee discounts, to attract new users and reward existing ones.

Referral Codes and Promotions

To expand its user base, Okcoin offers referral codes and various promotions. Users can invite friends to the platform with a referral link and earn rewards when the referred users meet certain trading activities.

Tournaments

For the competitive traders, Okcoin hosts tournaments where traders can compete against each other in trading challenges to win prizes based on their trading performance. In summary, Okcoin provides a comprehensive suite of services and products designed to cater to a wide array of financial needs and preferences in the cryptocurrency space. Whether you are looking to trade, earn passive income, learn about the crypto market, or simply manage your digital assets, Okcoin offers tools and features that can assist. By continually evolving and expanding its offerings, Okcoin strives to remain at the forefront of the cryptocurrency exchange market.

Account opening

To get started, prospective users visit the Okcoin website or mobile app and click on the ‘Sign Up’ button, where they’ll need to provide basic personal information such as their email address and create a secure password. Following this initial step, a verification email is sent to confirm the user’s identity and secure their account. Once verified, users are encouraged to enhance their account security by setting up two-factor authentication (2FA). After these steps, users can immediately begin funding their accounts. For full trading capabilities, including withdrawals, users must complete further identity verification, typically requiring government-issued ID and possibly additional documentation depending on the region and expected transaction volumes. This KYC (Know Your Customer) process is crucial for compliance with regulatory requirements and ensures a secure trading environment for all users.

Pros

Speed and Simplicity: Okcoin's account registration process is notably quick and user-friendly. Users can set up their accounts and begin exploring the platform within minutes, making it an attractive option for those eager to start trading without delays.
Low Entry Requirements: Initially, the exchange does not require extensive documentation for signing up, allowing new users to register and start trading with just an email verification. This ease of entry is ideal for new traders who may not be ready to commit to full identity verification immediately.
Enhanced Security Measures: Okcoin encourages the setup of two-factor authentication (2FA) right from the start, promoting a high standard of security for all accounts. This proactive approach to security helps safeguard user assets and personal information from the beginning.

Cons

Mandatory KYC for Full Functionality: While initial setup is easy, access to full trading capabilities, including withdrawals, requires completing a KYC process. This step can be a barrier for those who wish to remain more anonymous or find the documentation requirements cumbersome.
Potential Delays in Verification: During periods of high demand, the KYC verification process can experience delays, which may frustrate users eager to start using all features of the platform immediately. These delays can impact user experience negatively, especially for those looking to take advantage of timely market opportunities.

Read more about account opening in Okcoin

Detailed Account Opening Process on Okcoin

How to Sign Up on Okcoin:

Visit the Website or App: Start by navigating to the Okcoin website or downloading the Okcoin app from your mobile device’s app store.
Create Your Account: Click the ‘Sign Up’ button on the top right of the homepage. You will be prompted to enter your email address and create a password. It’s crucial to choose a strong password for security reasons.
Email Verification: After submitting your email and password, Okcoin will send a verification link to your email. Click on this link to verify your email address.
Enable Security Features: Enhance your account security by setting up two-factor authentication (2FA) through your account settings. This adds an extra layer of protection beyond just your password.

Opening an Account:

Once your email is verified, you can log in to your account. Initially, you will have access to basic trading functions. However, for full functionality, you’ll need to complete additional identity verification steps under your account settings.

How to Buy Your First Cryptocurrency:

Complete KYC: Before making any purchases, complete the Know Your Customer (KYC) process by submitting the required identification documents, such as a government-issued ID.
Navigate to ‘Buy Crypto’: Once your KYC is approved, click on the ‘Buy Crypto’ button typically found on the dashboard or under a clearly labeled tab.
Select Currency and Payment Method: Choose the cryptocurrency you wish to purchase and your preferred payment method. Okcoin supports various payment options including bank transfers and credit cards.
Enter Purchase Amount: Specify how much cryptocurrency you want to buy, either in your local currency or in the cryptocurrency denomination. The platform will automatically calculate the equivalent amount based on current market rates.
Confirm Transaction: Review all transaction details, including fees and total cost, before confirming your purchase. Once confirmed, the transaction will be processed, and the purchased cryptocurrency will appear in your Okcoin wallet.

Account Types:

Basic Account: Immediately after registration, you’re equipped with a basic account that allows you to perform simple trades and buy crypto. This account has a lower transaction limit.
Verified Account: After completing full KYC verification, your account is upgraded to ‘Verified.’ This status lifts many of the initial restrictions, increases transaction limits, and enables withdrawals and deposits.
Institutional Account: For users requiring higher limits and additional services, Okcoin offers institutional accounts that come with personalized support and more sophisticated trading solutions.

How to Use Okcoin?

Navigating the Interface: Okcoin’s interface is intuitive. Start by exploring the dashboard for a quick view of market trends, your portfolio, and various trading tools.
Trading: Access the trading platform by selecting ‘Trade’ from the menu. You can choose different trading pairs, view charts, set orders, and track your trading history.
Settings: Customize your account settings to suit your trading needs, including security enhancements, notification preferences, and trading defaults.

Registration and KYC:

Registration: Involves providing your basic personal information and verifying your email address as outlined above.
KYC Process: For KYC, you’ll need to provide additional documentation which may include a photo of a government-issued ID and a selfie to verify your identity. This process is crucial for complying with anti-money laundering (AML) laws and to secure your account against unauthorized use.

In the next section, we’ll detail how to deposit money into your Okcoin account, which is your next step towards engaging in active trading on the platform.

Security

Okcoin prioritizes the security of its users’ assets and data through a comprehensive set of security measures and protocols. The platform employs industry-standard practices including SSL encryption for data transmission, two-factor authentication (2FA) for enhanced account security, and cold storage for the majority of the cryptocurrency holdings to mitigate the risks associated with online hacks and breaches. Additionally, Okcoin operates under stringent regulatory compliance across multiple jurisdictions, ensuring adherence to the highest security standards and operational procedures. This multi-layered approach is complemented by regular security audits and continuous monitoring of its systems to swiftly address any potential security threats. Okcoin’s commitment to security not only helps protect individual user assets but also maintains the integrity and reliability of the trading platform as a whole, fostering a secure trading environment for all its users.

Pros

Robust Asset Protection: Okcoin utilizes cold storage for the majority of its cryptocurrency holdings, ensuring that assets are kept offline and out of reach from online threats. This practice significantly reduces the risk of hacking incidents that are common with online or "hot" wallets.
Enhanced User Security Features: The exchange mandates two-factor authentication (2FA) for all users, providing an additional layer of security beyond just username and password. This feature helps in safeguarding accounts from unauthorized access and enhances overall account security.
Regular Security Audits and Compliance: Okcoin undergoes regular security audits conducted by third-party security firms, which help to identify and rectify vulnerabilities. Furthermore, being compliant with multiple regulatory frameworks ensures that the platform adheres to high security and operational standards, providing users with peace of mind.

Cons

Dependency on User Practices: While Okcoin provides robust security measures at the platform level, the overall security also heavily depends on individual user practices. Users not adhering to recommended security practices, such as using unique and strong passwords or securing their personal devices, can still be vulnerable.
Complexity for New Users: The comprehensive security measures, while necessary, can sometimes be overwhelming for new users. The requirement for multiple verifications and the use of 2FA might complicate the user experience for those who are not tech-savvy or new to cryptocurrency trading. This complexity could deter new users from effectively engaging with the platform.

Security Section of Okcoin

Is Okcoin Legit?

Okcoin is indeed a legitimate cryptocurrency exchange that has been operating since 2013. It has established a strong presence in the cryptocurrency market by adhering to regulatory standards and maintaining transparency with its users.

Regulation and Licensing

Okcoin operates under strict regulatory compliance across various jurisdictions. It is registered and complies with the regulations of all the countries it operates in, including major markets like the United States, where it is registered with FinCEN. This compliance underscores its commitment to operating within legal frameworks, enhancing its legitimacy and trustworthiness.

Is Okcoin Safe?

Okcoin prioritizes the safety of its users and their assets. Here are the key security measures in place:

Cold Storage: The bulk of digital assets on Okcoin are stored in cold storage systems, which are offline and thus significantly less susceptible to hacking or other online threats.
Two-Factor Authentication (2FA): Okcoin requires all users to set up two-factor authentication for added security, ensuring that account access involves multiple verification steps.
SSL Encryption: All data transmitted between Okcoin’s servers and user devices is encrypted using SSL technology, protecting it from interception by malicious actors.
Regular Security Audits: The platform undergoes frequent security audits performed by third-party security experts to identify and mitigate potential vulnerabilities.

Security History

Over its operational history, Okcoin has maintained a relatively strong security record with no significant breaches. This solid track record in a market that has seen numerous high-profile security incidents in other exchanges speaks volumes about Okcoin’s commitment to security and risk management.

Why Okcoin is a Secure Crypto Exchange

Okcoin’s investment in robust security measures, its compliance with international regulations, and its proactive approach to user safety make it one of the more secure platforms in the cryptocurrency space. Its ongoing efforts to enhance security protocols and adapt to new threats continually improve its defense mechanisms.

Conclusion

Overall, Okcoin’s comprehensive approach to security, from employing advanced technology to adhering to strict regulatory standards, confirms its status as a secure and trustworthy exchange for trading cryptocurrencies. If there were any reasons it might not be considered safe, these could include potential delays in user verification or system updates that might temporarily hinder transaction processes. However, these are common challenges in the tech industry and are generally addressed promptly by Okcoin’s active technical support and development teams. By maintaining high security standards and continually updating and refining its security measures, Okcoin ensures that it remains a safe and reliable platform for its users.

Customer service

Okcoin places a strong emphasis on customer service to enhance user satisfaction and ensure a smooth trading experience. The platform offers a comprehensive support system that includes a detailed FAQ section, email support, and a live chat feature accessible directly through their website or mobile app. Customer support is available 24/7, addressing issues ranging from account management to technical difficulties, ensuring that users receive timely and effective assistance. Feedback from customers generally highlights the responsiveness and helpfulness of the support team, though some reports indicate variability in response times during peak periods. This focus on accessible and reliable customer service is critical for maintaining trust and satisfaction among Okcoin’s diverse user base, fostering a positive relationship between the exchange and its customers.

Pros

Comprehensive Support Channels: Okcoin offers a variety of customer support channels, including email, live chat, and a well-structured FAQ section. This multi-channel approach ensures that users can choose the method that best suits their needs and preferences, enhancing accessibility and user satisfaction.
24/7 Availability: The availability of customer service around the clock is a significant advantage, especially in the cryptocurrency market, which operates 24/7. Users can receive support and resolve issues at any time, which is crucial for urgent matters that may affect trading decisions and financial outcomes.
Helpful and Knowledgeable Support Team: The customer support team at Okcoin is often praised for being helpful and knowledgeable. They are equipped to handle a wide range of queries from basic account setup to complex trading issues, providing thorough and competent assistance.

Cons

Variability in Response Times: While Okcoin offers 24/7 customer support, users have reported variability in response times, especially during high traffic times or complex issue resolution. This inconsistency can be frustrating for users needing immediate assistance.
Limited Phone Support: Okcoin does not widely offer phone support, which could be a downside for users who prefer speaking directly with a support agent for immediate or complex issues. The absence of direct verbal communication might delay problem resolution and could be less reassuring for some users, especially those less comfortable with digital communication tools.

Read more about customer service in Okcoin

Detailed Customer Service Section for Okcoin

Customer Support

Okcoin places a strong emphasis on providing effective customer support to ensure a seamless trading experience for its users. The exchange has developed a robust support system to address queries and resolve issues promptly, which is essential in the fast-paced world of cryptocurrency trading.

Reputation and Customer Feedback

The reputation of Okcoin’s customer service is generally positive, with many users praising the support team’s helpfulness and expertise. Feedback from users highlights the team’s ability to provide detailed and useful information across various issues, from account management to technical trading inquiries. However, like many large platforms, there are occasional reports of delays during peak times or for more complex problems, which can affect user satisfaction.

Methods of Contact

Okcoin offers several methods for users to get in touch with their support team:

Live Chat: Available directly on the website and mobile app, this is the quickest way to get in touch with support for immediate assistance.
Email Support: For more detailed inquiries or issues that require thorough investigation, users can contact Okcoin via email. This method is suitable for less urgent or more complex issues.
FAQ and Help Center: For self-service, Okcoin provides an extensive FAQ and Help Center, which covers a wide range of topics and common questions. This resource is continually updated to reflect new features and changes.

Response Time

The response time for Okcoin’s customer service can vary:

Live Chat: Typically, users can expect immediate responses during less busy hours. During high traffic times, there may be delays.
Email: Responses via email are usually received within 24 hours, but more complex issues may take longer to resolve.

Additional Considerations for Readers

Users considering Okcoin should be aware of a few more aspects of their customer service:

Multilingual Support: Okcoin caters to a global audience and offers support in multiple languages, which is a significant advantage for non-English speaking users.
Proactive Support: The platform occasionally reaches out to users through their communication channels to inform them about security updates, new policies, or changes that may affect their trading experience.
Educational Resources: Besides direct support, Okcoin invests in educating its users through tutorials, guides, and webinars that can help them navigate the platform more effectively and make informed trading decisions.

Overall, Okcoin strives to maintain high standards in customer service by combining quick access via live chat, comprehensive self-help resources, and detailed support through email. While there is room for improvement in response times during peak periods, the overall user feedback underscores a commitment to quality support tailored to the needs of cryptocurrency traders.

Is Okcoin Right for You?

Beginner-Friendly Platform: If you are new to the world of cryptocurrency trading, Okcoin may be a great choice. The platform offers a straightforward, user-friendly interface that makes it easy for beginners to navigate and understand. Features like real-time charting, an integrated TradingView interface, and simple buy/sell options help remove the intimidation factor from trading. Additionally, the platform provides a wealth of educational resources to help new users get up to speed.
Need for Diverse Payment Options and Fiat Accessibility: Okcoin supports a variety of payment methods including bank transfers, credit cards, and cryptocurrency deposits. If you’re looking for an exchange that offers multiple fiat currency options and easy methods for depositing and withdrawing funds, Okcoin could be an ideal fit. This makes it convenient for users across the globe to fund their accounts and begin trading quickly.
Security-Conscious Traders: Security is a top priority for Okcoin, which utilizes advanced measures such as SSL encryption, two-factor authentication, and cold storage of the majority of its cryptocurrency holdings. If the safety of your digital assets and personal information is paramount, Okcoin’s robust security features and compliance with regulatory standards make it a trustworthy platform.

Who Might Look Elsewhere?

Advanced Traders Seeking Sophisticated Tools: While Okcoin is equipped with solid trading tools, advanced traders who require complex order types, deeper market liquidity, derivative products, or extensive API access might find the platform lacking. Such users might prefer exchanges that offer more specialized financial instruments and advanced trading capabilities.

By considering these points, you can better determine whether Okcoin aligns with your trading needs and preferences, ensuring you choose an exchange that best supports your investment goals and trading style.

Okcoin compared to other crypto exchanges

Threenvest score

3,7

Fees

US Legal

Yes

Security

High 4,6/5

Investing risks losing your money

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

Investing risks losing your money

bybit

Threenvest score

4,8

Fees

US Legal

Security

High 4,9/5

Investing risks losing your money

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries on Okcoin

Okcoin supports a variety of major cryptocurrencies, providing users with access to some of the most popular and widely traded digital assets. Prominent cryptocurrencies available on the platform include Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). These are complemented by other popular tokens such as Bitcoin Cash (BCH), Ethereum Classic (ETC), and various stablecoins like USDC, which are crucial for traders seeking stability amidst volatility. However, despite its extensive offerings, Okcoin does have some notable absences in its cryptocurrency lineup. For instance, some newer or less mainstream tokens like Polkadot (DOT) and Cardano (ADA) are not available, which might limit traders who are interested in a broader range of emerging altcoins.

Countries Where Okcoin Operates

Okcoin serves a global audience, with availability in numerous countries across continents. Key markets include the United States, Canada, Singapore, and several countries throughout Europe. This wide reach is facilitated by Okcoin’s compliance with international regulatory standards, making it a reliable platform for users around the world. Despite its broad accessibility, there are significant regions where Okcoin does not offer services. Notably, users from China and certain other Asian countries cannot open accounts due to local regulatory restrictions. This limitation is significant given the substantial investor base and cryptocurrency activity in these regions.

Conclusion

Okcoin’s availability of major cryptocurrencies and extensive global reach make it an attractive option for a diverse user base. However, its limitations in terms of cryptocurrency variety and geographic restrictions highlight areas for potential growth and expansion. Enhancing its asset offerings and navigating complex regulatory landscapes to include more countries could further bolster Okcoin’s position as a leading cryptocurrency exchange.

Main cryptocurrencies available

As of the beginning of 2024, Okcoin supports several of the most important and widely traded cryptocurrencies. Here is a list of the key cryptocurrencies available on Okcoin:

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Cardano (ADA)
Ripple (XRP)
Stellar (XLM)
Tezos (XTZ)
Polkadot (DOT)
Chainlink (LINK)
Cosmos (ATOM)
Uniswap (UNI)
Dogecoin (DOGE)
Solana (SOL)

Main countries where you can open an account

United States
Canada
United Kingdom
Germany
Netherlands
Ireland
Italy
Portugal
Australia
Singapore
India
Brazil
Mexico
South Africa
Japan
South Korea
Spain
France
Switzerland
Austria
Belgium
Denmark
Finland
Norway
Sweden
Poland
Czech Republic
Hungary
New Zealand

FAQs

1. What is Okcoin?

Okcoin is a global cryptocurrency exchange that allows users to buy, sell, and trade a variety of cryptocurrencies securely. It offers a user-friendly platform suitable for both beginners and experienced traders, emphasizing security, regulatory compliance, and a wide range of trading options.

2. How do I create an account on Okcoin?

To create an account on Okcoin, visit the Okcoin website or download the mobile app, click on the “Sign Up” button, and provide your email address and a password. You’ll need to verify your email through a confirmation link sent to your inbox, and it’s recommended to set up two-factor authentication (2FA) for added security.

3. Which cryptocurrencies can I trade on Okcoin?

Okcoin supports trading in several major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), among others. The platform regularly updates its offerings, so check the latest on their site or app.

4. Are there any countries restricted from using Okcoin?

Yes, Okcoin adheres to international regulations, which means residents of countries like China, North Korea, Iran, Syria, and others under US or EU sanctions may not open accounts on Okcoin.

5. What are the fees for trading on Okcoin?

Okcoin employs a tiered fee structure based on trading volume. Fees generally start from a competitive point and decrease as your trading volume increases. There are no deposit fees, but withdrawal fees vary depending on the cryptocurrency and current network conditions.

6. How can I withdraw funds from my Okcoin account?

To withdraw funds, navigate to the ‘Withdraw’ section within the ‘Funds’ area of your account, select the currency and amount you wish to withdraw, and enter the destination wallet address. After verifying the transaction details, confirm the withdrawal. Keep in mind that withdrawals are subject to security checks and may take time to process.

7. What security measures does Okcoin use to protect my account?

Okcoin uses several top-tier security measures including SSL encryption, cold storage for the majority of crypto assets, and mandatory two-factor authentication for all users. Regular security audits are conducted to ensure the integrity and safety of the platform.

Final opinion on Okcoin

At Threenvest, our comprehensive review of Okcoin highlights its position as a reliable and user-friendly cryptocurrency exchange suitable for both beginners and seasoned traders. Okcoin excels in providing a secure trading environment, supported by stringent regulatory compliance and robust security measures, including SSL encryption, two-factor authentication, and cold storage for the majority of digital assets. The platform’s integration with TradingView and its provision of real-time data analytics further enhance the trading experience, offering users the tools they need to make informed decisions. However, compared to some competitors, Okcoin could improve by expanding its offerings in altcoins and advanced trading features to cater more effectively to the needs of professional traders.

Despite these areas for potential growth, Okcoin stands out for its straightforward interface and commitment to customer support, which includes 24/7 access and multiple channels for assistance. This level of support, combined with the platform’s extensive educational resources, makes it an excellent choice for those new to cryptocurrency trading. Threenvest recognizes that while Okcoin may not offer the depth of features seen in more advanced platforms, its balanced approach to accessibility, security, and user education makes it a compelling option for a broad audience. In conclusion, for those seeking a secure and straightforward platform to begin their cryptocurrency trading journey or to securely manage their investments, Okcoin represents a solid choice in the crowded marketplace.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Do not invest unless you are fully prepared to lose the entire amount of your investment. This is a high-risk activity, and you should not rely on any guarantees of protection if something goes wrong.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.

Investing risks losing your money