Author: Harry Napier
OKCoin Review: Is it a legit broker or a scam?
Do you know which exchange is leading by volume? Yes, it is OKCoin. It is not a surprise as this service has more than 16 million BTC transacted almost every month. However, many users still are not sure whether this company can be trusted. That is why we have prepared this OKCoin review.
About OKCoin
OKCoin was created in 2013. The company is based in China. Although the main part of its customers is from Asia, the company also works with users from Canada and other countries all over the globe.
A couple of years ago, this was one of the leading exchanges, but now it has lost its ranks and its rating is beyond the 100th position among all cryptocurrency platforms according to CoinMarketCap. It has very high liquidity and low fees. These two features are the main reasons the service has so many users.
Although OKCoin is not regulated by any authorities, the website has earned a very good reputation among traders worldwide. The service uses bank-level SSL security encryption, cold storages for most coins, and more. However, you still have to complete the verification process in order to get access to all the features. This is the major point that represents the trustability of the service. The user reviews also confirm this.
Account types
OKCoin features only one account for all users. However, there are various verification levels. Their differences are in the amount of information you have to provide in order to get access to the website’s features. There are two of them:
- Level 1
Up to $2000 per day are available for work. You cannot withdraw your funds, therefore, this level has no sense for any trader. You need to provide your name, nationality, birthdate, passport, or the number of your ID, and personal address.
- Level 2
You can deposit or withdraw up to $50,000. If you create a corporate account, then it is possible to work with amounts that reach $500,000. All the information from Level 1 is required, but you should also upload a photo of a government-issued document and a bill or statement that proves the address you live at.
Requirements like these are a regular thing for the last several years. All exchanges and cryptocurrency-trading platforms must follow the rules to work legally. Otherwise, they will be banned in the countries they work in.
Commissions at OKCoin
Many users prefer using OKCoin because of low fees and spreads. These terms are equal for the Chinese and international markets. This attracts more and more customers because competitive services request much higher amounts.
- The maker fees start at 0.10%
- Taker fees depend on volume and can be from 0.20% to 0.03%
- Futures trading will cost you 0.03%
As you can see, the percentages are quite low, and you save a lot of money by trading with OKCoin. At other exchanges, the fees would be almost two or three times bigger.
Deposits and Withdrawals at OKCoin
There is only one fiat currency that can be used to make a deposit: United States Dollars. There are two options for making a deposit: bank or wire transfers. You will be charged different amounts for using any of these methods. Do not forget about the additional charges of the payment systems.
The table above shows all the fees for deposits, withdrawals, and minimum requirements. More information can be found on the exchange’s official website.
OKCoin customer support
If there are any issues, it is possible to contact the support service. They will solve any existing issues and will help you understand the usage of the service. The support service can be contacted in several different ways:
- Live chat
- Mobile call
- Website ticket
Therefore, if you need any help, you can easily contact the support. Sometimes, they can even answer in a couple of hours, but it usually takes at least 24 hours for the assistants to give an answer.
Pros and cons of OKCoin
Just like any other company, this exchange has both positive and negative sides. Let us look closer at each side.
Advantages
- High liquidity
- Secure service
- Low fees in comparison with competitors
- Great working platform
- A possibility to deposit two fiat currencies
Disadvantages
- Required verification in order to withdraw funds
- Not many assets that one can trade
- No regulations
User opinions about OKCoin
If you search for OKC customer reviews, you will find many different opinions on the web. However, most of them are positive. Here is an example from G2:
The trader confirms that liquidity is truly high, and traders have access to a huge number of advanced deals. Modern instruments are a thing here too. However, this specific trader does not like the small number of currencies he can work with.
There are many different opinions on other forums related to trading. Some people say that they have had a great experience working with the company, while others have been left unsatisfied because of the small number of available assets. The biggest thing that worries users is that OKCoin is not regulated. However, the company was founded in 2013 and there have been no security issues at all since then. There is nothing to worry about.
Conclusion
OKCoin is a legit broker that is still trustworthy. It has low fees, a comfortable platform, a user-friendly interface, and is easy to use. Although there are no regulations for this company, it is still trusted by users worldwide. The multiple reviews online speak for themselves.
