Okcoin Review

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Bottom line:

Okcoin is a reputable cryptocurrency exchange that allows individuals to buy Bitcoin and other popular coins effortlessly with cash using a variety of payment methods. The platform is geared toward beginners with a spot market and DeFi earning platform. While there are good features available for intermediate crypto traders, the overall platform is lacking, and the fees of 0.1% (maker) and 0.2% (taker) are not the cheapest. Moreover, existing users have rated OkCoin 3.4/5 stars on TrustPilot with numerous reports of poor customer service.

How We Rated OKcoin

Category	Hedge With Crypto Rating
Features	3.8 / 5
Supported Fiat and Deposit Methods	3.8 / 5
Supported Crypto & Trading Pairs	4.2 / 5
Fees	4 / 5
Ease of Use	5 / 5
Customer support	4.5 / 5
Security Measures	4.7 / 5
Mobile App	4.4 / 5

Okcoin At A Glance

Exchange Name	Okcoin
Deposit Methods	Wire transfer, ACH, credit/debit card, SEPA, crypto & others
Cryptocurrencies	BTC, LTC, ETH, BCH,& 22 others
Markets	Spot Trading & Margin Trading, OTC
Trading Fees	From 0.10% (maker) and 0.20% (taker)
Mobile App	Yes (Android and iOS)

Okcoin Compared and Alternatives

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
Coinbase	241	0.4% (maker), 0.6% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$5 BTC bonus (USA only)	Visit Coinbase	Coinbase Review

Okcoin Features We Liked

Dollar-Cost-Averaging

Dollar-cost-averaging (DCA) is a very simple method for individuals to invest in cryptocurrencies. Okcoin offers DCA for users to gradually build a position over time by purchasing a small amount each day, week, month, or bi-monthly, regardless of the asset price. In a volatile market, using a recurring order is beneficial to average into a position that can work well during a bull market. This strategy is different than trying to time the market and pick the bottom.

Earn Interest On Funds

Earning interest in cryptocurrencies is becoming extremely popular with the emergence of the decentralized finance (DeFi) market and platforms such as Nexo and Crypto.com. To compete with other exchanges offering borrowing and lending services, Okcoin allows its customers to earn up to 10% interest on crypto. For example, Okcoin offers a flexible term for Polkadot (DOT) with an estimated return of 8% APY. There are zero transaction fees, network gas fees, and ongoing maintenance fees to earn crypto with Okcoin.

Margin Trading

In addition to the spot trading exchange, Okcoin has introduced a margin trading platform for its users to long or short-sell Bitcoin and other cryptocurrencies using leverage up to 10x. The available pairs that can be traded with leverage include BTC/USD, LTC/USD and ETH/USD.

Supported Countries

Okcoin is regulated worldwide and supported in 192 countries, such as the United States, Canada, Australia, Singapore, and the United Kingdom, to buy and sell cryptocurrency on its premium trading platform. The exchange, however, does not offer services to residents of Cuba, Iran, North Korea, Crimea, Sudan, Syria, Malaysia, Bangladesh, Bolivia, Ecuador and Kyrgyzstan. 

The ETH/USD, BTC/USD, BTC/EUR and the USDT/USD pairs are the most popular on OKCoin. Smaller altcoin trading pairs such as LTC/USD, LINK/USD and EOS have much lower trading volumes in the order book compared to Binance for example. For high net-worth traders and institutions, filling large orders on Okcoin without slippage can be an issue when trading low cap pairs. Otherwise, the volume on Okcoin is reasonable for buying the major cryptos with USD and EUR.

Fiat Deposit & Limits

Okcoin exchange supports payment options such as Bank Wire Transfer, SEPA, ACH, Etana, Epay, PrimeX, Silvergate, Credit Card and Debit Card to deposit funds to the platform. Within the United States, credit cards are not allowed, however, a debit card is permitted. A wire transfer from a local bank is a safe and reliable method that takes between 1 and 2 business days to clear. Both a wire transfer and ACH have zero deposit fees. 

Using a credit or debit card to purchase crypto is a popular method for safety and convenience, however, a small surcharge is applied to the transaction. For more information on fees, click here to skip to the fees section.

Country	Currency	Payment Type	Deposit Min.	Speed
USA	USD	Wire transfer	$100	1 – 2 work days
USA	USD	ACH	$25	Instant
USA	USD	Debit card	$10	Instant
EUR	EUR	SEPA	€1	1 – 2 work days
EUR	EUR/USD	Etana	€1/$1	1 – 2 work days
EUR	EUR/USD	Debit/credit card	€10/$10	Instant

Supported Coins We Found

Okcoin supports a wide offering of cryptocurrency coins and projects that can be bought and sold on the exchange. There are, in total, 24 different coins available, including major assets such as Bitcoin, Ethereum, and Dogecoin. Stablecoins such as USDT and USDC, plus the popular DeFi tokens like Yearn Finance and Compound, are also supported. The user interface allows the coins to be arranged by live prices and the change in price, to find the top movers for the day.

Using The Exchange

The web and mobile app design is specifically tailored for ease of use and simplicity. Once an account is created and logged in, the Okcoin dashboard provides a quick snapshot of the portfolio performance, assets within the wallet, open buy/sell orders, and recent activity (e.g., deposits and withdrawals). 

Navigation on the Okcoin website is straightforward, with options along the top menu to return to the dashboard, view the live prices of the supported cryptocurrencies, trade on the advanced platform, or deposit funds in a savings wallet to earn crypto interest. Overall, using Okcoin is highly suited to beginners who are purchasing crypto with fiat and want a basic exchange to monitor their investment performance.

Buying Cryptocurrency

There are 2 options to obtain cryptocurrency with fiat money using Okcoin, including a one-off purchase or recurring orders. Customers who want to convert fiat into crypto at a particular price can use the off-off-time purchase to select a payment method available to their country of residence. The user can select the coin to buy and the money to deposit. Once the transaction is completed, the purchased asset will appear within the Okcoin wallet once the payment has cleared.

The recurring orders feature allows users to set up automatic deposits using a particular payment method. The frequency options include daily, weekly, bi-monthly or monthly. Okcoin will use the funds to purchase a particular coin. There is no option to select a bundle of coins to split the deposit across a range of cryptos. This means the individual must configure multiple recurring orders to buy Bitcoin, Ethereum or other assets and incur additional deposit fees depending on the payment method.

Overall, Okcoin provides a great interface for individuals to buy or sell 24 different cryptocurrency coins using a clean, easy-to-use and safe platform. The coins can be quickly monitored on the dashboard, which provides real-time updates over 24-hour, daily, weekly, or monthly timeframes. The exchange is recommended for beginners who want to build an investment portfolio without any complications.

It Has Advanced Trading

To cater to active investors and intermediate traders, Okcoin offers an advanced trading platform to speculate on 18 pairs against the USD, EUR, BTC and USDT. The number of available trading pairs is quite limited when compared to the larger exchanges such as Coinbase Pro, Kraken, Binance, and Huobi. There are currently no trading pairs using Ethereum, Litecoin or XRP as collateral.

Okcoin provides a basic and advanced user interface for beginners and experienced traders. The default view shows the basic interface and includes all the tools required to view the current price of the selected asset, as well as choose an order type, entry price, and amount. Switching to the full-screen mode brings up more functionality and the ability to choose between Okcoin's native charting platform or TradingView.

In our opinion, the TradingView mode is far superior as it offers hundreds of technical indicators, chart patterns, and drawing tools that can be applied to each trading pair. Compared to other software packages such as Coinigy, Quadency, and Shrimpy, Tradingview is one of the best places to chart crypto.

Examples of indicators that can be added include moving averages, stochastics, Bollinger bands, and many more. Users can right-click the chart to change the time frame, add indicators and customize the scale. Switching between trading pairs using the top menu does not remove any tools, patterns or lines drawn on the charts.

Okcoin's advanced trading platform includes several orders to enter or exit a position that will suit individuals who rely on certain orders for their particular trading and risk management style. The available order types are market, limit, stop-limit, trailing, iceberg and TWAP. The trailing order can be beneficial when used to trail the market with a stop-loss order. It allows the users to lock in potential profits for long-term traders. Likewise, an iceberg order is recommended for high net-worth individuals and advanced users who want to hide their full order size from the order books by splitting a large single order into multiple limit orders. 

Trading Fees Explained

Okcoin uses the maker-and-taker fee structure to determine the applicable fees based on the type of order placed. The maker fees and taker fees start from 0.10% to 0.20%, respectively. The fees are competitive in the market compared to top trading platforms such as Binance, Huobi, and KuCoin. There is also a spread charge when buying cryptocurrencies, which is a standard transaction cost that can fluctuate depending on market conditions and market depth within the order book.

Trading Volume (30 day)	Fees (Maker / Taker)
<$100,000	0.1% / 0.2%
$100,000 – $500,000	0.09% / 0.18%
$500,000 – 1 Million	0.07% / 0.16%

Users who are part of the Okcoin Premier are eligible for fee discounts based on their trading volume over a 30-day period. The lowest fees available on Okcoin are 0% and 0.02% for makers and takers with a trading volume exceeding $500M per month. For retail investors and beginners, the 0.1% and 0.2% fees will be applicable for accumulative volume under $100,000 per month.

Deposit & Withdrawal Fees

Deposit and withdrawal fees on the Okcoin exchange depend on the payment option used. Debit cards are available for users globally and have the highest deposit fee of 3.99%, similar to using Coinbase. The cheapest method to deposit funds to Okcoin within the USA is using a wire transfer, which does not have any fees. There are no foreign conversion fees for customers who deposit funds from the US. For users in Europe, SEPA has a small fee of €0.20 +0.3% to deposit Euros, which is fairly reasonable.

Country	Payment Type	Deposit Fee	Withdrawal Fee
USA	Wire transfer	None	None
USA	ACH	None	N/A
USA	Debit card	3.99%	N/A
EUR	SEPA	€0.20 +0.3%	€1.5
EUR	Etana	None	None
EUR	Debit/credit card	3.99%	N/A

There are no fees to withdraw money from Okcoin into a bank account except for SEPA and international wire transfers. Withdrawing Euros via SEPA and international wire has a fee of €1.5 and €35, respectively. It is free to withdraw funds using a wire transfer in the USA and Etana with Europe. To view the full list of deposit and withdrawal fees, visit the Okcoin website.

What Others Are Saying

Okcoin users can contact the exchange by direct email, using a live chat service or telephone number. Okcoin has an extensive Help Centre and FAQ page that provides guidance and answers to commonly asked questions regarding creating an account, verification, deposits and withdrawals, and trading. The System Status page can be useful to see if there is scheduled maintenance that can cause delays with withdrawal requests.

The reviews on Trustpilot provide mixed opinions on customer service, with an overall 3.4/5 star rating based on 270 reviews. There are numerous comments on user's difficulties depositing funds and using the app, however, the exchange appears to respond to each comment to provide further assistance directly. Overall, the customer feedback on Okcoin's support service is good, with complimentary comments on the exchange's features, the number of coins offered, and low trading fees.

The Mobile App Is Average

The OKCoin mobile app is designed with a simple user interface that is ideal for beginners to quickly and safely buy crypto and monitor the live coin prices. The app has a 4.2-star rating on Google's Play Store from 1,693 voters. However, there are a number of concerns by existing Okcoin app users regarding network connectivity issues and minor glitches preventing login, ID verification and withdrawing funds. The response time on help tickets for customer support issues using the mobile app also appears to be slower when compared to the desktop site.