Founded in 2013, Okcoin is a US-headquartered cryptocurrency exchange serving 190+ countries and territories. The platform enables retail and institutional investors to purchase digital assets using local currencies, with a mission to make crypto easy for everyone, including first-time buyers. Okcoin was the first centralized exchange to offer direct entry into decentralized finance (DeFi) with Earn, a tool for earning APY through decentralized lending, liquidity pools, staking, and more. In addition, Okcoin offers institutional trading tools and APIs to asset managers, venture capital and hedge funds, retail brokers, payment processors, and more. Follow Okcoin on Twitter at @Okcoin and visit okcoin.com for more information.
What is Okcoin?
OKCoin, established in 2013, stands as one of the largest fiat-to-crypto trading platforms globally, facilitating the exchange of USD and EUR for a variety of digital assets. The platform caters to both beginners and high-volume traders, operating in 184 countries.
Regulatory Compliance
OKCoin positions itself as a registered Money Services Business (MSB) with FinCEN and a Virtual Financial Asset Act (VFAA) exchange, adhering to high regulatory standards. The exchange emphasizes its commitment to making digital assets accessible worldwide while ensuring compliance.
Investment and Funding
OKCoin received significant angel investments in its early years, with VenturesLab, co-founded by Tim Draper, contributing millions in 2013. Further investments from notable entities like Ceyuan and Longling Capital followed in 2014, demonstrating confidence in the platform's potential.
Liquidity and Trading Volume
Despite notable growth, OKCoin's 24-hour trading volume, as of December 2021, reached $58.7 million, showcasing its development over 20 months. However, this figure is comparatively modest when viewed in the context of global competition.
Mobile Support and Accessibility
OKCoin ensures accessibility through mobile applications on the App Store and Google Play, as well as downloadable clients for macOS and Windows, catering to users seeking diverse platforms.
Geographical Restrictions
While currently accepting investors from 30 U.S. states, OKCoin plans to extend its services to residents of other states. The exchange restricts users from several countries, including Cuba, Iran, North Korea, and others, emphasizing adherence to legal and regulatory frameworks.
Experienced Team
With a seasoned team, OKCoin welcomed Hong Fang as Chairman and COO in 2019. Fang, an early investor, spearheads global expansion efforts while overseeing operations within the OK Group.
Trading Fees and Model
OKCoin charges a trading fee of 0.20% for takers, aligning with industry averages. Makers benefit from a discounted fee of 0.10%, appealing to those providing liquidity to the market.
Withdrawal Fees and Competitive Edge
Notably, OKCoin stands out by not imposing any withdrawal fees on Bitcoin transactions, offering a competitive edge over other top crypto exchanges.
Deposit Methods and Accessibility
As an "entry-level exchange," OKCoin supports wire transfers and credit cards as deposit methods, providing a user-friendly gateway for new crypto investors.
Security Measures
Emphasizing security as a top priority, OKCoin employs industry-leading practices, including GSLB, distributed server clusters, and cold storage, aimed at ensuring maximum protection for user assets.
What are the trading fees on Okcoin?
OKCoin charges a trading fee of 0.20% for takers, aligning with industry averages. Makers benefit from a discounted fee of 0.10%, appealing to those providing liquidity to the market.
Does Okcoin offer leverage trading?
OKCoin does not currently offer margin trading or leverage options.
Is Okcoin safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
