Okcoin Review: Crypto Platform For New Investors

Diving into the world of cryptocurrency can be confusing. With so many crypto exchanges out there, is it hard to know which one offers the best security without overcharging for the right to buy and sell cryptocurrencies.

Okcoin has built a platform that prides itself in providing the highest security measures. But you don’t have to pay an arm and a leg for the opportunity to make trades through Okcoin. In fact, it offers some of the lowest fees we've seen. Let’s take a closer look at what Okcoin is and what it offers users like you.

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What Is Okcoin?

Okcoin was founded in 2013 in Beijing. Since then, it has opened six offices around the world. The company’s locations include San Francisco, Malta, Hong Kong, Singapore, Japan, and Korea.

Although the platform was primarily focused on Chinese and Asian markets for some time, it now accepts users from all over the world. Currently, over 100,000 active traders and investors rely on Okcoin to route their crypto transactions.

Fast forward to today, and Okcoin is making an effort to break into the US crypto market. The international version of OKcoin is OKX.

What Does It Offer?

Here are some of the top features that Okcoin has to offer for crypto investors.

Worldwide Availability

Okcoin is available in more countries than nearly every other major cryptocurrency exchange available today. It's list of supported regions currently includes over 190 countries.

That's more than double the region availability of Coinbase (available in 100+ countries) and nearly four times more than Gemini (available in 50+ countries).

However, it's important to point out that Okcoin doesn’t currently accept users from the following U.S. states: Hawaii, Indiana, Louisiana, Nevada, New York, or West Virginia.

Top-Notch Security

If you regularly trade cryptocurrency, you’ll realize that security is a constant concern. The last thing you want is for someone to access your account and wipe out your stash.

Okcoin takes its security measures very seriously. The exchanges protect your deposits through keeping 95% of your crypto in offline storage, providing around-the-clock transaction monitoring, and offering multi-factor encryption.

Related: These Are The Most Secure Cryptocurrency Wallets

Grow Your Crypto

As you build your cryptocurrency assets, the idea of making your crypto work for you is enticing. Okcoin makes it easy to make your crypto work for you with staking and DeFi. In fact, you can earn up to 14% on your crypto.

Not only will you earn crypto as you use the platform, but you can also access a $10 sign-up bonus. You’ll enjoy the reward after making your first deposit. Use this link to claim your bonus. 

On-The-Go Access

You won’t be tied to your desktop when you want to make a trade. Instead, you can take Okcoin with you through a mobile app. The app is available for iOS and Android users.

Through the platform, you can make trades with zero transaction time. This feature allows you to confidently make trades without worrying about what could happen to the market during your transaction time.

User-Friendly Experience

Whether you're new to cryptocurrency or an experienced trader, you'll be able to appreciate the streamlined Okcoin interface.

As a new investor, you'll have quick access to extensive cryptocurrency resources to learn within the platform. When you are ready to buy your first crypto assets, the easy-to-follow prompts will guide you through the process.

If you're more experienced, you may not need to pour over the free educational resources. However, you'll enjoy access to all of the comparison tools you’ll need to make your trades with confidence. 

Note: When we trialed the platform, we found the Know Your Customer (KYC) and Anti-Money Laundering (AML) verification process to be more in-depth than other platforms, asks questions that don't relate to Americans (which probably apply worldwide), and the customer service follow up was always from foreign emails. While we finally were verified, it took several weeks and wasn't user-friendly. However, once we were able to use the platform, it was easy.

Are There Any Fees?

As with all cryptocurrency exchanges, there are some fees to be aware of. Okcoin uses a maker/taker fee structure, which most platforms only offer to active traders. If your 30-day trading volume is less than $100,000, the maker fee is 0.10% and the taker fee is 0.20%. Both fees are low for the industry.

If you're a regular trader on the platform with large trading volumes, you can tap into even lower fees. Fee reductions start once your 30-day trading volume exceeds $100,000. And if your 30-day trading volume is greater than $500,000,000 USD, the maker fee is 0.00% and the taker fee is 0.02%.

Keep in mind that these fees only apply to trades (i.e. transactions in which crypto pairs are exchanged). But if you're looking to buy crypto, you may be charged a separate fee. The fee is $0 for spot or funding accounts. But you'll pay $0.99 to buy crypto with an instant ACH transfer. And the buying fee for card payments is 3.99%.

How Do I Contact Okcoin?

If you want to get in contact with Okcoin, you can send an email to support@Okcoin.com. Additionally, you can use the “Feedback” button embedded in the app.

If you want to follow Okcoin on social media, the company has accounts through Facebook, Twitter, Reddit, LinkedIn @Okcoin.

When you reach out to Okcoin, you might encounter mediocre customer service. The average score on Trustpilot is 3.8 out of 5 stars, that’s with several hundred customer reviews. Plus, The College Investor team had a difficult time receiving timely responses to questions. It took several weeks, and all responses were from foreign counties received in the middle of the night.

How Does Okcoin Compare?

Okcoin offers a streamlined cryptocurrency exchange experience. However, it's not the only platform that provides a secure and reliable experience. A few of the top competitors in the space include Coinbase and Gemini.

To compare apples to apples, you'll want to look at Coinbase Pro and Gemini ActiveTrader, each of which target high-volume traders. At these levels, users can take advantage of each platform's maker/taker fee structures which are more affordable than their standard fees.

Check out the table below to see how the exchanges stack up.

How Do I Open An Account?

Want to work with Okcoin? Here’s how to get started. First, head to the Okcoin site. In the upper right-hand corner, select the “Sign up” button.

At that point, you'll create an account by entering your email and creating a password. You can also use your phone instead of an email.

After that, Okcoin will send you a verification code to complete the account creation process. From there, you'll need to complete your identity verification. This will include providing information about your nationality, full name, birthday, residence, and a government-issued ID.

Next, you'll need to fund your first deposit. When you do, Okcoin will reward you with a $10 bonus. 

Is It Safe And Secure?

Yes, as previously noted, Okcoin offers its users a secure trading experience. The exchange has a variety of security measures in place. These include cold storage, multiple machine backups, hot wallets with offline keys, and more. 

Is It Worth It?

Okcoin offers a worthwhile crypto exchange experience. Active traders can handle all of their trading needs in a low-fee, secure environment. And buy-and-hold investors may be enticed by the high interest rates that Okcoin offers on crypto deposits.

However, as of writing, Okcoin isn’t available to all U.S. residents. So if you live in one of the states that aren't supported, you'll need to look elsewhere. Explore your other options in our guide to the top crypto exchanges.

Okcoin Features