If you’re on this page, you certainly are on the hunt for a trading exchange. Well you’ve landed exactly where you should’ve. This OKCoin review will slice up the exchange in tiny bites for you to nibble at and digest in its entirety.
I am a trader as well, and hence there are a couple features I ponder upon before finalizing an exchange for my trades. The same features are what we will discuss and dissect in this OKCoin review.
The primary questions we will be addressing are:
- Does OKCoin need KYC Verifications?
- Does OKCoin accept Fiat deposits?
- Is OKCoin Safe and Secure?
- What are OKCoin Limits and Fee?
- Which Countries are Supported by OKCoin?
- Which Trading Pairs does OKCoin Support?
If you believe those questions are similar to what you’ve been asking regarding trading exchanges, continue reading. Else, check one of our other Trading Exchange Reviews out?
You’re still here? Let’s get on with this OKCoin Review then?
OKCoin Exchange Quick Overview
This section is just for you folks, so you get an idea of the entire platform and its features without having to read through the entire article.
Although explanations and minute details could be missed if you choose not to go through the fine-print.
- Primary URL: https://www.OKCoin.com
- KYC: Mandatory
- Centralized: Yes
- Supported trading pairs: 40+
- Payment Methods: Fiats + Cryptocurrencies.
- Fee: 0.05% Trading fee.
- Security: 2FA/Anti-Phishing Code/Google Auth/ Fund-Password
- Margin/Leverage Trading: Yes
KYC Requirements
KYC is what I generally wish to avoid on trading exchanges. If a platform asks for KYC details, all the activities and trades (profits/losses) can be traced back to the user’s real-life identity by the exchange.
The coins too once tainted on the exchange can then be traced even after you’ve withdrawn them from the exchange.
Unfortunately, OKCoin does require KYC verifications. It has three levels of KYC verifications. KYC-1/2/3.
KYC-1 includes simply updating a user’s Identity/Passport “numbers”. Note that it doesn’t involve “uploading” any kind of documents.
Although being honest, the KYC-1 verification is mostly useless. That’s so because users aren’t allowed to deposit funds unless they’ve atleast completed KYC-2 verifications.
And KYC-2 verifications do involve users uploading their Identity proof such as Licenses and Passports.
During KYC-2 Verifications, only a handful of countries are allowed to use National Identity Cards and Driver’s Licenses for the verification, other countries are required to only upload the International Passport for the verification.
A complete list of countries which are allowed to use Local ID cards for verification can be found here: https://support.OKCoin.com/hc/en-us/articles/360028838771-Complete-List-of-Accepted-Local-IDs
And finally, the third-level of KYC verification requires users to get on a Skype call with the company representatives, and display their Cards/documents in real-time.
All in all, OKCoin has one of the most intensive KYC verification procedures out there.
If you’re looking for an anonymous trading exchange, this surely isn’t for you. Although you can peek at our Binance review which is a lot more anonymous.
Security
One important update about OKCoin is that, even though it has a dedicated “Security” page on its website, and details its “Cold-storage” process, this cold-storage is currently unavailable.
It’s being mentioned because the security page may be misleading for now and give users a false sense of security.
The fact has been confirmed by an OKCoin representative which does indicate that they aren’t trying to hide it:
Although, the “Account security” is pretty impressive. It offers the following features as of now:
- Google Authenticator
- 2-FA
- Anti-Phishing Code.
- Fund Password
For starters, it allows users to link their accounts with Google Authenticator. The Authenticator code is used to make withdrawals and change security settings.
Additionally, 2-FA using cell phones too is allowed in addition to Google Authenticator.
Both these 2-FA verification methods are used to send and verify codes, notify the user of major changes in their accounts and to make major changes as well.
This ensures that the user accounts can’t be hacked even if the account-password is compromised.
Then, the E-mail accounts too are used for security purposes. E-mails can be used for password retrievals, as well as while withdrawing funds.
It also has an Anti-phishing code. This can be set manually by each user, a personal phrase, number-string or something which will indicate legitimacy.
This code will be included in all the E-mails from the company, hence spam and fraud E-mails can be avoided.
Fund Password is an advanced security setting which is required for placing orders, or trading. The level (or frequency) of how many times or when this password will be required can be set manually by the users.
Deposit Methods and Trading Pairs.
OKCoin isn’t a fiat-only platform and does accept Cryptocurrency deposits. So users can directly purchase Crypto on the platform and don’t need to own it already.
The platform accepts the following fiat deposit methods:
- Bank Transfers
- Epay
- PrimeX
- Fund Password
Deposits and Withdrawals can’t be used as a mode of payment by Chinese traders.
All Cryptocurrencies which are available to be traded, can be deposited directly on the platform. The platform supports around 20 individual coins, and 40+ trading pairs.
Deposit/Withdrawals Fee and Limits
OKCoin is in sync with the other trading exchanges out there and asks for a similar price.
Its trading fee is based on the maker-taker model, and is decided by a user’s trade-volume.
The general fee (for new users) starts at 0.05% for the makers and 0.10% for the takers. This can be lowered upto 0.00% for the makers and 0.05% for the takers if sufficient trade-volume is reached.
Deposits and Withdrawals via Signature and Silvergate banks are free. Deposits via Prime Trust bank is free as well, however withdrawal is charged at USD $35.00/transaction.
Epay deposits are charged at 1% of the transaction, while withdrawals are free. Both Deposits as well as Withdrawals via PrimeX are free.
Credit/Debit card deposits are processed by Simplex, hence there’s a 5% fee charged by Simplex. OKCoin has an additional charge of 0.45% + USD $0.30 on each transaction. So basically these deposits have a total charge of 5.45% + USD $0.30/deposit.
Withdrawals aren’t supported by Credit/Debit cards.
Crypto deposits are free, Withdrawal-fee depends on the Cryptocurrencies. It’s 0.0005 BTC for Bitcoin.
Minimum/Maximum Limits
I’ve pledged to make this OKCoin review as detailed as possible, so well here are the limits just in case you were curious.
Wire transfers have a Min. deposit requirement of USD $100, while a maximum of USD $1Million is allowed!
Silvergate Bank and Prime Trust deposits require a minimum deposit amounting to USD $100.00. Epay doesn’t have a minimum limit.
PrimeX too has the USD $100.00 minimum requirement. Credit/Debit card deposits however have a minimum requirement of USD $50.00/deposit and maximum limit of USD $500.00/transaction. There also is a monthly maximum limit of USD $1000.00 deposit.
Deposits via Signature Bank aren’t for “Individual” accounts and are rather made for the “Corporate Accounts”. As the minimum limit for Corporate accounts is USD $100.00 while it is USD $ 50,000 for Individual accounts!
Cryptocurrencies do not have a minimum deposit limit for most currencies, although USDT must be equal to atleast 1 USDT.
There are additional limits depending on a user’s KYC levels. Maximum fiat deposit possible for a KYC-2 and KYC-3 account is USD $1,000,000 and USD $2,000,000 respectively.
The same amount of limits apply to both fiat and token withdrawals as well (combined) for the two verification levels, i.e. a total withdrawal limit of USD $1 Million and USD $2 Million (for Fiat+Crypto combined).
Support
The final aspect we’d talk about is the company’s support in this OKCoin review. This is the most impressive aspect of the company.
They have a live-chat feature which is available 24X7. The chat representatives are fast and educated.
Additionally, they also can be contacted via E-mail and Tickets.
Supported Countries
Due to the regulatory policies and pressure from governments around the globe, OKCoin isn’t universally available.
Some features, or the entire platform isn’t available in the following countries- Sudan, Malaysia, Syria, Cuba, Iran, North Korea, Crimea , Bolivia, Ecuador, Bangladesh and Kyrgyzstan.
Final Words
So that’s a wrap as far as this OKCoin review goes folks. We discussed (and in detail I hope) about its KYC requirements, Security measures, Fee and Limits.
In my personal opinion, it’s a very professional exchange but only for those who’re okay with divulging their personal identity. It’s not even remotely anonymous.
The fee however is acceptable. The trading pairs even though not very extensive do let users trade the most commonly used and popular coins.
The deposit methods are more than welcoming, and the support team is impressive. In a nutshell, if it’s available in your country it’s probably worth a try.
Although I’m sure you’ve formed an opinion of your own after going through this OKCoin review, why don’t you make use of the comments and share your two cents with us?
