OkCoin Detailed Review 2022 – Pros, Cons and Key Features

Cryptocurrencies are changing the finance world like never before. Gone are the days when government decisions could negatively or positively impact your wealth. The age of blockchain technology powers cryptos and ensures a decentralized architecture for all. The first crypto was Bitcoin, introduced in 2009. 

Even since the number of cryptocurrencies has been growing at an unprecedented rate, giving you many choices. This increasing number of cryptos in the market also meant the number of crypto exchanges would increase simultaneously. Consequently, thousands of crypto exchanges in the market compete against each other. 

While it is great that you have many choices, it can even be an overwhelming experience trying to find a suitable exchange in these crows. Fortunately, a few crypto exchanges stand out in the crowd with their unique offerings, and OkCoin is one of those exchanges!

The platform has a wide range of offerings attracting crypto traders from all over the globe. But as a trader, you should not take our words for it. Instead, you must consider the platform’s offering and decide for yourself. Thus, here is a detailed review of OkCoin to help you determine if this is the right platform for you in 2022.

Pros and Cons of OkCoin

OkCoin At a Glance

OkCoin: Company Overview

OkCoin is a brainchild of Star Xu, who developed the platform in 2013 when crypto was still a foreign concept for many. Initially, OkCoin’s headquarters were based in Beijing, China allowing Chinese citizens to make fiat deposits on the platform. The platform also supports a wide range of cryptocurrencies, so things were going great for traders and OkCoin. 

Unfortunately, good times do not last long, and it was 2017 when the Chinese authorities began their crackdown on the Chinese crypto industry. This came as a surprise to many as China was OkCoin’s biggest market. So OkCoin’s headquarters needed a new location, and they chose San Francisco in the US.   

Even after all these setbacks, things were more or less significant for OkCoin as the platform continued to expand its operations. Currently, the platform offers crypto trading services to traders from more than 190 countries around the globe. This success can mainly be accredited to the unique offerings that OkCoin had to offer. 

Traders on the OkCoin platform now enjoy seamless access to over 60 cryptocurrencies. This allows them to make the most of all the available choices. Besides, the platform offers a wide range of features that helps traders get an unmatched and hassle-free trading experience.  

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Cryptos Supported in OkCoin

OkCoin offers its traders an extensive selection of cryptos giving you numerous options to invest and generate amplified returns. The platform currently supports over 60 different cryptos, which is a strong lineup compared to most other crypto trading platforms in the market. 

You can find some of the most popular and even the least cryptos on OkCoin. So let’s check out some of the best-known cryptos you can find on OkCoin.

Cryptos Supported in OkCoin

Besides, the platform is also open to the idea of shuffling its exchange with new and potential crypto tokens. Therefore, if you’re a user who wants to save themselves from the idea of signing up with new exchanges for trading, OkCoin is an excellent option for you! 

Key Features of OkCoin

OkCoin has attracted numerous crypto traders from over 190 different countries around the globe. The primary reason behind this ever-growing popularity is nothing but the amazing features the platform has to offer. The key features of OkCoin are precise and what sets OkCoin apart from most of its competitors. So let’s check out some of the critical features OkCoin offers.   

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Multi-Linguistic Platform 

Most often, you can find traders from another country of another ethnicity trying to benefit from the offering of a robust crypto trading platform but failing to do so. The main hurdle here is the language barrier, as not everyone in this world speaks English or the native language of the platform. However, OkCoin has found the ideal way around this challenge as the platform supports different languages. 

OkCoin supports Chinese, English, Spanish, and Portuguese. This opens the platform’s gate to many crypto traders from these countries who were previously reluctant to use the platform. This is also one of the reasons why OkCoin enjoys international popularity, as citizens from several countries use the platform in a language that suits their preferences.

Connectivity With Your Bank

Depositing funds in your crypto trading account is always a hassle for traders. Certain exchanges accept certain forms of deposits while others allow other methods of deposits. As a result, it becomes very challenging to keep up, especially when you are trading in multiple crypto trading platforms. 

OkCoin has come up with a highly innovative approach to solve this issue. That platform lets you connect your crypto trading account directly with your bank account. As a result, it becomes much easier for you to withdraw and deposit funds into your trading account. But most importantly, this integration saves you time, ensuring you never miss out on any opportunity in this volatile market. 

Identity Verification 

The crypto world offers some fantastic opportunities to grow and generate extensive returns. But that does not mean the crypto world is free from all prejudices. There is no shortage of phishing scams where innocent traders suffered significant losses even before realizing it. Existing users of the platform mainly carry out these attacks. 

OkCoin decided to tackle this issue with mandatory identity verification for every trader on the platform. Every trader must verify their identification with a scanned photograph and address proof. Improving the verification process allowed OkCoin to reduce scams on the platform significantly. In addition, this allowed traders to trade their crypto assets without worry. 

Backend Customization 

Have you ever been in a situation where you are using a crypto trading platform and wish some feature could be different? This is a common issue among many crypto traders from all over the globe. Everybody wants an interface that suits their unique preferences allowing them to trade with the utmost convenience. OkCoin is one of those platforms that allows you to do that without any hassle. 

OkCoin allows traders to configure the platform to best serve their requirements and preferences. You can use this API provided by the platform to make customizations that best suit your requirements. This API allows you to customize every platform aspect, workflows, reporting, or anything else. You can even establish integration with other platforms to enjoy better convenience.     

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Additional Features of OkCoin

The key offering or features of OkCoin help it stand out in the market where competition is at its peak. But these essential features are not all the platform has to offer. There are numerous other features on OkCoin designed to help get an unmatched crypto trading experience. So let’s take a look at some of the additional features OkCoin offers. 

1. The Earn Tab: There are very few such crypto trading platforms in the market that can help you generate a passive income. This income does not include the returns you generate from your crypto tradings. Instead, the platform allows you to stake DeFi protocols like MATIC, AVAX, and STX for up to 20% APY. 
2. Recurring Buys: It can be hard to keep track of the crypto market that is as volatile as it can get. Recurring buying of cryptos can become a massive hassle without being able to keep track of the market. Thus, OkCoin provides its traders with an option to set up recurring buying of any crypto to dollar cost average automatically. 
3. Trade Desk: Another amazing feature that OkCoin has up its sleeves is the unique trade desk on the platform. The trading desk allows traders to monitor all charts seamlessly, place orders, and even get relevant quotes. This certainly plays a crucial role in simplifying your overall crypto trading experience with minimal hassle. 
4. Mobile App: Convenient trading sets OkCoin apart from most of its competitors. Since many traders now prefer to trade their cryptos through mobile apps, OkCoin provides its users with a highly interactive mobile application. The mobile app is seamlessly compatible with iOS and Android devices. 
5. Low Trading Fees: OkCoin charges the most competitive trading fees relative to the current industry standards. The platform will only charge 0.2% for makers and 0.1% for takers. Even this charge eventually diminishes with the relative increase in your 30-day trading volumes.              

Fee Structure

Unlike most other crypto exchanges available in the market, trading fees from OkCoin are among the most competitive you can find. This is because the platform maintains such prices to ensure the trading fee does not leave a significant dent in the trader’s returns.   

OkCoin’s trading fee can be classified into 11 tiers based on the 30-trading volume of the trader. In addition, the platform charges the trading fee based on the taker and maker mechanics. So refer to this table to better understand OkCoin’s trading fee.

There are two different ways you can make deposits in OkCoin. The first is through your bank account, which does not attract deposit charges from OkCoin’s end. The second is making deposits using debit cards which can attract a fee of 3.99%. 

When it comes to withdrawing funds, OkCoin does not charge any fees from its traders. This is an unlikely phenomenon, given that most crypto exchanges charge a certain fee on withdrawals. 

How Secure is OkCoin?

Reading your cryptos with OkCoin means security should be the least of your concerns. But you might wonder what makes OkCoin so safe and secure given the rising cybercrimes and hacking activities in the crypto market. 

The answer to this is effective and well-thought-out security measures. The platform has adopted many such security ideals designed to ensure the safety of traders and their assets. Some of the best-known security measures that OkCoin has to offer include:

1. Cold Storage: Ensuring safe and secure storage for your cryptocurrencies is more important than you think. When you store your cryptos in hot wallets or online storage, it becomes much easier for hackers to access your digital assets. OkCoin stores 95% of its digital assets in cold or offline storage away from the reach of hackers. 
2. Two-Factor Authentication (2FA): Another effective security measure in OkCoin is the two-factor authentication (2FA) system. Every time you log into your account or withdraw your funds, you will need to enter a secret code with your password. The platform will send you the code on your mobile number or registered email. 
3. Data Protection: Another concern bugging crypto traders is the security of their data and credentials on the platform. But this should not be a concern with OkCoin as the platform offers end-to-end protections. Using SSL encryption and AES encryption, the platform ensures your data remains safe and secure. 
4. Practice Fixing of Security Issues: No matter how many security measures you use, hackers will always find a way to breach security. So OkCoin partners with some leading cyber crime experts to determine vulnerable and weak points in the security system. There are also regular internal audits to determine gaps in the security mechanism.        

How To Open An Account On OkCoin?

Getting started with crypto trading on OkCoin is as easy as signing up with a social media platform. The platform requires you to follow a few simple steps and get your OkCoin account in no time. But that does not mean compromises on any of the account verification requirements. Nonetheless, let’s check out the steps you need to follow to open an account on OkCoin. 

Step 1: Open the OkCoin website or website or mobile application 

Step 2: Click on the Sign-Up tab.

Step 3: Provide all necessary details and credentials

Step 4: Set up the two-factor authentication (2FA) 

Step 5: Verify your email and mobile number

Step 6: Verify your identification and address

Once you’ve followed all the steps, you’ll have a crypto trading account in no time! What’s more? Deposit funds into your crypto trading account and start trading in no time.   

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Customer Satisfaction

When it comes to customer satisfaction, OkCoin leaves no rocks unturned. The platform constantly monitors its performance and makes necessary enhancements whenever needed. Besides that, OkCoin has some of the most amazing features and functionalities that eliminate all the hassle from your crypto trading experience. 

But most importantly, the platform has many advanced security measures in place. This allows traders to eliminate the worry about their crypto assets being stolen or falling victim to a phishing attack. Other than that, cold storage and two-factor authentication (2FA) also play a key role in boosting the overall customer satisfaction of traders on the platform. 

OkCoin also has a highly user-friendly interface for its mobile application and website. This ensures traders do not encounter any issues or complications when trading their cryptos on the platform. These offerings ensure that traders using OkCoin always enjoy an unmatched trading experience, further boosting customer satisfaction.    

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OkCoin Vs. Competitors

OkCoin is among the leading crypto exchanges currently active in the market. But the increasing demand and rising popularity of crypto trading have also increased the number of crypto exchanges in the market. As a result, OkCoin now has to stand out among all these competitors with its unique offers. 

As a crypto trader, you must evaluate the available options and choose the platform that best serves your needs. So let’s compare OkCoin with one of its leading competitors Coinbase and see where it stands in this race.      

OkCoin Vs. Coinbase

Looking at this short but comprehensive review, it’s evident that OkCoin takes the lead over Coinbase in more than one aspect. First, the platform is cost-effective in terms of the fees charged. However, Coinbase also overtakes its competitor with the increased number of cryptos. Therefore, OkCoin is a suitable option for cost-effective users, while Coinbase can be a good option for users who want to diversify their portfolio across several tokens. 

Final Verdict 

OkCoin is one of the best crypto trading platforms currently available in the market. But that does not mean the platform does not have any shortcomings or flaws that can hamper your crypto trading experience. As a crypto trader, it is very important to ensure you are well aware of these shortcomings. 

Understanding both the strong points and shortcomings of OkCoin can help you make better and informed decisions when choosing the right crypto trading platform. So let’s check out some of the best-known strong points and shortcomings of OkCoin.     

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Should You Consider Using OkCoin?

1. User-Friendly Design and Interface: Crypto trading is a complex endeavor that requires a detailed understanding of the market. But OkCoin is one such platform where even a novice trader can thrive and enjoy great returns. This is primarily because of the platform’s user-friendly design that eliminates all complications from crypto trading. 
2. Low Fees: There is no debate that OkCoin charges highly competitive trading fees to its traders. The platform charges just 0.2% as taker fees and 0.10% as maker fees. This quality also allows the platform to stand out in the crowd and attract traders from different countries and regions.       
3. Extensive Selection of Cryptocurrencies: OkCoin provides its traders with an extensive range of cryptocurrencies. The platform supports more than 60 cryptos, giving you a great deal of choice to trade-in. This also allows traders to make the most of every opportunity that comes their way. 
4. Mobile Application: Mobility is what best defines the population in this modern-day environment. These days traders are no longer interested in sitting on their desktops for an entire day to trade cryptos. Thus, provides traders with a highly interactive mobile app compatible with Android and iOS devices.      

Shortcomings of OkCoin

1. Lack of Access To Certain US States: OkCoin does offer crypto trading services in the US. But unfortunately, several states in the country cannot access the crypto trading services OkCoin has to offer. These states include Nevada, Hawaii, West Virginia, Louisiana, and even New York.  
2. Lack of Educational Resources: The other drawback of OkCoin is the platform does not provide traders with many educational resources. Many other crypto trading platforms around the world offer many educational resources to traders. But unfortunately, OkCoin is not one of those platforms.

This brings us to the end of our comprehensive review on OkCoin! Looking at this brief walkthrough of the platform, it’s evident that OkCoin is an innovator with all the leading features and functionalities of the users. Besides, with the competitive fee structure and the extensive selection of crypto tokens, users find it easy to kick off their crypto journey without much hassle. However, there are several drawbacks to the platform too. For starters, the lack of access to certain US states makes it limited in terms of its operations. 

Therefore, if you’re one of those users who want to belong to those exclusive US states, it’s evident that OkCoin is not the ideal platform for you! Here, you might want to look at the different trading platforms that offer you seamless access to those states. 

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