With the competition amongst the top contenders of crypto exchanges harder than ever, we take a look at Okcoin, an exchange that has been one of the best since 2013.
Okcoin is a cryptocurrency exchange that is one of the top players in the crypto trading scene. Okcoin has been here since 2013, making it one of the oldest and most established cryptocurrency exchanges. Okcoin is an EU and US-regulated cryptocurrency exchange that allows users to buy and sell cryptocurrency assets in over 190 countries. The exchange protects your deposits by storing 95% of your cryptocurrencies offline, monitoring transactions around the clock and offering multi-factor encryption. Okcoin has a stable and advanced trading platform for Bitcoin and other digital cryptocurrencies. The fee structure is very low on the international market and unsurpassed on the Chinese market. Let us see what Okcoin has in store for us and how it compares to other exchanges.
Types of Trading & Order Types
Okcoin offers its users many types of orders for ease of trading. These include:
- Limit Order- As the name suggests, the limit order allows you to put a limit on your transactions to buy/sell your cryptocurrency at a certain price or better.
- Iceberg Order- It is a strategy where the full order size remains hidden from the order books. It breaks down a large order into smaller ones.
- Market Order- A market order is an immediate order to sell or buy cryptocurrency at the current market price.
- Stop Order- A stop order can be used to limit losses or lock profits during transactions. It allows you to add a trigger value where a second order to buy/sell will be executed.
- Trail Order- A trail order allows you to put a trigger within a fixed range to protect your cryptocurrency if it increases in value. The trigger automatically adjusts with the market value of your asset.
- Trigger Order- Trigger orders are used to set a target price. Once the target price is reached, the trade is placed.
The different kinds of trading available on Okcoin are:
- Margin Trading- Margin Trading allows users to trade cryptocurrency amounts larger than their account by borrowing funds.
- OTC Trading- Over the counter trading allows two parties to trade a large amount of crypto without the intervention of others.
Is Verification Required – Verification Levels & Fees
You can create an account on Okcoin using an email id or phone number. Just go to Okcoin’s sign up page and follow the steps to get started. Okcoin also gives you the option to create an account using your Telegram or Google account. The basic account needs a valid government ID of your country linked to it for verification and allows deposits of up to $2000 US/day, but the withdrawals are limited.
If you wish to make more significant deposits, you need to upload a photo of your country’s ID and proof of residence. With this, you can deposit up to $50,000 US/day and withdraw greater amounts. Different user KYC (Know Your Customer) levels are also built on a point system that users can complete for VIP status that determines borrowing and leverage limits. Okcoin charges a low fee of 0.02%-0.10% for trading, which gives tough competition to other exchanges. The detailed fee structures can be found on Okcoin’s fees page.
Okcoin Security Features
With great security protocols and services, Okcoin is one of the best exchanges for beginners who are starting as traders.
- Monitoring of Activities: Okcoin liaises with cybersecurity experts to monitor suspicious activities and also runs periodic audits to keep its platform protected.
- Controlled Access: All requests made to users accounts are authenticated and securely completed with identity protection.
- Multi-Factor Authentication: Okcoin also provides MFA to its users. All deposits, trades, and withdrawals are protected under MFA.
- Encryptions: Okcoin masks all user data using SSL (Secure Sockets Layer) encryption and also protects its storage with AES (Advanced Encryption Standard) encryption. All information exchanges are also end-to-end encrypted.
- Cold Storage: Okcoin stores over 95% of the customer assets are in cold storage.
- Multi-Key approval: Okcoin protects funds with multi-key passwords that require 3-5 signatures to be released, ensuring better protection.
Is your money safe with Okcoin?
Yes, Okcoin is a safe place for your money. Okcoin Exchange is considered a leader in crypto trading and is an effective international exchange. The exchange has been one of the top ones since 2013 and offers service in over 190 countries. Okcoin implements great security features such as two-factor authentication and admin passwords to set the rate of password requests during trading activities. Okcoin stores over 95% of the customer funds in cold storage and is highly liquid. SMS and Email notifications are sent to the users for all activities. The cryptocurrency funds are multi-key protected, and Okcoin also implements SL and AES encryptions. All these security protocols ensure that your money is safe with Okcoin.
Okcoin Pros and Cons
Following are the pros and cons of the Okcoin crypto exchange platform –
- Great Liquidity
- Low fee structure
- High security
- Support for fiat-funded transactions
- Withdrawals require verification of a valid ID
- Verification may take long
- Limited withdrawals without ID verification
As one of the earliest exchanges on the market, Okcoin has established itself as a leading cryptocurrency trading platform for retailers and professional traders. Okcoin offers advanced features for entry-level crypto and high-volume traders to trade in USD, EUR, Bitcoin, Tether, USDK, Bitcoin Cash, Ethereum, etc. The other digital assets are Ethereum Classic, Decred, EOS, Litecoin, XRP, Cardano (0x), Stellar, ZCash (TRX). Its latest income product offers users a channel to earn double-digit interest on unused stable coins. Okcoin may be the right answer for you if you are looking for a cryptocurrency exchange offering that offers low fees, high liquidity and a simple interface. Okcoin also provides additional services for experienced players who can use the OKCoin Premier platform, which allows you to access different kinds of orders and to complete more complex transactions.