In the crypto currency market, there are many exchanges with which you can buy, sell or exchange the digital currency. One of such trading platforms is the OKCOin currency exchange. In this review we will tell you how to register, replenish your wallet, carry out trades and in general how to earn on OKcoin.
Overview of OKcoin, pros and cons
OKcoin is a large Chinese exchange for crypto currency, which mainly specializes in Bitcoin. The site was established in 2013, the company’s headquarters are in Beijing. There is also an international office in Hong Kong.
The OKcoin exchange can not boast of a large amount of the presented crypto currency, so we have what we have: BTC, ETH, LTC, ETC, BCC. To date, over 60% of trading and exchange transactions within the exchange are made with Bitcoin, and about 40% of users are working with Litcoin. There are also those who work with Ethereum and other altcoyines, but the aggregate percentage of such operations does not exceed even 1%.
The official site okcoin.com, it has 3 language interfaces: English, Chinese and Cantonese. For traders trading with gadgets, developers provided a mobile version of the offers on Android and iOS, and created a web platform that allows you to trade from the site.
To launch the site, about 10 million investments were raised. The company was founded by the Chinese entrepreneur Star Xu, who previously worked in the corporations Yahoo and Alibaba. Okcoin’s technical staff, numbering about 120 employees, has experience in such large companies as Huawei, Alibaba, Tencent.
Over the years, Okcoin was involved in a dispute with Roger Veer over the ownership of the domain bitcoin.com. Several times the company sued users who accused her of stealing funds. At the end of 2017, the exchange for some time stopped its work after a failure in the engine. For a long time, withdrawal of funds was not available in OkCoin. As a result of such disruptions and the growing popularity of Okex, the volumes on the exchange have fallen significantly.
On the daily trading volume OkCoin at the beginning of 2018 is not included even in the top 50 largest exchanges. But in the period from 2014 to 2017, it was one of the largest in the entire market.
The OKcoin marketplace has the following advantages:
- A simple and intuitive interface;
- The presence of margin trading with leverage;
- Additional security and security tools: SMS-verification, 2FA, user passwords;
- Graphs with additional tools and markers;
- Small commissions when entering and withdrawing funds and an adequate trade commission.
Also, the stock exchange has its drawbacks:
- The lack of a Russian-language version of the site and Russian-speaking support service operators;
- The minimum amount of available crypto currency;
- Often the input and output of funds or individual methods are not available;
- Complaints about regular delays in withdrawing funds;
- Problems with sending SMS-codes;
- It is mandatory to undergo verification by disclosing your personal data;
- Small trading volumes.
Registration and verification at OKcoin
To start the registration, simply click on the blue Sign Up button in the upper right corner of the site. Next, you will see a standard registration form before you.
To register a new participant, the exchange provides two options for the user’s choice. The first one is using a mobile phone. At the phone number you specified, you should receive an SMS code, which should be entered in the registration form to confirm the desire to join the number of users of the exchange. The second way is by entering the e-mail address. You should receive a link to activate your account.
To conduct financial transactions on the platform, it is necessary to pass verification. In total, she has two levels:
1 level – you need to confirm the mobile phone number, as well as your identity, by providing a copy of the passport to the exchange.
Level 2 – confirmation of e-mail, as well as the completion of all passport data. Verification of the second level is possible only if the level 1 is passed.
Depending on the level of verification, there are certain restrictions for the account. Without verification, the deposit for the user is closed.
How to use OKcoin?
The interface of the personal cabinet is similar to all other stock exchanges – basic information is placed in the side and top menus. Through your account you can see deposits, transactions, participation in referral programs, etc. To see the current schedules, go to the Charts section.
The graph can be set to “time” scale, change the format from Japanese candles to linear or high-low. Available additional indicator settings and tools for tracking trends and patterns (Fibonacci, Parallel lines) in Tools. Below is the standard trading interface Buy / Sell. Limit and market orders are available. Even lower are the glasses with orders.
OKcoin supports only 4 exchange directions: BTC / USD, LTC / USD, ETH / USD, ETC / USD.
In order to earn on crypto-currencies, you need to trade on them, and for this you will need the section “Trade”. The OKcoin exchange provides an opportunity for trading in the spot market and margin trading. The maximum loan size is $ 500,000 with a daily rate of 0.1%. Also, futures trading is possible on the stock exchange. The truth is to relocate to a separate sub-domain of the site – the OKEx exchange. As the exchange itself declares, it is a pioneer in the field of futures based on digital assets. Trade in tokens is also possible on this site.
How to replenish your wallet and withdraw funds?
In order to replenish your account with crypto currency, you need to go to the “Account” tab, and find the “Deposit” subsection. There you will be asked to top up your deposit in all available ways:
- Bank transfer (USD);
The limits for input and output are presented in the table:
The company charges a small commission for internal operations:
For the opening of positions OKCoin charges a small commission of 0.03%. When trading ETC and ETH, a commission of 0.05% is charged from users. When you enter and withdraw Fiat commission is 0.1% or at least $ 15 (in the output). With crypto-currency transactions, there are no additional commissions.
Credits for the OKCOin
Despite the fact that the exchange provides a rather narrow list of assets for work, OKCion does not lose its positions in all sorts of ratings. As it was, it remains one of the leading platforms by the number of traders who prefer working with Bitcoin.
Reviews from users are not so many, but those that are – mostly positive.
For the most part, conversations about the exchange are conducted against the background of charges of the site in money laundering and illegal activities. Such information appeared on the network in the late summer of 2016. In 2017, there was also a small incident – within two weeks (April-May), the withdrawal of funds from the exchange was suspended, as well as the introduction of deposits in USD.
If we consider in general, the exchange is stable and the news about it is “no worse” than news on other major exchanges.