OKCoin is China’s most prominent exchange which specialized in USD and CNY for BTC and LTC. The service operates a Bitcoin exchange platform that caters an online Bitcoin transaction around the globe. The Company was founded in mid-YR2013, and located in Beijing, China and Singapore. There is two separate portal for this Company which owns by the same investors, the “OKCoin.cn” is the China-based portal, while the “OKCoin.com” registered in Singapore, known as “OKCOIN PTE. LTD”. The two portal/service are operates separately due to their data center locations (China and Singapore). As a result, the two platforms can’t be simultaneous runs from one account.
The Fees at OKCoin are pretty cheap with their current offers compared to other brokers; the standard network fees are high as 0.20% down to 0.10%. Also, the charges drop as the volume of trade increases, which is also a method applied by multiple exchanges. Another thing, the “makers” and “takers” has no difference for the market in concern of fees. For individual users, the service charged for as low as 0.1% fee on the transferred amounts excluding the possible bank charges. Withdrawal will charge 0.1% fee with a minimum requires of $15, please note that litecoin and bitcoin withdrawal is free.
The Company has this rewarding affiliate program which offers up to 20% referral commission (revenue share: 20 – 50%, 20x leverage). This passive income is a lifetime opportunity for all affiliated member at OKCoin. The payout supports non-Bitcoin methods via “Bank wire” with the minimum earning of $15, it can also withdraw using supported cryptocurrencies. Please take note, that an individual affiliate has a maximum limit of $50, 000 for his/her withdrawal.
• Low fees, high liquidity: One of the most liquid exchanges and reliable platform, depending on the day, with reasonable network fees applied each transaction.
• Legitimate and Reputable Service: Known as the largest China-based crypto-trade-platform and gain an excellent reputation in the market.
• Zero Fees for High volume Transaction: All crypto-trades with high volume will cause high-frequency trading and 0% fees combo.
• Secured and Excellent Platform: No significant hacks yet and relatively nice trading platform with advanced trading options available.
• Various Number of Payment Methods Supported: E.g., Accepts CNY payments
• Alternative Trading Platform offer: Has another brand for sophisticated traders, known as “OKEX.”
• US citizen restricted: US Clients and US Deposits are not accepted.
• High Verification: Some requirement for verification are not obtainable for a non-Chinese user. So, I don’t believe non-Chinese can pass their verification process.
• Limited Altcoins Supported: Few altcoins are available on this platform.
• CYN’s Trading Concern: Trading against CYN
• Lousy Rumor about Falsifying the Volumes: Controversy about faking volumes at a point is spreading all over the internet significantly in the world of Bitcoin.
How to Trade Cryptocurrencies on OKCoin:
Trading at Okcoin done with a four-step process which involves, Enable Future Trading, Funding Your Account, Placing Orders, and Open an Order.
Default on this platform does not enable future Trading, here are three simple steps.
Step 1: Go to the “Trade” top menu onto the platform
Step 2: Click on the “Futures” menu options
Step 3: Agree to the terms and conditions, then confirm. Please take note, that for future trading, the users will exclusively be using BTC or LTC.
Funding your account can be completed by just three simple steps.
Step 1: Click on the “Account” tab, located at the upper top menu on the screen.
Step 2: Click “Deposit” at the left side of the screen, under the “Account” menu.
Step 3: Click “BTC Deposit” to obtain your BTC Address.
Placing Order at OKCoin is very simple, the user will merely navigate the “BTC Future” page. Once you’re on the right page, click the “Trade Menu” on the right menu, then click on the “BTC Futures Menu” located on the right side of the screen.
Open an Order at OKCoin is also done with simple steps; first, the user will need to choose the preferred leverage, and price. Then, at this point, the user will select the number of contracts to open at the right price. Once satisfied with the set-up, the user can click on “Open Long” or “Open Short” button to place the order.
Please note before placing an order; there are some fundamental with the OKCoin trading platform that is necessary to understand.
- Leveraged Futures Trading can be X10 – X20
- All contracts are set at $100 but can leverage. In concern for those who wish to open for only $5 deal at X20 leverage.
- Contracts can be at some future dates from one week to three months.
- For all weekly contracts will close on Friday at 16:00 (UTC+8)
- All users can lock their contracts any time they wish before the closure that set on the “order.”
- A user can also place a limit order if needed.
The "majority" of client’s funds kept in multi-signature cold storage wallets. Also, some assets are stored in a hot wallet liquidity to maintain fluid trading, which there to be a hot wallet breach, so the service would have no problem absorbing the hit.
For the record, OKcoin stores no more than 1000 Bitcoin every cold wallet address, which requires two keys to sign transfers. The first key held in a bank safety deposit box located in Beijing, and the second key is in a city of the West Coast of the United States. Two different people are needed to gain access to the security box in either City.