Okcoin is a cryptocurrencies exchange and trade platform headquartered in Beijing, China. It was founded by Star Xu in 2013, who still serves as CEO.
Star Xu received his bachelor’s degree at the University of Beijing, and his masters at Renmin University. He was a top manager at Docin before he quit and started his company.
Okcoin offers its customers diverse trading services like buying and selling, exchange, futures, and short selling. It used to offer even margin trading, but following an order from the People’s Bank of China, margin trading was suspended.
Currently, Okcoin is focused on the Chinese market, but “world domination” is also an agenda of theirs, as they plan to expand as time goes.
You need to sign up at their website before you can access the trading platform.
Okcoin verification is two tiers. First, you’ll have to verify your “surface” details like name, nationality, date of birth, id no, and address. And then next you’ll give further proof by uploading a screenshot of your government-issued id, and a utility bill or bank statement.
When you complete the verification process, you become eligible to make deposits and withdrawals.
The exchange supports only two fiat currencies; the US Dollar and the Chinese Yuan, and the only digital assets available for trading are bitcoins and litecoins.
For deposit, Okcoin accepts fiat currency only, and you may deposit it through either bank or wire transfer. The bank transfer is free for corporate accounts. But individuals are charged 0.1%.
Okcoin has a substantial volume trade, and with it, asset liquidity. The platform is renowned for its advanced order types like iceberg offers and TWAPS.
Special care has been taken in the building of the website. It is fast, responsive, and well designed. Traders can move around with a lot of ease. There are also fully fledged Android and IOS Apps available as downloads.
The platform, like many others, offers a two-factor authentication. User funds are held in cold storage. The exchange uses PGP encryption in all email correspondence.
Okcoin is a very okay company to become part of. However, there are whispers that non-Chinese customers are sort of “oppressed” there.