Just for reference, the highest interest rate users can earn on Okcoin at the time of writing is about 14%. It definitely is a lot higher than anything a bank would offer. While you might have to face a few hurdles getting your preferred crypto asset on other platforms, Okcoin offers a relatively simple and straightforward method to proceed with. If you want the fastest method to purchase cryptocurrencies on Okcoin, you can simply use credit or debit cards to buy the coin you like depositing first. It will literally only take a minute or two, and you will have your hands on some crypto. Alternatively, you can deposit funds in your account beforehand, and trade it for the crypto you desire.
Enter the amount and enter Submit to complete the method of dropping deposits. Notably, “deposits” mean transfers of fiat deposits from your bank to your Okcoin account. Level 2 Verification – Deposits and withdrawals up to USD 50,000 permitted per day for personal a/c and up to USD 500,000 per day for corporate a/c.
Launched in 2013 and available in over 190 countries, Okcoin is one of the world’s oldest and most popular crypto exchanges. Its success is in large part because of extremely affordable trading fees and an intuitive design that’s great for beginners. If you’re finger slips you order two or three of the same recurring purchases on the same day without even knowing it.
If you choose higher leverage than 3x, the system will already show a risk warning. A forced liquidation will take place If the margin balance falls below the respective threshold, depending on the used leverage, and any loans will be automatically repaid. Once your deposit has been received by the site and credited to your account, you will be able to open orders. Everything you need to place, manage and view orders is found under the Trade menu, located second in the main bar. The user has control over which currency to analyze, the time frame, the specific type of chart and some styling features. Citizens residing in the Mainland are not permitted to use the international version of the platform, anyone breaking this rule acknowledges whatever legal punishment that could apply.
OKCoin’s quick rise to prominence within the cryptocurrency world has been met with a number of barriers, including controversies and regulatory issues. The erratic readings from OKCoin’s system may have been linked to a brief outage in the exchange. The exchange’s “compliance and sanction controls” were also malfunctioning at the same time. Okcoin also indicated that it would only halt yuan-based trading in cryptocurrencies. The news came shortly after China announced plans to ban all initial coin offerings.
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The platform doesn’t seem to be ideal if your focus is trading, but it should certainly do the trick if you only trade periodically or are simply focused on building a long-term portfolio. Assuming you have the necessary level for the type of deposit you want, you can use either Bitcoin, Litecoin, Ethereum or fiat. Deposits in cryptocurrencies have no limits and incur in no fees.
Okcoin can be considered as an all-in-one crypto exchange, making it possible for traders from all over the world to explore the blockchain industry. They not only allow their users to easily buy or sell over 60+ cryptocurrencies, but they also offer a premium trading experience with countless features. One reason for the ‘insufficient balance’ error message could be that the 10 business day holding period for deposited funds and purchased crypto hasn’t completed yet.
The cryptocurrency exchange gives you a wallet for each of the coins and allows you to them to transfer funds. Fees for trading cryptocurrencies are based on 11 unique tiers, P0 to P10. These fees are determined by your 30-day trading volume and are charged based on the cryptocurrency that you buy.
It also has a detailed help center and categorizes different types of cryptocurrency on its trading platform. If you want to check out major cryptos, decentralized finance projects, or stablecoins, you can quickly jump to those. For comparison, many popular crypto exchanges have fees starting at 0.5%. You’ll keep extra costs to a minimum when you invest in crypto with Okcoin, and over time, that makes a difference. The company places a premium on customer experience and satisfaction.
It does not matter if you are from the US, Asia, Africa, or Europe, there is a high chance you can set up an account with Okcoin. If we specifically talk about what types of trading are available at Okcoin, you can spot trade, margin trade, or go with OTC trading. The best thing about OTC trading is that you can buy or sell any crypto asset https://forex-review.net/ you want without worrying about slippage. As for margin trading, the maximum leverage is 10x, and it will help you gain better exposure to the market and explore more trading options to easily better trades. Lastly, spot trading is where you will get access to the most trading pairs, and you can simply place your orders to get started.
How Easy Is It to Use Okcoin?
You can also rest assured your funds are safe with the exchange. Let’s take a closer look at the company’s precautions to keep customer funds safe and secure. We use dedicated people and clever technology to safeguard our platform. People who write reviews have ownership okcoin review to edit or delete them at any time, and they’ll be displayed as long as an account is active. Hi Teresa, thanks again for following up on your account issue. We have gone ahead and asked the risk team to prioritize your case and offer you more info/a solution directly.
Now it is time to explore the darker side of Okcoin and see what areas the platform lacks in. The issues are definitely not that big, but it still is a good idea to keep them in mind so you won’t face problems later. When you visit Okcoin, you will get the option at the top right corner to signup. The whole procedure is simple and you can start trading or investing right after verifying your account and identity.
FTX is a centralized cryptocurrency exchange that offers derivative and spot trading services. Okcoin isone of the largest cryptocurrency exchangesin the world. The system’s mission is to make cryptocurrency trading and investing easily accessible to anyone regardless of where they are.
Does Okcoin require KYC?
The more you use the platform, the shorter the holding period usually becomes. That being said, we definitely want to provide you with answers for your questions and can be reached directly on Twitter @okcoinhelpdesk for expedited support. Being the largest Bitcoin exchange, Okcoin has been experiencing enormous pressure from different regulators across many countries. It has not been able to offer service in almost nine countries due to these regulatory issues. According to reviews of Okcoin, the attack on cryptocurrency exchanges by the Chinese government also significantly affected Okcoin trading. Huobi, a main and one of the best crypto exchanges in Singapore & China, Okcoin had announced they would stop their exchanges for the local users as per the government’s regulations.
- There are certain scenarios when you can’t find your answer in the FAQ section, or let’s assume you are facing an error during any transaction and don’t know what you do.
- So, sign in and fill in your details in your Profile section on the website.
- This level allows customers to deposit or withdraw fiat currency to $700,000, and the same is the case for tokens.
- There are a lot of complaints from that period about the exchange refusing the documents from International users without explanation and preventing them from withdrawing their funds.
- To withdraw more than 2 Bitcoins, complete level 2 by uploading images of address proof and passport.
- But before you start to deposit or withdraw money or funds, you have to register or sign up for one account, either corporate or personal, to get access to Okcoin.
Okcoin was founded by Star Xu, a man who came up with the idea of creating a crypto exchange back in 2013 in China. Not only that, he also founded another popular crypto exchange, Okex, a year after he founded Okcoin. Hi Johnny, thanks for taking the time to reach out about your experience. If you would please send us a direct message on Twitter @okcoinhelpdesk, we can provide expedited support from there. We never remove assets from our user’s profiles without specific reason. One reason could be that you purchased the MIA with the precredited funds we provide while the deposit from your bank processes and the deposit ultimately failed.
The company asks for plenty of information, and this can feel invasive at times. Prime Trust acts as OKCoin’s fiat gateway, and the exchange also announced in 2019 the addition of a new payment channel permitting customers to deposit funds directly into Prime Trust with no fees. Our OKCoin review will evaluate one of the most popular exchanges on the market today in light of these fantastic foretellings. We’ll take a look at its pros and cons and whether it’s the right platform to help youget in on the Bitcoin action.
There are certain scenarios when you can’t find your answer in the FAQ section, or let’s assume you are facing an error during any transaction and don’t know what you do. They have provided the contact information of its customer support team, which is available 24/7 at your service. There is an option of live Q&A where you can ask them any of the queries related to the platform, and you are going to get an instant response from them. But if you are not willing to indulge in live chat, you can always send your problem via email, which will be catered to on very short notice. Plus, the point is that they have provided you with direct links to its social media platforms as well, such as Facebook page, LinkedIn profile, Twitter, and many more.
nice people and friendly
The representatives are not only professional but friendly with quick and effective responses. Moreover, Okcoin features a page just for FAQs answering the most commonly asked questions by average as well as advanced traders. Okcoin exchange is extremely user-friendly and gets the trading done in just a few clicks. But before you start to deposit or withdraw money or funds, you have to register or sign up for one account, either corporate or personal, to get access to Okcoin.
How to Place an Order on Okcoin?
Since launching in 2012, Bankless Times is dedicated to bringing you the latest news and informational content within the alternative finance industry. Our news coverage spans the whole crypto-sphere so you’ll always stay up to date — be it on cryptocurrencies, NFTs, ICOs, Fintech, or Blockchain. After you execute the order, the balance of your selected coin will be reflected in your “Dashboard” tab. To verify your identity at any point, just go to the profile icon and click “Identity Verification”. In the earn tab you can purchase and start staking defi protocols like STX, AVAX, and MATIC for up to 20% APY.