Review of the cryptocurrency exchange OKCoin: user feedback on the former leader of the crypto market
Review of the OKCoin Cryptocurrency Exchange: User Opinion on the Market Legend Cryptocurrency
The OKCoin platform, founded by Chinese businessman Star Xu, has long held leading positions in the international cryptocurrency market. But today, the company’s position has slightly declined, and in the cryptocurrency exchange ranking, it ranks 107th according to CoinMarketCap data. The total volume of bitcoins on the platform is about 10 million US dollars, and the main trading pairs include bitcoin with USD, USDT, EUR, as well as ethereum and litecoin with USD.
Launched in 2013, the OKCoin cryptocurrency exchange is considered one of the oldest participants in the cryptocurrency market. From its inception until 2017, the project enjoyed the status of the largest cryptocurrency exchange and had no serious competitors. Starting in China, the platform later moved to the United States due to the state regulation of cryptocurrencies aimed at currency stabilization.
Despite changes in the market environment, OKCoin maintains its focus on Chinese users by maintaining two versions of the site: okcoin.cn for China and okcoin.com for the US and other countries. Both site versions offer English and Chinese language versions, with different main trading currencies – yuan for the Chinese version and dollar for the international one.
Features of the OKCoin Website
The official platform website supports languages: Chinese, English, and Spanish, which does not always meet the needs of Russian-speaking clients. However, for users proficient in English, this is not a problem. Difficulties may arise with the verification process due to the need to understand legal information in a foreign language.
The platform itself offers a standard set of trading tools, including charts, order books, a list of currency pairs with prices, trading history, sections with information on exchange commissions and security. An overview of partner offers aimed at improving traders’ financial position is also available.
Trading Conditions on OKCoin
The exchange offers about twenty digital assets and supports fiat money – dollar and euro. For depositing and withdrawing funds, bank transfers, Prime X Transfer, Epay, and SEPA for international transactions in euros are offered. The exchange also has its own token – OKB.
The platform is available in a mobile version for iOS and Android, in PC versions, and a web terminal. Various types of charts are provided for working on strategies, as well as the ability to install additional APIs for market analysis.
Margin trading with leverage is possible on OKCoin depending on supply and demand. Minimum margins for USD are 0.005%, for cryptocurrencies – 0.001%. Transaction fees depend on the account level.
Security at OKCoin Exchange
In the past, the platform experienced hacker attacks and theft of client funds, leading to the implementation of additional security measures. These include two-factor authentication, the use of passwords and additional codes, cold wallets for fund storage, and data transmission protection with SSL encryption.
User Reviews
User reviews of the OKCoin platform vary. Some note inconveniences due to the limited language range, verification complexity, and insufficient tools. Other users highly appreciate the security and multiple protection measures on the platform.
Review Summary
Today, the popularity of the OKCoin exchange is not as great as before, but some positive changes, including improved security, can be noted. Despite some drawbacks, the platform remains a preferred choice for experienced traders.