OkCoin Intl. Reviews and review of the official website of the exchange
We continue to examine in detail cryptocurrency exchanges and next in line we have a Chinese platform, which specializes in Bitcoin. According to open data, about 10 million US dollars were attracted at the time to create this exchange, and its founder previously worked in such large corporations as Yahoo and Alibaba. It’s about a large cryptocurrency exchange called OKCoin.
OKCoin cryptocurrency exchange was created in 2013 and immediately took a guide to providing services exclusively with Bitcoin. Later, realizing the fact that altcoins are becoming more and more every day and interest in them with incredible progression is growing, the exchange management decided to expand the list of crypto assets. However, today over 60% of trades and exchange operations inside the exchange are carried out with Bitcoin, and about 40% of users work with Litcoin. There are those who work with Ethereum and other altcoins, but the total percentage of such operations does not exceed even 1%.
The headquarters of the OKCoin cryptocurrency exchange is located in Beijing. There is also an international office of the organization, which is located in Hong Kong.
Registration on the exchange
It is noteworthy that for registering a new participant, the exchange provides two options for the user to choose. The first – using a mobile phone, and the second – by entering the email address. In the first case, an SMS code should be sent to the indicated phone number, which should be entered into the registration form to confirm the desire to join the number of exchange users. In the second case, an account activation link will come to your email. In general, everything is extremely simple.
Note that registration by mail took less than a minute of time and this process does not involve any difficulties.
But do not rejoice ahead of time – the user must in any case go through the verification procedure, because any operations, including replenishment of the account and withdrawal of funds will not be available to him. Two levels of verification are supposed to pass:
- Level 1 – requires the user to confirm the mobile phone number, indicate personal information, including the passport number. In this case, the exchange participant will be allowed to carry out operations to withdraw funds to any of the presented cryptocurrencies.
- Level 2 – becomes available only to those users who have passed the first level of verification. At this stage, you need to confirm your e-mail. And also indicate more detailed information about the account, including all passport details of the client. Passing this stage increases the limits for replenishment and withdrawal of funds from all crypto wallets of the user.
Please note that the exchange does not currently work with residents of the United States, North Korea, Kyrgyzstan, Ecuador, Bolivia, Iran, Sudan, Syria and Bangladesh.
Features of OKCoin
OKCoin cryptocurrency exchange users have the opportunity to open any of the six presented wallets to choose from. Wallet equivalents: Bitcoin, Bitcoin Cash, Litcoin, Ethereum, Ethereum Classic, as well as the familiar US dollar.
Now let’s move on to an overview of the capabilities of the exchange that OKCoin members can take advantage of. The main one is in the Trade tab – this is where spot cryptocurrencies are traded. In addition, the exchange provides the opportunity to conduct margin trading using leverage. The leverage size directly depends on the user level in the system and can vary from 2 (for a low account level), up to 3 (for VIP persons).
In addition to spot cryptocurrencies, futures trading is possible on the exchange. True, for this it is necessary to relocate to a separate subdomain of the site – the OKEx exchange. According to the exchange itself, it is a pioneer in the field of futures based on digital assets. For the convenience of trading, traders are presented with a wide selection of tools and it is possible to work with leverage. It is also possible to trade tokens on this platform (electronic tokens that act as an internal payment unit or share).
Let’s start with minor inconveniences. The first thing to note is the mandatory passage of verification. Although it is not a matter of the whim of the exchange, it is the fact that China has long tightened the work of such organizations at the legislative level, forcing all users dealing with finances (and cryptocurrency is no exception) to confirm their identity without fail. Law is law.
We go further. When working on the OKXe exchange, even an English-speaking user may have some difficulties for the reason that not all information is translated from Chinese. The information is secondary, and, in fact, may not affect the work of the trader, but this leaves a slightly negative imprint.
There are various ways to keep in touch with exchange specialists. Experts did not manage one feedback form. Several contact telephone numbers in various parts of the world (Hong Kong, Canada, Ireland, Singapore, and even Russia) are presented to customers at once. You can also contact by email.
Despite the fact that the exchange provides a rather narrow list of assets for work, OKCion does not lose its position in various ratings. It was, and remains, one of the leading platform in the number of traders who prefer working with Bitcoin.
However, the exchange’s services for working with currencies are also not dense – trade, exchange and more. Although, if you look at this question from the other side – what else is required from the cryptocurrency exchange? Selling related products, contests and more? This is an amateur and, in fact, no more than simple commerce. Narrow specialization is what distinguishes the OKCoin exchange from its own kind.