To link bank accounts with Okcoin accounts, Okcoin offers Plaid that uses your bank’s username & password. The name used in the bank and Okcoin accounts should match, or else they will not be linked. For deposits and withdraws of fiat and digital currencies, only bank transfer and crypto wallets are https://forex-review.net/ available. That means you can’t add or withdraw funds through e-commerce services or bank cards. 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.
- In 2013 when the Chinese government cracked down on cryptocurrency exchanges and businesses, the exchange had to halt trading for local customers that year and again in 2017.
- The cryptocurrencies available for trading are Bitcoin, Litecoin, Ethereum, Ethereum Classic, and Bitcoin Cash, and they can all be traded against both USD and CNY.
- Keep in mind that these fees only apply to trades (i.e. transactions in which crypto pairs are exchanged).
- Hence, investors can determine their most suitable trading view based on their requirements.
There is also a spread charge when buying cryptocurrencies, which is a standard cost of a transaction that can fluctuate depending on market conditions and market depth within the order book. 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.
How long before I can withdraw from Okcoin?
95% of the funds held by OKcoin are kept in cold storage, away from hackers, and unlike many major exchanges, OKcoin has not suffered any known hacks to date. OKcoin works with external cybersecurity firms to address vulnerabilities and undertake regular security audits. FinanceBuzz is an informational website that provides tips, advice, and recommendations to help you make financial decisions.
The taker fees fall as the trading volume increases, while the maker fees remain zero. Worth mentioning, bank accounts added for instant transfers will not work for wire transfers. If you want to use your bank account for wire transfers, add your bank again and route info while creating the wire transfer.
The ETH/USD, BTC/USD, BTC/EUR and the USDT/USD pairs are the most popular on OKCoin. Smaller altcoin trading pairs such as LTC/USD, LINK/USD and EOS have much lower trading volumes in the order book compared to Binance for example. For high net-worth traders and institutions, filling large orders on Okcoin without slippage can be an issue when trading low cap pairs. Otherwise, the volume on Okcoin is reasonable for buying the major cryptos with USD and EUR. Dollar-cost-averaging (DCA) is a very simple and easy method for individuals to invest in cryptocurrencies.
Which fiat currencies does Okcoin support?
You can also use these venues to send the company suggestions for further enhancement of the customer experience. You messed up my transactions causing me to be double charged. I have no idea what transactions were double charged so all I can do is assume that I was reimbursed fully.
What is the Minimum Withdraw Amount for Okcoin?
Its options for staking and earning yield or interest are much more limited in comparison. As for customer support, Okcoin offers support via email and logging in. OKCoin provides services to all countries globally with the exception of Crimea, Cuba, Bangladesh, Bolivia, Ecuador, Iran, Kyrgyzstan, Malaysia, North Korea, Sudan, and Syria. Okcoin provides a basic and advanced user interface for beginners and experienced traders.
These negatives might not be a major deal, but they can still affect the experience of traders at some point. Once the bank account is linked, select your account from the drop menu and then select the Okcoin account where the funds will be sent. 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. Deposits can be made in the local currency through the instant transfer option from the bank a/c. No Okcoin fees are charged on instant transfers, and the funds are generally available to every basic user immediately.
Easy to navigate the platform
Hot wallets are utilised judiciously to balance convenience with an optimal level of protection, ensuring that funds remain secure even in the face of potential threats. Furthermore, real-time, around-the-clock transaction monitoring is in https://forex-review.net/okcoin-review/ place to thwart any suspicious activity. 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.
However, it’s important to do your due diligence and look for a cryptocurrency exchange that works for you. Okcoin is a globally licensed crypto exchange platform serving 190+ countries. They have 100+ employees with offices in San Francisco, Miami, Hong Kong, Singapore, and Japan. Okcoin supports crypto purchases with credit cards, offers spot and margin trading, and provides earning opportunities through staking and DeFi lending. Okcoin also allows users to enable recurring payments to easily dollar-cost-average into their investments automatically. The platform is very comparable to exchanges like Coinbase and Gemini and, thus, best suited for new and passive investors.
If an order does not execute, there is no fee charged until it does execute at a later point, or it can be canceled. US residents are allowed to access the platform through Okcoin USA, which is a money transmitter and registered MSB with the US Treasury Department. Individuals of certain states may not use the exchange, such as Hawaii and some others. Founder Xu had a background in technology management and previous experience at Yahoo and Alibaba with the development of search algorithms. Since its start, Okcoin has developed into one of the largest and fastest growing exchanges in the world. It is still a private company with Series B funding with at least $10M in funding.
How to Make Deposits and Withdrawals
All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Securities offered through Robinhood Financial LLC, a member of FINRA and SIPC and a wholly-owned subsidiary of Robinhood Markets, Inc. Robinhood Crypto and Publisher are not a members of FINRA or SIPC and cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC insurance.
Okcoin supports a wide offering of cryptocurrency coins and projects that can be bought and sold on the exchange. There are in total 24 different coins available which include the major assets such as Bitcoin, Ethereum and Dogecoin. Stablecoins such as USDT and USDC plus the popular DeFi tokens like Yearn Finance and Compound are also supported.
Users can also enjoy market maker rebates as well as high volume trading incentives with lower fees. Okcoin also takes steps to ensure data security by using SSL encryption during data transmission with AES encryption and using secure techniques when destructing data. All users of Okcoin are required to undergo KYC verification procedures as per its KYC/AML terms.
