It is a quantitative metric calculating how many cryptocurrency coins/tokens were traded (bought & sold) within the last 24 hours on this specific crypto exchange. Gemini offers 62 coins and 86 trading pairs which is about the same as the amount offered by Okcoin. Another similarity is in Gemini’s presence of crypto financial services offerings, which are also similar to Okcoin’s Earn product. In addition, the exchange’s total selection of trading products is limited to only a moderate amount of spot trading options. As such, Okcoin cannot compare to more derivatives heavy exchanges such as OKX, FTX, or Binance.
What are the Deposit and Withdrawal Methods and Fees for Okcoin?
Kraken offers a slightly greater variety of cryptocurrencies and pairs (over 90 coins, over 400 pairs), so users who value a large selection and advanced traders who seek margin will prefer Kraken over Okcoin. US investors and traders are allowed to use Gemini with KYC verification only, since Gemini is regulated and based in the USA, however as a result, Gemini offers no margin or futures products. Okcoin offers only spot offerings as well, and also does allow US investors.
Okcoin offers a product called Earn for users to earn crypto rewards with DeFi and staking. There are options available at this time for users to earn up to 265% APY on select coins, with a range of fixed and flexible terms. Okcoin also offers mobile apps for users to be able to trade on the go for both Android and iOS. There is also an affiliate program for users to receive up to 30% of their trading fees refunded. As far as the exchange and trading interface itself, advanced charting is integrated with TradingView and order books and advanced order types are present for more advanced traders to use. The best parts of Okcoin are its overall comprehensive exchange services for traders and investors that put it in the top 10 exchanges by volume around the world.
- The Binance exchange is not at all accessible to US persons and US customers will have to use Binance US which is a much more limited version of its global parent site, with only 64 coins and 130 pairs, which is quite similar to that of Okcoin.
- Lastly, Okcoin keeps over 95% of funds in offline cold storage and a small fraction on multisig hot wallets so funds are safe because they are inaccessible with a single key and need at least 3 to 5 signatures approved before they can be processed.
- The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice.
- Accounts also use multi-factor authentication so users are prompted for deposit, withdrawal, and trade orders.
- However, the fee schedule at Okcoin is quite competitive and goes head-to-head with these other top exchanges, so it still works well for advanced and high volume traders.
Okcoin vs Binance
Some countries such as the EU, UK, and Singapore require Level 3 KYC to use Okcoin. In addition, there is also an OTC desk for buying and selling large amounts of crypto without slippage. Okcoin offers deep liquidity and quick executions with this service. 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.
There is fiat support for USD, EUR, and SGD pairs, as well as crypto-to-crypto pairs. It is a quantitative metric in percentage describing how many cryptocurrency coins/tokens were traded (bought & sold) within the last 24 hours on this specific crypto exchange, compared to the previous 24 hours. It is a quantitative metric calculating how many cryptocurrency coins/tokens were traded (bought & sold) within the last 24 hours on this specific crypto exchange, and is valued in Bitcoin.
- There is also an affiliate program for users to receive up to 30% of their trading fees refunded.
- Users of all types can fund their account with payment rails available via Apply Pay and instant deposits, as well as with credit cards.
- Users who perform successful Level 2 KYC can enjoy increased transaction limits which are not publicly noted.
- Investors can use the automatic investing features for recurring buys.
- Gemini is focused on its holistic crypto financial services for Americans primarily, while Okcoin serves global markets, but both exchanges are otherwise very similar in their scope of services.
Crypto Security
These are the project’s quantitative metrics of its official X account that can be used to trace regular or artificial Social activity & growth within the project. Gemini is focused on its holistic crypto financial services for Americans primarily, while Okcoin serves global markets, but both exchanges are otherwise very similar in their scope of services. Coinbase’s fee schedule starts higher and does not reduce as fast as Okcoin’s does, so fees are a clear win for Okcoin, with strong marker and volume incentives. Active traders who need access to order books and advanced charting functionality may prefer using Coinbase Pro, FTX, Binance, or KuCoin though their fee structures slightly differ. The main disadvantage of Okcoin is its relative lack of crypto financial services when compared to a large competitor exchange such as Binance. Its options for staking and earning yield or interest are much more limited in comparison.
However, as stated, there is no margin or futures trading or any other derivatives at all for US, EU, and Singapore, but margin may be available in some cases for jurisdictions outside of these. As for customer support, Okcoin offers support via email and logging in. The current exchange Volume Dominance among all other exchanges in the market. Our platform is dedicated to providing you with up-to-date educational resources, expert opinions, and a wealth of information to guide you in understanding the complex landscape of finance.
FTX will win against Okcoin for all intermediate or advanced traders, as FTX offers 323 coins and 492 trading pairs, which is far higher than Okcoin 64 spot coins and lack of any futures pairs or other strong product offerings. Plus, FTX offers access to more fiat rails as well as more expanded suite of products such as its NFT marketplace and even leveraged tokens. Okcoin is a top tier overall great choice of exchange for spot traders for worldwide users and has been established in the crypto industry for a long time. The exchange uses sufficient security protocols and is trustworthy.
How long does Okcoin Withdrawal take?
BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. These are the project’s quantitative metrics of its official GitHub Public Repositories that can be used to trace regular or artificial development activity, growth & popularity of the project. All crypto transactions at Okcoin are instant after being approved if required, but fiat withdrawals are noted to be able to take up to 2-5 business days for bank transfers to complete. Users with Level 2 KYC can make deposits and withdrawals up to 1,000,000 USD per day.
Users should still note that crypto transactions on average can take from 30 minutes to several hours for a transaction to be confirmed due to the blockchain. Once on the blockchain, the transaction needs a number of network confirmations before it’s completed. Kraken is accessible in 48 US states with KYC and is regulated and licensed by FinCEN in the USA, while worldwide users can use Okcoin with KYC, as well as US users. Lastly, Okcoin does require various levels of KYC requirements to be completed to use the exchange for all jurisdictions as per its KYC/AML policy, so this may be a con for those looking for a KYC-free service or exchange. 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 okcoin review one of the largest and fastest growing exchanges in the world.
Okcoin Spot Trading Fees
However, the fee schedule at Okcoin is quite competitive and goes head-to-head with these other top exchanges, so it still works well for advanced and high volume traders. It’s an overall rank of the specific exchange compared to all other crypto exchanges in the market. International users who can use FTX International may prefer FTX. US users trading at FTX US need to do KYC procedures and may prefer it over Okcoin as well, but the two are similar in strengths. Fees will be more competitive at FTX as a trader’s volume is higher and the fee structure is transparent and clear, since FTX offers both fee incentives for volume and for holders of its FTT token.
FTX is known for its extensive futures pairs and top-class matching and liquidation engine for advanced derivatives traders, and traders can use third party bots at FTX as well, while Okcoin does offer charting as well at a high level. Coinbase has a wider range of services suited for both new users and advanced users with Coinbase Pro, while Okcoin focuses more on a smaller range of spot only products and institutional offerings that are done well. The user’s trading fees are determined by trailing 30-day volume which is recalculated every day at midnight UTC+8. All volume is converted to USD using the exchange rate of the digital asset at the time of the transaction. It is a US-based cryptocurrency exchange that launched in 2013 that serves over 100K registered investors in 190+ countries.
Currently, official OKCoin.cn Reddit account doesn’t exist or wasn’t submitted. 🔆
Coinbase also offers much more of a selection of trading pairs compared to that offered at Okcoin, with 440 trading pairs, compared to 64 coins at Okcoin, as well as advanced charting, accessible order books, and advanced order types. Coinbase is best designed for buy-and-hold investors or casual to intermediate cryptocurrency users—Coinbase offers 402 pairs vs. Okcoin’s 64 coins and neither offer margin or futures for US users. Binance wins in the fee department easily due to its incentives and reductions. Okcoin also offers some reductions but its reductions are not as aggressive as those by Binance. Binance is the leading global crypto established exchange by trading volume, offering a much larger selection of cryptocurrencies than Okcoin—over 351 coins and over 1300 pairs. Advanced users who desire both competitive fees and a greater selection of trading products than what either Okcoin or Coinbase offer may find the choices below equally valuable.
What are the Deposit and Withdrawal Methods and Fees for Okcoin?
Binance also offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to Okcoin. If an active trader wishes to trade other instruments beyond crypto and prefers not to KYC, he or she may prefer other exchanges such as OKX, but if he or she prefers a much larger selection of crypto only instruments and does not mind KYC, Kraken wins. Users can also enjoy market maker rebates as well as high volume trading incentives with lower fees. They also use a microservices architecture to authenticate and authorize every access request that is made to a user’s account.