Digital Currency License
Digital Currency License
Common Financial Service License
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The number of the negative comments received by WikiBit have reached 60 for this Exchange in the past 3 months, please be aware of the risk and the potential scam!
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|Regulation||FSA, NMLS, CEZA, FINTRAC ( Exceeded), FinCEN (Exceeded)|
|Cryptocurrencies Offered/Available||Bitcoin (BTC), Ethereum (ETH), and others|
|Trading Platforms||OKCoin trading platform|
|Deposit & Withdrawal||Bank transfer, cryptocurrency transfer|
|Educational Resources||Various educational materials and tutorials|
|Customer Support||email and live chat, social medias|
OKCOIN is a virtual currency exchange platform established in 2013 and headquartered in China. OKCOIN offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), and others. Traders on the platform can leverage their positions up to 10 times, allowing for potentially amplified gains or losses. The trading platform provided by OKCOIN is known as the OKCoin trading platform. Users can deposit and withdraw funds through bank transfers or cryptocurrency transfers. Additionally, OKCOIN provides various educational resources and tutorials to assist users in understanding and navigating the virtual currency market. Customer support is available 24/7 via email and live chat channels.
OKCOIN is a virtual currency exchange platform. It operates as a centralized exchange, meaning that it acts as an intermediary between buyers and sellers of cryptocurrencies. One notable feature of OKCOIN is that it offers a maximum leverage of 10x, allowing its users to potentially increase their gains or losses by trading with borrowed funds. Additionally, OKCOIN provides its own trading platform, known as the OKCoin trading platform, where users can execute their trades. The platform supports a variety of cryptocurrencies, including Bitcoin and Ethereum, among others. Users can deposit and withdraw funds on OKCOIN via bank transfers or cryptocurrency transfers. OKCOIN also offers various educational resources and tutorials to assist users in gaining a better understanding of the virtual currency market.
OKCOIN has several advantages that may appeal to users. Firstly, the platform offers a wide range of cryptocurrencies for trading, including popular options such as Bitcoin and Ethereum. This diverse selection allows users to explore different investment opportunities and diversify their portfolios. Additionally, OKCOIN offers a maximum leverage of 10x, which can provide users with the potential for increased gains or losses. This feature may be appealing to experienced traders who are comfortable with leverage trading. Furthermore, OKCOIN provides various educational resources and tutorials, which can be beneficial for users seeking to expand their knowledge of the virtual currency market.
However, it is important to note some potential drawbacks of using OKCOIN. One significant consideration is that the platform operates without any specific regulation. This lack of regulation may raise concerns for some users who prioritize security and compliance. Additionally, OKCOIN is a centralized exchange, which means that it acts as an intermediary for trades. This centralized nature may not align with the principles of decentralization that some virtual currency enthusiasts prioritize. It is also worth mentioning that customer support on OKCOIN is primarily available through email and live chat, which may not be as convenient as phone support for some users. Overall, users should carefully evaluate the pros and cons of OKCOIN to determine if it aligns with their individual trading needs and preferences.
|Wide range of cryptocurrencies for trading||No strong regulation in all regions|
|Maximum leverage of 10x||Fees not competitive|
|Offers educational resources and tutorials||Limited cutsomer support options|
|Only one trading platform available|
OKCOIN is subject to regulation by several regulatory agencies. In Japan, it is regulated by the Financial Services Agency (FSA) with the regulation number of “関東財務局長 第00020号”. The company, known as “オーケーコイン・ジャパン株式会社,” holds a Digital Currency License.
In the United States, OKCOIN is regulated by the Nationwide Multistate Licensing System (NMLS) with the license number 1767779. The company, called OKCoin USA Inc, has obtained an MTL License.
Additionally, in the Philippines, OKCOIN is regulated by the Cagayan Economic Zone Authority (CEZA) under a Digital Currency License. The company operates as Okcoin Philippines Technology Co. Ltd.
It is important to note that OKCOIN has also exceeded the regulatory requirements of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) with the license name being Common Financial Service License.
The company is also regulated by the Financial Crimes Enforcement Network (FinCEN) in the United States, with two separate license numbers (31000122737962 and 31000155908109) and the license type being MSB License. The respective company names are OKCOIN USA INC. and OKEX USA INC.
OKCOIN says it implements several security measures to protect user funds and information. These measures include encryption and secure socket layer (SSL) technology to secure data transmission. The platform also incorporates two-factor authentication (2FA), which adds an extra layer of security to user accounts. Additionally, OKCOIN states that it keeps the majority of user funds in cold storage, which can help mitigate the risk of hacking or unauthorized access.
When it comes to user feedback, it is important to note that opinions can vary. While some users may have positive experiences with OKCOIN's security measures, others may have concerns or encountered issues. It is advisable for users to conduct their own research and due diligence regarding OKCOIN's security practices and read reviews from multiple sources to form a comprehensive understanding.
Overall, in terms of security, OKCOIN takes precautions to protect user funds and data through encryption, 2FA, and cold storage. However, it is essential for users to exercise caution, follow best practices for online security, and make informed decisions when using any virtual currency exchange platform.
OKCOIN offers a wide range of cryptocurrencies for trading on its platform. Some of the cryptocurrencies available include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and more. These cryptocurrencies can be traded against different fiat currencies, such as USD, EUR, and CNY.
Price fluctuations of cryptocurrencies on exchanges are a common occurrence due to various factors such as market demand, trading volume, and market sentiment. Prices can fluctuate significantly within short periods of time. It is important for cryptocurrency traders to monitor market conditions and use tools like charts, indicators, and news updates to make informed trading decisions.
In addition to cryptocurrency trading, OKCOIN also provides other products and services. These include a trading platform with advanced trading features like margin trading and futures trading, as well as an OKCoin app for mobile trading. OKCOIN also offers educational resources and tutorials to assist users in understanding the virtual currency market and improving their trading skills.
It should be noted that cryptocurrency trading is subject to risks, and users should carefully consider their investment goals and risk tolerance before participating in the market.
The registration process on OKCOIN involves the following steps:
1. Go to the OKCOIN website and click on the “Sign up” button.
2. Enter your email address and create a password for your account. You will be sent a verification email to confirm your email address.
3. Click on the verification link in the email to complete the verification process.
4. Provide your personal information, such as your name, date of birth, and country of residence.
5. Verify your identity by uploading a copy of your government-issued identification document, such as a passport or driver's license.
6. Once your identity is verified, you can deposit funds into your OKCOIN account and start trading cryptocurrencies.
OKCoin charges a maker-taker fee schedule for trading. Makers are those who add liquidity to the market by placing limit orders, while takers are those who remove liquidity by placing market orders. The maker fee is 0.10%, and the taker fee is 0.15%.
OKCoin charges a withdrawal fee for each cryptocurrency that you withdraw. The withdrawal fee varies depending on the cryptocurrency. For example, the withdrawal fee for Bitcoin is 0.00005 BTC.
OKCoin does not charge a deposit fee for most cryptocurrencies. However, there is a $10 minimum deposit for fiat currencies.
OKCoin charges a margin trading fee for each cryptocurrency that you trade on margin. The margin trading fee varies depending on the cryptocurrency. For example, the margin trading fee for Bitcoin is 0.025%.
Here is a table of the trading fees for OKCoin:
|Tier||Maker Fee||Taker Fee|
For cryptocurrency deposits and withdrawals, users can transfer their funds directly to and from their OKCOIN wallets. The processing time for cryptocurrency deposits is typically quick, with the funds being available for trading shortly after the transaction is confirmed on the blockchain. Withdrawals of cryptocurrencies also usually have a fast processing time, but it may vary depending on the specific cryptocurrency and network congestion.
OKCOIN also supports fiat currency deposits and withdrawals. Users can deposit and withdraw funds using bank transfers or other payment methods, depending on their location. The processing time for fiat currency deposits and withdrawals may vary depending on the specific payment method and the user's bank or financial institution. It is advisable for users to check with OKCOIN for the most up-to-date information on processing times for fiat currency transactions.
OKCOIN provides educational resources and tools to assist users in understanding the virtual currency market and improving their trading skills. These resources include trading guides, Blogs, video tutorials, and webinars that cover various topics related to cryptocurrency trading. These materials aim to provide users with knowledge and insights to make informed trading decisions.
In terms of community support and communication platforms, OKCOIN offers channels such as forums and social media groups where users can interact and share information. These platforms can provide opportunities for users to engage with each other, discuss trading strategies, and stay updated on market trends.
Users can contact OKCOIN's customer support team through various channels, such as email, as well as some social media platforms. The specific contact information can be found on OKCOIN's website or in the user's account dashboard.
The available hours of the customer support team can vary, and it is advisable for users to check OKCOIN's website or contact the support team directly for the most up-to-date information on their operating hours.
OKCoin offers a user-friendly interface and a variety of educational resources, making it a good choice for beginners who are just starting out in the world of cryptocurrency trading.
OKCoin offers a variety of advanced trading tools and features, making it a good choice for experienced traders who are looking for more control over their trades.
OKCoin offers a wide range of cryptocurrencies to trade, making it a good choice for traders who want to diversify their portfolios.
OKCoin is a regulated exchange, which means that it is subject to certain regulations. This can be a good thing for traders who are looking for a secure and reliable exchange.
However, there are also some trading groups that may not be suited for OKCoin, including:
OKCoin's trading fees are not the lowest in the industry. There are other exchanges that offer lower fees, but they may not offer the same features or liquidity as OKCoin.
OKCOIN has encountered several controversies throughout its history. One notable controversy occurred in 2017 when OKCOIN was accused of engaging in market manipulation. It was alleged that the exchange artificially inflated trading volumes and manipulated prices to create a false impression of high market activity. This controversy raised concerns about the reliability and transparency of OKCOIN's trading data.
Another controversy involving OKCOIN occurred in 2018 when the Chinese government cracked down on cryptocurrency exchanges. OKCOIN, along with other exchanges, faced regulatory scrutiny and was required to halt trading activities. This incident led to instability in the cryptocurrency market and raised questions about the legality and future of virtual currency exchanges in China.
Furthermore, OKCOIN has faced criticism for its lack of adequate customer support. Users have reported difficulties in reaching out to OKCOIN's customer support team, resulting in delayed responses and unresolved issues. This controversy has highlighted the importance of timely and efficient customer support in the cryptocurrency industry.
These controversies have had an impact on OKCOIN's reputation and have raised concerns among users and industry observers. It is important for individuals considering using OKCOIN or any other virtual currency exchange to carefully evaluate these controversies and conduct thorough research before engaging in trading activities.
User satisfaction with OKCOIN varies among individuals. Some users have reported positive experiences with OKCOIN, citing the exchange's fast access speed as a notable feature. They have found the trading platform to be user-friendly and have appreciated the availability of various trading features such as margin trading and futures trading. Additionally, some users have found the process of trading cryptocurrencies on OKCOIN to be smooth and efficient.
However, it is important to note that not all users have had positive experiences. Some users have expressed dissatisfaction with the fees charged by OKCOIN, particularly for certain trading pairs or high trading volumes. They have also raised concerns about the lack of transparency in OKCOIN's fee structure.
Furthermore, some users have reported difficulties in navigating the trading platform and have experienced delays or issues during the process of trading cryptocurrencies. These experiences have led to frustration and dissatisfaction among certain users.
Overall, user satisfaction with OKCOIN is subjective and can vary based on individual preferences and experiences. It is recommended for potential users to assess their own trading needs and preferences and consider these factors when evaluating OKCOIN as a virtual currency exchange option.
In conclusion, OKCOIN is a virtual currency exchange that offers a variety of cryptocurrencies for trading against different fiat currencies. It provides advanced trading features such as margin trading and futures trading, making it appealing to experienced traders. The exchange also offers a wide range of educational resources to assist users in improving their trading skills. However, OKCOIN has encountered controversies in the past, including allegations of market manipulation and regulatory scrutiny. Some users have reported issues with fees, transparency, and customer support. Overall, it is important for individuals to carefully evaluate their own trading needs and conduct thorough research before choosing OKCOIN as their virtual currency exchange.
Q: What deposit and withdrawal methods does OKCOIN offer？
A: OKCOIN offers various deposit and withdrawal methods, including cryptocurrency transfers and bank transfers, depending on the user's location.
Q: What educational resources are available on OKCOIN？
A: OKCOIN provides trading guides, blogs, help center, video tutorials, and webinars to assist users in understanding the virtual currency market and improving their trading skills.
Q: What customer support channels are available on OKCOIN？
A: OKCOIN's customer support can be contacted through email, live chat, or phone, depending on the user's preference. The specific contact information can be found on OKCOIN's website or in the user's account dashboard.
Q: Who is OKCOIN suitable for？
A: OKCOIN is suitable for experienced traders, crypto enthusiasts, global traders, and risk-averse traders who prioritize security. However, individuals within these groups should carefully consider their investment goals and conduct their own research before engaging in trading activities.
Q: What controversies has OKCOIN faced？
A: OKCOIN has faced controversies related to market manipulation allegations, regulatory scrutiny, and criticisms of customer support.
Q: What are the advantages and disadvantages of OKCOIN？
A: OKCOIN offers advanced trading features and a variety of cryptocurrencies for trading, making it appealing to experienced traders. The exchange also provides educational resources for users. However, OKCOIN has faced controversies, and some users have reported issues with fees, transparency, and customer support. Potential users should carefully consider their own trading needs and conduct thorough research before choosing OKCOIN.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.