The exchange is licensed and permissioned to operate in 180+ countries including the US and EU. The editorial stuff of FraudBroker.com project will not call OKCoin exchange the scam artist. In the comments to our review we expect the real feedback from traders about the platform proving the issues existing with it, effecting its rating in our project.
It is a US-based cryptocurrency exchange that launched in 2013 that serves over 100K registered investors in 190+ countries. Chrome uses cutting-edge safety and security features to help you manage your safety. Use Safety Check to instantly audit for compromised passwords, safe browsing status and any available Chrome updates. Chrome is compatible with devices that run Windows and Mac operating systems, provided they meet the minimum system requirements. In order to install Chrome and receive adequate support, you must meet the system requirements.
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The exchange requires KYC (Know Your Customer) identity verification protocols to be completed for use of the exchange, based on jurisdiction requirements. Yes, Okcoin uses KYC procedures to verify the identity of its users. This is standard practice for financial institutions and is required by law to prevent fraud, money laundering, and other illegal activities.
Users with Level 2 KYC can make deposits and withdrawals up to 1,000,000 USD per day. Corporate accounts can include 20 or more designated individuals). This verification level requires a bank statement, utility bill, and a photocopy of government issued ID in addition to information required for Level 1 KYC. All users of Okcoin are required to undergo KYC verification procedures as per its KYC/AML terms. Users who perform successful Level 2 KYC can enjoy increased transaction limits which are not publicly noted. All users have to complete at the minimum Level 1 KYC to obtain access to funding the exchange wallet.
- Okcoin is known for providing excellent customer service via various support channels.
- Yes, all users of Okcoin are required to undergo KYC verification procedures as per its KYC/AML terms.
- Coinbase is better for many core aspects of crypto trading and products offered if compared to Okcoin, even if only for its much more expanded coin offerings.
- From its innovative API and mobile app to its commitment to security and customer support, there’s much to like about Okcoin.
- Okcoin USA Inc. is located in San Francisco, CA, and is licensed to operate in several US jurisdictions.
- Since its start, Okcoin has developed into one of the largest and fastest growing exchanges in the world.
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Crypto assets do not have a minimum withdrawal listed at this time. Yes, all users of Okcoin are required to undergo KYC verification procedures as per its KYC/AML terms. 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. Binance also offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to Okcoin.
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- OKCoin exchange is officially registered in Beijing, China, and the subject to the jurisdiction of this country.
- All user sessions are secure and validated with complete identity protection, ensuring your account is never in the wrong hands.
- One of the most important aspects of security at Okcoin is platform security.
- In addition, the exchange’s total selection of trading products is limited to only a moderate amount of spot trading options.
- We We will try to answer the puzzling question, if OKCoin is a scam or a reliable service, which allows getting profit trading cryptocurrencies and withdraw funds quickly.
Accounts also use multi-factor authentication so users are prompted for deposit, withdrawal, and trade orders. No, Okcoin is a cryptocurrency trading exchange that also offers a custodial wallet for trading services, but is not a non-custodial standalone wallet. Hence, US users who cannot use Binance International may opt for Okcoin or Binance US equally. 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. International users who can use FTX okcoin review International may prefer FTX.
Okcoin is known for providing excellent customer service via various support channels. Traders have access to several contact options, including email, live chat, and a ticketing system. The support representatives are professional, friendly, and knowledgeable. They typically respond within an hour and are dedicated to providing helpful responses to all inquiries. Security and data privacy are the foundations of this platform, and important user data is encrypted during transmission and storage to ensure its safety.
How to Open an Account at Okcoin
As such, Okcoin cannot compare to more derivatives heavy exchanges such as OKX, FTX, or Binance. 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. 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. 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.
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Additionally, Okcoin partners with cybersecurity experts to hunt down security vulnerabilities and conduct periodic audits to stay ahead of potential threats. 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. 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.
OKCoin exchange certainly may be called the leader of cryptocurrency trading among effective international platforms. The service is used by digital coins holder in many countries of the world. Most of platform customers appreciate the user friendly interface, simple account and order purchase/sale, along with the high security level. Just because of that you can find lots of positive references to the exchange.
The Okcoin APIs are ideal for traders and institutions who want to automate their trading strategies or integrate Okcoin’s platform into their existing systems. 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 can also enjoy market maker rebates as well as high volume trading incentives with lower fees. The requirements for documents for KYC and account tiers can be noted here. Some countries such as the EU, UK, and Singapore require Level 3 KYC to use Okcoin. Okcoin was founded in China by founder Star Xu but today is globally licensed and has offices in San Francisco, Miami, Malta, Hong Kong, Singapore, and Japan.
