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. In addition, https://forex-review.net/okcoin-review/ 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.
We're currently working on making the KYC process more streamlined and updates will be coming to the app very soon. If you would like any additional help in the meantime, you're more than welcome to message us on Twitter @okcoin and we'd be happy to assist. Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders. He graduated from the University of California, Santa Barbara with a bachelor’s in philosophy and carries a deep passion for a first-principles approach to investing and education therein.
It also offers some helpful educational tools for beginners learning how to buy Bitcoin and other cryptocurrencies. But for the most part, this crypto trading platform is likely to work best for active traders with a relatively high risk tolerance. OKcoin uses security features like multi-factor authentication, SSL encryption, and AES encryption to protect its users. In addition to offering these features, Okcoin stores most crypto assets offline in cold storage. It also conducts regular platform audits, implementing measures suggested by cybersecurity experts when needed. In some cases, Okcoin offers you the chance to earn other cryptocurrencies for staking.
- The best thing about OTC trading is that you can buy or sell any crypto asset you want without worrying about slippage.
- Withdrawing Euros via SEPA and international wire has a fee of €1.5 and €35 respectively.
- Okcoin has had my account on “risk control” for over 3 weeks because the site wasn’t working and I accidentally clicked “add payment” too many times.
- Card deposits or purchases will incur a 3.99% fee, and ApplePay purchases will incur a 4.25% fee.
- To withdraw more than 2 Bitcoins, complete level 2 by uploading images of address proof and passport.
Self-help articles are also great as many issues are often just one article away from resolving yourself without needing to wait for a member of customer support. Note that funds can be used to trade instantly, but any funds deposited or crypto purchased cannot be withdrawn for ten days. OKcoin has a premiere option designed for professional traders and business partners. With a premiere account, traders enjoy access to dedicated coverage, accelerated fiat processing, and a range of exclusive product features.
This company is a scam
This will require the upload of a Government backed ID document and proof of residence which can either be a utility bill or bank statement. How OKcoin has grown and evolved from its early days is truly impressive, and I highly respect what the team is doing. Users can deposit funds by transferring crypto directly or depositing fiat, with the supported currencies being USD, EUR, SGD, and BRL.
Coinbase
Choose the token and scan the given QR code or copy the deposit address. Find the deposit history in the Token Deposit section for reviewing the funding transactions. You'll also notice that the list of services for trading is also short.
One of the bad providers you can find
For more information on fees, click here to skip to the fees section. OKcoin has a fantastic self-help and educational area with dozens of beneficial self-help articles. It is great to see companies place such a strong emphasis on crypto education as education will be the key to mass adoption and ensuring users are comfortable as they venture into the cryptocurrency space.
This platform has a lot going for it...
There have been no reported hacks of Okcoin and users are encouraged as always to use 2-factor authentication, secure passwords, a new email, and always check links for possible phishing attempts, as always. Okcoin takes several steps to ensure optimal exchange security. Firstly, they focus on platform security by partnering with external cybersecurity experts to hunt down security vulnerabilities and run periodic internal audits. For KYC overal, users are required to submit their name, address, DOB, nationality, government-issued ID, and a valid photo holding said ID, in addition to a valid email address and a mobile phone number. For example, if a user buys BTC/USD, the fee is charged in BTC.
If you want to pay less that $1 per buy (and lots of times fees are waived for reoccurring purchases), give it a try. Go to Other exchanges and you can easily pay 5-20 times that. We highly value account security and have several protocols in place to ensure the integrity of the accounts on our platform. One of these is a 10 business day holding period before newly deposited fiat or purchased crypto become available for withdrawal. The more you use the platform, the shorter the holding period usually becomes.
The security is all over the place
The information provided on this page is for educational purposes only and is not intended as investment advice, an endorsement of a cryptocurrency, or a recommendation to trade or use any services. We may receive compensation from our partners if you visit their website. Navigating the world of DeFi can be complex and overwhelming for many crypto users.
This is a security measure to ensure the integrity of your funds on the platform. The more you use the app/website, the shorter this withdrawal holding period usually becomes. If that doesn't seem to be the issue you're experiencing, please send us a direct message on Twitter @okcoinhelpdesk and our escalations team would be happy to take a closer look.
I expect better handling when it comes to a customer's money. I'm not impressed at all, in fact I'm now hesitant to continue using your exchange since I can't fully trust that my funds will be handled responsibly. I first discovered Okcoin due to their early support and advocacy for Stacks. I like that they took those risks and did other BTC positive moves like supporting lightning. The only thing that has made my experience less than stellar is the lack of other coins within the stacks ecosystem being available (xBTC, USDA, DIKO and ALEX for example). I understand liquidity is maybe not sufficient but Okcoin was the only place to get them and did leave a sour taste in my mouth when they were delisting the few coins that were listed for stx.
The exchanges protect your deposits through keeping 95% of your crypto in offline storage, providing around-the-clock transaction monitoring, and offering multi-factor encryption. The Okcoin mobile app is designed with a simple user interface that is ideal for beginners to quickly and safely buy https://forex-review.net/ crypto and monitor the live coin prices. The app has a 4.2- star rating on Google's Play Store from 1,693 voters. However, there are a number of concerns by existing Okcoin app users regarding network connectivity issues and minor glitches preventing login, ID verification and withdrawing funds.
