Okcoin is a centralized cryptocurrency exchange. Initially developed as a bitcoin (BTC) exchange, it offers the Okcoin spot trading and direct crypto purchases for individual and institutional customers.
The Okcoin cryptocurrency exchange is KYC-compliant and available in more than 190 countries. Some features and services may be restricted due to regional policies. Okcoin can be accessed on desktop and mobile devices.
Markets
The Okcoin spot market is the main service offered on the platform. There are several solutions available for institutional traders, including Client, Partner, and Pro programs, as well as an Affiliate program for all users.
Margin trading is available. Traders that handle large-scale transactions can access over-the-counter (OTC) trading. However, there are no derivatives markets listed. The live Okcoin crypto price data can be previewed separately from the market.
The platform supports crypto-crypto and crypto-fiat trading. The main fiat markets are USD, EUR, and SGD. Overall, there are over 90 Okcoin trading pairs and more than 70 assets listed. Fiat and cryptocurrencies can also be used to purchase digital assets directly on the platform.
The Okcoin exchange fees are calculated using a multi-tier maker-taker model. There are 11 tiers in total, going from P0 to P10. The default currency used for the denomination is USD. Non-USD Okcoin trading pairs are converted to USD for customers’ convenience.
Transaction fee tiers are based on the trailing 30-day Okcoin trade volume. Tier 1, known as P0, requires a volume of under $100,000. The maker-taker fees are 0.10% and 0.20%, respectively.
Starting at the P5 tier, where the minimum required Okcoin trade volume exceeds $10 million, makers are not required to pay any fees, while the taker fee is progressively lowered. At tier P10, takers pay 0.02%.
Professional and institutional traders that handle a higher Okcoin volume may be eligible for discounted or custom rates. The platform offers incentives for professional market makers.
The buying fees are charged using the base currency, while sellers’ rebates are paid with the sold asset. For example, if the trading pair is BTC/USD, the buyer pays their Okcoin crypto fees in BTC, while the seller receives a rebate in USD.
Okcoin does not charge deposit fees. However, customers that make deposits and withdrawals bank transfers may be subject to handling and intermediate fees by the third-party institution.
Acceptable payment channels may vary based on your region, as well as your status as an individual or corporate user. Some platforms may require a minimum Okcoin crypto price for deposits/withdrawals.
Other Services
In addition to the Okcoin crypto exchange, customers can also access the Earn program. It enables you to receive crypto rewards for staking assets. There are two possible staking terms – fixed and flexible. There are no additional transaction, gas, or service fees for participating in Okcoin Earn.
About the Company
The Okcoin cryptocurrency exchange was founded by Mingxing “Star” Xu in China in 2013. Following the cryptocurrency ban in China, the current company headquarters are registered in San Francisco, CA.
A year after its launch, the Okcoin crypto exchange was considered the largest in China. Following venture capital funding, it raised around $10 million. In April of the same year, following increased restrictions in China, the platform began its expansion into foreign markets by introducing an English website and launching margin trading.
In July 2014, Okcoin released its official mobile app and began dealing with USD deposits and withdrawals. In September, it set a record for the BTC/USD market worldwide as the 24-hour Okcoin volume exceeded 16,300 BTC.
In 2017, following changes in national policy, the Okcoin crypto exchange introduced fees to prevent market volatility and speculation. At the time, it was considered one of the three biggest exchanges in China, alongside BTCC and Huobi.
Throughout the years, Okcoin has opened several international divisions. Alongside the USA HQ, it’s also found in Malta, Singapore, and Japan. In 2019, EUR was listed on the platform, marking Okcoin’s expansion to the European markets. The platform announced that the division would be regulated by the Malta Financial Services Authority.
Star Xu is a Chinese entrepreneur. He’s also known as the founder of OKEx, another cryptocurrency exchange under the Ok Group umbrella. Following disputers with Chinese authorities, Xu stepped away from the Ok Group exchanges.
Hong Fang is the current CEO of the Okcoin crypto exchange. Before stepping up in this role in 2020, she was the Chairman of the exchange and the COO of the Ok Group. Fang is an entrepreneur and investment banking expert with nearly a decade of experience as an associate with Goldman Sachs.
