OKCoin Japan crypto exchange is a branch of the OKGroup, which comprises OKX and OKCoin. The company offers a range of cryptocurrency trading and exchange services, while this platform is made and designed with Japanese traders and investors in mind.
The platform has a robust KYC system that ensures the integrity of the platform. This involves confirming your email address and phone number, as well as uploading a government-issued identity card. Since the OKCoin Japan cryptocurrency exchange is built for the Japanese market, these identities are checked for authenticity against government databases.
The exchange is meant for people living in Japan but it is not restricted to other countries. The main thing is that users who decide to make use of the platform must accept the Japanese Yen as the only fiat currency approved for it.
Markets
The OKCoin Japan crypto exchange platform supports two markets – BTC and JPY. The BTC markets support crypto-to-crypto trading, while the JPY markets support crypto-to-fiat and fiat-to-crypto trading. On the platform, there are 22 OKCoin Japan trading pairs available. 18 of these trading pairs are crypto-to-fiat pairs while the remaining 4 pairs are crypto-to-crypto pairs. Some of the major cryptocurrencies supported include ETH, BTC, and BCH. Other altcoins like AVAX, XLM, BAT, and QTUM are supported as well.
The platform employs the OKCoin spot as the only available option for making trades. While margin and derivatives are currently not available, it is believed that these options will be added in the future. For trading fees, it adopts an OKCoin Japan volume discount method that gradually decreases depending on the number of your transactions over time. Trading fees range between 0.07% to 0.02% for maker trades, while it ranges between 0.14% to 0.06% for taker trades. Using a tiered system, from levels 1 to 7, the amount a user pays decreases as they increase in level. Transaction fees paid on crypto asset sales are free of charge.
OKCoin exchange fees are some of the most competitive in the market. Firstly, the platform does not charge users for opening and maintaining accounts. Secondly, for all deposits made with the Japanese Yen, the only charges incurred are the charges imposed by the banks involved. Remember that the Japanese Yen is the only accepted fiat currency on the platform. For crypto asset transfers between uses on the platform, it is free of charge. However, there are OKCoin crypto fees paid when unloading a crypto asset. For BTC, the OKCoin crypto price ranges from 0.0005 to 0.02 BTC. For withdrawals, the fees increase depending on the amount to be withdrawn.
Other Services
OKCoin crypto exchange offers staking services to its users. With this feature, users get opportunities to stake their crypto coins or tokens for rewards. As with other staking programs, more rewards are received when crypto assets are staked for a longer period of time. Furthermore, you can choose between a flexible plan with no specified staking period and a regular plan with a fixed staking period. Multiple staking plans (periods) can be used together as well. If you do additional staking, it will be distinguished from assets that are already staking. With the flexible plan, staking will continue until the cancellation procedure is performed.
Additionally, the platform has a feature known as “Flash Deals”. Flash deals are like staking plans but only last for a short time. For users to participate in flash deals, they have to pre-register and get approved. After getting approved, the pledged digital asset will be deposited and staked. After the flash deal period, the staked asset and the profits will be returned to the user.
About the Company
As earlier stated, OKCoin Japan was launched in 2020 by OKGroup. OKCoin was founded in China by Star Xu. However, as it is globally licensed, it has offices in San Francisco, Miami, Malta, Hong Kong, Singapore, and Japan. The company employs over 100 thousand people. The exchange is licensed to operate in 180+ countries including the US and European Union.
Star 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 one of the largest and fastest-growing exchanges in the world. It is still a private company with Series B funding of at least $10 million in funding.
OKCoin Japan crypto exchange takes several steps to ensure the security of its users' funds. Firstly, they focus on platform security by partnering with external cybersecurity experts to track security vulnerabilities and run periodic internal audits. Additionally, they use microservices architectures to authenticate and authorize every access request that is made to a user’s account. This means that all user sessions are secure and validated with complete identity protection. Accounts must use multi-factor authentication so users are prompted for deposit, withdrawal, and trade orders.
Furthermore, the platform takes steps to ensure data security by using SSL encryption during data transmission with AES encryption and using secure techniques when destructing data. Lastly, OKCoin Japan keeps over 95% of its funds in offline cold storage and a small fraction in multi-signature hot wallets.
There have been no reported hacks of the exchange as users are encouraged to use 2-factor authentication, secure passwords, a new email, and always check links for possible phishing attempts.
As of December 2022, the OKCoin Japan trade volume stands at 640 BTC, or an equivalent of around $10 million, over a 24-hour period.
