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 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.
- Passionate individuals at Okcoin share a common goal of decentralized finance and leveling the playing field in the global economy.
- Lastly, Okcoin does require various levels of KYC requirements to be completed to use the exchange for all jurisdictions as per its KYC/AML policy, so this may be a con for those looking for a KYC-free service or exchange.
- So make sure to check out the company’s terms and conditions before you start trading.
- Accounts also use multi-factor authentication so users are prompted for deposit, withdrawal, and trade orders.
Is Okcoin Safe?
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.
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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.
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- Binance also offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to Okcoin.
- 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.
- Transaction fees are charged in the asset that is purchased, with rebates paid in the asset that is sold.
Okcoin also offers some reductions but its reductions are not as aggressive as those by Binance. Coinbase has a okcoin review wider range of services suited for both new users and advanced users with Coinbase Pro, while Okcoin focuses more on a smaller range of spot only products and institutional offerings that are done well. In addition, the exchange’s total selection of trading products is limited to only a moderate amount of spot trading options.
However, we encourage you to consult with a qualified financial advisor before making any investment decisions based on the educational information you find here. The information found on this site does not constitute financial advice. 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. In addition, there is also an OTC desk for buying and selling large amounts of crypto without slippage. Okcoin offers deep liquidity and quick executions with this service.
For example, Brazilian customers trading in BRL are subject to a 1% fee for buying. Okcoin offers a variety of deposit and withdrawal channels, with fee details available on their website. Okcoin is a global cryptocurrency exchange that has been making waves in the industry with its commitment to accessibility, transparency, and innovation. With a presence in multiple countries and an impressive track record of satisfied customers, Okcoin has quickly become one of the go-to exchanges for traders looking to enter the exciting crypto world. They also use a microservices architecture 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.
From making your first crypto trade to becoming a seasoned trader, you’ll have us to guide you through the process. To install Chrome, use the same software that installs programs on your computer. You can download and install the Chrome web browser at no charge, and use it to browse the web. Sign in to Chrome on any device to access your bookmarks, saved passwords and more. You can set Chrome as your default browser on Windows or Mac operating systems as well as your iPhone, iPad or Android device. When you set Chrome as your default browser, any link you click will automatically open in Chrome.
Passionate individuals at Okcoin share a common goal of decentralized finance and leveling the playing field in the global economy. Okcoin is a crypto exchange on a mission to revolutionize the financial world by making crypto investing and trading easy for everyone, no matter where they are in the world. Okcoin headquarters are in San Francisco, but the company also has offices in San Jose, New York City, Malta, Hong Kong, Singapore, and Japan.
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Users must provide personal information and documentation to verify their identities, such as a government-issued ID and proof of address. Once the KYC process is completed, users can access all the features of the Okcoin platform. Okcoin provides FDIC insurance for all USD deposits, providing users with peace of mind and added security. Okcoin is also licensed across the United States, with FDIC insurance on all Okcoin accounts.
Access control is another key aspect of Okcoin’s security measures. Okcoin uses advanced technical architecture to authenticate and authorize every access request made to your account. 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. The exchange uses sophisticated technology to spot anomalies and unusual behavior before it makes its way into its ecosystem or impacts its users.
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The international representative office of the company is located in Hong Kong. The device that you have runs on ChromeOS, which already has Chrome browser built in. No need to manually install or update it – with automatic updates, you’ll always get the latest version. This device won’t receive updates because Google Chrome no longer supports your operating system. Download Chrome on your mobile device or tablet and sign into your account for the same browser experience, everywhere.
Okcoin also offers institutional services for institutions such as asset managers and hedge funds, intermediaries, liquidity providers, trading firms, and more. This is done with the exchange’s more advanced trading platform geared for institutional use, 24/7 global client services, flexible settlement options, and account management APIs. After conducting a thorough review, we believe that Okcoin is a reputable and trustworthy cryptocurrency exchange.
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To make the image more unprejudiced, we will show the disadvantages of the platform, too, which usually appear in the feedback from traders. The version of the website are just in Chinese, Hongkongese and English. Starting this project its founders declared they wanted to create the international crytpocurrency trading service. Today OKCoin exchange supports just three language versions, but the users hope the list will be extended. The second step you need to withdraw funds through bank transactions and increase the capital volumes for deposit/withdraw. If you want to activate such options, you have to confirm your passport data, e-mail, submit your driving license and the detailed information about the account for transaction to be done.
Okcoin offers multiple APIs for developers to integrate with their trading platform, including the V3 and V5 APIs. These APIs provide access to real-time market data, account information, order management, and execution of trades. The V3 API is a RESTful API that provides access to market data and trading functions. It also supports account management functions such as deposits and withdrawals. The V5 API, on the other hand, is a WebSocket API that provides real-time market data and allows for order management and trading.