This may not be applicable at the time you are reading this, but it’s possible they will extend the offer to future months, so it could be helpful to keep in mind. As alluded to, Okcoin allows users to earn through either staking or lending. I am having so much trouble taking out my coins from okcoin China. Adding funds to the account usually takes between one and three days. Fortunately, these are the exception instead of the rule, but you should be aware of them and avoid making deposits on a tight turnaround.

As I gained experience with Crypto I tried most of the big name brokers including Coinbase, Gemini, and others. Wired $2300 USD to my account, waited and them money never arrived. A day later I was told there is a problem validating my account. I then submitted various forms to validate to which I never heard back. All in all, an excellent exchange, especially for Asian users.

TradingBeasts helps individual traders learn how to trade forex, cryptocurrencies and other assets as CFDs. We actively trade, publish educational articles and news. We verify and compare brokerage companies and warn our readers about suspicious projects or scam marketing campaigns. We are also a community of traders that support each other on our daily trading journey. A decent exchange with low fees and instant buying power. And if you work on the app UI that would be great to make it more user friendly plus pro version.

okcoin scam

The low fees are unparalleled in the international market, especially in the Chinese market. Okcoin exchange is extremely user-friendly and gets the trading done in just a few clicks. But before you start to deposit or withdraw money or funds, you have to register or sign okcoin review up for one account, either corporate or personal, to get access to Okcoin. On completion, link your bank a/c with the newly made Okcoin a/c for easy exchanges. Whether you are buying or selling, Okcoin charges a 1-1.5% spread fee, but deposits and withdrawals are free .

Fees, Limits, and Payment Options on Okcoin

According to reviews of Okcoin, the attack on cryptocurrency exchanges by the Chinese government also significantly affected Okcoin trading. Huobi, a main and one of the best crypto exchanges in Singapore & China, Okcoin had announced they would stop their exchanges for the local users as per the government’s regulations. It offers over 30 trading pairs and advanced features for beginners and high-volume traders in 192 countries worldwide.

Most of their users are in China and countries in Asia. However, they have stopped trading in CYN and during Chinese tech crackdowns have halted operations in the past. Leverage multiplies your profits and losses and increases the risk by the amount of leverage you take. If the price drops low enough that the difference in price is equal to the margin you have invested, your position will be liquidated. In the event it drops below the liquidation price, there is an insurance fund to cover the difference. OKCoin utilizes their very own proprietary web-based trading platform.

These may be pie in the sky numbers to most, but institutional investors will likely find them noteworthy. For deposits and withdraws of fiat and digital currencies, only bank transfer and crypto wallets are available. That means you can’t add or withdraw funds through e-commerce services or bank cards.

OKCoin Exchange: Areas for Improvement

An average trader and sometimes experienced traders even can’t tell the difference between legit and scam platforms. But you should keep in mind that OKCoin is not working without any regulations. It is properly regulated by financial regulatory authorities; hence it is not a scam.

okcoin scam

So after going through this article, you will be able to make a better decision and see whether OKCoin is worth it or not. Talking about data security, OKCoin is an experienced exchange that has been working since 2014. The experience of more than six years has made the exchange realize that in this modern times, encryption is very important. That is why OKCoin is offering SSL encryption for all of the transactions that you do to ensure the safety of your investment and coins. At the time of registration, you are asked about many details like phone number, address, bank account details, and many more, but you don’t have to worry about its security. OKCoin has encrypted all your data with AES encryption technology, and all your files are end-to-end encrypted as well.

How does OKCoin make money?

Soon after, Okcoin ended its terms with the US customers since apparently, they were not ready to conform with the regulation demands provided by the country. Many professional traders ask a common question – Is Okcoin a scam? Sometimes, even a professional trader cannot mark the difference between a scam and a legit platform. However, Okcoin is well regulated by top regulatory authorities, and hence, it is not a scam. Okcoin is extremely reliable and secure with transparent terms of services and a positive step to enhance customer satisfaction. Okcoin was deeply affected by theChinese government’s crackdownon cryptocurrency exchanges.

The more you use the platform, the shorter the holding period usually becomes. That being said, we definitely want to provide you with answers for your questions and can be reached directly on Twitter @okcoinhelpdesk for expedited support. The main priority of Okcoin is providing customer satisfaction and transparent, fast and reliable support. They provide the services and products, such as cold storage, security encryption, and regular monitoring of withdrawals and deposits. It is also created to meet the customers’ needs, such as having a mobile app to access the exchange platform.

  • I then submitted various forms to validate to which I never heard back.
  • The vast spread of the popularity of this crypto exchange can be proven by the number of offices that they have established.
  • At the time of registration, you are asked about many details like phone number, address, bank account details, and many more, but you don’t have to worry about its security.
  • If you have been scammed, check out our ChargeBack process here or get a Free Consultation by a team of expert by clickinghere.

How about just one account you can transfer and buy and sell at your leisure. Voyager is very easy to navigate for me, that’s why I use them to HODL assets. Every investor is on the search for an exchange that can provide the proper services needed so that transactions are better. This suggests that exchanges for cryptocurrencies should have all the necessary features so that customers are satisfied.

With our SOC 2 Type 1 audit, we’ve reached a new security milestone

If you have been scammed, check out our ChargeBack process here or get a Free Consultation by a team of expert by clickinghere. With such lack of information and okcoin5 being unregulated, funds are not safe. Security of funds is a huge problem with unregulated Investment Companies. A red flag that we noticed is okcoin5 is withholding vital information to users. From the sounds of it, you deposited money from your bank back in august.

Their Subreddit and Telegram were jammed packed with posts claiming they were a “Scam” because users couldn’t withdraw the coins they just bought. Every exchange from Coinbase to Okcoin to Binance, will put a hold on withdrawing your newly bought crypto until the funds have posted. We’re always working on making improvements to the website/app.

Investopedia does not include all offers available in the marketplace. Okcoin’s founder, Star Xu, was arrested by Chinese authorities in 2018 on fraud charges. The charges stemmed from claims that a number of investors ended up with large losses caused by a crash in the OKEx system—another platform created by Xu. He was released a day later after cooperating with the police.

Crypto exchange is a platform where traders can exchange their investments with any of the offered crypto coins. But it is very important to keep in mind that the exchange that you will choose will play a major role in how your experience is going to be. This can ruin or enhance your overall trading experience.

I started using OkCoin in August, where I linked my bank account and deposited $250 to buy BTC and ETH as part of their promotion. If you are a crypto coin person, okcoin is not an exchange for you. It is a Margin Trading Service that invests your money and when they lose, they clayback your account to pay for the over charge lose. Receive the latest news about our cryptocurrency education courses, events, and guides. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

The trading application utilizes all the features of the web-based platform in a mobile-enhanced version of the platform. Okcoin is both safe and legit when exchanging cryptocurrencies since they utilize the latest and advanced encryption technology to secure the website from professional hackers. A limit order is an order to sell or purchase any amount at a particular price or even better.

Okcoin Overview needs to review the security of your connection before proceeding. Open the trading section and click on the drop-down menu. Select the type of order you want to place from the order bar and choose whether you want to purchase or sell.