Exchange Review: OKCoin [Closing]

OKCoin [Closing]
  • Editor Rating
  • Rated 1 stars
  • 20%

  • OKCoin [Closing]
  • Reviewed by:
  • Published on:
  • Last modified: December 7, 2017
  • Trading
    Editor: 74%
  • Funding
    Editor: 20%
  • Platform
    Editor: 76%
  • Help & Support
    Editor: 80%
  • Legitimacy
    Editor: 0%

OKCoin is a Chinese cryptocurrency exchange based in Beijing founded in June 2013. It is managed by OKCOIN PTE. LTD., registered in Singapore.Trades

With only Bitcoin and Litecoin support, there are not many cryptocurrency pairs available for trading on OKCoin. USD is the only fiat market. This is compensated by the fact that trade execution fees are low for the pairs that can be traded. Trade (taker) fees start at 0.20 percent per trade for standard users (the maker fees are lower starting at 0.10 percent), and the bid-ask spread for BTC/USD is roughly 0.35 percent on average. Order can be placed as either limit orders by default, or as a market order. Advanced order types are available as well, and the exchange even offers advanced financial instruments (derivatives).

OKCoin Advanced Orders

Futures trading has recently been made available on the platform, which can offer a valuable way to manage the high volatility in cryptocurrency prices. They can also be used to leverage a position in Bitcoin by a factor 10 at maximum. This is actually what OKCoin highlights on the home page as it states under BTC Futures: “Trade long or short with up to 10x leverage. Minimum investment, Maximum Returns.” This is a missed opportunity to highlight the hedging possibilities, as was done in the announcement. Leverage is already available through margin trading at several exchanges, and is a not a very interesting feature given that cryptocurrencies are already the most volatile asset type. The way it is marketed, however, does not have any impact on the review score.


Most exchanges struggle with regard to funding options, even more than when it comes to compliance. OKCoin is no different with limited ways to fund an account. Wire transfers are the default for international customers and only available for USD, either directly or through third party services. This limits the funding options, and makes it very slow and costly.

Update August 31, 2015: OKCoin has ceased accepted any deposits from US customers, even including BTC, citing regulatory reasons. As a result, it’s looking like OKCoin’s international adventure has largely failed.


OKCoin has a mobile website, and also offers an App. This makes the platform very accessible. More importantly, the platform also scores high on the ease of use. Logging in takes users immediately to the trade screen, which could not be more straightforward to use.

OKCoin Trade

Of course, accounts can be secured with two-factor authentication as well. The platform could further improve by adding some research amenities or providing portfolio performance analysis tools.

Help & Support

OKCoin sets an example when it comes to support. Customer service can be contacted by email (ticket system), live chat or by telephone (24/7). The help section offers a fairly extensive FAQ, with most attention going towards the Futures section. Other areas could receive a bit more attention and contain some more educational information or extensive descriptions. Also the navigation could be improved to make the different parts connect better, but overall these are just minor comments.


The company’s legitimacy has been evaluated  with the help of a Fraud Risk Assessment. A summary is provided below, and the full assessment can be found by following this link.

A weighting factor of 40% is applied to legitimacy in calculating the final rating. A weighting factor of 25% is applied to both trading and funding, while a weighting factor of only 15% is applied to both platform and support. If the legitimacy score is 0% then the total rating is automatically set to the lowest possible result.

One Response

  1. arodrigues May 19, 2015

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