OKCoin wasgoed founded te 2013 by Chinese businessman Embark Xu. The exchange obeys with the laws of the People’s Republic of China and has two main branches: one for serving específico customers based te the renta, Beijing, and a 2nd for international users whose headquarters are te Hong Kong.
Citizens residing ter the Mainland are not permitted to use the international version of the podium, anyone cracking this rule acknowledges whatever procesal penalty that could apply. Outside China, OKCoin.com international is available worldwide with exception of 25 territories (notably the USA).
OKCoin is one of the three largest exchanges te China and wasgoed merienda mundial leader ter trading volume (albeit it has bot accused of faking gegevens). To the date, its 24h volume is estimated te 25000 BTC.
How to Trade Bitcoin on OKCoin
Wij will present below the webpagina interface, the supported order types, pairs available for trading and everything you need to get commenced with the webpagina:
Sign up at OKCoin.com
Spil there are no demo or anonymous accounts, registering is required ter order to use the toneel. You can still sign up with a improvised email address thanks to the webpagina not blacklisting any providers, if you will do so you vereiste be careful spil you will most likely have money stored te your account.
Creating an account:
Signing up is finta effortless, you can either register with a mobile number or an email. After packing the registration form you just have to verify your account. The system will prompt for identity verification, but you can skip the process and do it straks.
Verifying your account is recommended if you want to fully take advantage of the webpagina features. At least level 1 verification voorwaarde be ended ter order to be able to deposit and withdraw cryptocurrencies. The boundaries vanaf level of verification are spil goes after:
Getting verified at level 1 is spil effortless spil confirming your email and basic information. To be approved for level Two you need to provide more detailed information about yourself, verify your phone and send them a picture of your passport and any valid ID.
How to navigate:
The easiest way to budge through the webpagina is using the navigation caf. There are five sections and a verbinding to the huis. “Products” will open a submenu with linksom to download the app, the newsboard and OKCoin’s blockexplorer.
The trade spijskaart gives access both to buying and selling BTC, LTC and ETH but also has a verbinding to access Okex, a webpagina affiliated to OKCoin which permits to trade futures.
How to make a deposit/withdrawal:
Assuming you have the necessary level for the type of deposit you want, you can use either Bitcoin, LItecoin, Ethereum or fiat. Deposits te cryptocurrencies have no thresholds and incur ter no fees. Deposits ter fiat are available through wire transfers and have a 0.1% toverfee plus any commissions charged by the handelsbank.
Only USD is accepted on OKCoin.com international while no other currency but CNY may be used te the tópico webpagina. Makers are charged no fees, and takers a maximum 0.2% toverfee depending on the private 30-day volume.
OKCoin’s toverfee structure.
Deposits are found under the account tabulator, which also englobes withdrawals, transaction history and referral activity. The options enabled te this section will strongly depend on the verification level, spil it wasgoed previously mentioned.
To deposit cryptocurrencies you just need to select the suitable tabulator and send spil much spil you want to the address found there.
How to analyze the graphs
Candlestick charts are shown under the respective menukaart. The user has control overheen which currency to analyze, the time framework, the specific type of chart and some styling features.
ter the same section there is a verbinding to “compare” orders among exchanges, particularly useful for arbitrage enthusiasts.
How to place an order on OKCoin.com
Merienda your deposit has bot received by the webpagina and credited to your account, you will be able to open orders. Everything you need to place, manage and view orders is found under the Trade spijskaart, located 2nd te the main buffet.
The following orders are available on the podium. Not every type of order is suggested for all coins.
Altcoins cannot be paired together. Orders vereiste be placed using a combination of one of the supported cryptocurrencies and fiat. The largest market to the date is LTC/CNY, closely followed by BTC/CNY.
Placing an order is spil plain spil choosing the order type from a dropdown menukaart, fine tuning the relevant parameters and clicking buy or sell, depending on what you are attempting to accomplish.
Where to check your orders and current position
Merienda placed, orders may be viewed, edited or cancelled at any time if they have not yet bot packed. There is even a button to antipara all the orders for a given currency at merienda.
You can check both open and archived orders by choosing the relevant tabulator. Regardless of what you are browsing, the orders will be introduced classified by their nature (i.e. the order type).
How to use the leverage section
OKCoin offers margin trading with a 3x leverage and a maximum of 500,000 USD, 1000 BTC and 25,000 LTC to borrow. The best available rente rate is suggested to the trader ter a 2-week loan which can be repaid before without issues. A compelled liquidation will take place If the margin oscilación falls below 10% of the innovador, and any loans will be automatically repaid.
There is no separate wallet for margin trading, which is turned off by default but can be activated with a single click.
Critics of OKCoin
Ter the last few days an punt arose with a reddit user accusing the exchange to last his verification process and retain 97 BTC. The problem wasgoed eventually sorted out, but the intervention of a high employee wasgoed required. It adds up to the latest troubles that have surrounded OKCoin, including the suspension of withdrawals for more than Trio months and its waiting for an administrative penalty the People’s Banks of China is expected to kwestie within the next days.
The FAQ is not exactly the best you can get, the formatting is ugly and it has not bot updated ter a long while (there is no mention to Ethereum, for example). If you have any question there are three main options: packing a form optionally linking a picture and waiting a duo of hours to get an response, reaching them via a phone call to +852 5808 5768 or using their live talk feature suggested through Zendesk. Here is their support pagina with phone numbers for different countries.