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OKCoin Review – Is OKCoin Scam or Legit?

OKCoin Exchange Rating
Account Types8.9
Trading Speed9.2
Customer Service9
Read our OKCoin review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this OKCoin review before you sign up with the exchange.

OKCoin Review

OKCoin logo

If we talk about some of the biggest and most trusted crypto exchanges, then OKCoin is among the top ones on the list. In this OKCoin review, we are going to look into the platform and see whether or not it’s worth it. Just to give you an overview, I am starting off with the basic information about the exchange. OKCoin is trusted by more than 100,000 active traders and investors who are working with this platform flawlessly. The platform started with a sole mission to allow crypto trading accessible for everyone and help new investors to come towards this field. And to support the mission of OKCoin, the platform is constantly updated by the team to keep up with the latest technology. The vast spread of the popularity of this crypto exchange can be proven by the number of offices that they have established. The offices of OKCoin are situated in Hong Kong, Malta, San Francisco, Japan, Singapore, and Korea as well. So it is observed that the popularity of OKCoin is not restricted to one region of the world only. Rather it spreads its branches to every part of the world.

So now that you have a pretty basic idea of what OKCoin exchange is, let us dive deep into the platform and see how it works.

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. As a new trader in the world of crypto, you will probably feel lost in the woods. But it is totally normal and nothing to be worried about. I am here to give you a better vision towards these exchanges and see whether or not it is worth spending your time and money with this exchange or not.

Is it a scam or not?

So starting off with the first and most important point that every trader asks, is it a scam or not? Let me make it easier for you to understand. The scams are usually operating in between legit exchanges as well. 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.

Another key factor that is worth noting about OKCoin is reliability. As OKCoin is regulated by every country’s financial regulatory authorities that they are present in, it makes them a very reliable and secured platform to deal with. Other than that, OKCoin is working as a very transparent platform which means they have listed everything in their terms of services very clearly, which is a very positive step towards customer satisfaction.

As per the reviews of the traders and the services that OKCoin offers, they all make it so easy for any reviewer to recommend OKCoin as your crypto exchange. But it is your right to be aware of everything before you mark my word. For that matter, I have researched about OKCoin and found out that these points are going to give you a better understanding and ability to decide whether or not OKCoin is worth it. To find out which of these features OKCoin possesses that also make it a top cryptocurrency exchange, carry on reading.

OKCoin website

The process of Signing up and Verifying

Usually, customers do not like signing up procedures which are very complicated and take a long time. So they usually prefer platforms that understand this and simplify the signing up method. OKCoin is a cryptocurrency exchange that does exactly that. It saves its customers from an arduous process and provides a very quick and simple way for customers to sign up.

First of all, there are two types of accounts that customers can sign up for. The first one is the individual account, which is meant for only one person’s single-use. The process of this is simple. You can either make your account through the OKCoin site or its app. When you open either of these, the option for Sign Up will pop up. All you have to do is click on this, and it will redirect you to the section where you can start the process. To start, you will have to choose the option for the phone number, email, or telegram for signing up.

Once this is done, all you have to do is wait for the verification code that will verify you. And as soon as this is done, you enter all the required information. This includes stuff like your name, number or email, and more. But you have to keep one thing in mind once you have decided to open an individual account, you cannot change it. So be sure of the decision you make.

The second account option is the corporate account. The process is very similar to sign up for this account. You can find the link for signing up on the OKCoin site and app. All you have to do is click on it, enter any number or email you want your account to be associated with, and continue signing up. But you have to be aware of the fact that corporate accounts are meant for businesses that will have around 20 or even more traders working on the account. And once again, whatever decision you make is irreversible, meaning once you have decided to open a corporate account, you cannot switch to the individual one.

This shows that OKCoin has provided the easiest and quickest way for users to sign up and start working immediately. This prevents any wastage of time and ensures that as soon as customers are ready, they can start using OKCoin’s services. The same is the case with the verification process. It is also a simple one that will not require days to process. It requires you to sign in to your account first of all. Once you are signed in, you have to visit your profile and choose the option for identity verification. The levels of verification are discussed down below, but those options will pop up here. So each time you fulfill the requirements for a verification level, you get the chance to upgrade.

The trading platform of OKCoin

OKCoin is a cryptocurrency exchange that intends to be accessible for its customers by providing them with many options. OKCoin has a site, first of all, that its customers can use for trading. This can be accessed by the laptop, PC, or other devices which can use the browser.

To make it even easier for customers to access the platform, OKCoin has designed an app very carefully that is accessible anytime and anywhere. For people that are regularly traveling, an app is very beneficial. It can be used on the move as it is very compatible and simple. The app is easily downloadable on iOS or Android devices and is very easy to use.

The interface of the platform and the app is very user-friendly. It is designed in a way that customers who are of different levels can still use it. This means that users who might just be beginners or even professionals will not have any trouble using the site. There are no complex areas, and even if they come across any difficulty, a professional team is available, and so is the FAQ’s section really helpful.

Different Account levels at OKCoin

Accounts at OKCoin are designed in a different way. You may not have come across these previously, but for this cryptocurrency exchange, you will see that all users can qualify for only one account. But the way it is distributed is by verification levels. That is what defines the sort of privileges and benefits customers get. These verification levels are essentially differentiated by the method through which you verify your account or identity. Secondly, it varies according to the amount a user qualifies to deposit or withdraw. There are three main levels of verification that a user can qualify for.

Verification Level 1 – The first one is the level that allows its users to deposit an amount. But users cannot withdraw any amount. This account restricts the amount of deposit and withdrawal to $2000 USD for one day. This means that if you want to deposit an amount, it cannot exceed the limit of $2000. Otherwise, you would have to wait for the next day to add more. Or you can also level up to the second verification level so you can deposit a higher amount per day.

If a user wants to qualify for the first verification level, then the following information has to be provided to the cryptocurrency exchange.

  • Name
  • Birthdate
  • Nationality
  • Address
  • Either passport or the ID number

Verification level 2 – this is the second level that users can opt for. If they wish to get more privileges and increase certain features such as deposit amount, then this is the level that provides that. This level allows customers to deposit or withdraw fiat currency to $700,000, and the same is the case for tokens. To unlock this level and get the benefits, you have to be able to provide a photo verification.

Verification level 3 – Whereas before, the funds were not allowed to be really high, level 3 provides users with unlimited access. This level allows customers to deposit and withdraw any amount on a daily basis because it grants them the ability to choose the amount themselves. This means that level 3 does not restrict customers.

To access these benefits, you have to provide certain documents so that you can be eligible and the exchange can approve of you. These are:

  • Copy of any government-issued official documents, such as passport or ID card
  • Copy of document that proves your address, such as any utility bill or bank statement
  • A video that verifies your given information

These were the standard levels that OKCoin provides its customers with.

Customer support services of OKCoin

If you want to see the credibility of any exchange, customer support is the best way to see it. Many exchanges out there are claiming some pretty fascinating claims, but all of those claims are never fulfilled by those exchanges. What is different with OKCoin is that they are not compromising on customer service and satisfaction at all. That is the reason why more than 100,000 traders have chosen OKCoin as their crypto exchange. In this section, we are going to cover everything that OKCoin is offering, which will enhance the trader’s experience while trading.

FAQ section

It is true that every trader has different exposure and experience in the world of crypto trading. It is good for an exchange if it understands that every trader has different levels of understanding, and OKCoin has exactly done that. If you go on the platform of OKCoin, there you can see a separate FAQ section. Now you must be wondering if it will be an ordinary FAQ section just like most of the other platforms are providing pointless knowledge. But that is not the case with OKCoin. The FAQ section of OKCoin is so well designed that there are sections for every category of question. For example, if you have a problem signing up with the platform so they have a separate section named “Sign up,” where you will find every information which will guide you through the process. OKCoin also provides all the system statuses which are adopted by the platform.

Contact information

There are certain scenarios when you can’t find your answer in the FAQ section, or let’s assume you are facing an error during any transaction and don’t know what you do. OKCoin has got you covered. They have provided the contact information of its customer support team, which is available 24/7 at your service. There is an option of live Q&A where you can ask them any of the queries related to the platform, and you are going to get an instant response from them. But if you are not willing to indulge in live chat, you can always send your problem via email, which will be catered to on very short notice. Plus, the point is that they have provided you with direct links to its social media platforms as well, such as Facebook page, LinkedIn profile, Twitter, and many more. So it is complete backup support that is being provided by OKCoin to enhance trader’s experience.

No compromise on the security

As every transaction is held online in the world of crypto trading, there are many chances of scams and frauds as well. For that reason, it is the exchange’s responsibility to set up the best security protocols, which will give traders peace of mind while trading.

OKCoin is partnering with external cybersecurity authorities to restrict any type of suspicious or fraudulent activity on its platform. OKCoin has designed many microservices which are going to keep an eye on whoever is accessing any account. That means if your account is being accessed by any other person, you will be notified immediately, and you can stop that hacker from entering your account. Other than that, there will be a notification sent to you every time a transaction is done by your account, which means that if you deposit or withdraw any amount from your account, then you will be notified, which will help you to keep track of your activities.

  • Data encryption

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.

  • Cold wallet

Another main feature in the department of security is the offering of cold wallets by OKCoin. The cold wallet is basically an offline wallet that is going to provide security to your money when it is stored in an OKCoin wallet. Hot wallets or online wallets are more prone to hackers as they are connected to the internet, and it makes them more vulnerable to hackers.

The question arises why is it necessary to adopt all of these policies? To answer that, in recent times, many cases have been reported related to fraud activities and misuse of some of the authentic platforms by scammers to scam inexperienced traders. As a regulated platform, OKCoin has to provide all of these security protocols to ensure the safety of the trader’s money and data. And I am pretty sure none of you would ever want to get scammed, especially while you are dealing with your personal and financial information and money at an online platform.

Final verdict

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. So after going through this article, you will be able to make a better decision and see whether OKCoin is worth it or not.

MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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