OKCoin Review Is it a Scam or Legit Broker

The FBI’s 2021 Elder Fraud Report showed that 92,371 Americans over the age of 60 were scammed in 2021, losing a combined $1.7 billion. This is a 74% increase in losses from 2020 and by far the most of any age group. Still have not gotten a proper reply or response as to why I cannot withdraw even after completing all verifications smh. All other money should work to be withdrawn, except for your rewarded principle. From the looks of it, you didn’t get the help you wanted and you received an auto reply.

Okcoin doesn’t set a standardized difference between the buy and sell price and the market price. Extremely low fees and the easiest account setup process on the market. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrencies.

But given this is a platform most suited for new and passive investors, that could be a lot to ask. If you are very concerned about security and don’t feel comfortable adding keys to your own wallet, it might be better to use another platform. Okcoin had some conflicting information on ACH deposits, saying they are free in one section and $0.99 in another, so it’s unclear where they actually stand. In either case, though, it is much cheaper than doing a credit card deposit.

Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why okcoin5 is a dangerous Investment Company to deal with. Problem with unregulated Investment Companies is that they are not reliable and abuse the regulations. Make sure to stay away from this Investment Company as they are anonymous and that they can disappear any time without notice.

You only have to KYC verify if you deposit or withdraw more than the limit for your country. In the US you have to prove your identity to deposit $500, in Europe over $2500. There are also KYC levels 2 and 3 to increase your deposit and withdrawal limits further. As with deposits, you can withdraw up to 0.1 BTC free with the lightning network. You can also transfer to other accounts, transfer crypto to an external wallet on-chain, or transfer using the AVAX and Polygon protocols.

The market also suffered setbacks after federal authorities shut down trading after Black Wednesday in May 2021, which saw one of the largest sell-offs in the market. The company also released a mobile consumer payment and lending app service, which is available on the Apple App Store and through Google Play. Okcoin is a private company that was founded in 2013 in China by Star Xu . Xu has a background in technology management, including stints at Yahoo and Alibaba, in which he worked on developing search algorithms. He was also the chief technical officer at DocIn.com, a file-sharing service. Michael Logan is an experienced writer, producer, and editorial leader.

Support representatives are professional and friendly with their responses and typically respond within an hour. Additionally, OKCoin features an FAQ page where traders can find answers to most questions they might have. The US dollar or USD is https://forex-reviews.org/ the only acceptable currency for deposits, which can be deposited in 2 ways – bank transfer & wire transfer. The transfer fee for individual users is 0.1 percent of the transferred amount, whereas, for corporate users, the transfer fee is zero.

No compromise on the security

As it currently stands, the language barrier represents a significant problem when using the exchange. Although OKCoin started in China, it has since made a move to the United States and is an American-based entity headquartered in San Francisco. As a result, you can rest assured its safety and security measures always comply with US regulatory and cybersecurity standards. With any investment, it’s important to understand what you’re buying. Browse these resources, and check back for more ways to broaden your knowledge about crypto. We keep your deposits safe through offline storage, 24/7 transaction monitoring, and multi-factor encryption.

okcoin scam

Okcoin is a globally licensed crypto exchange platform serving 190+ countries. They have 100+ employees with offices in San Francisco, Miami, Hong Kong, Singapore, and Japan. Okcoin supports crypto purchases with credit cards, offers spot and margin trading, and provides earning opportunities through staking and DeFi lending. Okcoin also allows users to enable recurring payments to easily dollar-cost-average into their investments automatically. The platform is very comparable to exchanges like Coinbase and Gemini and, thus, best suited for new and passive investors. OKCoins special priority is customer support and satisfaction, wherefore transparency and reliable and fast support are key.

OKcoin Review 2022

You are a wrong people to deal with it and stop the fake reviews you people are doing. I NEED PHONE NUMBER OF WHOM TO SPEAK WITH AND TO SORT THINGS OUT ONCE, NOT TO BE PLAYING ME AROUND. 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.

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. Verification Level 1 – The first one is the level that allows its users to deposit an 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.

  • Before you can start trading through the platform, you must select an account type.
  • However, it is important to note that a particular exchange has a specific trading view.
  • So after going through this article, you will be able to make a better decision and see whether OKCoin is worth it or not.
  • Anyone struggling with the platform or just interested in learning everything they can should certainly make use of their help center.

These VIP levels decrease the trading fees amount and decide the limits of borrowing and trading leverage. Once the funds have been deposited in the Okcoin account, you can start trading Bitcoin cash. Fill in the Okcoin price and money amount to be traded and then select Buy. You can check the Order History or Open Order to view the trading on the Trade page. Okcoin is on a mission to make crypto investing and trading easily accessible to anyone around the world. We are building the next generation of tools to help onboard the investors and traders who have been on the fence about crypto.

After entering the wallet address, you may enter an address tag, if needed, then submit the withdrawal request. Bridging the gap between fiat currency and cryptocurrency, stablecoins aim to achieve stable price valuation using different working mechanisms. OKCoin’s quick rise to prominence within the cryptocurrency world has been met with a number of barriers, including controversies and regulatory issues. Nonetheless, the leaders of Okcoin have made clear their intentions to continue to provide their service in the best way they can. As a result, the exchange remains a popular international hub of cryptocurrency transactions.

Do I Have to Verify My Account With Okcoin?

When trading futures, traders incur a 0.03% on open positions. Users of OKCoin all fall under the same account type but there are different verification levels which grant traders greater deposit and withdrawal amounts. As with most cryptocurrency exchanges, OKCoin is not regulated by any reputable financial regulatory authorities. However, the exchange has built up a viable reputation among its users and the cryptocurrency community. Okcoin features the more stable and advanced trading exchange for Bitcoin and other digital currencies. The platform is developed to cater to the needs of professional traders, but simultaneously it is simple to use for beginners as well.

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. As per the reviews of okcoin review 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.

okcoin scam

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. If we talk about some of the biggest and most trusted crypto exchanges, then OKCoin is among the top ones on the list.

Is Okcoin Available in My Language?

Okcoin expanded the platform to include trading pairs with high liquidity provided by the hot wallet, profitable interest-earning schemes, and several altcoin markets. FTX is a centralized cryptocurrency exchange that offers derivative and spot trading services. Okcoin isone of the largest cryptocurrency exchangesin the world. The system’s mission is to make cryptocurrency trading and investing easily accessible to anyone regardless of where they are. Whenever there is a lack of clarity around a platform’s back-end security, it is usually best to custodian private keys yourself.

Okcoin telegram admins keep sending me to the customer service, which is not responding. I tried calling Canadian 24/7 customer service support, but there is a robot answering that no agents available to assist and hands up on me. So after using Okcoin for just a week and transferring them $5K I am unable to access my account, my BTC and no one available to address the issue. I will continue battling the situation, but I would discourage others to use this dishonest platform with shady practices and absolutely zero customer support.

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