Okcoin Review 2022
Launched in 2013 and available in over 190 countries, Okcoin is one of the world’s oldest and most popular crypto exchanges. Its success is in large part because of extremely affordable trading fees and an intuitive design that’s great for beginners. Read our detailed Okcoin review to find out more about it.
Full Okcoin review
This cryptocurrency exchange is a good fit for: Crypto enthusiasts who want to invest in a variety of cryptos and save on trading fees. Those looking for passive income opportunities will like this exchange’s staking program.
1. Low fees
2. User-friendly design
3. Wide selection of cryptocurrencies
4. Offers crypto staking and lending
5. Mobile app
1. Not available in some states
2. Educational content
The area where Okcoin stands out the most is its fees, which are some of the cheapest we’ve found. Trading fees depend on your monthly trading volume, but the most you’ll pay is 0.2%.
For comparison, many popular crypto exchanges have fees starting at 0.5%, and some even charge 1% to 1.5%. You’ll save quite a bit on fees when you invest in crypto with Okcoin, and over time, that makes a difference.
Okcoin has a fantastic design and layout. Everything is clearly labeled and easy to understand, which is helpful if you’re getting started with crypto. The exchange explains how to set up an account and start buying cryptocurrencies right from its homepage.
It also has a detailed help center and categorizes different types of cryptocurrency on its trading platform. If you want to check out major cryptos, decentralized finance (DeFi) projects, or stablecoins, you can quickly jump to those.
Beginner and advanced trading platforms
This exchange offers two different trading interfaces. The default platform is straightforward and perfect for beginners who want to buy and sell crypto without getting overwhelmed. The advanced platform gives you more charting tools, which are helpful for more experienced traders.
Wide selection of cryptocurrencies
You can buy, sell, and trade over 60 cryptocurrencies on Okcoin. That’s a strong lineup, and it gives you plenty of different projects to invest in, from the biggest cryptos on the market to cryptos that are still working to break into the top 50.
Okcoin is especially well known as one of the best places to buy Bitcoin. It reportedly transacts over 16 million Bitcoin per month. The exchange is also the first in the United States to let you purchase Bitcoin in satoshis, the smallest Bitcoin unit. Some traders prefer this over buying a tiny fraction of a Bitcoin.
Offers crypto staking and lending
Crypto staking and lending are popular ways to earn rewards on your crypto holdings. Okcoin makes this easy and offers competitive interest rates.
You can earn rewards on more than 10 of the cryptocurrencies that Okcoin offers just by depositing them to a staking/lending pool. Interest rates depend on the cryptocurrency. Several offer an APY of over 5%, and there are a few offering over 10%.
Okcoin offers highly-rated mobile apps for Apple and Android devices. The Okcoin mobile app offers the same features as the web platform, so you can use it for crypto trades, staking, deposits, and withdrawals.
What could be improved
Not available in some states
Although Okcoin is licensed in the United States, it’s not currently available in the following states and territories:
All U.S. territories other than Puerto Rico
Okcoin’s educational content is solid, but it could be better. It has a blog with info on various crypto topics. On the price pages for each of its cryptocurrencies, it includes a paragraph describing that cryptocurrency and provides links to that cryptocurrency’s official website, white paper, and Twitter account.
Some of Okcoin’s competitors go into much more detail in their educational content and cover more subjects.
How Okcoin works
Okcoin is a cryptocurrency exchange where you can buy, sell, and trade digital currencies. After you’ve created an account, you can fund it through a bank account transfer or a debit card. Bank account transfers are free, while debit cards carry a 3.99% deposit fee.
This exchange offers a standard trading platform and an advanced platform with more features. In addition to crypto trading, Okcoin also lets you earn interest on your crypto holdings by staking or lending them.
There are over 60 cryptocurrencies available on Okcoin. Although there are exchanges that offer more, Okcoin does well overall, especially compared to the other exchanges available for U.S. investors. You’ll be able to invest in most of the market leaders, as well as some smaller cryptos.
Here are some of the different types of cryptocurrency you can find on Okcoin:
Okcoin is right for you if:
1. You want to buy and sell crypto for some of the lowest fees on the market.
2. You’d like to earn interest on your crypto by staking and lending it.
3. You’re looking for a platform with a smooth design that makes it easy to jump in and start investing.