The Complete Guide to the OKCoin Exchange

• History
• Founding Father
• The OKCoin Exchange
• User Registration
• Depositing and Withdrawing
• Trading
• Other Trading Options
• Fee Structure
• API Keys
• Mobile App
• Token Listing
• Customer Service
• Regulatory Compliance
• Referral Program
• Conclusion

Having been in existence for seven years, OKCoin is among the world's first and largest cryptocurrency exchanges. OKCoin International is a subsidiary of OKB Technology Company Limited. The exchange operates a fiat-to-crypto trading platform and provides its services to users in China, Asian markets, and other countries worldwide. Its primary mission is to ensure that traders enjoy the ease of doing business on the cryptocurrency market.

After its launch in 2013, the company was focused on bitcoin trading; however, other popular virtual currencies have since been introduced. With its steady growth, the exchange company has about 500 employees and serves millions of users in more than 180 countries.

The platform pays special attention to customer support and satisfaction, implying that reliability, transparency, and efficiency are key factors in day-to-day business operations. It offers products and services that are tailored to meet its users’ needs. Being a registered Money Services Business and regulated by the Virtual Financial Asset Act Financial Crimes Enforcement Network, OKCoin boasts of being compliant with the crypto industry's highest regulatory standards.

OKCoin has various offices in Hong Kong, San Francisco, Japan, Singapore, and Malta. To ensure there is adequate customer security, OKCoin has adopted advanced security features such as anti-fraud technology. The exchange states this clearly on its website, to assure users that such security measures (which follow US regulatory and general cybersecurity standards) are in place.

History

Established in 2013 in China by its current CEO, Star Xu, OKCoin generated millions of dollars in preliminary investments. These funds were obtained from various venture capital companies in the US, China, and other countries. The platform is known to have strong investor relationships with Venture Labs, Mantra Capital, Longling Capital, Ceyuan Ventures, and a private investor, Tim Draper. Star Xu is well-grounded in technology management and has previous experience working for Alibaba and Yahoo. He also worked at Dolcn.com as a Chief Technical Officer.

OKCoin has developed rapidly since its launch in 2013 and has grown to be one of the world's prominent crypto exchanges by transaction volume and customer base. It has also expanded its services to cover lending and mobile consumer payment. In the early stage, OKCoin operated only in China. However, the company decided to spread to other Asian countries and beyond in a bid to support the growth of the Bitcoin community.

When the Chinese government introduced several restrictions for cryptocurrency exchanges, it had some pretty adverse effects on OKCoin. Because of these restrictions, OKCoin had to cease its local services and switch its focus to the global market. In September 2017, the platform announced that local customers would not be able to access its trading services due to the new regulations imposed by the government.

Before that pronouncement, the platform had specified that it would stop the trading of yuan-based cryptocurrency pairs. This move came in response to China’s announced plans to bar all ICOs. As a result, the Bitcoin price took a nosedive of about 20% within two weeks.

OKCoin has gained customer confidence by offering its unique services. Currently, it has an average daily trading volume of $16 million, with about 24 pairs traded on the platform.

Founding Father

The brains behind OKCoin is Star Xu, the CEO of OK Group. He is a trained physicist with his Bachelor’s degree from the University of Science and Technology, Beijing, where he graduated in 2006. He proceeded to pursue his Master's degree in Physics at the Renmin University of China.

While he was an undergraduate, he worked for Yahoo! as an engineer for just over a year. He then switched to Dolcn as a Chief Technology Officer, where he worked for nearly six years.

Xu came across Bitcoin in 2011 after he heard about it on the TV series The Good Wife. With his developed interest in the new crypto coin, he proceeded to tap into the opportunities the growing digital economy had to offer.

This gave birth to OKCoin in 2013, which Xu set up to cater to the needs of the Chinese cryptocurrency market. With the crackdown on ICOs by the Chinese government, he began to explore the option of running his crypto exchange on a global scale.

The OKCoin Exchange

Only a few exchanges can boast of longevity that matches OKCoin. With over seven years of existence, it has lasted longer and remained stronger than many of its newer rivals. The platform has witnessed a steady growth of its customer base while establishing a credible reputation within the cryptocurrency industry.

The platform provides individuals and professionals with an opportunity to trade fiats with cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, etc.

To ensure that customers are comfortable using the platform, OKCoin employs Blockchain technology for high-end encryption and security. In addition, the company makes use of other advanced technologies like GSLB, storage division, and clusters of distributed servers. OKCoin exchange has both hot storage for keeping a fraction of currencies online and completing transactions, and cold storage for storing digital currencies. With all these in place, transactions on the platform are instant, efficient, and stress-free.

In all, the basic features of this platform include:

• Multi-platform support: This function comprises the web platform, API and mobile app trading
• Margin Trading: Margin trading allows users to generate more profit with 10x or 20x leverage tools
• Hedging: With this tool, traders are allowed to lock in their profits
• Dynamic Market: The platform offers the liquidity of the global market
• Multiple Cycles: This tool helps traders to hedge and arbitrage easily
• Low Fees: The platform increases ease of trading with its low transaction fees

The company combines the structures of GDAX and Coinbase, while one is more focused on serious traders, the other is focused on meeting the needs of its customers. This combination has helped the platform establish an interface, which is unique from other crypto trading platforms. OKCoin has a straightforward and user-friendly interface. Plus, its website is mobile compatible.

OKCoin Trading Interface

The basic trading interface consists of a white background and was designed to be used on the go. There’s a night mode option, too. This option is suitable for traders who analyze and execute trades late into the night as it helps reduce the strain of the screen brightness on the eyes.

The interface also features a miniature graph chart that shows various time frames, ranging from a day to six months for price analysis. On the chart's left-hand side, the user can see the available currency pairs and their percentage changes in price. This particular trading interface also displays the trade volume and the 24-hour high and low prices of each trading pair.

Users can easily switch between spot trading and margin trading on the basic trading interface. They can even switch the base currencies to either dollar (USD), Euro (EUR), Singaporean Dollar (SGD), or crypto (USDT). The order execution panel is found on the right-hand side of the chart. Here, users can see the current price of a pair, choose their order type, input the amount of tokens or dollars they wish to trade with, and execute trades with the button made available. OKCoin also has a money conversion feature. With this, when a trader inputs a token amount he wants to trade, it is converted to the USD, EUR, SGD, or USDT rate.

Users can monitor their open orders and view their order history on the lower section of this interface. There is also an option for a user to set a limit order, and it’s found in this section of the screen.

When a user clicks on the Chart or Full-Screen option located just above the graph chart on the basic interface, it leads to a larger and more advanced trading chart. This chart looks similar to the MetaTrader 4, MetaTrader 5, and Web Trader tools found on most platforms. Here, the user can toggle between the original and the TradingView chart options. They may appear similar, but the TradingView chart has more advanced trading tools than the original. The time frames on these charts appear to be more user friendly, as users can access time frames as low as one minute.

The advanced charts also allow users to switch between candlesticks, line charts, and bar (OHLC) charts. OKCoin trading charts display spot and margin trades for Bitcoin, Ethereum, Litecoin, and a host of the cryptocurrencies. In addition, there are various indicator options; these include Moving Averages (MA), Exponential Moving Averages (EMA), Bollinger Bands (BOLL), Stop And Reverse (SAR), etc. Traders can use these indicators as see fit or simply trade without them.

Traders can also avail themselves of OK Coin’s convenient comparison tool. This is handy for those times when a trader might become skeptical about other markets when he wishes to invest. Using the “compare” option gives users the ability to fully analyse the OKCoin market before making any further moves. This way, they can obtain a better understanding of price structures and trading fees. Traders can even compare the best bid and 24-hour market volume of currencies across different exchanges. For instance, information pertaining to Bitcoin can be viewed on Coinbase, BTCC, Bitstamp, BitFinex, etc. Another feature of the interface is the order and transaction section. This allows users to gain insight into the transactions made by other users on the platform.

User Registration On OKCoin

Similar to all cryptocurrency trading platforms, every user must register before they can be granted access to the OKCoin exchange. This allows the platform to track users’ financial movements and transactions. User registration also gives the platform access to identify fraudulent activities (if there are any conducted within the platform). The good news is that the registration process on OKCoin is easy and straightforward.

To register on OKCoin, new users should visit the official website. The Sign Up button can be found at the top right corner of the home page. After clicking the button, the user will be taken to the registration page. The registration page displays two data fields for users to fill in their details.

The first field is for inputting the user’s email address, which will be used by the exchange for communication. For the second field, the user is meant to input his preferred password. As a rule of thumb, users are advised to create strong passwords, and on the OKCoin platform, every password must be six characters long. It must contain a lowercase letter, an uppercase letter, and a number or a special character.

When the user inputs his details and clicks the “Sign Up” button, a shape captcha will pop up to ensure he or she isn’t a robot. Finally, we reach the Two-Factor Authentication stage, where a six-digit verification code will be sent to the user’s email, which must be keyed in to proceed to the next step.

On the next page, the user will have to select the account type he wishes to create: individual or corporate.

If one selects the individual account, he will have to fill in 13 data fields, which include the country of nationality, first name, middle name and last name, date of birth, country of residence, state/province, street address, city, postal code, and verification document.

After this, users proceed to the next page, which informs them that the registration is complete. The trader can now deposit to start trading.

Those who choose the corporate account option have to trade under the name of a company. Users of corporate accounts enjoy the same benefits as those using individual accounts. In addition to enjoying benefits similar to individual users, corporate accounts allow up to four individuals to execute and manage trades on behalf of a company.

Corporate Verification must be selected during account verification of a corporate account. To access the full trading features and benefits of a corporate account, users must complete the Level 2 verification.

Users should note that it’s not possible to open an individual and corporate account under one ID.

Identity Verification And KYC Levels

Completing the identity verification with OKCoin allows users to enjoy all the platform’s features. It’s possible to verify either as an individual or as a corporate body. However, users must note that once the information is submitted to OKCoin, it cannot be edited or modified. Therefore, it is imperative that every user double-checks his/her information to ensure that it is accurate before submitting it.

Identity verification helps users secure their assets. To complete this step, the user has to click on the Profile icon at the top right corner of the screen. The next step is to select Overview, after which he or she can switch to the Verification page.

OKCoin has three verification levels for individual accounts and two levels for corporate accounts, which involve the submission of basic information and identity documents. The higher the user climbs up the identity verification ladder, the more features he can access.

Individual Account Verification

Identity Verification Level 1: At this first stage, the user is required to submit just his basic information. This includes nationality, first and last name, date of birth, country, and state of residence, street address, and document identification number and type. The user must ensure that the information submitted is accurate and original to avoid any repercussions down the road.

Identity Verification Level 2: This level requires the user's proof of identification. Completing Level 2 verification gives the user access to depositing fiat currencies, depositing and withdrawing tokens, and attaining higher withdrawal limits. Before proceeding with this step, users must ensure that:

• There is a clear image of a valid international passport with a visible expiration date
• The photo on the passport must be clear
• The image resolution must be above 30 dpi
• The image must be uploaded in .png, .jpg, .jpeg, and .pdf format, and the file must be under 3 mb

Identity Verification Level 3: This stage involves a proof of address and video verification. A user is required to upload a valid government ID card or driver's license for proof of address. In a scenario whereby the address is not printed on the documents mentioned above, users will be asked to upload bank statements or utility bills where their residential address is clearly visible. Users must also note that these documents should not be more than three months old.

Corporate Account Verification

Identity Verification Level 1: This is the basic verification, and the company involved will need to submit some important information. They include company name, registration address and operation address, country of registration, company registration number, date of incorporation, confirmation that the organization has no bearer shares, and partners, directions and UBO details.

Identity Verification Level 2: This is an advanced level and unlocks various features and benefits for the users. The information needed here includes the company’s introduction (a summary of the company’s business operations), sources of funds, customer type, total assets managed, source of funds, shareholder structure chart, certificate of business registration and incorporation, the company’s memorandum and articles of association, account opening authorisation letter, AML Policy (if applicable), Certificate of Incumbency and Annual Return, and identity and proof of address documents of authorised account operator/ actual controller/ ultimate beneficial owner.

The documents to be uploaded must be in .png, .jpg, .jpeg or .pdf format and they must not be more than 5 mb in size.

Depositing And Withdrawing On OKCoin

As with all crypto trading platforms, users must make a deposit of a certain amount before they can start trading. The deposit process is straightforward, and can be done within minutes, after which trading can start. Users can deposit via wire transfer from banks within and outside the US. Anyone residing outside the US must ensure that their bank is within the areas of operations.

Currently, only wire transfers and SEN (Silvergate Exchange Network) deposits are supported for US users. This type of deposit requires just two steps. The first is to submit a deposit request on the OKCoin exchange and take a screenshot of the bank wire instructions. Next, users must visit their local bank branch or log in to their bank's online banking platform to manually carry out the wire transfer.

Fiat Deposit

To deposit fiat, users should click on the Assets dropdown menu, and select Fiat Deposit. Next, users will proceed to add their Bank Information from which the money will be deposited. After the user fills in their correct details, he or she should click on Submit. Next, they’ll see the option to input the amount they wish to deposit and go back to the Fiat Deposit page to key in the corresponding deposit amount.

The user must Confirm and submit his deposit request, including the wire amount, requested amount, and bank account number. After this, he must proceed bank to carry out the wire transfer. Also, will find the wire transfer instructions displayed on the user’s screen. Always stick to the instructions provided. In the event whereby a user mistakenly closes the popup, he/she can find the deposit details and instructions by clicking the View hyperlink.

Suppose a user wishes to initiate the wire transfer from his online banking platform, he can simply log in and follow the same instructions given by OKCoin. The process is easy and straightforward. It takes about 1 to 3 days for the funds to reflect in a user’s OKCoin account. The balance can be checked in the wallet. To start trading, the user has to transfer funds from the wallet to the spot or margin account.

Token Deposit

To proceed with this, click on the Asset dropdown menu and select Token deposit. Different token options will be presented; the user can pick the token option he wishes to deposit, and the address is displayed. The address provided will be used to make the deposit. In addition, the QR code option is a substitute deposit option for users. Further, every user must note that each token has its unique address; hence, ensure that the right address is copied.

Withdrawal

The withdrawal process is as easy as the deposit process. Go to the Asset dropdown menu and click on Fiat Withdrawal. Then select the beneficiary account and input the withdrawal amount. Upon submission, the OKCoin team will verify the bank details and initiate the transfer of funds. In some cases, a withdrawal will be subject to a transfer fee, which is automatically deducted. In an event whereby the withdrawal does not go through, the withdrawn amount gets returned to the user’s account. Users must ensure that they input the correct bank details to have a hitch-free transaction.

To withdraw tokens, the user should click on Token Withdrawal on the Asset dropdown menu and choose the token he wishes to withdraw. Then the withdrawal address has to be keyed in before clicking Confirm Withdrawal to submit. When a user initiates a withdrawal, it passes through six blocks of confirmation before approval. This can last from a few minutes to several hours owing to the conditions of network traffic.

For token withdrawals less than 2 BTC, the user must have a Level 1 verification, and withdrawals above 2 BTC require Level 2 verification. Further, for withdrawals beyond 50 BTC, it is required that the user contacts OKCoin’s business agent.

Trading On OKCoin

So far in this guide, we’ve covered topics ranging from account creation, to verification, and funding. Now, we have come to the meat of the guide, which is how to trade on OKCoin.

Users can trade up to 24 cryptocurrency pairs on the platform. To execute any trade on OKCoin, the trader has to login to his account, click on the Trade dropdown menu, and select either Spot or Margin trading. When the user is in the trading area, he can opt for either Buy or Sell options. The buy button has a green colour on the platform, while the sell button has a red colour.

Prior to any trade execution, the trader has to select the type of order he wishes to execute. We’ll shed more light on the various types of orders users can make on OKCoin below:

Limit Order

The Limit Order refers to an order to purchase or short an amount of digital asset at a particular price or better. When a user places this order, the system posts it on the order book and matches it with available orders at the specified price or a better one. For instance, if the current price of ETH/USD is $387.61 and the trader wishes to buy at $350, he can select the Limit Order and set the buying price at $350. This order will not be filled unless the price drops to $350 or lower.

Advanced Limit Order

Using this order type, the user can explore three options. These options include Post Only, Fill or Kill and Immediate or Cancel.

Post Only: Traders who want to ensure that they will receive a market maker refund when their order is executed employ this order type. If a post only is sent to the order book and it matches an existing order, the order is invalidated. This order type ensures that the trader will be a market maker.

For instance, if the asking price of BTC/USD is $11,704.28, and the trader buys in at $11,000, and if the price happens to fall to a more attractive price point (say $10,990), at that point the order would be automatically cancelled. This is because the order was unable to be placed in the order book. To this effect, the trader avoids paying any unplanned taker fees.

Fill or Kill: In this particular limit order type, the broker executes the entire order immediately or does not fulfill it at all. This is to say that the order gives the market maker an instruction to either fulfill all contracts immediately at a particular price or cancel them instantly. This order type normally puts pressure on the market makers in their decision making and most times, the orders are killed. For example, if a trader selects the Fill or Kill Option and wants to purchase 220 LTC at $57.75 and the available amount in the order book is 175 LTC, the order will not go through and will be cancelled completely.

Immediate or Cancel: This is an order type that executes all or parts of a trade immediately. Any part of an executed trade that happens to be unfulfilled gets cancelled instantly. This order type allows investors to choose how long an order should remain active in the market, as well as the conditions upon which it is invalidated.

For instance, if an investor wants to buy 250 BCH at $304.09 and the total amount available in the order book is 210 BCH, 40 BCH will be cancelled immediately because it has not been filled. However, the available 210 BCH will be filled in the market.

Market Order

This is an order type made by an investor to execute a trade at the best price in the current market. It is known to be the easiest, fastest, and most efficient method of entering or exiting a trade. On OKCoin, the value of a single market order must not exceed $100,000.

For example, if the current price of BTC is $11,726.54 and a trader wishes to buy instantly at the current market price, he can select Market Order and set the purchase amount. As soon as the order is placed, it will be filled instantly, and the unfilled portion will automatically be cancelled. In a volatile market, the final asking price for the trade may not be $11,726.54; it will, rather, be subjected to the real-time market price. Traders must note that this number may be higher or lower than their intended asking price.

Stop Order

Traders on OKCoin can take advantage of a Stop Order to execute a trade once the price reaches a specified point. When the current market price meets the trigger point, the system instantly places the order in relation to the amount and pre-set price. If the order gets triggered and the trader’s balance is less than the order amount, the system will place the trade according to the recent balance.

However, if the balance is lower than the minimum required trading amount, the order will not be filled. The most common types of stop orders are the buy stop order and the sell stop order. The buy stop order is filled when the current market price goes above the stop order, whereas the sell stop order is executed when the market price hits and falls below the trigger point.

Trail Order

In truth, this order type is complicated, and we recommend that traders carry out proper research to understand how Trail Orders work before using this function on OKCoin. Traders use trail orders to target significant swings in the market. When a trader uses the Trail Order type, and his account balance is lower than the order amount, the order will be placed according to his present balance. Also, if the account balance is lower than the minimum trading amount, the order will not be filled.

For example, BTC has a current market price of $11,713.69, and a trader believes that the market will swing down and hit a particular price floor of $10,000 (trigger price). If he wishes to buy in when the price has gone below the pre-set callback rate, he can use the trail order. If the callback rate is set at 1% and the market swings down to $9,000 and comes up to hit $10,000, the conditions are met ({10000-9000}/10000 = 1%) and order will be filled.

Conversely, if the price swings below the callback percentage, the order will not be filled. Likewise, if the market reverses at the pre-set callback but does not hit the trigger price, the order is invalid. This is to say that a buy trail order will be executed when the trigger price is greater than or equal to the lowest price, and the rebound rate is greater than or equal to the callback rate. Also, for a sell trail order to be filled, the trigger price has to be less than or equal to the highest price, and the rebound rate has to be greater than or equal to the callback rate.

Iceberg Order

An iceberg order breaks up a trader’s large order and executes it in small bits. Its aim is to help traders avoid slippages while in the market. The orders will be executed according to the real-time ask and bid prices coupled with other conditions set by the trader. When a particular order is filled, the next order will be executed instantly. The trader can set a variance percentage if he wants the quantity of each portion to vary.

Assuming a trader wants to buy 1,000 ETH without paying for any price increments, which may be unplanned, he can avail himself of an iceberg order. When the system automatically executes an iceberg order, the order amount will be 80% to 100% of the average amount. The order will be filled at the current price, and when the last market price exceeds the order variance, the system cancels the previous order, and a new one is placed.

Further, when the total order amount is equal to the amount traded, it implies that the trade has been filled completely. If the latest market price surpasses the highest ask price, the order is temporarily paused, and it will restart when the price falls below the highest buy price.

Time-Weighted Average Price (TWAP)

This is the average price of an instrument (fiat, crypto, or commodities) over a stipulated period. TWAP executes an order in various slices at regular intervals set by the trader. Its purpose is to minimise the market's effect on basket orders.

Let's say an investor wishes to buy 500 BCH; he will set the total amount he wishes to trade, the sweep ratio (which determines the size of a slice order), the price variance (which is the highest acceptable variation), the maximum price limit, the maximum tradable amount per order and the time interval (normally set in seconds).

Orders will be executed according to the parameters set by the trader. If the slice order price hits the minimum or maximum prime limit set by the trader, the order is filled at the pre-defined maximum or minimum price. An order is automatically invalidated if there is no matching price on the market. In addition, if the sliced order quantities reach the maximum or minimum order quantity set by the trader, the order is filled at the quantity pre-defined by the trader.

The last four order types mentioned above are referred to as Algo Orders. These are sets of commands for executing a trade at a pre-set volume and price. The logic of these orders are constant, and they implement instructions following the defined parameters. Algo orders are designed to give traders the flexibility of inputting trade instructions in advance to help save time when it is time to execute.

Traders employ these tools to avoid poor execution because of the various distractions witnessed in the market. However, users must note that algo orders will never be filled if the pre-set parameters are not fulfilled. When such cases arise, the trades are either temporarily paused or cancelled entirely.

Other Trading Options

OKCoin offers two trading options on its platform. We’ve already discussed spot trading, so now it’s time to talk about Margin Trading.

Margin Trading

Margin Trading allows traders to execute trades larger than their account balance. With this, they can open bigger trades in the market with limited funds. If the market moves in their favour, they can generate significant profit using this method. However, margin trading can also wipe out a trading account’s funds if things go sideways. But, when compared to the spot trading accounts, margin trading gives users more leverage, and can amplify a trader's results. OKCoin offers only five pairs for margin trading accounts, and some rules apply to this type of trading account.

OKCoin Fee Structure

Just like most crypto exchanges,OKCoin has various fee structures for different trades or transactions that can be executed on its platform.

Trading Fees

For any trade to happen, there must be two parties involved: the maker and the taker. The maker is one whose order already exists in the order book before the trade. On the other hand, the taker is one who placed an order to match the maker's order. Makers ensure that there is liquidity in the market, whereas takers eliminate this liquidity by making matching orders.

In line with industry standards, OKCoin charges a 0.20% trading fee for takers. The fees decrease as the trader's Premier Level increases. Makers who trade at a fee of 0.10% also get a discount from the exchange. For investors who are not willing to pick up current orders in the order book, this could be a huge benefit.

Trading fees are measured by tracking the 30-day volume. Then, the platform converts it to USD with the asset’s exchange rate at the time of the transaction. The exchange also converts non-USD base-pair transactions.

Users pay transaction fees when they purchase assets. For instance, if a user buys ETH/USD, the transaction fee is charged in ETH. By contrast, OKCoin pays rebates on the asset sold by the trader. For example, if one buys ETH/USD, the rebate will be paid in USD.

As mentioned earlier, OKCoin reduces trading fees when a user trades more. Below is a trader that shows the various user tiers and related trading fees:

Deposit And Withdrawal Fees

There are various deposit and withdrawal options on the OKCoin platform. While depositing on OKCoin, the user’s bank might charge a handling fee. Likewise, a user’s receiving bank might charge an intermediary fee during the withdrawal process. OKCoin charges none of the transaction fees.

OKCoin receives deposits from multiple banks; therefore, a user is not required to use the same bank for all his deposit transactions. The platform accepts from banks in countries that are within its areas of operation. The table below displays the various fees a user could pay:

Margin Interest Rates

Margin Interest Rate is the percentage charged on the margin debit balance after a transaction is settled. Depending on a trader’s margin debit balance and base rate, margin interest rates could vary. Margin interest rates could rise and fall instantaneously between the highest and lowest daily rates on the platform. However, this is largely dependent on demand and supply.

Geographies Served By OKCoin

OKCoin operates globally, but due to regulatory issues, the exchange doesn’t offer services in Iran, Cuba, Crimea, North Korea, Syria, Bangladesh, Sudan, Kyrgyzstan, Bolivia, Malaysia, or Ecuador.

OKCoin API Keys

The OKCoin platform provides its users with APIs, which can be integrated into applications to simplify the transaction and trading processes for users. Registered users can create API keys with different functions to carry out a variety of tasks; for instance, an API can deposit, and another can withdraw.

To create an API key, go to the Profile dropdown menu and select API.

Doing so brings the user to an API key creation page. From here, he or she should click Create API Key.

On this page, the user will be presented with five data fields. The Label, Password, Permission, and Google Authentication data fields are mandatory, whereas the IP Address is optional. After completing the data fields, click on Confirm.

Voila! The API key has been created successfully. To view the API key, click on View.

The system will request the user’s Password and Google Authentication Code. He should fill the data fields and click on Confirm.

When the last action is complete, the full API information will pop up. The user can either copy the API Info or scan the QR code.

The OKCoin exchange offers different API configurations; here, they are:

REST API

Also known as Representational State Transfer, the Rest API is a clear, user-friendly, and standardised framework used for creating web services. This function aids in the seamless transfer of files and protocol between the server and the client. Also, it is highly recommended for trade execution and withdrawal.

WebSocket API

A WebSocket API is a modern HTML5 protocol, and it carries out full-dual data transmission between server and client. This feature allows for easy data transmission in both directions. Once set up, the client and the server become connected; and servers can pass information to the client without hassle.

Funding Account API

This API is employed while transferring funds between the main account, sub accounts, and numerous trading accounts. It is also used to obtain deposit addresses and initiating withdrawals.

Spot Trading API

The task of a Spot Trading API is to retrieve account information, market data, bill details of the user’s spot trading account, and order management.

Margin Trading API

A Margin Trading API retrieves account information, market data, bill details of the user’s margin trading account, and order management.

Public-Status API

It shows the status of maintenance or system upgrades.

Traders must note that some API responses might be redundant in a bid to remain compatible with an older version. Users can reference the parameters stated in the API documentation.

OKCoin Mobile App

The OKCoin mobile app runs on both Android and IOS devices, offering its users flexibility for their various devices. Both versions provide the same features, which include:

• Real-time quotes for displaying live market data including prices of digital assets
• Live charts with a collection of technical indicators
• Spot trading, which enables traders to buy and sell assets easily
• Margin Trading to give traders more leverage in the market
• A one-stop service, which allows traders access to OKCoin and OKEx with the same account for convenient trading
• Initiate deposit and withdrawals whenever and wherever the user is
• Easy access to live customer support

Android users can download the Android version of the app on Google Play. It has an average rating of 3.9 out of 5, and has so far been reviewed by 32 users. With minimal ratings and a relatively low score, users should apply some degree of caution while using OKCoin’s mobile app.

The iOS app appears to be much better, with an average rating of 4.7 over 5 after being reviewed by 15 users. Users can get the iOS version on the Apple Store for free.

Security

OKCoin’s developers seem to understand the importance of ultra-tight security on its platform, and have thus set up many security measures to ensure that its users’ accounts stay safe. There are various protection layers to detect, prevent, and eliminate risks and vulnerabilities on the platform. The security measures on the platform include:

Access Control

OKCoin uses split architecture to verify and approve every access request made by a user. Every single session is made secure with full identity verification. In addition, when a user initiates a deposit, withdrawal, or executes trades, authentication is required before the process goes through. Email and SMS notifications are used to send authentication codes to users, and the platform utilises PGP encryption for all email communication.

Platform Security

OKCoin has put in a good effort to prevent breaches since its inception. The exchange runs system checks to identify irregularities and malicious attacks before it destroys the system and poses a danger to users. The platform is in partnership with numerous cybersecurity specialists to run periodic checks and pinpoint anomalies on the system. OKCoin has never been hacked; however, the platform has previously experienced a DDoS attack.

Data Security

On OKCoin, data protection is imperative. Starting from data collection, user information is secure. In addition, SSL encryption is employed for data transmission, and stored data is protected with AES encryption. When data is transferred between client and server, end-to-end encryption is used to make the process safe and secure.

Wallet Security

To ensure wallet security at OKCoin, 95% of its users' assets are stored in offline cold storage, and the remaining 5% is stored in hot wallets to ensure there is enough liquidity. Cold wallets keep funds safe since they cannot be accessed with a single key; before the funds can be accessed, the system requires at least three to five signature approvals before they are processed. In a scenario whereby there is a malicious attack on the hot wallet, the platform can easily soak up the hit.

Token Listing

The primary mission of OKCoin is to provide access for users around the world to trade cryptocurrencies. Since most users want to have a wide array of digital assets to choose from, OKCoin has made a big effort to provide that. There are new tokens listed alongside the prominent ones on the platform, and they are mostly paired against fiat currencies.

OKCoin has various internal guidelines that govern the listing of tokens on the website. This is to ensure that users remain secure while exploring the variety of trading options available to them on the platform. Since OKCoin deems regulatory compliance important, tokens listed on the platform must conform to the local laws of OKCoin's areas of opruleserations.

Additionally, tokens must be functional and technically sound. To this effect, the platform makes sure that traders do not invest in tokens that are yet to show proven records of accomplishment.

There is no cost attached to listing a token on OKCoin; one only needs to fill the Token Listing Form. Here, the project leaders will have to share information about their organisational history, philosophy, and communities. OKCoin’s legal and compliance team will have to verify to make sure that all guidelines are met; after that, the token goes through a final evaluation. If the token passes through this entire process successfully, the company works hand-in-hand with the token owners to introduce it to the platform.

Once this process is completed, OKCoin works with its community to increase awareness and ease token adoption. In a scenario whereby the token becomes less compliant with the platform's best practices, OKCoin reserves the right to suspend or delist it after giving prior notice to its users. With all these guidelines and processes in place, users are assured of their safety.

Customer Service

OKCoin has a laser focus when it comes to customer support. Traders can explore a wide array of options to get in touch with the exchange’s support service, including emails, direct telephone supports, live chat, and a ticketing system. The platform has a friendly customer support staff who exhibit a high level of professionalism. In most cases, customers get responses to their queries within an hour.

In addition, there is an FAQ page where customers can find answers to some of their questions. Unfortunately, this FAQ section lacks numerous important answers and is not properly formatted. However, users can use the Submit a Request option to ask questions that are not answered on the FAQ page.

Regulatory Compliance

OKCoin works to ensure that it is always operating within the laws of its countries of operation. The company also makes users aware of its safety precautions and the correct use of service. Before signing up, users are made to agree to the platform’s detailed Terms of Use and Privacy Policy. This states the conditions on which OKCoin can access the user’s data, submitted documents, identification number, and any other personal information, while he or she is using the platform.

Referral Program

OKCoin established a referral program to reward users who help to promote and grow the platform. Therefore, users can earn an additional income while trading on the exchange. For a valid referral, the invited user must register and pass the Level 2 verification within 180 days. He must also deposit at least $100 of fiat currency and trade over $100 worth of digital assets. Once all these conditions are met, the inviter and the invitee get $10 worth of BTC as a reward for the referral.

Conclusion

Generally, the OKCoin interface is straightforward, well-designed, and user-friendly, making it an ideal exchange tool, even for beginners. The exchange offers various tools and options for traders to explore, any of which can make trading a much more fluid (and profitable) process. Users can also trade on the exchange’s Android and iOS apps and enjoy access to the same features available on the website. OKCoin’s support team offers email, direct phone call, and live chat options, and their response time to queries is relatively fast. Overall, OKCoin is an accessible exchange that makes for easy trading of digital assets.