Review on OKCoin by James Pettis
My second-favorite Crypto exchange
First: I'm a U.S. resident. That limits the Crypto exchanges I can use. No international Binance or Kucoin for me.
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Second: my favorite Crypto exchange is Binance U.S. Great rep and very low fees if you use the native BNB tokens.
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But there are several varieties of Crypto that I trade on OKCoin. Why?
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Reason #1: Because I'm small-time, dealing in relatively small values of Crypto, and OKCoin allows you to trade in values of Crypto that are much smaller and much more precise than Binance U.S.
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Reason #2: Because several varieties of Crypto available for trade (with US$) at OKCoin are not available at Binance U.S.
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See "Pros" and "Cons" for detailed comparison to Binance
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Other (difference from Binance US)
- Funding and Trading accounts, I haven't found this division valuable and I'm not sure why they exist. You can put all of your assets in the Funding account...but you can't trade with them there. You can deposit and withdraw to and from your bank directly to and from the Trading account...so why is there a Funding account? Perhaps it helps people to separate Crypto they want to hold from Crypto they want to trade?
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Trading allows very precise amounts (June 2022)
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Lots of US$ trading pairs, including LUNA, SHIB, etc. (Pics from June 2022) Up-to-date list here: https://coinmarketcap.com/exchanges/okcoin/?type=spot
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- Pros (compared to Binance US): - You can make smaller trades and more precisely set the value of trades - Several high-interest varieties of Crypto not traded on Binance US are traded at OKCoin - A posted trade can be "edited". Let's say you set up a Limit Buy for $0.00100 Bitcoin at US$20,000, and then you decide - before the trade is accomplished - that it looks like Bitcoin is going to drop a lot more than the set limit. You would like to increase the Crypto buy amount and decrease the limit price. Instead of having to find that trade, cancel that trade and create a new trade, you can find that trade and edit both the amount of Cryto to trade and the limit at which to trade. - For new users, a Bitcoin sign-on bonus. Yes, they really pay out the bonus.
- Cons (compared to Binance US) - Slightly higher transaction fees - Slightly clunky interface. I especially like the Binance US "Wallet" page, which shows you how much of each asset you have and how much of each asset is tied up in trades. OKCoin does not have this feature. - Headquarters in China, not US (though somewhere I have read that they have local US headquarters in San Francisco to serve the more strictly-regulated US market)
