The history of OKCoin. The story of success and features of the exchange.
Most Bitcoin exchanges who were pioneers in the cryptoindustry sphere, became its leaders with time. They used lack of business rivals to their advantage. Others follow their pattern and try to achieve the same heights. As for OKCoin, there was time when it was the biggest BTC cryptovenue of global scale with incredible turnover. But time goes and other industry giants appear. It is hard to compete with them. Still OKCoin remains one of the biggest crypto platforms. Its volume surpassed the mark of 16M BTC monthly. You can track OKCoin Coinmarketcap data to make sure that it is so.
The platform was launched in 2013 in the capital of China. The founder of the enterprise is highly experienced professional in the sphere of high tech who worked previously for such global leaders as Yahoo, Alibaba and other successful companies. In other words, this is a person with big ambitions and his ambitious approach was applied in his new enterprise. The company started expanding. It opened offices in other countries thus turning into international project. The site is available for users from different countries. Any person can pass verification procedure. One just needs to enter necessary information on the site and wait until it is processed.
The information on the site is provided in 2 languages: English and Chinese.
There are two ways to pass OKCoin registration at the moment. The person provides a mobile phone number or does it via email. It would be better to use the last option because the load on the servers is too high. It is enough just to confirm the email clicking on the activation link.
There are different tiers of verification on OKCoin platform. One can take advantage of all options with higher verification level.
One should provide minimum documents for the 1st tier. The client should deliver personal data, email address, nationality, and a passport number. However, you will need a higher level of verification if you plan to withdraw funds to your bank account. In this case, the user is obliged to provide a mobile phone number, proof of residence, passport or ID card scan and driver’s license (in case you have it).
The withdrawal limit depends upon the type of the account and level of verification. Lvl 2 enables withdrawal up to $50k per day and up to $500k for corporate clients.
Alongside with this, the person can reach the VIP level as well. It is granted if the person earns more reward points. It is possible to do when you trade currencies in accordance with KYC demands.
The basic OKCoin currency list includes the following fiats: USD, CNY. And altcoins as well - these are BTC, LTC.
The fees in OKCoin futures trading are not high. The amount depends upon the currency. The borrowing limits also depend upon the type of currency. One can’t borrow more than 500,000 American dollars, over 1000 Bitcoins and 25000 LTC.
The depositing methods are limited. It is possible to deposit funds via bank transfer or wire transfer. But the fee to use the service is only 0.1%.
Any user can obtain OKCoin API in the settings of the account.
If you have any doubts concerning use of OKCoin, Bitcointalk is a good place where you can get answers to your questions. The users express their opinion of the exchange, compare it with other sites offering similar services such as ANXPRO, Coinnestor Kucoin exchange and discuss the problems together. The forum will help to make conclusion about the service. If it does not meet your requirements, you can easily find other alternatives. Try to use Coinmarkets or EasyCoin if something is not to your liking at OKCoin exchange.
The history of OKCoin. The story of success and features of the exchange. ❺❺❺ -
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