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OKCoin

OKCoin Review
Trader's rating 5
Editor's rating 3.8

Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed None Max 0.20%


OKCoin is one of the biggest Bitcoin exchanges, at the time of writing of this review. They focus mainly on the Chinese market and more specifically on retail customers.


 
The company, security of funds

Company Country Regulation
OKCoin.cn Inc China N/A


 
OKCoin is based in China and also has a second brand. The company has a structure similar to Coinbase and GDAX, one of the brands is focused on the needs of basic customers and the other on more serious traders. OKEX is the name of the more trading oriented solution.



While OKCoin accepts real money transfers, they can only be done in Chinese Yuan (CYN). This is simply the company’s focus, which also carries on to the trading instruments offered (more on them later in the review). That being said, OkCoin used to accept USD deposits, but “issues with intermediary banks” caused the company to cease this activity, much like Bitfinex. Additionally OKCoin stopped accepting US clients, probably because of pressure to comply with US regulators.



While we are on the topic of regulation, we must mention the rather obvious (for some, at least). While China is not strictly against Bitcoin and cryptrocurrencies altogether, the country recently banned ICOs. With that in mind, they may be planning on applying rules on all crypto-transactions, which may affect OKCoin.



OKCoin has not been involved in major hacking scandals so far. The non-Chinese user reviews on the company aren’t that many, but are generally positive, which can’t be said for all cryptio-exchanges.



Trading conditions


 
Trading instruments (cryptocurrencies)
There are a few altcoins available at OKCoin, but this is definitely not an exchange which list a lot of coins. The options currently available are: BTC, LTC, ETH, ETC and BCC. The addition of Etherem Classic and Bitcoin Cash will be appreciated by some users. Trading at OKCoin is only done against the Chineese Yuan (CNY), while the other brand owned by the company provides more products.


 
Minimum initial deposit

There is no information on the minimum deposit at OKCoin. This is rather odd, especially given the fact they accept deposits in Yuan. We are used to forex brokers, disclosing their entry barriers. For instance FXCM only requires a $50 deposit, for the opening of a new trading account.


 
Leverage
Margin trading is not available at OKCoin, while it is at the company’s other brand OKEX. In essence OKCoin is the company which takes fiat currency deposits (only in Yuan), while the other website is the more trader-oriented exchange. Leverage at crypto-exchanges is usually lower than the one provided for forex trading, where brokers often allow 1:500 or even higher ratios. That being said, cryptocurrencies are a lot more volatile, so margin trading is a lot riskier, in general.


 
Fees
Fees at OKCoin are competitive with the current offers by other brokers, going as high as 0.20%. With greater volumes, the rate declines, which is also a procedure applied by multiple exchanges. Luckily for the more aggressive traders there is no difference for market “makers” and “takers”. The forex brokers who offer bitcoin trading on the other hand include all of their costs in the spread. They also mostly provide CFD trading. For a full comparison of the two types of services read this post.


Trading platform


 
The platform provided by OKCoin is web-based and a bit simplistic, especially when compared to the one provided by the other brand owned by the company. That being said there are a lot of options, when it comes to charting. Traders can choose between several styles of charts. There are simple ones, the solution provided by trading view, as well as a proprietary solution. Here is a preview:




 

 

The charting is very nice, with some technical indicators being pre-loaded, to stimulate more active trading. The order book at OKCoin is also very user-friendly. Here is a preview:




 

One can clearly distinguish between the bids and asks. The tape is also conveniently located to right.

Overall this is a solid platform. The company’s other brand OKEX offers an even more sophisticated solution.


 
Methods of payment


 
Money transfers in CNY are accepted at OKCoin. Other than that crypto-currency transfers in BTC LTC ETH ETC and BCC are also accepted. Essentially you can open a wallet for each of the coins and use them to transfer funds.


 
Conclusion


 
OKCoin is the largest Chinese cryptocurrency exchange, which is mainly oriented towards the domestic market. The company targets retail customers, while also providing another brand OKEX, for the more sophisticated traders. Trading volumes and liquidity for the major coins are quite high. Here is a summary of the pros and cons:

 

Pros    Cons
No major hacks yet  Trading against CYN
Accepts CNY payments Few altcoins available
Competitive commissions Does not accept US clients
Relatively nice trading platform  
Has another brand for sophisticated traders (OKEX)  


 

BDSwiss

BDSwiss Review
Trader's rating 0
Editor's rating 3

Trading Accounts & Conditions

 

Account type Min. deposit Min. trade size Max. leverage

Average spread

Basic  $200 0.01 1:30  1.5 pips
Raw  N/A 0.1 1:30  0.4 pips + $8 /lot
Black  N/A 0.01 1:30  1.1 pips

 

BDSwiss offers trading in wide range of financial instruments – many forex pairs, as well as CFDs on indices, commodities, equities and cryptocurrencies. Its clients are offered access to the popular MetaTrader 4 platform and a choice of three account types – Basic, Raw Spread, and Black. Swap-free services are available for all of them

 

Overall, the trading conditions of BDSwiss seem good – the initial deposit for the Basic account is not high and the spread is on the upper end of average. However, we could not find information on the initial investment amounts for the other two accounts, which offer better spreads. For more information on trading costs in forex trading, check out the below link.

 



>> Compare some of the tightest spreads here <<

 

 

As regards leverage, the maximum level provided by the brokerage is 1:30, in line with the regulations applicable for this Cypriot brokerage. As you probably know, the maximum leverage available to retail investors was capped at 1:30 throughout the EU.

 

 

The Company. Security of Funds

 

Company

Country

Regulation

Bdswiss Holding PLC

Cyprus

CySEC

 

Formally known as Bank De Swiss,  BDSwiss was initially a Cypriot binary options broker, but changed the nature of its offering after this type of trading was banned across the EU in July 2018 (and ESMA keeps renewing the prohibition ever since). The broker is owned by Bdswiss Holding PLC, a Cyprus Investment company operates another forex brokerage brand, Swiss Markets. Firm (CIF), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). Now that the UK is about to leave the EU, Cyprus is becoming the most popular destination for European forex broker.  Here are some of the rules which CIFs have to comply with.



First of all, CySEC requires Cyprus-based brokers to hold a minimum of €730 000 in order to prove their good financial standing. Moreover, all CySEC-regulated companies are members of the Investor Compensation Fund, which may cover tour investment loss to a maximum of 20,000 EUR per person in the event that the broker becomes insolvent. Such compensation schemes serve as an additional guarantee to clients’ funds.


In addition, as CySEC is part of the European MiFID regulations, and the companies regulated by the Cypriot financial watchdog are free to operate in all EU Member States. Therefore, they are also required to comply with all the rules and restrictions, introduced on a EU level: the leverage cap which we already discussed, provision of negative balance protection, and ban on trading incentives such as bonuses with trading volume requirements, among other things.

 

 

>> More brokers regulated in Cyprus <<

 

 

BDSwiss also has an offshore entity, BDS Markets Ltd. (Domain bdswiss.com), which is said to service clients outside the European Union Area.

 

 

Trading Platform

 

As we already mentioned, BDSwiss offers the renown MetaTrader 4, delivering a wealth of information in a simple layout, and also allowing clients to automate their trades by Expert Advisors (EA). This is one of the reasons why this platform is so popular among trader. What is more, it offers a great charting package with a number of technical indicators, and extensive back-testing environment. Here you may check out more brokers that support it.

 

 

>> Find the best MT4 brokers <<

 

 

Methods of Payment. Transfer fees

 

Clients of BDSwiss may use credit/debit cards, bank transfers, Sofortüberweisung, Skrill, Neteller, iDEAL, DotPAy, GiroPay, and PostePAy for deposits, and Credit/debit cards, bank transfers, Skrill, and Neteller for withdrawals.

 

With the exception of bank wire transfers, BDSwiss does not require a minimum withdrawal amount. That being said, please note that a 10 EUR fee will apply to any bank wire withdrawals under 100 EUR and any other withdrawals amounting to 20 EUR or less. Bank wire international payments are charged with a 10 EUR basic fee, and the minimum withdrawal amount is 50 EUR. The same fee applies to SEPA transfers, and the minimum withdrawal amount is 5 EUR.

 

 

Conclusion

 

BDSwiss is a Cypriot forex and CFD broker that has more than 7 years of experience in the financial markets. The broker supports the MT4 platform and is duly licensed by CySEC, which is its greatest advantage.

 

To sum up our review on BDSwiss:

Pros

Cons

CySEC license

Leverage capped at 1:30

MT4 available

No info on minimum investment amounts on Raw & Black accounts

Competitive spreads

 

Wide range of financial instruments

 

 

 

 

Headquarters: Makariou III Street 160 3026, Limassol

Country: Cyprus

Regulation: CySec

Forex
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