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OKCoin

OKCoin Review
Trader's rating 0
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)  


 

EXNESS

EXNESS Review
Trader's rating 3.8
Editor's rating 4

Account types

 

Trading account Min. deposit Max. leverage Spread
Mini  $1  1:30  0.2-1.1 pips
Classic  $2 000 1:30  0.1-0.9 pips
ECN  $300 1:30  0.1-0.4 pips + $ 2.5 per standard lot


This broker offers a choice of three basic account types: Mini, Classic and ECN accounts. The Mini account is targeted at inexperienced traders, as well as such who do not wish to trade in large volumes. The Classic account is targeted at regular and professional traders and offers full range of tools and trading facilities. As its name suggests, the ECN account is designed for clients who wish to trade in Electronic Communication Network environment, which involves a commission fee.

 

Another important thing worth mentioning is that the Mini and Classic account offer market and instant execution option. Most traders prefer instant execution, since it allows greater control on slippage and traders are offered requotes, instead of executing the order at the next best price.

 

Keep in mind that Exness does not provide it services to residents and citizens of the USA and Japan.


The Company. Security of Funds

 

Company

Country

Regulation

Exness (Cy) Limited 

Cyprus

CySEC

Exness (UK) Limited 

UK

FCA

 

The EXNESS group is a global ECN broker, consisting of companies regulated by reputable authorities such as UK's FCA and Cyprus' CySEC a. The broker offers trading in more than 120 forex currency pairs under fairly good conditions through the popular MetaTrader 4 and MetaTrader 5 platforms.

 

EXNESS is the trading name of the EXNESS group, set up in 2008 and consisting several companies: Cyprus-based EXNESS (CY) Ltd., (which operates the website www.exness.eu), and EXNESS LTD., (which operates the website www.exness.com) - an International business company in Saint Vincent and the Grenadines. It also has set up a UK unit, which is licensed by the Financial Conduct Authority.

 

CySEC applies certain rules and procedures to brokerage firms, one of them being the requirement for a minimum capital. Cypriot financial watchdog requires forex brokers to hold at least €730 000 in order to operate legitimately. The same minimum capital requirement applies to brokers licensed in UK.

 

Furthermore, all CySEC-regulated companies are members of the Investor Compensation Fund, which serves to protect and secure the claims of covered clients and provide them with compensation of up to 20,000 EUR per person, where broker is at default. Similar compensation schemes apply in UK: FCA-regulated brokers fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person. Such compensation schemes serve as additional guarantee to clients’ funds.
     

Trading Conditions


Minimum initial deposit
Most brokers require a certain amount of money to be deposited in order the client to start trading. Exness, however, requires none (for the Mini account). Cyprus-based XM, for instance, requires a minimum initial deposit, amounting to $5, while FxPro, also CySEC-regulated, demands $ 500 from its clients.


Average Spreads & Commissions
EXNESS offers trading with variable spreads, which are attractively low. Average spreads on the commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account holders are offered average spreads of 0.4 pips on EUR/USD, however a commission amounting to $2.5 per standard lot is charged.

 
You may look up real-time spreads of 15 leading brokers here.

 

Leverage
Leverage levels offered by EXNESS are in line with current ESMA guidelines, up to a maximum of 1:30.

 

 

Leverage may both multiply their profits and lead to heavy losses. Due to investor protection concerns, limitations on leverage rates are set in many jurisdictions: 1:50 in the USA, 1:25 in Japan, and 1:30 throughout the EU and the EEA.


Trading Platform


EXNESS offers its services on two of the most popular platforms among traders - MetaTrader 4 and MetaTrader 5. The industry standard MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called MT4 Web terminal. More brokers using the MT4 can be viewed here.

The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and what is more, MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform.


More brokers offering the MT5 can be viewed here.

 

Promotions

EXNESS has partnered with forex rebate web site PayBackFX, and now offers its clients an option to receive cash back for each trade they make in the amount of 30% of the spread if they use Mini or Classic trading accounts, or $0.75 for each round-turn lot.

 

Methods of Payment


The broker accepts customer deposits and allows withdrawals via Wire Transfer, Neteller, Credit card and Internal transfer (available for withdrawals).


Skrill and PayPal are the only major e-payment systems missing.


Conclusion


EXNESS is a reliable broker with solid regulation, offering its clients a variety of tradeable instruments on two platforms under attractive trading conditions. To sum up the above, here are the advantages and drawbacks in relation to this broker:
 

Pros Cons
Solid regulation No proprietary platform
MT5 and MT4 both available Leverage capped at 1:30 (as required by law)
Attractive spreads  
No initial deposit required  
   

 

Headquarters: 46, Ayiou Athanasiou Avenue, Interlink Hermes Plaza, Office: 301 A, 3rd Floor, 4102, Limassol

Country: Cyprus

Regulated by: Cyprus Securities and Exchange Commission (Cyprus); Center for regulating OTC financial instruments and technologies (Russia). 

The EXNESS brand covers three companies:

 - EXNESS LIMITED (VC), registered in St. Vincent and the Grenadines

 - EXNESS LLC – a member of Russia's self-regulatory organization CRFIN

 - EXNESS (CY) LIMITED,  Cyprus-regulated, started operations in August 2013.  

The clients of the broker may count on 24/7 support in 23 languages.

 
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