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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)  


 

FXTM

FXTM Review
Trader's rating 4.5
Editor's rating 5

Trading Accounts

 

Account type Minimum deposit   Minimum trade size Maximum leverage  Spreads (& Commission) Execution type
Cent  $10 0.01 1:500** from 1.5 pips  Instant
Standard  $100 0.01 1:500** from 1.3 pips Instant
ECN Zero.mt4 $200 0.01 1:500** from 1.5 pips  Market
ECN MT5 $500  0.01 1:500** from 0.2 pips + $2 / lot* Market
ECN $500  0.01 1:500** from 0.1 pips + $2 / lot* Market
PRO $25 000 0.01 1:500** from 0 pips Market

 

* Commission is calculated per standard lot of 100 000 currency base units (per side).
** Leverage depends on the country of residence, knowledge 
& experience of each Client.

 

FXTM offers a wide range of trading accounts, which may be categorized in two groups: Standard (Standard, CENT, and Shares accounts) and ECN (ECN MT4, ECN MT5, ECN ZERO and Pro).

 

In addition to the ones shown in the table above, there is a special account for trading in CFDs on shares, called Shares account, which is directly connected to NYSE and NASDAQ’s product price listings.

 

Furthermore, FXTM offers swap-free (Islamic) trading, available on all account types (except the MT5 one) and involve a fee of $ 1.7 per lot.

 

Micro, mini and standard lots are available on all account types.

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with FXTM, one has to invest just $10, which is a symbolically low minimum initial deposit.

 

Spreads & Commission

Most of FXTM’s accounts are commission-free: Standard ones, as well as the ECN Zero and Pro accounts. Only ECN MT4 & ECN MT5 accounts involve a small commission fee of $4 (per standard lot round trip).

 

The floating spreads offered by this broker vary by account type. The tightest spreads are available on the ECN and Pro accounts; however, the latter is intended for institutional clients (with minimum initial deposit of $25 000), so we would recommend the ECN MT4 account. The typical spreads on these accounts amount to 0.4 pips on EUR/USD and if we include the commission (2 x $2), average trading costs for this pair are around 0.8 pips per lot, which is a very attractive offer.

 

Maximum leverage

High leverage levels are available with Exinity Limited – up to 1:1000. The broker utilizes a floating leverage system. 

 

However under Forextime Limited this is maximum up to 1:30.

 

As regards cryptocurrencies CFDs (available only in Exinity Limited), the maximum leverage available is 1:10, as they tend to be more volatile than traditional fiat currencies.

 

The Company. Security of funds

 

FXTM is a broker that truly suits the needs of traders of all skill levels and preferences. Its offering covers more than 240 tradeable instruments, including a number of currency pairs, various CFDs, as well as ctyptocurrencies. Keep in mind that trading CFDs on cryptocurrencies is only available under Exinity Limited.

 

Furthermore, clients of this broker may choose from market and instant execution, MetaTrader 4 and MetaTrader 5 trading platforms, and a wide range of trading accounts. Besides, this client-centric broker created an array of ways to provide its clients with effective trading knowledge and education. 

 

Forex Time (FXTM) was established in 2011 when one of the co-founders of Alpari separated from the Russia-based broker and launched one of his own under the FXTM brand. Since then, the company has opened a number of offices around the world, and is believed to be one of the fastest growing brokers in the industry. The latest of them is FXTM London office which opened its doors in April this year in order to better serve clients in the UK and Europe. Besides, the company is regulated in multiple jurisdictions:

 

Company

Country

Regulation

ForexTime Limited

Cyprus

CySEC

ForexTime Limited

South Africa

FSB

Exinity Limited

Mauritius

FSC

ForexTime UK Limited

UK

FCA

 

ForexTime Limited, doing business as FXTM, is licensed and regulated by some of the most reliable financial watchdogs worldwide - the Cyprus Commodities and Exchange Commission (CySEC) and UK's Financial Conduct Authority (FCA). Bothe governmental agencies require licensed companies to hold at least €730 000 as a proof of financial stability and to keep client funds must be held in segregated accounts and regulated entities are required to report to the Commission on a regular basis.

 

Furthermore, CySEC and  UK’s FCA apply compensation schemes as an additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, able to provide compensations to a maximum of 20,000 EUR per person in the event of broker insolvency. Clients of FCA-regulated brokers, on the other hand, are insured up to 50 000 GBP each.

 

As both Cyprus and UK are (still) part of the EU, MiFID regulations apply, allowing companies licensed in those countries to operate in all EU Member States. In spite of this, FXTM is officially registered with a number of other EU regulators: Germany’s BaFin, Italy’s CONSOB, France’s AMF, Spain’s CNMV and Norway’s FSAN.

 

What is more, FXTM (ForexTime Limited) is licensed by the Financial Services Board (FSB) of South Africa as a Financial Services Provider. The broker holds a category 1 license to act as an Intermediary in Securities and Instruments (Shares, Money market instruments, Bonds, Derivative instruments).

 

In line with CySEC proposiotions and ESMA guidelines introduced in 2016, FXTM announced it ensures that losses will never exceed the total available funds in client accounts. Actually, this means that the broker’s clients cannot lose more than they have deposited - a policy also known as negative balance protection.

 

Trading platforms

 

As we have already mentioned, FXTM supports both MetaQuutes platforms: MT4 and MT5. The broker offers both of them as desktop, web and mobile versions (for iOS & Android devices) and makes regular updates.

 

In spite of the number of enhancements made to MT5 lately (and the final introduction of hedging on both desktop and web versions), MetaTrader 4 is still preferred by most brokers and experienced traders. It provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Thanks to its ease of use, MT4 is also suitable for beginner traders, for they can also find their way around it quite easily.

 

MT4’s successor, MetaTrader 5, allows the execution of orders in several financial markets and stock exchanges through a single trading account. The platform features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. Besides, MetaQuites has recently made many significant upgrades to it, such as adding a tool for analyzing exchange markets, news management improvement, and most importantly the hedging feature.

 

For clients who prefer automated trading strategies through Expert Advisors (EAs), FXTM offers a designated forex VPS service, and technical traders can take advantage of the Trading Central technical analysis tool – free of charge. Besides, FXTM offers advanced copy-trading solution, called FXTM Invest.

 

Promotions

FXTM regularly organizes various promotions and trading contests, as it strives to offer its clients the best trading opportunities and to empower their skills and knowledge. These are mainly held by Exinity Limited where Terms & Conditions Apply.

 

At the time of writing this review Exinity Limited offers Loyalty Cashback program, where traders can get $2 – $5 rebates per lot anyone who deposits $10 up to $10000, based on their deposit value. Meanwhile, new clients switching from another broker get $4 for every lot they trade. (T&Cs apply)

 

In addition, Exinity Limited offers a Refer-a-friend bonus of $50 ONCE a referral becomes active (T&Cs apply).

 

Payment methods

 

FXTM offers various secure payment methods, including credit/debit card payments, Bank Wire transfers, and numerous E-wallets, such as Skrill, Neteller, Alsfa-Ckick, WebMoney, Western Union, Payza, dotpay, Yandex, Qiwi,and Baidu Pay. 

 

The above depends on your country of residence. 

 

Conclusion

 

ForexTime is a global and award-winning broker with clients from over 180 countries. It offers a wide array of almost everything: tradable products, trading accounts & platforms, payment methods, execution types, you name it.

 

Pros  Cons
Solid regulation (FCA, CySEC) No major disadvantages
Variety of tradable products (incl. cryptocurrencies in Exinity Limited only) and trading accounts offered  
Tight ECN spreads, low-cost trading
Low minimum initial deposit & commission fees  
Flexible leverage levels offered  
Negative Balance Protection  

 

Country: Cyprus

Regulated by:  CySEC (Cyprus), IFSC (Belize)

Licensed by the Financial Services Board (FSB) of South Africa, with FSP No. 4661

Website: www.forextime.com 

Promotions: 

Loyalty cashback programme

Switch to ForexTime

 

WHY FXTM

✓ Regulated broker.

✓ Advanced risk management and segregation of client funds held in top-tier banks.

✓ SWAP-free option available. 

✓ Leverage up to 1:1000.

✓ Tight spreads starting from 0 pips.

✓ 120+ instruments including currency pairs, Spot Metals, CFDs on Commodity Futures, CFDs on ETF’s and Indices and Share CFDs.

✓  Variety of tailor-made account types to suit the needs of any type of trader. 

✓ Full feature trading platforms available on multiple desktop and mobile devices. 

✓ Various secure and trusted payment methods. Including credit/debit card payments, E-wallets and Bank Wire transfers. 

✓ Investment programs such as FXTM Invest. 

✓ Regular Live and Demo Contests with amazing cash prizes (terms and conditions apply).

✓ Online forex courses and webinars for proper trader education.

✓ Local seminars held in different places around the world. 

✓ Daily in-depth fundamental analysis articles and videos.

✓ Customer Support team that speaks your language.

✓ Cutting edge mobile application to ensure you keep track of the markets at all times. 

Forex
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