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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)  


 

KorBit

KorBit Review
Trader's rating 1
Editor's rating 3.8

Trading Accounts

 

Account type Leverage Maker Fee Taker fee Deposit Fee
Standard N/A Max 0.08% Max 0.20% Free

 

KorBit was the first Korean cryptocurrency exchange to offer BTC/KRW trading. They are an entry-level service (i.e. accept fiat currencies) but also offer a decent trading platform. The company is still one of the top-rated exchanges in the country, which drives relatively high trading volumes.

 

KorBit Advantages

 

Competitive fees –   The trading fees at KorBit are divided into the “maker” and “taker” category. Market makers are the traders who place a new entry in the order book, while takers are those who enter at the best available price. The fees at KorBit start from 0.08% and 0.20%, respectively. They can go even lower if you trade with bigger volumes. 

 

Cold storage – KorBit claims a majority of the coins they keep are kept in cold storage. This is a measure, applied by a lot of companies and drastically increases the security of wallets.

 

Several altcoins featured  – There are some alternative coins available at KorBit, but this is by no means the main benefit of the exchange (as is the case with Poloniex or Bittrex). The full list currently includes: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Calassic, Ripple, Litecoin, Dash, Zcash, Monero, Augur and Steem. They are all traded against KWR.

 

KRW bank transfers accepted – Bank transfers from Korean banks are accepted at KorBit. More importantly, the company does not charge fees on any incoming transactions (although the banks involved in the process will). 

 

>> Purchase Bitcoin with a credit card<<

 

Credit cards are a much more preferable option for some users, although the commissions involved in the process can be pretty harsh. As an example Bitsatmp charges 8% on such transactions. 

 

 

Positive user feedback – While the non-Korean reviews of this exchange are relatively few in number, they are all positive. The company seems to operating legitimately, and with the competitive fee structure, most customers should be happy.

 

Nice trading platform – The web-based platform delivered by KorBit looks solid. Charting is provided by TradingView, which is always nice. Additionally the order book and tape (trading history), which are located below the chart also seem well-designed. Her is how they look: 

 

BTC/KRW chart. While the default template is simplistic it can easily be changed via the TradingView package.

 

The easy to read order book and tape.

 

KorBit Disadvantages

 

 

Focus on Korea – The issue, which a lot of locally focused exchanges have is also present at KorBit. They accept only Korean bank transfers and likely require such an account for the verification of your main trading account. The presentation in English, while not terrible is also not ideal.

 

 

Trading against KWR –  All of the trading activity at KorBit is done against the Korean Won (KWR). This may seem nice for local clients, but limits their ability for currency diversification and the option of quickly converting one coin into another.

 

Withdrawal fees – KorBit applies fees on withdrawals. They may not seem significant, but especially the ones imposed on blockchain transfers are annoying. Here is the list which also states all deposits are free of charge:

 

 

No leverage provided  – Margin trading isn’t supported by KorBit, which isn’t that big of a flaw. Cryptocurrencies are so volatile, that most traders don’t have the need to further increase the risks they are exposed to. For those of you who are willing to take even more aggressive steps, we must will recommend trading with as forex broker.

 

>>Leveraged Bitcoin trading brokers<< 

 

That being said, we must also underline the fact this style of trading is not suitable for long term investing. Trading with such brokers is done via the so called CFDs and is very different from going through a crypto-exchange. Read all of the important points here.

 

Conclusion

 

KorBit is one of the oldest cryptocurrency exchanges in Korea. The company has earned a solid reputation and is still very popular. That being said, their main flaw (from our perspective) is the domestic focus of this exchange. While they are not unique in that regard, as other Korean companies, like Coinone and Bithumb also operate in the same manner. 

 

The trading conditions at this exchange are solid – the instrument list features some altcoins, the platform is nice and the fees are up to date with the offers from other exchanges.

 

That being said, when dealing with cryptocurrencies, you must always consider the fact, there will be a certain level of uncertainty. Most veterans in the field would advice you to transfer any larger amounts of coins to a private wallet, whose private keys you control (or even a hardware wallet, like the Trezor or Ledger Nano). With that in mind, the forex brokers, which we mentioned earlier are often much safer alternatives. Click the link below for more details.

 

>>Tightly regulated Bitcoin forex brokers<<

 

And here is the final summary of this exchange (keep in mind, we are viewing it form an outside perspective, as we are not based in Korea):

 

Pros Cons
Competitive Fees Focus on Korea
Cold Storage Trading against KWR
Several altcoins featured Withdrawal fees
KRW bank transfers accepted No leverage provided
No deposit fees  
Positive user feedback  
Nice trading platform   

 

Forex
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