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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)  


 

QUOINEX

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

Trading accounts

 

Account type Minimum deposit Leverage Fees
Standard Undisclosed 1: 25 0.25%*

*While the company claims to offer 0% fees for Japanese clients, the situation is not that clear for the rest. Go to the fees section of the review for more details.

QUOINEX (which stands for QUOINE Exchange) is a relatively new competitor in the cryptocurrency space. The company behind this project operates two brands – one focused on accepting fiat currency deposits (this one) and another one for digital asset trading (QRYPTOS). This is similar to the business model used by Coinbase/GDAX and OKCoin/OKEX.



The company, security of funds

Company Country Regulation
QUOINE Pte. Ltd Japan/Singapore/Vietnam JFSA

 

QUOINE Pte. Ltd is the company behind QUOINEX. They operate from offices in Japan, Singapore and Vietnam, but more importantly they recently got the regulatory approval of the JFSA. This brings a lot of credibility to the exchange, as regulated entities are few in the crypto-space.



QUOINE was founded in 2014 and later received substantial funding. The company’s founders Mike Kayamori and Mario Gomez-Lozada have substantial experience in the “traditional” business world, which also makes the project sound better.



While there weren’t any major hacks at QUOINEX, we must mention the most famous case of a conflict with a client. The cryptocurrency market-maker B2C2 is currently suing the company after a canceled a major transaction. Reports state, B2C2 made around $3.7 million on a trade/s, which was/were allegedly executed at a price which was very distant from the current market price. QUOINEX claimed this was an abuse of a technical issue, and reverted the deals. We can’t clearly state which side of the argument is right, but we must mention this incident occurred before the company was regulated by the Japanese financial watchdog.



There aren’t many English reviews on QUOINEX, but a lot of them are fairly negative. The complaints are mostly on slow withdrawal process and high fees on deposits (which are not charged by the company, but by the partnering banks). 



Trading conditions


 
Trading instruments (cryptocurrencies)
The cryptocurrencies available at QUOINEX are only Bitcoin and Ethereum, while more altcoins are available at QRYPTOS. More importantly, trading can be done against a lot of fiat currencies: USD, JPY, EUR, AUD, SGD, HKD, IDR and PHP. On top of that there are three types of trading: spot (without leverage), margin and futures. The latter can be quite tricky, so we don’t recommend it to beginners.


 
Minimum initial deposit
There is no information on the minimum deposit requirement at QUOINEX. This is not usually the case with the forex brokers, which we mostly cover. As an example FXCM requires $50 for the creation of a new account.


 
Leverage
QUOINEX offers leverage up to 1:25. This is one of the highest levels available for cryptocurrency trading, which should be used wisely. As you may know forex brokers usually offer even higher ratios, like 1:500. This is due to the fact traditional currencies are much less volatile than Bitcoin.

 

Be sure to fully understand the ways margin trading operates before participating in it. One must also be aware of the differences between trading Bitcoin with a forex broker and an exchange, one of which is the margin fee, applied by some exchanges. In the case of QUOINEX, the fee is set at 5%.


 
Fees
There are no fees on trading with your “base currency pair” at QUOINEX. When trading with against other currencies the fees go as high as 0.25% which is in line with the industry standards.



Your account’s “base currency pair” will be determined on your country of residence. All of the examples given at the website, state you will trade with zero fees, if you are based in Japan. That being the case, there isn’t total clarity on the fees, if you are not a Japanese client. Here is a screenshot of their fee structure (zoom-in to see the explanation in the bottom):




 
 

Trading platform


 
QUOINEX provides a web-based trading solution. They are one of the few companies, which offers a demo account. Here is what you get, after registering one:





The charting seems very solid and reminiscent of the package provided by bitFlyer. On the left side of the chart, we can see a nice order entry panel followed by the order book and tape. The latter two are surprisingly placed above one another. This is very counter-intuitive to seasoned traders.


 
Methods of payment


 
QUOINEX accepts bank transfers in multiple currencies. We must note, the processing times for the more exotic ones are fairly longer. Additionally, transfers in Bitcoin or Ethereum are also accepted. The lack of credit card or e-wallet (servies like PayPal or Netteler) support will tun away some potential new clients.


 
Conclusion


 
QUOINEX is a cryptocurreny exchange, which is regulated by the JFSA. The company accepts Bank Transfers, which makes it a competitor in the “entry service provider” category. Commissions are competitive, despite a lack of clarity on the “0% fees” for non-Japanese clients. The trading platform feels solid, although the positioning of the order books and tape is a bit odd. Here are the pros and cons of QUOINEX:

 

Pros Cons
JFSA Regulation No altcoins available (ex. ETH)
No major hacks yet Some negative user reviews
Accepts Bank Transfers Odd positioning of some elements of the trading platform
Competitive commissions  
Relatively nice trading platform   
Allows margin trading and futures     


 

Forex
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