OKCoin: A Comprehensive Guide to the Cryptocurrency Exchange

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Cryptocurrency exchanges play a vital role in the digital asset ecosystem, enabling users to trade fiat for crypto and vice versa. Among these platforms, OKCoin has historically stood out as a major player, especially during the early growth phase of Bitcoin and blockchain technology. This article explores OKCoin’s origins, services, trading features, and notable events in its history—providing a clear, accurate, and SEO-optimized overview for investors, traders, and crypto enthusiasts.

What Is OKCoin?

OKCoin is a digital asset exchange that facilitates spot trading between major fiat currencies—such as the US dollar (USD), euro (EUR), and Japanese yen (JPY)—and leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others. While initially rooted in China, OKCoin expanded internationally, with operations managed through different legal entities to serve global markets.

The platform gained early recognition for its high trading volumes and advanced technical infrastructure. At its peak in 2016, OKCoin was ranked among the top Bitcoin exchanges worldwide by monthly volume, processing over 16 million BTC in trades.

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Founding and Leadership

Founded in 2013 by Star Xu, OKCoin quickly attracted attention due to its strong leadership and strategic vision. Star Xu, a seasoned technology executive, previously worked at Yahoo and Alibaba as a search algorithm engineer before becoming Chief Technical Officer at DocIn.com, where he led a team of 120 engineers.

Under his direction, OKCoin assembled a robust technical team, including early contributions from Changpeng Zhao (often known as CZ), who later founded Binance. This leadership strength helped position OKCoin as a trusted name in the rapidly evolving cryptocurrency space.

In March 2014, the company secured more than $10 million in venture funding from prominent investors such as Ceyuan Capital, Venture Labs, and Silicon Valley legend Tim Draper, further validating its market potential.

User Verification Levels and Account Features

To comply with regulatory standards and ensure platform security, OKCoin implements a tiered verification system for users:

These tiers balance accessibility with compliance, allowing users to scale their activity based on verification status.

Trading Services and Supported Pairs

OKCoin offers streamlined yet powerful trading capabilities tailored for both novice and experienced traders.

Available Currency Pairs

The platform supports several key trading pairs:

While the number of pairs is limited compared to larger exchanges, OKCoin compensates with competitive fees and advanced tools.

Trading Fees

Fees are volume-based and decrease as a user's 30-day trading volume increases. The maximum fee is just 0.2%, making it cost-effective for active traders.

Margin Trading

OKCoin supports margin trading, allowing users to leverage their positions for amplified gains (and risks). Leverage levels depend on the user’s tier and trading history. This feature enables traders to open larger positions without fully funding them upfront.

⚠️ Note: Margin trading carries significant risk. Adverse price movements can result in liquidation of positions.

Futures Trading via OKEx

For derivatives trading, OKCoin users are directed to OKEx, a sister platform operating under the same corporate umbrella. OKEx was one of the first exchanges to offer futures contracts on digital assets, giving traders tools to hedge or speculate on future price movements.

Analytical tools—including real-time charts, order books, and historical data—help users make informed decisions across both spot and futures markets.

Historical Milestones

OKCoin’s journey reflects broader shifts in the global crypto landscape.

These changes highlight how regulatory pressures—particularly in China—shaped OKCoin’s evolution and prompted its shift toward international markets.

Controversy: The Bitcoin.com Domain Dispute

One of the most publicized episodes in OKCoin’s history involved a contractual dispute with Roger Ver, an influential figure in the Bitcoin community.

In May 2015, OKCoin claimed it could no longer fulfill payment obligations for managing the bitcoin.com domain due to regulatory complications stemming from Ripple Labs’ FinCEN fine related to Ver’s KYC documentation.

Ver countered by releasing encrypted email records showing OKCoin had stopped payments months before the Ripple incident. He also challenged the authenticity of a newly presented contract allegedly signed by both parties.

A critical revelation emerged when Ver demonstrated that the “new” contract bore the same GPG signature timestamp as the original—suggesting his digital signature had been copied rather than re-signed.

To defend its position, OKCoin offered a $20,000 bounty** for proof that Ver’s claims were false. In response, Ver raised the stakes with a **$1 million reward for anyone who could prove the new contract’s signature was valid. The debate ended when an independent analysis concluded the signature was forged, and OKCoin paid out its bounty.

This incident underscored the importance of transparency and cryptographic integrity in blockchain-related business dealings.

Frequently Asked Questions (FAQ)

Q: Is OKCoin still operational today?
A: While OKCoin’s Chinese operations have been scaled back due to regulatory changes, its international arm continues to serve global users through compliant frameworks.

Q: What cryptocurrencies does OKCoin support?
A: The platform primarily supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ethereum Classic (ETC), with trading pairs against USD and EUR.

Q: Does OKCoin offer futures trading?
A: Futures are available through OKEx, a related platform that evolved from OKCoin’s derivatives division.

Q: How does OKCoin handle user security?
A: The exchange employs multi-signature wallets, cold storage for most funds, two-factor authentication (2FA), and regular audits to protect user assets.

Q: Why did OKCoin stop CNY trading?
A: In 2017, Chinese regulators imposed strict controls on cryptocurrency exchanges, prompting OKCoin to cease yuan-denominated trading to remain compliant.

Q: Can U.S. users access OKCoin?
A: U.S. access may be restricted depending on current regulatory alignment; users should verify eligibility directly through official channels.

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Final Thoughts

OKCoin played a pivotal role in shaping the early cryptocurrency exchange landscape, particularly in Asia. Though regulatory shifts altered its trajectory, its legacy lives on through innovations in trading infrastructure and its influence on later platforms like OKEx.

Today’s traders benefit from lessons learned during OKCoin’s rise—especially around compliance, security, and scalability. As the crypto market matures, platforms must balance innovation with responsibility.

Whether you're exploring historical trends or evaluating current exchange options, understanding OKCoin's journey offers valuable insights into the dynamic world of digital finance.

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