Okcoin - Buy Bitcoin & Crypto 4+

They double charged me but fixed the issue in a couple days

When I made 2x $500 purchases, they accidentally took $2,000 from my bank account. Of course I was furious because an extra $1,000 of my cash that I didn’t want to invest was suddenly gone. But I reached out to them and they forwarded the issue to their financial department within a day. The next day I received a couple emails saying they will credit my $1,000 within 2-4 business days and they acknowledged they double-charged me and apologized. They also said they would give me a $10 credit for inconvenience as well, which is very nice. Okcoin’s support was quick with response times and I am overall very pleased with their services. Their Earn program is one of the most competitive ones out there too and their fees are very very low. I honestly think they’re one of the top US exchanges rivaling Binance US and Coinbase. I see a lot of critical reviews about the verification of bank statements and them asking for a lot of personal information, but their US HQ is based in California which has tons of extra state laws on top of US federal laws. They need that information to comply with state/federal government regulations. Know Your Customer (KYC) is important for your own account security and also for their own business security!

Developer Response ,

Thank you so much for your kind words! We appreciate your support.

Almost all my portfolio purchases here.

OkCoin is better than the rest primarily for two reasons:
1. They list coins earlier than alot of exchanges (for Example Luna and Kadena) I was able to buy on here weeks if not months before some of the others.

Additionally, they offer in app staking for lots of coins. I realize that lots of Crypto people prefer moving their funds to a non custodial wallet and staking directly, but I have checked alot of the rates for some of the staking and their rates are fair. For example you can lock TerraUSD on anchor protocol for ~19.5% and Okcoin offers in app staking at over 20%.

So I am very satisfied for the most part, my only two requests/ criticisms are
1. Add Debit card support. I actually find it very inconvenient using ACH with OkCoin because they withdraw like 10 days after your purchase, I prefer my money to be withdrawn immediately.

2. Please make your own debit card for customers to use like Bitpay, Voyager, and Coinbase. If you add this this would become my number one used crypto app.

3. If you guys added a non custodial wallet feature that would make everything perfect.

Keep up the good work thank you!

-Satisfied Customer

Bad communication

If you want a app that has low prices for buying and selling of cryptocurrencies then here it is. But if you’re like me and you want to withdraw some of your fiat or transfer crypto to another wallet think twice. I had been using okcoin for a while just buying and selling within okcoin until I decided I needed some cash in my bank account. The same account that I had used to transfer money into okcoin. Thinking that since I was verified level two there shouldn’t be a problem. But when I tried to withdraw I found out that they hadn’t reviewed the additional information and I couldn’t until they had. They had received my additional information which was bank statements and utility bills several months ago. Now if this wasn’t enough because you would think that they would get right on it and take care of the problem. But no there answer was that they would get to it and wouldn’t give me a time frame. I’m just glad I didn’t need the for an emergency and could meet my obligations without it. When a person can’t get to their money when they want it there’s a serious problem! I guess cheap fees should have been a warning sign and not a reason to use there services.

Developer Response ,

Hi there, thanks for taking the time to provide this feedback. We're sorry to hear that it took longer than expected for our team to review your additional documentation. Each account gets reviewed individually, so it can take a few business days to be completed. We're working on improving this experience for our customers and it should only be getting better. If you have any other feedback, feel free to send us a message on Twitter @okcoin and we'll happily pass it along.