Okcoin Review + Referral Benefits
Table of Contents
Company
Okcoin is a company that was founded in 2013 in China by Star Xu, and currently headquartered in the USA.
Presence in Singapore
Okcoin set up an office in Singapore since Oct 2020. The Singapore office will reportedly serve as a new hub, catering to customers in Asia and Oceania.
- Entity: OKCOIN PTE. LTD. (UEN 201406331H)
- Location: 152 BEACH ROAD, #14-03, GATEWAY EAST, Singapore 189721
Regulation by Monetary Authority of Singapore (MAS)
Currently exempted from holding a licence under the transitional arrangements in the Payment Services (PS) Act.
Ecosystem
Trading platforms
✔️ Unique Selling Proposition (USP)
Social login
Conveniently login with Google and Telegram accounts.
❌ Drawbacks
Limited trading pairs for Singapore accounts
As of Dec 2021, Singapore based accounts can only trade in BTC, ETH and LTC pairs against USD and SGD.
Partnerships
Strategic Parnership between Hodlnaut and Okcoin
On 15 September 2021, Okcoin and Hodlnaut announced a strategic partnership: “Singapore-Based Crypto Lending Platform Hodlnaut Partners with Leading Crypto Exchange Okcoin”.
The strategic collaboration positions Hodlnaut as the first CeFi platform to partner with the American crypto exchange, and aims to allow users from both platforms to easily purchase cryptocurrencies and earn attractive returns on their assets.
Okcoin is also Hodlnaut’s preferred fiat on-ramp solution especially for BTC/SGD and ETH/SGD pairs (only available to customers of Okcoin Pte. Ltd.), as this would allow Singapore users to generate yield on the two largest crypto assets in their local currency.
Usage Notes and Tips
Depositing LiteCoin (LTC)
I tried to fund my Okcoin account by transferring LTC from my Crypto.com App but the wallet address generated by Okcoin was flagged as invalid by Crypto.com App.
I did some research and found out that LiteCoin changed the format of wallet addresses from a ‘3’ prefix to ones with a ‘M’ prefix.
It appears Okcoin is still using the old format address, and Crypto.com App does not support the old address format with a ‘3’ prefix.
The resolution was to key in the old address with ‘3’ prefix into this online tool: https://litecoin-project.github.io/p2sh-convert/, which would generate a corresponding ‘M’ prefix new format address, for use on Crypto.com App.
No Transaction Fees on Recurring Buys
There is currently a long running promotion where no transaction fees are charged for recurring buys.