Comparison of Bit vs Okcoin [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bit vs Okcoin comparison!

Your expert: Alejandro Borja

Bit

Your expert: Xavier Tarrasó

Okcoin

Main points

Fees

0.07%/0.04%

Earns

Yes

Customer service

3/5

≈ 0,10%/0,20%

Fees

Earns

4/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

3.6 – Reasonable fees but higher for certain advanced trading options.

4.2 – Low fees with additional benefits for high-volume traders.

Level

0.07%/0.04%

≈ 0,10%/0,20%

Brief explanation

Bit.com offers a competitive fee structure that’s attractive for both casual and serious traders. The exchange charges a 0.06% fee for takers and a 0.04% fee for makers, which is below the industry average. This low fee schedule is beneficial for high-volume traders as it allows them to maximize their profits on each trade. Additionally, Bit.com does not charge any deposit fees for cryptocurrencies, though there are fees associated with fiat withdrawals and deposits, which vary depending on the payment method and the currency involved. Overall, this fee arrangement supports an active trading environment at a reduced cost.

Okcoin’s commission structure is designed to be competitive within the cryptocurrency exchange market, balancing affordability with the provision of quality services. The exchange operates with a tiered fee system where trading fees vary based on the user’s trading volume, incentivizing more active traders with lower fees. Transaction fees for buying and selling cryptocurrencies are generally in line with industry averages, though not the lowest available. While deposits are typically free, withdrawals incur a fee that varies depending on the currency being withdrawn and the method used, which ensures operational efficiency and security in fund transfers. This approach to commissions allows Okcoin to maintain a balance between accessibility for new traders and cost-effectiveness for high-volume traders.

Bit

Security Methods: Bit.com employs advanced security protocols including multi-factor authentication, cold storage of assets, and continuous system monitoring, ensuring a high level of protection for user funds and personal data.
Reputation and Reviews: Since its inception, Bit.com has quickly built a strong reputation for reliability and professionalism within the crypto community. The positive reviews and testimonials from seasoned traders underline its credibility and trusted status in the market.
Trading Volume and Liquidity: Bit.com is known for its high trading volume and liquidity, which is crucial for executing large trades without significant price slippage. This makes it an ideal platform for institutional investors and professional traders who require quick order execution.
Transparency: The exchange is transparent about its fee structure, trading processes, and the security measures it implements. This openness is essential for building trust with users and is a core reason why many choose to trade on Bit.com.
Withdrawal and Deposit Policies: Bit.com offers clear and user-friendly policies regarding withdrawals and deposits. These policies are designed to provide convenience while also ensuring the security of transactions, which significantly enhances user trust and satisfaction with the platform.

Okcoin

Year Founded: Okcoin was established in 2013, demonstrating a long-standing presence in the cryptocurrency exchange market which underpins its reliability and experience.
Security Methods: Okcoin prioritizes user security with robust measures including SSL encryption, cold storage of assets, and two-factor authentication, ensuring a secure trading environment.
Possible Regulation: The platform adheres to regulatory standards in multiple jurisdictions, including the United States, which provides a framework of compliance and operational integrity.
Reputation and Reviews: Okcoin enjoys a solid reputation in the crypto community, underscored by generally positive reviews from users praising its user-friendly interface and reliable service.
Trading Volume and Liquidity: Okcoin offers substantial liquidity and trading volume, which ensures that users can execute trades efficiently and at the true market price, minimizing slippage and providing better trade executions.

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Account Minimum

Get started with just $100.

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Direct link to the website

Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

Unknown

OKCoin USA Inc.

Regulation

Regulation not specified

Regulated in the EE. UU.

Year founded

Unknown

2013

Founder

Unknown

Star Xu

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bit	FEATURES	Okcoin
Allows small minimum trades, accessible for those looking to start with modest amounts.	Minimum Trade	Okcoin allows for relatively low minimum trade volumes, making it accessible for beginners without requiring large initial investments.
Competitive fees across trading types, appealing to high-volume traders due to lower costs.	Trading and Transaction Fees	Okcoin’s fees are competitive within the industry, but they are not the lowest available, which could be improved to attract more users.
Offers a decent variety of cryptocurrencies, though not as extensive as the largest platforms.	Number of Cryptocurrencies	While Okcoin supports all major cryptocurrencies, its selection of altcoins is somewhat limited compared to larger exchanges.
Provides a wide range of crypto-to-crypto trading pairs, enabling diverse trading strategies.	Crypto-to-Crypto Trading Pairs	The platform offers a decent range of crypto-to-crypto trading pairs, though it lacks the variety seen in more comprehensive exchanges.
The website provides clear and detailed information about fees, policies, and trading options.	Website Transparency	Okcoin provides clear information on fees and security practices, though details on corporate governance could be more comprehensive.
Bit.com lacks an exchange card, limiting additional spending flexibility and benefits for its users compared to some competitors that offer branded cards with rewards.	Credit/Debit Card	While Okcoin provides a range of services to facilitate cryptocurrency trading and management, the absence of an exchange card means users may miss out on the convenience and benefits that such cards typically offer, like easy conversion of cryptocurrencies to fiat for everyday transactions.
High-level security storage solutions including cold storage options to protect user assets.	Storage Offering	The exchange offers secure storage options with a majority of assets kept in cold storage, enhancing security for user funds.
Offers staking options but with limited rewards compared to leading competitors.	Staking and Rewards	Currently, Okcoin has limited options for staking and rewards, which is an area ripe for development to enhance user returns.
Both mobile and desktop platforms are well-designed, offering full functionality and user-friendly interfaces.	Mobile App and Desktop	Okcoin provides robust mobile and desktop platforms that are intuitive and user-friendly, suitable for traders of all experience levels.
Customer service is available, but response times can vary, impacting user experience during peak times.	Customer Service	Customer service is available, but response times can vary. Improving responsiveness and support hours could boost user satisfaction.
Efficient processes for depositing and withdrawing funds, though improvements could be made in speed.	Deposit and Withdraw	Deposits and withdrawals are handled efficiently on Okcoin, with support for multiple payment methods, though some users seek faster processing times.

Key features

Analysis tools

Basic charting tools

Mobile APP

Security

High 4,6/5

Additional features

Spot trading, margin trading, lending services, OTC trading

Margin trading, staking, Okcoin Earn, fiat on/off ramps

Anonymity

Yes

Key points

Available cryptocurrencies

30+

User-friendliness

Bit offers a straightforward and intuitive platform that is easy for beginners to use. The interface is clean and provides essential features without overwhelming new users.

Okcoin provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Offers reasonable value for money with competitive fees and a straightforward trading experience, though it may lack some advanced features.

Delivers good value for money with low trading fees and a user-friendly interface, making it a cost-effective choice for traders.

Countries of operation

United States, Canada, United Kingdom, Australia, Singapore

United States, Canada, United Kingdom, Europe, Singapore

Best for

Great for beginners and experienced traders looking for a straightforward trading experience with competitive fees.

Best for traders seeking a user-friendly platform with low fees and a wide range of supported cryptocurrencies.

Base currencies available

JPY, USD, EUR, BTC

USD, EUR, SGD, BTC

Account

Trading

BIT exchange offers robust security and a user-friendly interface. While it provides essential trading features, it lacks the advanced tools required by professional traders. The exchange also has moderate liquidity.

OKCoin provides a secure platform with a good selection of cryptocurrencies and competitive fees. It offers advanced trading tools but can be complex for beginners.

Deposit and withdrawal

BIT exchange supports multiple deposit options such as bank transfers and cryptocurrencies. Withdrawals are processed efficiently, usually within a day. Fees are minimal, enhancing accessibility.

OKCoin supports a wide range of deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed quickly, usually within a day, with competitive fees .

Account opening process

BIT exchange provides an easy account registration process. Users need to provide personal details and verify their identity. The account is usually approved within a day, ensuring quick access to trading.

OKCoin provides an easy and fast account registration process. Users need to fill out personal details and verify their identity. The process is fully digital and usually completed within a day.

KYC required?

Yes

Customer Service

BIT offers customer support through email and live chat. The support team is knowledgeable and responsive, but the absence of phone support and limited availability can be a disadvantage.

OKCoin provides comprehensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Security

BIT offers strong security features, including 2FA and encryption. Despite its robust security measures, the platform lacks regulation from major financial authorities, which could be a concern for some users.

OKCoin offers extensive security features, including 2FA, encryption, and cold storage. It is regulated by several financial authorities, making it a highly secure platform for investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend Bit.com for traders looking for a robust platform that excels in derivatives trading and offers high liquidity. Its advanced security and comprehensive trading tools make it a strong choice for experienced traders. However, new traders should be aware that the platform’s complexity and limited fiat support could pose initial hurdles. Overall, Bit.com is a standout exchange for those looking to leverage sophisticated trading strategies in the cryptocurrency market.

Xavier Tarrasó

As an expert on our website, I recommend Okcoin for those new to cryptocurrency trading due to its user-friendly interface and robust security measures. While it offers a solid foundation for beginners with support for major cryptocurrencies and practical payment options, seasoned traders might find the range of tools and altcoin options somewhat limiting. If you’re starting out or primarily interested in major cryptocurrencies, Okcoin provides a reliable and secure platform to begin your trading journey.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Bit vs Okcoin [ 2024 ]

Bit

Okcoin

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Bit

Okcoin

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Minimum Trade

Trading and Transaction Fees

Number of Cryptocurrencies

Crypto-to-Crypto Trading Pairs

Website Transparency

Credit/Debit Card

Storage Offering

Staking and Rewards

Mobile App and Desktop

Customer Service

Deposit and Withdraw

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Base currencies available

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Bit and Okcoin