For those who are new to the world of crypto banking software, choosing a platform to start trading is definitely no easy task. There are numerous cryptocurrency options out there.
They all seem to be viable, with each having an equal number of pros and cons.
We'll compare OKCoin vs. Coinbase in this article so you can decide what seems like the easiest option for your needs. Once you read through the informational guide below, you'll be able to determine the main reasons people are choosing one over the other.
The main reasons you would want to choose either OKCoin or Coinbase are the differences between each platform. We've taken both platforms apart and will be comparing them in regards to user ratings. We will also be going over each platform's security features, customer service, and risk management policies.
OKCoin vs. Coinbase
OKCoin is a global leader in digital currency. As an international company, OKCoin provides customers with the ability to buy and sell Bitcoins. They can also buy and sell other cryptocurrencies.
OKCoin is a professional trading platform by any definition. The platform is designed to meet the needs of people from all cryptocurrency experience levels. The company prides itself on its easy-to-use interface and its top-notch security features.
Coinbase Regulated Exchange
Coinbase is a regulated exchange under licenses issued by FINRA and the NYSDFS. Coinbase is the largest Bitcoin exchange and broker in the world. Coinbase has investments of over $20 billion, and they continue to grow in value. Uniquely Coinbase provides buying and selling with Ethereum, Litecoin, and Bitcoin Cash.
Most recently they are also buying and selling Stellar Lumens (XLM).
Using OKCoin
OKCoin owns one of the most secure platforms for digital currency. It has had only one credit card breach in over four years of operations. The platform is user-friendly and can easily be used by crypto veterans or new cryptocurrency enthusiasts.
Often new cryptocurrency investors use it due to the platform's security features. Features that include multi-signature authorization and two-factor authentication. OKCoin also has several other security protocols.
Crypto experts around the world have praised OKCoin. OKCoin's main features include but aren't limited to;
- Advanced Trading Platform
- Bank-Level Security
- Leverage for Experienced Traders
- Easy to Use Interface
OKCoin security features are very impressive. The platform provides offline storage of private keys and secures cold storage.
Using Coinbase
Many people think that Coinbase is a good option because of its user-friendly interface. Coinbase also offers a great mobile app to help you easily trade between crypto and fiat currency. You can use their platform on your mobile device, tablet, and also through your desktop computer.
Coinbase made an announcement recently that they are offering Ethereum Classic (ETC) and Litecoin (LTC). This is in addition to their Bitcoin and Ethereum services. A former Google engineer founded Litecoin (LTC) who is currently working at Coinbase.
Access to Litecoin Through Coinbase
This means that access to Litecoin through Coinbase may be more efficient. Coinbase is definitely a user-friendly platform. Coinbase continues to grow as a top crypto investment company because of its ability to help investors easily acquire digital assets.
The Coinbase platform also offers several advanced features such as advanced charting, a news feed, and technical analysis tools
Coinbase App
Coinbase also offers a crypto wallet that gives users the ability to buy crypto and store it. Coinbase provides users with an offline storage option. The Coinbase platform and app provide users with a way to send crypto back and forth with friends.
The Coinbase app is not only an easy-to-use platform but also provides users with a great mobile app. A mobile app with support given to users through its website. Users can also send money from their Coinbase accounts through email or phone if they lose access to their wallets.
The Coinbase app offers great security, safety, and sustainability features for your funds. Nothing is more important to Coinbase than the safety of your funds, so they never keep access to your private keys for an extended time period.
Anytime you log into your account, there is a verification process that you own certain cryptocurrencies stored in your account.
For more information about Coinbase, check out our comprehensive review: Coinbase Review: What You Need to Know Before Using it.
Crypto Banking
Crypto banking is a possibility through Coinbase or the OKCoin platform. This means you get the ability to store coins on both exchanges. Not only can you store coins on both exchanges you also have full control of your assets.
Coinbase and OKCoin have very secure platforms that are great options for storing cryptocurrency. Coinbase has offline storage as described above, and OKCoin has a cold-storage option available as well. Both platforms offer users easy ways to manage their digital assets.
Digital assets are managed within cryptocurrency exchanges or through wallets online via their applications. Offline cold storage is provided for people who not only purchase cryptocurrency but also hold onto it for long periods of time. An offline cold storage device is a physical device that is impossible to hack.
Crypto Software
There is a plethora of crypt software available for investors and users of cryptocurrency. The software is very useful in helping you work on your crypto trading strategies. The software has very high-level security, safety, and stability that puts the security of your funds first.
Cryptocurrency software is easy to use and offers advanced features that allow you to analyze data in real-time. You can also research historical data to see what is happening with the price of a coin you are interested in. The software offers multiple different methods of trading and investing.
The major benefit of crypto software is that most of it is very user-friendly. The crypto software analyzes cryptos and uses hash power on mining pools. Both Coinbase and OKCoin charge fees to users that trade on their exchanges or use their software, but the fees are usually charged when you trade cryptocurrency.
Cryptocurrency Exchanges
Both OKCoin and Coinbase have centralized and decentralized exchanges to buy or sell cryptocurrencies. Centralized exchanges are those that hold all user funds in one centralized account. Decentralized exchanges offer more security as users have access to their private key.
Both centralized and decentralized exchanges have their own distinct advantages. But by using a combination of exchanges, users tend to get the most out of trading cryptocurrency. Buying cryptocurrency is a great way to invest in multiple cryptos and diversify your portfolio.
Both Coinbase and OKCoin offer users trading options within their platforms. Coinbase offers an extensive list of cryptocurrencies they support. OKCoin has different trading cryptocurrencies available.
Cryptocurrency Exchanges Fees
Both Coinbase and OKCoin offer several methods of payment, such as bank account. You can use a credit card, debit card, PayPal, and sometimes other fee payment services. However, there are different requirements for each payment method.
A fee is charged for each transaction. That means you need to be aware ahead of time of what the fees are before you start trading either currency. This means that you must pay US dollars (or Bitcoin) for each transaction to draw USD (or Bitcoin).
There are also ways you can start trading anonymously, but you will still have to pay the exchange fees when applicable.
OKCoin and CoinBase Limits
There are limits to how much you can withdraw in a day. Both OKCoin and Coinbase have limits for their users. These limits are usually based on your verification level.
You can find information online about both exchanges regarding the specific amounts that each user gets to withdraw per day.
OKCoin and CoinBase Customer Service
Coinbase and OKCoin offer excellent customer service options for users of their software, exchanges, and other services. The customer service options are available via email or phone, depending on the information you need. They also both have a helpful knowledge base available for use by customers.
This knowledge base provides information on how to use the platform services as well as any support issues. Both OKCoin and Coinbase provide answers to customer questions on topics such as registration, verification, and other aspects of using the software or exchange.
Compare with the best alternative exchanges
| Exchange | ||
|---|---|---|
| Nexo | Best overall crypto lending platform. | Go to site → |
| CoinLoan | Best for crypto loan borrowers. | Go to site → |
| YouHodler | Most versatile crypto lending platform. | Go to site → |
| Bit.com | Best crypto derivatives platform. | Go to site → |
| Matrixport | Best for institutional investors. | Go to site → |
| Gemini | Best crypto exchange for U.S. investors. | Go to site → |
| Binance | Best overall crypto exchange. | Go to site → |
| Kraken | Best U.S. crypto exchange for advanced traders. | Go to site → |
Where Do You Go to Find OKCoin and Coinbase?
There are multiple ways to find out more about both these exchanges. The best way to learn more is to explore Bitcompare. Bitcompare has the most current and reliable information on OKCoin vs. Coinbase.
Bitcomare wants to make blockchain technology accessible to all who want it. Bitcompare does the hard upfront work on testing products, so they provide customers with helpful and relevant information. Everyone wants to make better and safer decisions when dealing with cryptocurrency investments.
Bitcompare provides customers with the confidence they need when doing cryptocurrency comparison shopping for financial decisions that impact their lives. Bitcompare provides reviews, expert articles, and more, so you have one expert source that makes sure your next cryptocurrency decision is the right one.