About a month back, I got tuned into using the okcoin.com cryptocurrency exchange (see my referral link below) because of it's easy signup bonus:
My initial thoughts were to just deposit some low risk stable coin, wait for the $50 bonus to hit, pull out, and then wash my hands clean. Just like with bank bonuses, personally its hard for me to walk on free money, even though periodically there are times that I do end up getting burned.
So the first thing I did was bought some USDC, at face value + a .99 cent fee, a fee that can be waived for your second transfer if you decided to do recurring deposits. I wasn't planning on doing this for the long-haul, so I decline to make it recurring. Next I decided to buy into $MIA earning $STX:
The term is fixed, so i'm not going to be able to pull out of this one until June 2022. Can't say this was the best choice because $MIA hasn't been doing so hot since.
And then...I kind of forgot about my account...That is until I was doing some digging to find a place to stake my AVAX.
If you look across the most well-known options, they require a lot of minimums (around 25 AVAX) and rewards ending up topping around . This is what I found surprising about okcoin. Not only does it not have a 25 requirement, but the current rate at time of posting is more than
The only slight disadvantage is that the holding period is 15 days instead of 14, which is what you would get if you delegated directly with Avalanche. Another thing to consider is that it took about a day for it to "process" before the 15 day period started, so my assumption is that when you're redeeming your deposit after 15 days, it again may take another day to "process" when you're trying to withdraw.
ACH Holdups and Withdrawing
After doing my level 2 verification with OKCOIN (which is one of the requirements in order to get your $50 BTC bonus) I noticed quickly that in order to withdraw anything out of your account, if you originally bought your holdings with an ACH payment, then you would be unable to withdraw it out of your account without a 10-day hold. I found this to be a little extreme, especially considering when I can't think of a single bank that takes that long to clear a 100 bucks. But, needless to say, after the 10-day hold, I was finally able to withdraw things out.
I found in general, that the withdrawing fees (or network fees) reminded me a great deal of coinbase, where they just usually have some blanket fees that are typically overpriced and given with little explanation, but in those terms pretty standard. For price points, it costs about 11USDC to move 100USDC, it costs about 0.1 NEAR to send about 3 NEAR.
Would I open it again?
Absolutely. Despite with some of the annoyances with the ACH hold, I was surprised with some of the earning/staking options that they had, and its definitely sold me enough to play around with okcoin a bit longer.
Have you had any good or bad experiences with okcoin?
Or are you thinking about signing up yourself? If so, please consider using my referral code: https://www.okcoin.com/join?channelId=600144249
