Okcoin exchange is the largest Bitcoin exchange, at the same time, among the most reliable fiat-to-crypto exchanges in the world. The trading volume of Bitcoin on this exchange is 16 million Bitcoins per month. Founded by Star Xu in 2013, Okcoin is based out of San Francisco.
In this guide, we will review the Okcoin exchange and tell you how to use Okcoin. Apart from this, we will also shed some light on Okcoin taxes.
Connecting your Okcoin Address to ZenLedger For Your Okcoin Taxes
- To import your transactions, log in to Okcoin and copy your receiving address.
- Paste the receiving address you copied from Okcoin into the wallet address field in ZenLedger.
- Select the proper coin from the dropdown list.
- Select if the wallet is based in the USA or not.
- Then hit add coin.
Pros and Cons of Okcoin Exchange
Okcoin is among the best digital asset trading platforms and one of the reasons it is among the best is that it is user-friendly for beginners and individuals. The exchange aims to provide efficient and reliable services by eliminating trading barriers such as margin trading from its platform.
- High liquidity
- Low fees
- Fiat deposits and withdrawals
- Advanced trading platform
- Interest earning schemes
- Fewer tradable cryptocurrencies
- Verification necessary for withdrawals
One of the main priorities of Okcoin is to offer world-class, transparent customer service. Their services include security encryption, cold storage, and regular tracking of deposits and withdrawals. It has met customers’ needs for a mobile trading app. For seasoned traders, Okcoin offers various trading types such as futures trading, trailing stop, Iceberg orders, and more.
The Okcoin exchange offers more than 30 trading pairs with advanced features to beginners as well as high-volume traders.
The exchange has a noticeably advanced and robust trading platform for Bitcoin trading and a few other selected cryptocurrencies. The web-based trading platform is built for more professionally inclined traders, but at the same time, beginners will also find it easy to use.
The platform is equipped with advanced trading charts with a full-screen viewing feature. If a trader needs to conduct a technical analysis before executing a trade, they can do it with the technical indicators and trading tools available on the charts.
Both the website and the platform are easy to navigate and extremely responsive. The intuitively designed user interface allows traders to take advantage of the platform and all the trading options at their disposal. Not only this, Okcoin has a mobile application for both Android and Apple devices. The application accommodates all the features of the web-based platform in a mobile-optimized version.
Okcoin is ideal for veteran traders since the platform offers various advanced trade types. Traders can participate in futures trading, trailing stop orders, Iceberg orders, and TWAPs. The exchange has fewer cryptocurrencies to offer, but it makes up for it with advanced trade types. The coins available on the exchange such as Bitcoin, Ethereum, Litecoin, Ethereum Classic, and Bitcoin Cash can be traded against CNY and USD.
How to Use Okcoin?
To use the Okcoin exchange, you need to open an account on the platform. Here’s the process of opening an account:
Step 1: Sign-up
Go to the Okcoin exchange website and sign-up for an account by filling up the given form, agreeing to the terms and conditions, and clicking on ‘Sign-Up.’ Now you can log into your account.
Step 2: Verification
To secure their assets on the website, traders have to verify their identity. Unless you finish the verification process, you cannot add funds to your account.
When level 1 of verification is complete, you can only withdraw up to 2 Bitcoin. If you wish to withdraw more, you have to complete the second level of verification by providing images of your passport and address proof. Moreover, if you want to withdraw more than 50 Bitcoins, you have to get in touch with business support.
Step 3: 2FA Security
2FA or 2-Factor authentication secures your account and confirms the identity of the user by using a combination of 2 different factors. You can activate this feature by navigating to the Security section and selecting Google Authenticator. Scan the security barcode and Confirm after putting in the numbers.
Step 4: Fund Okcoin Account
To add funds to the Okcoin account, select Fund and click Token Deposit. Pick the token and scan the QR code or you can also copy the deposit address. You can review your funding transactions by finding the deposit history in Token Deposit.
Can Okcoin Generate My Tax Forms?
Okcoin’s tax reporting is limited to the Okcoin platform, which means it doesn’t cover additional cryptocurrency exchanges, wallets, DeFi protocols, or other external platforms you might use. As a result, it cannot provide a comprehensive overview of your gains, losses, and income tax data from these external sources. To ensure complete tax reporting, especially if you use multiple platforms, consider using crypto tax software like ZenLedger to aggregate and calculate your tax information accurately.
How To Do Your Crypto Taxes?
To complete your cryptocurrency taxes, follow these essential steps: First, gather all your crypto transaction records, including buys, sells, and trades. Next, calculate your gains and losses by determining the cost basis and selling price. Convert these values into your local fiat currency, and then fill out the required tax forms for your jurisdiction, reporting your cryptocurrency income accurately. For complex situations or to simplify the process, consider seeking professional assistance or using crypto tax software like ZenLedger.
For more information, read this: A Step-by-Step Guide to Crypto Taxes
Reporting your Okcoin transactions using ZenLedger
1. Connect and Import: Begin by connecting your Okcoin account to ZenLedger. Import your transaction data, including trades and transfers, into the platform.
2. Generate and Review Reports: ZenLedger will automatically generate tax reports tailored to your local jurisdiction, covering aspects like capital gains and taxable income. Review these reports for accuracy and completeness.
3. File Your Tax Return: After reviewing the reports, you can download the necessary tax forms and documents. Use this information to complete your tax return in compliance with your local tax regulations. If needed, seek guidance from a tax professional for specific advice.
By using ZenLedger, you can simplify the process of reporting your Okcoin transactions and ensure that you meet your tax obligations efficiently and accurately.
Okcoin is one of the best crypto exchanges for both newbies and experienced traders. Its easy-to-use platform with an intuitive interface makes it stand out from the crowd. Furthermore, it aims to provide reliable and transparent customer support. Opening an account as well as trading on the platform is easy. And reporting Okcoin taxes is even easier with ZenLedger.
ZenLedger can help you easily calculate your crypto taxes, and also find opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional-prepared plans!
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide tax, legal, or financial advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.