They’re targeting traders with at least $100,000 in volume in a 30-day period. The benefits are unique to an exchange with deep pockets: a dedicated account manager, guaranteed fast wire deposits (within 90 minutes when banks are open), and lower trading fees.
OKCoin Competes for Big Business
Current OKCoin users who surpass the $100,000 mark within 30 days are automatically converted to Premier status. The exchange also wants to attract users from other exchanges, however, by allowing those with high-volume to prove it and receive Premier status. The attraction might be strong, as some users could potentially save hundreds of dollars in trading fees every day.
OKCoin, already one of the top exchanges, is looking to solidify its lead on competitors like Coinbase Pro and Binance. In the “regulated” category of exchanges, OKCoin is the leader, bar none. Their incredibly high volume ( over the last 24 hours) is already an attraction to traders.
Turning Over A New Leaf?
Not so long ago, OKCoin was the subject of a couple of scandals. One of them was a futures contract that the exchange couldn’t satisfy. Thus, its entire user base was forced to pay part of a $420 million futures settlement. Additionally, the exchange’s founder Star Xu was questioned as part of a fraud investigation regarding an ICO. The exchange’s sister project, OKEx, was the subject of a lawsuit surrounding its issuance of Bitcoin Cash.
OKCoin has also been the subject of false volume accusations in the past, but using the “adjusted” volume metrics gives a clearer picture of what’s actually going on.
In more recent times, the exchange appears to be turning over a new leaf, trying to attract a more professional set of traders. Premier customers are wanted so bad that the exchange will give an unsecured credit in the event that they are unable to process a wire transfer within 90 minutes:
OKCoin will credit your account US$1,000 if we are unable to process your wire within 90 minutes. Premier clients are eligible for a one-time credit once a month.
OKCoin’s COO Jason Lau said:
We’ve been serving high-volume traders for the last five years and we deeply understand their requirements.
Premier accounts are available now by accessing the Premier section of the site. Traders from other exchanges will need to prove they’ve done the requisite volume. The account comes with a dedicated account manager who will ensure premier clients have a good experience as well as lower trading fees.
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