OKCoin enables credit card deposits with Simplex partnership

The new feature comes with a few stipulations: the minimum deposit for this service is $50 USD, and Simplex includes a 5% processing fee.

OKCoin, a leading fiat-focused digital asset exchange, announced today that it has partnered with Simplex, a FinTech company providing payment processing solutions, to enable international users to make USD deposits via debit or credit card.

The feature is available to users outside of Europe, China and the United States, with plans to extend functionality to additional countries in the future.

From now until July 1, 2019, 11:59 pm PST, OKCoin will gift $50 worth of BTC to new users who use their debit or credit card to make a $50 deposit plus deposit any amount of a supported digital asset.

“Traders and businesses come to OKCoin to seamlessly convert between fiat currencies and today’s leading digital assets. Our users have been asking about debit and credit cards and we are glad to deliver a new payment option for them. As we welcome Simplex to our existing banking and fiat partners, our goal remains to make it easier than ever to start trading crypto quickly and confidently.”

– OKCoin CEO, Tim Byun

Simplex combines AI and proprietary fraud detection algorithms to analyze every transaction, eliminating instances of fraud and false declined transactions.

“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with OKCoin and together enable a much better, fast, and easy experience.”

– Nimrod Lehavi, Co-Founder and CEO of Simplex

This is just one of several updates OKCoin has made in recent months to make buying and selling tokens more accessible to people around the world.

After the creation of OK PiggyBank, a new token listing form, and strategic additions to their lineup of cryptocurrencies, this new option for depositing fiat was the “natural next step.”

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