As Bitcoin successfully breaks the $100,000 mark by the end of 2024, the cryptocurrency market shows a stable and positive trend this year, attracting more and more people into this field. It is well known that the storage and trading of cryptocurrencies rely on centralized exchanges; in other words, exchanges are the bridge connecting the Web3 world and are a prerequisite for participating in arbitrage in the crypto space.
As a novice, many people may have such questions: Which exchange should I choose? Which one is safer, more convenient, and more beginner-friendly? Today, we will discuss the topic of which is better between Binance and OKX, analyzing from multiple dimensions. First, the safety of funds is the primary concern; second is the user interface friendliness; then there are functional differences, such as contracts and options; next is the level of trading fees; finally, whether there are practices of exploiting users, such as the rigor of the review process for listing cryptocurrencies.
Both OKX and Binance are centralized exchanges, so the safety of funds becomes a core focus. Here, the concept of reserves needs to be mentioned: the reserves of a centralized exchange refer to the digital assets that the platform retains to meet user withdrawal demands and liquidity needs. These assets can be cryptocurrencies (such as Bitcoin, Ethereum) or fiat currencies (such as euros, dollars).
Reserves play several key roles in the operation of centralized exchanges:
Providing liquidity.#
Reserves support the trading activities of the exchange, ensuring that the market has sufficient liquidity. When users trade, the exchange can use reserves to meet buy and sell demands, ensuring smooth transactions.
Responding to withdrawal demands.#
Users may withdraw assets to external wallets or bank accounts after trading, and reserves are used to meet such demands, ensuring that users can withdraw their assets in a timely manner.
Security assurance.#
Reserves are a security measure for exchanges to cope with potential risks. By retaining asset reserves, the platform can better manage risks and avoid fund shortages.
Which platform is easier to use?#
Here, "easier to use" refers to user interaction experience; there is no absolute superiority or inferiority, and the key lies in whether the personal first impression is suitable. We compare the interfaces of the two apps: on the left is Binance, and on the right is OKX. After entering the homepage, the functional layout is basically similar.
Looking at the comparison of individual market pages, both have complete indicators, with slight differences in interaction, and overall differences are minimal.
From these screenshots, it can be seen that the differences between the two are small, and the choice depends on personal usage habits and visual preferences.
Which has lower trading fees?#
Centralized exchanges charge a fee for each transaction, which is an important consideration for users. The main trading types are spot and contracts, so we focus on comparing the fees for these two aspects.
Spot trading fees#
First, let's look at Binance's rules: For ordinary users (with a spot trading volume of less than $1 million in the last 30 days), the taker and maker fee rates are both 0.1% (1/1000). Using BNB to deduct fees offers a 25% discount, resulting in a rate of 0.075% (7.5/10000). Users unfamiliar with the concepts of taker and maker can refer to previous articles.
OKX's rates differ: the maker fee for ordinary users is 0.08% (8/10000), lower than Binance's 0.1%; the taker fee is the same at 0.1%. However, Binance's rate is lower after using BNB for deduction (both taker and maker are lower than OKX). Therefore, it is more cost-effective for ordinary users to choose BNB deduction. Users holding 200 OKB on OKX can also enjoy similar discounted rates. Users need to reduce fees based on their operational strategies.
For professional users, OKX has lower fees, and large traders can even enjoy a 0 maker fee rate.
Contract trading fees#
Contract rates are also a concern for users. For Binance's USDT contracts, the maker fee for ordinary users is 0.2% (2/1000), and the taker fee is 0.5% (5/1000). Using BNB for deduction offers a 10% discount, resulting in final rates of 0.16% and 0.405%.
OKX's rates are the same as Binance's without discounts, but holding more than 200 OKB can provide similar discounts. Therefore, the difference for ordinary users is not significant, while professional traders find OKX more advantageous due to lower fees and potential cashback.
What are the functional differences in trading scenarios between the two?#
In terms of trading functions, both support similar scenarios, such as spot, leverage, contracts, options, and wealth management services. Binance offers liquidity mining, while OKX does not have this feature, but OKX's wealth management services have similar options. Therefore, the overall differences are minimal.
The main difference lies in the supported cryptocurrencies: the lists of cryptocurrencies on OKX and Binance differ, and there are also differences in contract trading cryptocurrencies. Some cryptocurrencies may only be traded on one of the platforms.
🔥 Solving the issue of accessing OKX exchange in China#
Many exchanges' original domain names may be restricted, or access delays may occur due to overseas servers. This often confuses users, leading them to think it is a platform issue, when in fact it is due to the network environment. To address this, exchanges like OKX and Binance regularly update backup domain names to ensure users can access the official website through alternative addresses.
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- OKX backup domain Overseas OKX - Need VPN or Alternative link
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- Binance backup domain Binance
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- Bitget backup domain Bitget
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- Bybit backup domain Bybit/Bybitglobal
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- Huobi HTX backup domain Huobi/HTX
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- Gate backup domain Gate.io
🔥 Related reading#
🔥 Useful tools for finding alpha#
1️⃣ Axiom trading tool https://axiom.trade
2️⃣ Gmgn trading tool https://gmgn.ai
3️⃣ dbot trading tool https://app.debot.ai
4️⃣ Morelogin multi-account fingerprint browser www.morelogin.com
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