As Bitcoin successfully breaks through 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 the cryptocurrency 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 the premise for participating in arbitrage in the crypto space.
As a novice user, there are usually questions like: Which exchange should I choose? Which exchange is safer, more convenient, and more user-friendly for beginners? Today, we will explore the topic of which is better between Binance and OKEx, analyzing from multiple aspects. First, the most concerning issue for users is the safety of funds; secondly, the user-friendliness of the interface; then the functional differences, such as contracts and options; next is the trading fee rates; and finally, whether there are issues like "scalping," such as the rigor of the review process for listing new coins.
Both OKEx and Binance are centralized exchanges, so the safety of funds becomes the most concerning issue for users. Here, we need to introduce the concept of reserves: the reserves of a centralized exchange refer to the certain amount of digital assets that the exchange retains on the platform to meet user withdrawal demands and liquidity needs during its operation. These assets can be cryptocurrencies (such as Bitcoin, Ethereum, etc.) or fiat currencies (such as euros, dollars).
Reserves play several very important roles in the operation of centralized exchanges:
Providing liquidity.#
Reserves can be used to support the trading activities of the exchange, ensuring sufficient market liquidity. When users trade, the exchange can utilize reserves to meet buy and sell demands, ensuring smooth transactions.
Meeting withdrawal demands.#
After trading, users may withdraw assets to external wallets or bank accounts. Reserves are used to meet withdrawal demands, ensuring that users can smoothly withdraw their assets.
Security assurance.#
Reserves are a safety measure for exchanges to cope with potential risks. By retaining asset reserves, exchanges can better manage risks and prevent fund shortages.
Which platform is easier to use?#
"More user-friendly" refers to the user interaction experience. To be precise, there is no absolute better or worse; it depends on whether the user's first impression suits them. We compare two apps: Binance on the left and OKEx on the right. After entering the homepage, the functions are basically similar.
Comparing individual market pages, there is basically no difference between the two; the indicators are complete; there may be slight differences in interaction, but the differences are minimal.
From the screenshot comparison, it can be seen that the differences between the two are not significant; the key lies in personal preferences and usage habits, with other interaction differences being minor.
Which exchange has lower trading fees?#
Centralized exchanges charge a fee for each transaction, so this is an important comparison item when choosing an exchange. Users primarily trade in spot and contracts, so we focus on comparing the fees in these two areas.
Spot trading fees#
Binance's fee rules: Ordinary users are defined as those with a spot trading volume of less than $1 million within 30 days. The taker and maker fees are both 0.1% (1/1000). If you do not understand the meanings of taker and maker, you can refer to previous articles. Using BNB to pay fees can enjoy a 25% discount, which is 0.075% (7.5/10000).
OKEx's fees are different: 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, when using BNB for fee deduction, both taker and maker fees are lower than OKEx; therefore, it is more cost-effective for ordinary users to choose BNB for fee deduction. When holding 200 OKB, OKEx's fees approach Binance's discounted level. Users need to operate to reduce fees.
For professional users, OKEx has lower fees; users with high trading volumes can even achieve 0 maker fees.
Contract trading fees#
Binance's contract rates: The maker fee for ordinary users is 0.2% (2/1000), and the taker fee is 0.5% (5/1000); using BNB for fee deduction can enjoy a 10% discount, which is a maker fee of 0.16% (1.6‰) and a taker fee of 0.405% (4.05‰).
OKEx is the same as Binance without discounts; however, Binance can use BNB for a 10% discount, while OKEx needs to hold more than 200 OKB to match Binance's level. The difference for ordinary users is not significant; for professional users, OKEx is better, allowing for savings on fees and possibly earning cashback.
What are the functional differences in trading scenarios between the two?#
In terms of trading functionalities, both support basic functions such as spot trading, leveraged trading, contract trading, options trading, and financial services. The difference is that Binance offers liquidity mining, while OKEx does not; however, OKEx's financial services have similar options, so the overall difference is not significant.
The real difference lies in the supported cryptocurrencies. The cryptocurrencies supported by OKEx and Binance differ, and there are also differences in the contract trading cryptocurrencies; therefore, the biggest difference is that certain cryptocurrencies may only be traded on Binance or OKEx.
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🔥 Solving the issue of accessing OKEx, Binance, Huobi, and other exchanges in mainland China#
Many exchanges' original domain names may be blacklisted or affected by server locations overseas, impacting access speed. Ordinary users often feel at a loss, even doubting the service continuity of exchanges; in reality, it is mostly due to the network environment rather than platform issues. Therefore, exchanges like OKEx and Binance regularly update backup domain names to ensure users can access the official website through alternative addresses.
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- OKEx backup domain Overseas OKEx-Need to use VPN or Backup 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 (Huobi/HTX)
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- Gate backup domain Gate.io (Open Sesame)
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