As Bitcoin successfully breaks through the $100,000 mark by the end of 2024, the cryptocurrency market shows a steady upward trend this year, with more and more people entering the crypto space. 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 sphere.
As a newcomer, one often has questions like: which exchange should I choose? Which one is safer, more convenient, and more user-friendly for beginners? Today, we will explore which is better between Binance and OKEx, analyzing from multiple aspects. The primary focus is on fund security, followed by user interface friendliness, then functional differences such as contracts and options, then trading fee rates, and finally, the strictness of the coin listing review process to avoid the phenomenon of being exploited.
Both OKEx and Binance are centralized exchanges, making fund security a core issue. Here, we need to introduce the concept of reserves: the reserves of a centralized exchange refer to the digital assets retained on the platform to meet user withdrawal and liquidity demands, including cryptocurrencies (like Bitcoin and Ethereum) or fiat currencies (like euros and dollars).
Reserves play a key role in the operation of centralized exchanges:
Providing liquidity.#
Reserves support the trading activities of the exchange, ensuring sufficient market liquidity. When users trade, the exchange can use reserves to meet buy and sell demands, ensuring smooth transactions.
Meeting withdrawal demands.#
After trading on the exchange, users may withdraw assets to external wallets or bank accounts. Reserves are used to meet such demands, ensuring users can smoothly withdraw their assets.
Security assurance.#
Reserves act as a risk management measure; by retaining asset reserves, exchanges can better manage risks and avoid issues of insufficient funds.
Both OKEx and Binance regularly publish third-party reserve audit reports each month, allowing users to view their funds and the audit results. This indicates fund security, at least ensuring that withdrawals are not affected. Therefore, there is no significant difference between the two in this regard.
Which platform is more user-friendly#
User-friendliness refers to the user interaction experience; there is no absolute better or worse, as it depends on whether the initial feeling suits the individual. Comparing the two apps: Binance on the left, OKEx on the right. The homepage functions are basically similar.
A comparison of individual market pages shows that the differences between the two are minimal, with complete indicators and slightly different interactions that can be ignored.
Screenshot comparisons indicate that the differences are not significant; the key lies in personal preference and usage habits.
Which has lower trading fees#
Centralized exchanges charge a fee for each transaction, which is an important consideration in choosing one. The main trading types are spot and contracts, so we will compare the rates in these two areas.
Spot trading fees#
Binance fee rules: Regular users (with a spot trading volume of less than $1 million in the last 30 days) pay 1/1000 for both maker and taker orders. Using BNB for fee deduction offers a 25% discount, resulting in 7.5/10000.
OKEx has different fees: Regular users pay 8/10000 for maker orders (lower than Binance's 1/1000) and 1/1000 for taker orders. Binance's rates are lower when using BNB for deductions (both maker and taker are lower), making it more cost-effective for regular users to choose BNB deductions. When holding 200 OKB, OKEx's rates approach Binance's discount level, requiring users to optimize operations to reduce costs.
For professional users, OKEx has lower rates, and high-volume users can even enjoy zero maker fees.
Contract trading fees#
Contract rates are also important. Binance contract rates: Regular users pay 2/1000 for maker orders and 5/1000 for taker orders; using BNB for deductions offers a 10% discount, resulting in 1.6‰ and 4.05‰.
OKEx has the same rates as Binance without discounts, but Binance can offer a 10% discount with BNB, while OKEx requires holding more than 200 OKB to match. There is not much difference for regular users; for professional contract users, OKEx is superior, saving on fees and offering cashback.
What are the functional differences in trading scenarios between the two?#
The trading function scenarios are basically the same, supporting spot, leverage, contracts, options, and financial services. Binance has liquidity mining, which OKEx does not; however, OKEx's financial services are similar, resulting in overall minor differences.
The main difference lies in the supported cryptocurrencies: OKEx and Binance support different cryptocurrencies, and there are also differences in contract cryptocurrencies. Some cryptocurrencies can only be traded on Binance or OKEx.
Limited-time benefits—new users register to receive a guaranteed 20+ U Bitcoin blind box 🎁#
🎁 Register on OKEx, Binance, Huobi, Bitget, Bybit, Gate, Backpack, and other mainstream exchanges, and bookmark all mainstream exchanges' latest loss prevention domain names on one webpage 👉🏻: https://linktr.ee
🔥 Solutions for accessing OKEx, Binance, Huobi, and other exchanges in mainland China#
Many exchanges' original domain names may be restricted or have slow access due to overseas servers, leading users to misunderstand it as a platform issue, which is actually due to the network environment. Exchanges regularly update backup domain names to ensure access.
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- OKEx backup domain Overseas OKEx - requires 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 (Huobi/HTX)
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- Gate backup domain Gate.io (Open Sesame)
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