As Bitcoin successfully breaks through the $100,000 mark at the end of 2024, the cryptocurrency market has shown a steady upward trend this year, attracting more and more participants into this field. It is well known that the storage and trading of cryptocurrencies rely on centralized exchanges, which means that exchanges are the bridge connecting the Web3 world and the foundation for participating in arbitrage in the crypto space.
As a newcomer, many people may wonder: which exchange should be chosen? Which one is safer, more convenient, and more beginner-friendly? Today, we will delve into a comparison between Binance and OKX, analyzing from multiple dimensions. The primary focus is on the security of funds, followed by the user interface's friendliness, then the functional differences such as contracts and options, followed by the trading fee rates, and finally the risk of "getting scammed," such as the strictness of the review process for listing cryptocurrencies.
Both OKX and Binance are centralized exchanges, so the security of funds becomes a core concern. This involves the concept of reserves: reserves are digital assets that exchanges keep to meet user withdrawal demands and liquidity needs, 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 that the market has sufficient liquidity. When users buy and sell, the exchange uses reserves to meet demand, ensuring smooth transactions.
Meeting Withdrawal Demands#
After completing transactions, users may want to withdraw assets to external wallets or bank accounts. Reserves are used to meet these withdrawal demands, ensuring that users can smoothly withdraw their assets.
Security Assurance#
Reserves are a safety measure for exchanges to manage potential risks, avoiding issues of fund shortages by retaining assets.
Which Platform is More User-Friendly?#
"More user-friendly" refers to the user interaction experience, with no absolute superiority or inferiority, depending on personal first impressions. Comparing the app interfaces: on the left is Binance, and on the right is OKX. The main functions on the homepage are basically the same.
The market pages are also highly similar, with complete indicators and subtle differences in interaction.
From the screenshots, it can be seen that the differences between the two are minimal, with the key being user preference and usage habits.
Which Trading Fee Rate is Lower?#
Centralized exchanges charge a fee for each transaction, which is an important consideration when choosing a platform. Trading mainly involves spot and contract transactions, so the focus is on comparing the rates for these two categories.
Spot Trading Fees#
Binance rules: For ordinary users (with a spot trading volume of less than $1 million in the last 30 days), both maker and taker fees are 1/1000. Using BNB for fee deduction can enjoy a 25% discount, reducing it to 7.5/10000.
OKX fees: The maker fee for ordinary users is 8/10000, lower than Binance; the taker fee is also 1/1000. Binance has a lower rate when using BNB for fee deduction. Holding 200 OKB can obtain a similar discount, and ordinary users need to optimize operations to reduce costs.
For professional users, OKX has a more advantageous fee structure, with some high-volume users enjoying 0 maker fees.
Contract Trading Fees#
Binance contract fees (taking USDT as an example): For ordinary users, the maker fee is 2/1000, and the taker fee is 5/1000; using BNB for fee deduction gives a 10% discount, reducing it to 1.6‰ and 4.05‰.
OKX has the same rates without discounts, but holding more than 200 OKB can match Binance's discounts. For professional contract users, using OKX is more economical, with high trading volumes possibly receiving cashback.
What Functional Differences Exist in Trading Scenarios?#
Both exchanges support basic functions such as spot, leverage, contracts, options, and financial services. Binance offers liquidity mining, which OKX does not, but their financial services are similar. The main difference lies in the supported cryptocurrencies: the cryptocurrencies listed on OKX and Binance differ, and there are also differences in contract cryptocurrencies, with some cryptocurrencies possibly limited to specific platforms for trading.
🔥 Solving the Issue of Inaccessibility to OKX Exchange in China#
Many exchanges' original domain names may be blacklisted, or access speed may be affected due to servers being located overseas. For ordinary users, this situation often leaves them feeling at a loss, even questioning whether the issue lies with the exchange itself. In reality, this is more about the network environment rather than a service interruption from the platform itself. To cope with this situation, exchanges like OKX and Binance typically update backup domain names regularly to ensure users can continue to access the official website through alternative addresses.
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- OKX backup domain Overseas OKX - 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/HTX
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- Gate.io backup domain Gate.io (Open Sesame)
🔥 Further Reading#
🔥 Useful Tools for Alpha Finding#
1️⃣ Axiom Dog-Charging Tool https://axiom.trade
2️⃣ Gmgn Dog-Charging Tool https://gmgn.ai
3️⃣ dbot Dog-Charging Tool https://app.debot.ai
4️⃣ Morelogin Multi-Account Fingerprint Browser www.morelogin.com
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