As Bitcoin successfully breaks through the $100,000 mark at the end of 2024, the cryptocurrency market has shown a steady 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 us to the Web3 world and are a prerequisite for participating in arbitrage in the crypto space.
As a novice, many people may have questions like: which exchange should I choose? Which one is safer, more convenient, and more user-friendly for beginners? Today, we will explore the topic of which is better between Binance and OKX, analyzing from multiple aspects. First, the most concerning issue is certainly the security of funds; next is whether the interface is user-friendly; then there are functional differences, such as contracts and options; followed by the trading fees; and finally, whether there are any practices of exploiting users, such as the rigor of the review process for listing new coins.
Both OKX and Binance are centralized exchanges, so the security of funds becomes a core focus. Here, we need to introduce the concept of reserves. The reserves of a centralized exchange refer to the 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) or fiat currencies (such as euros, dollars).
Reserves play several key roles in the operation of centralized exchanges:
Providing Liquidity#
The reserves of a centralized exchange can support trading activities, ensuring that the market has sufficient liquidity. When users trade, the exchange uses the reserves to meet buy and sell demands, ensuring smooth transactions.
Meeting Withdrawal Demands#
After trading on the exchange, users may want to withdraw their assets to an external wallet or bank account. Reserves are used to meet such demands, ensuring that users can withdraw their assets smoothly.
Security Assurance#
Reserves are a security measure for exchanges to address potential risks. By retaining asset reserves, exchanges can better manage risks and avoid fund shortages.
Both OKX and Binance conduct third-party reserve audits monthly, allowing users to view the funds and audit results. This indicates a high level of fund security, at least ensuring that withdrawals are not affected. Therefore, there is no significant difference between the two in terms of fund security.
Which Platform is More User-Friendly?#
Here, "more user-friendly" refers to the user interaction experience, which is essentially subjective preference, depending on whether the initial feeling is suitable. We compare the two apps: on the left is Binance, and on the right is OKX. Upon entering the homepage, the functions are basically similar.
The individual market pages are also similar. Both have comprehensive indicators, with only slight differences in interaction, but overall, the differences are minimal.
From the screenshot comparison, it can be seen that the differences between the two are not significant. The key depends on the user's first impression and usage habits, with other interaction differences being minor.
Which Has Lower Trading Fees?#
Centralized exchanges charge a fee for each transaction, which is an important consideration when choosing an exchange. The most common transactions for users are spot and contract trades, so we focus on comparing the fees in these two areas.
Spot Trading Fees#
Binance's fee structure: For regular 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 to pay fees offers a 25% discount, resulting in a fee of 7.5/10000.
OKX's fees differ: the maker fee for regular users is 8/10000 (lower than Binance's 1/1000), while the taker fee remains the same (1/1000). However, when using BNB for fee deductions, Binance's maker and taker fees are both lower than those of OKX. Therefore, it is more cost-effective for regular users to choose BNB for fee deductions. When holding 200 OKB, OKX's fees approach Binance's discounted level. Users need to operate to reduce fees.
For professional users, OKX has lower fees. High-volume traders may even achieve zero maker fees.
Contract Trading Fees#
Contract fees are also a key focus. Binance's USDT contract fees: regular users have a maker fee of 2/1000 and a taker fee of 5/1000; using BNB for fee deductions offers a 10% discount, resulting in final fees of 1.6‰ and 4.05‰.
OKX's fees without discounts are the same as Binance's. However, Binance can use BNB for a 10% discount, while OKX requires holding more than 200 OKB to reach a similar level. The differences for regular users are minimal. Professional contract users find that using OKX saves more on fees and may even receive cashback.
What Are the Functional Differences in Trading Scenarios?#
In terms of trading functionalities, both support basic services such as spot, leverage, contracts, options, and wealth management. Binance offers liquidity mining, which OKX does not have, but its wealth management services have similar options. Therefore, the differences in trading scenarios are minimal.
The main difference lies in the supported cryptocurrencies. The cryptocurrencies supported by OKX and Binance vary, and there are differences in contract trading cryptocurrencies as well. This means that certain cryptocurrencies can only be traded on specific exchanges.
🔥 Solving the Issue of Accessing OKX Exchange in China#
Many exchanges' original domain names may be restricted, or access may be slow 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 situation, exchanges like OKX and Binance regularly update their backup domain names to ensure users can access the official website through alternative addresses.
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- OKX backup domain Overseas OKX - Requires 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 (Gate)
🔥 Further Reading#
🔥 Useful Tools for Finding Alpha#
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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