Binance vs OKX

This Binance vs OKX comparison will present you with two of the major international cryptocurrency exchanges that use blockchain technology to deliver cutting-edge financial solutions to their clients located all over the world. They are also among the most successful cryptocurrency platforms worldwide, focusing on spot and derivative trading. Read on.

About the Exchanges

Binance

At this time, the Binance cryptocurrency exchange is the largest one in the world in terms of both the daily trading volume and the weekly visitor count. It is headquartered in the Cayman Islands and began operations in 2017. 

Changpeng Zhao started the company to cater to experienced market participants worldwide interested in gaining access to a variety of cryptocurrencies and features intended to increase their profits.

This  trading platform can be modified to fit the requirements of traders with varying levels of experience. 

The platform’s user interface can be toggled between its simple “classic” mode, where only the most fundamental trading functions are available, and its more advanced “advanced” mode, where all of the platform’s trading tools are available.

OKX

OKX (formerly known as OKEx) is a global digital currency exchange that uses distributed ledger technology known as blockchain to offer cutting-edge monetary services to its customers worldwide. Additionally, it is one of the most prominent cryptocurrency trading platforms on the market, with a particular emphasis on spot trading and derivatives.

This cryptocurrency exchange began in China in 2017 but moved its operations to Hong Kong and Belize along with its subsidiary OKCoin after the Chinese government passed a law prohibiting the trading of ICO tokens. After the switch, OKX started focusing more on the international cryptocurrency market and more advanced cryptocurrency traders.

Currently, OKX works as a more advanced crypto trading platform, while OKCoin is still active as a trading platform for ICO tokens and cryptos trading.

On April 11, 2018, OK Group declared its entry into the Maltan market and commended the government for its efforts to create a stable regulatory environment for cryptocurrency exchanges and blockchain companies. 

After all was said and done, this turned out to be a prudent decision for the company, as just one month later, the OKX trading platform outperformed all other crypto exchanges in terms of the volume of trades conducted.

Pros and Cons

Binance Pros

• Signing up takes less than a minute; 
• There are many different currencies to choose from (both digital and fiat);
• Great for seasoned investors and novices alike;
• High levels of liquidity;
• Market charting software;
• Options for P2P trading, on margin, OTC, NFT, and the futures market;
• Cost-effective trading;
• User funds are kept in a secure, offline location.

Binance Cons

• Newcomers may feel overwhelmed by the numerous trading options; 
• There have been regulatory concerns in multiple countries; 
• The platform suffered several major security breaches.

OKX Pros

• Provides a wide variety of professional trading features;
• Advanced marketplace;
• Enables leveraged trading;
• Low fees and support for over a hundred different cryptocurrencies.

OKX Cons

• Customer service could use some improvement. 

Binance vs OKX: The Crypto Exchange Comparison 

Opening an Account

Creating an account on Binance is a simple process. You will only need to supply the exchange with your email address or phone number via the mobile or web platform. On Binance, verifying one’s identity is voluntary and not required. However, it is strongly suggested that you raise the daily limitations on the amount of money you can deposit or withdraw.

The procedure for proving your identification will only take a couple of minutes and will involve submitting your recent photo, checking your user credentials, and providing an identification document issued by the government. As soon as you’ve finished doing that, you’ll be able to fund your trading account and start plotting out your first crypto move in the cryptocurrency arena.

The process of opening an account with OKEx is essentially identical. Based on your preferences, there are nine live accounts available on OKX. Each has a reasonably straightforward sign-up process, which consists of filling out a brief registration form on the broker’s website.

Before new customers can begin buying and selling cryptocurrencies, they will be required to provide some basic contact information and may be asked to provide proof of their identification.

Main Features

Binance is a popular cryptocurrency exchange that focuses on serving experienced cryptocurrency buyers and sellers. It allows users to exchange a wide variety of cryptocurrencies on a global scale for low transaction fees. The UI could be more user-friendly because of its wide array of trading options and services. Depending on one’s prior knowledge and experience, Binance could create an extensive learning curve for investors.

In addition to a wide variety of order types, users have access to a multitude of trading choices, including futures and options, the NFT market, real-time charting with exponentially moving averages, and more through the Binance platform.

To satisfy the requirements of professional market participants worldwide, the OKX trading platform, which features an intuitive user interface and is founded on game-changing blockchain technology, makes available safe and innovative ways to trade fiat currency, cryptocurrencies, and futures contracts.

There is, for instance, the option of trading on margin, with a maximum leverage of 20:1. As a result of the volatility of their prices, margin trading in cryptocurrency markets is typically restricted to a ratio of 20:1.

Trading in futures contracts for Bitcoin, Ethereum, and EOS is also available through OKX. Contracts can be purchased on a weekly, biweekly, or monthly basis. Futures contracts can also be traded using leverage in the form of margin trading.

Incorporating algorithmic trading tools was one of the more recent additions to the suite of supplementary functionalities offered by the OKX exchange.

Supported Cryptocurrencies

For cryptocurrency traders, Binance is the happy place. The platform supports all of the most prominent cryptocurrencies, such as Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE), in addition to a number of alternative cryptocurrencies that are not as widely recognized. 

As a result, there are over 530 different crypto-to-crypto trading pairs, some of which include meme coins and DeFi tokens. New digital assets are consistently being launched in order to provide cryptocurrency investors with the best possible trading experience.

With over 20 million users in more than 200 countries, the OKX exchange platform is one of the most widely used and largest cryptocurrency-to-cryptocurrency and fiat-to-cryptocurrency exchanges worldwide. You can trade approximately 140 different virtual currencies on this platform, in addition to over 400 different pairings of BTC and USDT.

OKX is compatible with a variety of digital currencies, including Ethereum (ETH), Litecoin (LTC), Okb (OKB), Bitcoin Cash (BCH), Bitcoin (BTC), 0x Protocol (ZRX), Raven Coin (RVN), and Ripple (XRP), but more are being added all the time.

Additionally, the United States Dollar (USD) and the Chinese Yuan (CNY) are the fiat currencies that can be used on this cryptocurrency exchange.

Payment Methods

There is a wide variety of options available under the payment methods area for Binance traders. These options include bank account transfers (P2P), credit or debit cards issued by Visa or Mastercard, bank transfers, and third-party payment services like Simplex.

In addition, you can use a variety of fiat currencies, such as US Dollars, Canadian Dollars, British Pounds, Australian Dollars, Euros, and Swiss Francs, to purchase cryptocurrency. When buying and selling cryptocurrencies on the site, you also have the option of utilizing stablecoins such as Tether (USDT), the Coinbase USD Coin (USDC), or Binance USD (BUSD).

You can sign up for OKX without worrying about how to fund your account or buy crypto, as the platform accepts many payment methods. If you want to purchase or sell cryptocurrency quickly, you can take advantage of the widely available methods, such as bank transfers, Apple Pay, SEPA, Google Pay, Visa/Mastercard, and a few other possibilities. 

When you want to take some of your money out of the exchange, you can do so using the same techniques you used to deposit it. The greatest part about OKX is that it supports a wide variety of fiat currencies, making it simple for users from all around the world to buy, sell, and trade. Users can even use their region’s specific banking system to make deposits or withdrawals, which may be to their advantage.

If you already have crypto and wish to trade with it, you can put those digital currencies into your OKX balance. It is just as simple to withdraw cryptos, and you can move them to any private wallet or crypto trading platform.

Trading Fees and Limits

Trading costs on Binance are variable based on your 30-day trading volume and your daily BNB holdings. When you purchase or sell cryptocurrencies, you will normally be subject to a 0.1% cost for spot trading and a 0.5% fee for transactions.

Additionally, trading costs for Binance Futures are not prohibitively expensive. It is possible for the maker fees and taker costs to be as low as 0.000% and 0.017%, respectively, enabling traders to keep a greater portion of their earnings. Having BNB tokens in your possession reduces these costs even more.

In addition, when you move funds out of your Binance account, you won’t be subject to any cryptocurrency withdrawal fees because Binance doesn’t charge any. If you’re making a deposit, keep in mind that the costs you pay could vary depending on the method you choose to deposit funds to your Binance trading account.

The complex and multi-tiered nature of this trading platform’s pricing model is one of the OKX platform’s defining characteristics. The fees are calculated based on the 30-day moving average of the total trading volume.

Depending on your account verification status, the daily withdrawal limit can range from 10 BTC for new or unconfirmed accounts to 500 BTC for the KYC-verified accounts on the OKX platform.

One of the best things about OKX is that it does not impose any fees on users when they deposit cryptocurrencies into their accounts. But, as with most exchanges, there are maker/taker fees.

When a trader helps the exchange fill orders by placing a limit order just below the ticker price to buy or just above the price to sell, the trader is subject to maker fees. Namely, the OKEx makers are subject to a trading fee of 0.08% of the total transaction amount. 

By the same token, the trading commission for takers is 0.10% of the amount traded. When a trader issues a trading order against an existing order in the order book, they incur taker fees because they have depleted the exchange’s liquidity.

How Safe Are Binance and OKX?

Binance is generally considered to be a safe crypto trading platform, which is proved by the trust of numerous international traders. To this end, Know Your Customer (KYC) verification, two-factor authentication (2FA) through SMS or Google Authenticator, and an Anti-Phishing Code are just a few of the security measures used by Binance to keep its platform and its users safe from hackers and fraudsters.

On the downside, Binance has a history of hacking incidents and regulatory issues in several countries worldwide. Bloomberg reports that US financial regulators are looking into whether Binance engaged in market manipulation or insider trading and that the IRS is involved in the probe, suggesting that money laundering and tax crimes may also be suspect.

Two-factor authentication (2FA), anti-pushing passwords for all emails sent from the OKX platform, and mobile verification codes before withdrawing funds are just a few of OKX’s cutting-edge security features. OKX’s trading clients also offer the option to use email and text message verification. A confirmation password could be sent via email or text message to the account holder in case of a fraudulent transaction attempt. 

Moreover, you can enable a second password for your account as an additional layer of protection, which will be necessary whenever you use any of the trading tools provided by the exchange. If you turn on this function, you will be notified immediately of any unusual activity on your account.

On the other side of the token, a number of OKX users reported in October 2017 that their trading accounts had been compromised and their crypto holdings had been stolen. The exchange stated that this was because the account holders needed to secure their own accounts properly and had made their logins and passwords available to unauthorized users. 

The claims that the exchange’s security measures were inadequate were voted down, and clients were given updated guidance on keeping their accounts and wallets safe.

Customer Support

Binance’s support staff is reachable via email and social media. You can send the Binance team a tweet or post in the Weekly Binance Support thread on the forum website if you have any questions or concerns.

Moreover, Binance offers multilingual customer care in 17 languages and a comprehensive Help Center where users may find information on nearly every feature of the Binance exchange. When it comes to crypto trading, the Support Center is a gold mine of helpful videos and written guides.

OKX’s help desk is open around the clock for users’ convenience. To save time waiting for a response from support@okex.com, you might want to look through the comprehensive knowledge base, as you may find your answer there.

There appears to be a lot of rigidity in how the exchange organizes its help desk, but users who are aware of this and take precautions have few issues.

Mobile Trading

The Binance mobile app gives its customers access to a wide range of cryptocurrencies and fiat currencies for trading, as well as handy financial tools for earning interest on their coins through crypto loans or staking, loan application forms, and other services.

Providing the highest possible quality of service is essential if you want to become a leader in your chosen area of professional advancement. In this regard, OKX provides its customer base with a mobile app that makes trading more straightforward and hassle-free while on the move. 

Both of these mobile apps are compatible with all mobile devices, whether they run Mac OS X, Windows, Android, or iOS as their primary operating system.

How Do Binance and OKX Compare to Other Crypto Exchanges

Binance vs OKX vs Coinbase

It’s safe to say that the three largest cryptocurrency exchanges in the world are Binance, OKX, and Coinbase. Although all of these platforms have great liquidity and have gained the trust of millions of users, the platform that is easiest to use is Coinbase since it has a slick user interface (UI) and simple trade instruments. 

Binance and OKX both offer a more comprehensive user interface than Coinbase, in addition to a wider variety of advanced trading tools designed for experienced cryptocurrency investors. As a result, traders who are willing to take additional risks may consider using one of these two platforms.

Conclusion

It would appear that both Binance and OKX have everything a serious trader might want: a robust blockchain platform, top-notch security, and a wealth of complex trading tools. 

The enormous user base of these two prominent crypto exchanges is, finally, a constant source of motivation for the leadership and development team to further improve their security and services.