As Bitcoin successfully breaks through the $100,000 mark at the end of 2024, the cryptocurrency market shows a steady and positive trend this year, attracting more and more people into this 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 are a prerequisite for participating in arbitrage in the crypto space.
As a novice, many people may have the question: which exchange should I choose? Which one is safer, more convenient, and more beginner-friendly? Today, we will discuss the topic of which is better between Binance and OKEx, analyzing from multiple dimensions. First, the safety of funds is the main concern for everyone; secondly, the friendliness of the user interface; then the functional differences, such as contracts and options; next is the level of trading fees; and finally, whether there are any practices of "cutting leeks," such as the rigor of the review process for listing coins.
Both OKEx and Binance are centralized exchanges, so the safety of funds becomes a core focus. Here, the concept of reserves needs to be mentioned: the reserves of a centralized exchange refer to the digital assets that the platform retains to meet user withdrawal demands and liquidity needs. These assets can be cryptocurrencies (such as Bitcoin and Ethereum) or fiat currencies (such as euros and dollars).
Reserves play several key roles 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 trade, the exchange can use reserves to meet buy and sell demands, ensuring smooth transactions.
Meeting withdrawal demands.#
Users may withdraw assets to external wallets or bank accounts after trading, and reserves are used to meet such demands, ensuring that users can withdraw their assets in a timely manner.
Security assurance.#
Reserves are a security measure for exchanges to cope with potential risks. By retaining asset reserves, the platform can better manage risks and avoid fund shortages.
Both OKEx and Binance conduct third-party reserve audits monthly, allowing users to view their funds and audit results. This indicates that the safety of funds is guaranteed, at least ensuring that withdrawals are not affected. Therefore, there is no significant difference between the two in terms of fund safety.
Which platform is easier to use?#
Here, "easier to use" refers to user interaction experience; there is no absolute superiority or inferiority, and the key lies in whether the first impression suits the individual. We compare the interfaces of the two apps: on the left is Binance, and on the right is OKEx. After entering the homepage, the functional layout is basically similar.
Looking at the comparison of individual market pages, both have complete indicators, with subtle differences in interaction, and overall distinctions are minimal.
From these screenshots, it can be seen that the differences between the two are small, and the choice depends on personal usage habits and visual preferences.
Which has lower trading fees?#
Centralized exchanges charge a fee for each transaction, which is an important consideration for users. The main types of trades are spot and contracts, so we focus on comparing the fees in these two areas.
Spot trading fees#
First, let's look at Binance's 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 0.1% (1/1000). Using BNB to deduct fees offers a 25% discount, resulting in a fee of 0.075% (7.5/10000). Users who do not understand the concepts of maker and taker can refer to previous articles.
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, after using BNB for fee deduction, Binance's rates are lower (both maker and taker are lower than OKEx). Therefore, it is more cost-effective for ordinary users to choose BNB for fee deduction. Users holding 200 OKB on OKEx can also enjoy similar discounted rates. Users need to reduce fees based on their operational strategies.
For professional users, OKEx has lower fees, and large traders can even enjoy a 0 maker fee rate.
Contract trading fees#
Contract fees are also a focus for users. For Binance's USDT contracts, 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 offers a 10% discount, resulting in final fees of 0.16% and 0.405%.
OKEx's rates are the same as Binance's without discounts, but holding more than 200 OKB can yield similar discounts. Therefore, there is not much difference for ordinary users, while professional traders may prefer OKEx due to its lower fees and potential cashback.
What are the functional differences in trading scenarios between the two?#
In terms of trading functions, both support similar scenarios, such as spot, leverage, contracts, options, and wealth management services. Binance offers liquidity mining, which OKEx does not, but OKEx's wealth management services have similar options. Therefore, the overall differences are minimal.
The main difference lies in the supported cryptocurrencies: the lists of cryptocurrencies on OKEx and Binance differ, and there are also differences in the cryptocurrencies available for contract trading. Some cryptocurrencies may only be traded on one of the platforms.
🔥 Solving the issue of accessing OKEx exchange in China#
Many exchanges' original domain names may be restricted, or access delays may occur 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, exchanges like OKEx and Binance regularly update their backup domain names to ensure users can access the official website through alternative addresses.
-
- OKEx backup domain Overseas OKEx - Need to use VPN or Alternative link
-
- Binance backup domain Binance
-
- Bitget backup domain Bitget
-
- Bybit backup domain Bybit/Bybitglobal
-
- Huobi HTX backup domain Huobi (Huobi/HTX)
-
- Gate backup domain Gate.io (Gate)
🔥 Related reading#
🔥 Useful tools for alpha finding#
1️⃣ Axiom trading tool https://axiom.trade
2️⃣ Gmgn trading tool https://gmgn.ai
3️⃣ dbot trading tool https://app.debot.ai
4️⃣ Morelogin multi-account fingerprint browser www.morelogin.com
Everyone is searching for#
How to buy Trump coin, WeChat buy Trump coin, buy Trump coin in China, buy Bitcoin with RMB, tutorial for buying Trump coin on exchanges, how to buy President coin, how to buy Bitcoin, Bitcoin, President coin, Trump coin, buy Bitcoin in China, trading exchanges, OKEx download and registration, OKEx recharge in China, Binance App registration, Binance App download, tutorial for buying coins on Binance platform, Binance registration, Binance airdrop registration, Binance Apple download, how to buy President coin, how to buy Dogecoin, buy Bitcoin with RMB, how to download OKEx, web3 airdrop, web3 zero airdrop, Bitget mainland download and registration, OKEx passport registration, OKEx download, Binance download, cryptocurrency side business, OKEx contracts, how to recharge RMB on OKEx, how to recharge on OKEx, how to create an NFT wallet, how to recharge RMB on Huobi, beginner's tutorial for the crypto space, btc8848.com, trading contracts Tony's mindset, contract leverage bit wave, DeFi mining, crypto space airdrop, can airdrops still be played in the crypto space, what to do if a contract is liquidated, how to buy President coin on OKEx and Binance, how to buy Ethereum on OKEx and Binance, how to play DeFi staking mining, can NFTs still be played, how to play web3 airdrop, how to mine inscriptions, how to mine runes, beginner's guide to the crypto space, how to trade cryptocurrencies, can trading cryptocurrencies make money, beginner's tutorial for the crypto space btc8848.com, can trading cryptocurrencies make money, what is contract leverage, DeFi mining, how to play airdrops in the crypto space, OKEx airdrop, node staking, liquidation, financial freedom, night investment heiyetouzi.xyz