As Bitcoin successfully breaks through the $100,000 mark at the end of 2024, the cryptocurrency market shows a stable and positive trend this year, with more and more people entering 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 the Web3 world and are also a prerequisite for participating in arbitrage in the crypto space.
As a novice, many people may have such questions: Which exchange should I choose? Which one is safer, more convenient, and more user-friendly? Today, we will explore the topic of which is better between Binance and OKEx, analyzing from multiple aspects. First, the security of funds is the core issue that everyone is most concerned about; secondly, the friendliness of the user interface; then the functional differences, such as contracts and options; followed by the trading fee rates; and finally, whether there are any practices of "cutting leeks," such as the rigor of the review process for listing cryptocurrencies.
Both OKEx and Binance are centralized exchanges, so the security of funds becomes the primary focus. Here, we need to introduce the concept of reserves: the reserves of a centralized exchange refer to the digital assets retained to meet user withdrawal demands and liquidity needs. 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#
Reserves support the trading activities of the exchange, ensuring that there is sufficient liquidity in the market. When users trade, the exchange can utilize reserves to meet buy and sell demands, ensuring smooth transactions.
Meeting Withdrawal Demands#
After trading, users may want to withdraw assets to external wallets or bank accounts. Reserves are used to meet such demands, ensuring that users can smoothly withdraw their assets.
Security Assurance#
Reserves serve as a safety measure for exchanges to cope with potential risks. By retaining assets as a buffer, exchanges can better manage risks and avoid fund shortages.
Both OKEx and Binance regularly release third-party reserve audit reports each month, allowing users to view their funds alongside the audit results. This indicates that fund security is guaranteed, 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?#
Here, "more user-friendly" refers to the user interaction experience. There is no absolute superiority; it depends on whether the personal first impression feels suitable. We open both apps for comparison: on the left is Binance, and on the right is OKEx. The main page functions are basically similar.
The individual market pages are also quite similar, with comprehensive indicators and slight differences in interaction.
From the screenshot comparison, it can be seen that the differences between the two are minimal, with the key being personal preference and usage habits.
Which Has Lower Trading Fees?#
Centralized exchanges charge a fee for each transaction, which is an important consideration when choosing a platform. Users mainly trade spot and contracts, so we focus on the fees for these two categories.
Spot Trading Fees#
Binance fee 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 to pay fees offers a 25% discount, resulting in a fee of 7.5/10000.
OKEx has different fees: the maker fee for ordinary users is 8/10000 (lower than Binance's 1/1000), while the taker fee remains the same (1/1000). However, Binance offers lower rates when using BNB (both maker and taker fees are lower). Therefore, it is more cost-effective for ordinary users to choose BNB for fee payment. When holding 200 OKB, OKEx's fees approach Binance's discounted level, and users need to optimize their rates based on their trading strategies.
For professional users, OKEx has lower rates, and large traders can even enjoy 0 maker fees.
Contract Trading Fees#
Contract rates are also important. Binance USDT contract rates: ordinary users have a maker fee of 2/1000 and a taker fee of 5/1000; using BNB for fee payment offers a 10% discount, resulting in final rates of 1.6‰ and 4.05‰.
OKEx's rates without discounts are the same as Binance's, but holding more than 200 OKB can match Binance's discounts. There is not much difference for ordinary users; for professional contract users, OKEx is superior, allowing for savings on fees and cashback.
What Functional Differences Exist in Trading Scenarios?#
Both platforms support basic trading functions such as spot, leverage, contracts, options, and wealth management services. Binance offers liquidity mining, which OKEx does not, but its wealth management services are similar. Therefore, the functional differences are minimal.
The core difference lies in the supported cryptocurrencies: the cryptocurrencies listed on OKEx and Binance differ, and there are also differences in the cryptocurrencies available for contract trading. This means that certain cryptocurrencies can only be traded on specific platforms.
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🎁 Register on mainstream exchanges like OKEx, Binance, Huobi, Bitget, Bybit, Gate, Backpack, etc., and bookmark a webpage with all mainstream exchanges' latest anti-loss domain names 👉🏻: https://vlink.cc
🔥 Solving Access Issues to OKEx, Binance, Huobi, and Other Exchanges in Mainland China#
Many exchanges' original domain names may be restricted, or overseas servers may cause access delays. This usually stems from the network environment rather than platform service interruptions. Exchanges regularly update backup domain names to ensure access.
Can't open the link? Try other domestic mirror lines! 👉🏻 OKEx domestic backup domain line without VPN or proxy
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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/HTX
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- Gate backup domain Gate.io
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🔥 Useful Tools for Alpha Finding#
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