As Bitcoin successfully breaks the $100,000 mark by the end of 2024, the cryptocurrency market shows a steady upward trend this year, attracting more and more people into the crypto space. It is well known that the storage and trading of cryptocurrencies rely heavily 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 circle.
As a novice, many people may have the following questions: 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 OKEx, analyzing from multiple aspects. First, the most concerning issue for everyone is certainly the security of funds; secondly, whether the interface is user-friendly; then the functional differences, such as contracts and options; next is the trading fee rates; and finally, whether there are any practices of exploiting users, such as the rigor of the review process for listing new coins.
Both OKEx 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 certain amount of digital assets that the exchange retains on the platform during its operation 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#
The reserves of a centralized exchange can support trading activities, ensuring that the market has sufficient liquidity. When users trade, the exchange uses 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 external wallets or bank accounts. Reserves are used to meet such demands, ensuring that users can withdraw their assets smoothly.
Security Assurance#
Reserves are a safety measure for exchanges to cope with potential risks. By retaining asset reserves, exchanges can better manage risks and avoid fund shortages.
Both OKEx and Binance conduct third-party reserve audits monthly, allowing users to view 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 first impression feels right. We compare the two apps: on the left is Binance, and on the right is OKEx. 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 distinction is 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 transaction fees for every trade, which is an important consideration when choosing an exchange. The most common trades for users are spot and contracts, 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 for fee deductions offers a 25% discount, resulting in 7.5/10000.
OKEx's fees are different: 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 lower than OKEx's. Therefore, it is more cost-effective for regular users to choose BNB deductions. When holding 200 OKB, OKEx's fees approach Binance's discounted level. Users need to operate to reduce fees.
For professional users, OKEx has lower fees. High-volume traders may even achieve 0 maker fees.
Contract Trading Fees#
Contract rates are also a key focus. Binance's USDT contract rates: 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 rates of 1.6‰ and 4.05‰.
OKEx's rates are the same as Binance's without discounts. However, Binance can use BNB for a 10% discount, while OKEx requires holding over 200 OKB to reach a similar level. There is not much difference for regular users. Professional contract users find it more economical to use OKEx for fees and may receive cashback.
What Functional Differences Exist in Trading Scenarios?#
In terms of trading functionality, both support basic services such as spot, leverage, contracts, options, and financial services. Binance offers liquidity mining, which OKEx does not, but its financial services have similar options. Therefore, the differences in trading scenarios are minimal.
The main difference lies in the supported cryptocurrencies. OKEx and Binance support different cryptocurrencies, and there are differences in contract trading coins. This means that certain cryptocurrencies can only be traded on specific exchanges.
🔥 Solving the Issue of Inaccessibility to OKEx 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 believe it is a platform issue, when in fact it is due to the network environment. To address this situation, exchanges like OKEx and Binance regularly update backup domain names to ensure users can access the official website through alternative addresses.
-
- OKEx backup domain Overseas OKEx - Need VPN or Backup link
-
- Binance backup domain Binance
-
- Bitget backup domain Bitget
-
- Bybit backup domain Bybit/Bybitglobal
-
- Huobi HTX backup domain Huobi/HTX
-
- Gate.io backup domain Gate.io
🔥 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
Popular Searches#
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 presidential coin, how to buy Bitcoin, Bitcoin, presidential coin, Trump coin, buying Bitcoin in China, trading exchanges, OKEx download and registration, domestic OKEx recharge, Binance App registration, Binance App download, tutorial for buying coins on Binance platform, Binance registration, Binance airdrop registration, Binance iPhone download, how to buy presidential 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, trading as a side job, 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 circle, btc8848.com, trading contracts Tony's insights, contract leverage bit wave, DeFi mining, crypto circle airdrop, can airdrops in the crypto circle still be played, what to do if a contract is liquidated, how to buy presidential 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 mint inscriptions, how to mint runes, beginner's guide to the crypto circle, how to trade cryptocurrencies, can trading cryptocurrencies make money, beginner's tutorial for the crypto circle btc8848.com, does trading cryptocurrencies make money, what is contract leverage, DeFi mining, how to play in the crypto circle, OKEx airdrop, node staking, liquidation, financial freedom, night investment heiyetouzi.xyz