As the price of Bitcoin successfully broke through the $100,000 mark at the end of 2024, the cryptocurrency market has shown a stable and positive trend this year, attracting more and more participants 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 user, there are common questions: which exchange should be chosen? Which platform is safer, more convenient, and more beginner-friendly? This article will explore the pros and cons of Binance and OKX, analyzing from multiple dimensions. The primary focus is on the security of funds, followed by the user interface's friendliness, then the functional differences (such as contracts, options, etc.), comparing trading fees, and finally assessing whether there is a risk of being scammed (for example, the review intensity for listing cryptocurrencies).
Both OKX and Binance are centralized exchanges, so the security of funds becomes a core concern. This involves the concept of reserves: the reserves of a centralized exchange refer to the digital assets that the platform retains to meet user withdrawal demands and liquidity needs, including cryptocurrencies (such as Bitcoin, Ethereum) or fiat currencies (such as euros, dollars).
Reserves play a key role in the operation of centralized exchanges:
Providing Liquidity#
Reserves support the trading activities of the exchange, ensuring sufficient market liquidity. When users trade, the exchange can utilize 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 users can withdraw their assets in a timely manner.
Security Assurance#
Reserves are a safety measure for exchanges to cope with potential risks. By retaining asset reserves, the platform can manage risks more effectively and avoid fund shortages.
Which Platform is More User-Friendly?#
Here, "more user-friendly" refers to the user interaction experience, with no absolute superiority or inferiority; the key lies in the adaptability of personal first impressions. Comparing the two apps: on the left is Binance, and on the right is OKX. The main page functions are basically similar.
The comparison of individual market pages shows that both have complete indicators, with subtle differences in interaction.
From the screenshot comparison, the differences mainly depend on user preferences and habits, with minor differences in interaction details.
Which Platform Has Lower Trading Fees?#
Centralized exchanges charge a fee for each transaction, so the fee rate is an important consideration when choosing a platform. Users primarily trade in spot and contracts, so the focus is on comparing the fees for these two categories.
Spot Trading Fees#
Binance fee rules: Ordinary users are defined as those with a spot trading volume of less than $1 million in the past 30 days, with both maker and taker fees at 1/1000. Using BNB to deduct fees offers a 25% discount, resulting in 7.5/10000.
OKX's fees are slightly different: the maker fee for ordinary users is 8/10000 (lower than Binance's 1/1000), while the taker fee is the same (1/1000). However, when using BNB for fee deduction, Binance's rate is lower than OKX's. Therefore, it is more cost-effective for ordinary users to choose BNB deduction. When holding 200 OKB, OKX's fees approach Binance's discount level, allowing users to optimize their rates through operations.
For professional users, OKX has lower fees, and large transaction users can enjoy zero 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 deduction offers a 10% discount, resulting in final rates of 1.6‰ and 4.05‰.
OKX's rates are the same as Binance's without discounts, but holding more than 200 OKB can get the same discount. The differences for ordinary users are not significant, while professional users find OKX's rates lower and offer cashback.
What Are the Functional Differences in Trading Scenarios Between the Two?#
In terms of trading functionality, both support spot, leverage, contracts, options, and financial services. Binance offers liquidity mining, while OKX does not have this feature, but their financial services are similar. The main difference lies in the supported cryptocurrencies: the cryptocurrencies listed on OKX and Binance differ, and there are also differences in contract trading cryptocurrencies, with some cryptocurrencies limited to trading on a single platform.
🔥 Solving the Issue of Inaccessibility to OKX Exchange in China#
Many exchanges' original domain names may be blacklisted, or access speed may be affected due to servers being located overseas. For ordinary users, this situation often leaves them feeling helpless, even questioning whether there is a problem with the exchange itself. In fact, this is more due to the network environment rather than a service interruption on the platform itself. To address this situation, exchanges like OKX and Binance usually update backup domain names regularly to ensure users can continue to access the official website through alternative addresses.
-
- OKX backup domain Overseas OKX-need to bypass firewall or alternative link
-
- Binance backup domain Binance
-
- Bitget backup domain Bitget
-
- Bybit backup domain Bybit/Bybitglobal
-
- Huobi HTX backup domain Huobi (Huobi/HTX)
-
- Gate.io backup domain Gate.io (Open Sesame)
🔥 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
Everyone is Searching#
How to buy Trump coins, WeChat buy Trump coins, buy Trump coins in China, buy Bitcoin with RMB, tutorial for buying Trump coins on exchanges, how to buy presidential coins, buying Bitcoin, Bitcoin, presidential coins, Trump coins, buying Bitcoin in China, trading exchanges, OKX download registration, domestic OKX recharge, Binance App registration, Binance App download, Binance platform coin buying tutorial, Binance registration, Binance airdrop registration, Binance iPhone download, how to buy presidential coins, how to buy Dogecoin, buy Bitcoin with RMB, how to download OKX, web3 airdrop, web3 zero airdrop, Bitget mainland download registration, OKX passport registration, OKX download, Binance download, cryptocurrency side business, OKX contracts, how to recharge RMB on OKX, how to recharge OKX, how to set up 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 crypto space airdrops still be played, what to do if a contract is liquidated, how to buy presidential coins on OKX and Binance, how to buy Ethereum on OKX 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, does trading cryptocurrencies make money, what is contract leverage, DeFi mining, how to play in the crypto space airdrop, OKX and Binance airdrop, node staking, liquidation, financial freedom, night investment heiyetouzi.xyz