As Bitcoin successfully breaks the $100,000 mark by the end of 2024, the cryptocurrency market continues to develop steadily 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, which can be said to be the bridge connecting us to the Web3 world and the foundation for participating in arbitrage activities in the crypto space.
For newcomers, choosing which exchange to use is often a common question: which platform is safer, more convenient, and more beginner-friendly? Today, we will explore the topic of which is better between 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 contract and options support, followed by the trading fee rates, and finally whether the platform avoids "scalping" behaviors, such as the strictness of the review process for listing cryptocurrencies.
Both OKX and Binance are centralized exchanges, so the security of funds becomes a core concern for users. Here, we need to introduce the concept of reserves: in the operation of centralized exchanges, reserves refer to the digital assets held by the platform to meet user withdrawal demands and maintain liquidity. These assets can be cryptocurrencies like Bitcoin and Ethereum, or fiat currencies like euros and dollars.
Reserves play several very important roles in the operation of centralized exchanges:
Providing liquidity.#
The reserves of centralized exchanges can be used to support trading activities, ensuring that the market has sufficient liquidity. When users trade, the exchange can utilize the reserves to meet buy and sell demands, thereby ensuring smooth transactions.
Meeting withdrawal demands.#
Users may choose to withdraw assets to external wallets or bank accounts after trading, and reserves can effectively meet such withdrawal demands, ensuring that users can withdraw assets smoothly at any time.
Security assurance.#
Reserves are a safety measure for exchanges to cope with potential risks. By retaining a certain amount of assets as reserves, the platform can better manage risks and avoid issues of fund shortages.
We observe that both OKX and Binance conduct third-party reserve audits monthly and publish reports, 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, from this perspective, there are no significant differences or issues between the two.
Which platform is easier to use?#
Here, "easier to use" refers to user interaction experience. There is essentially no absolute superiority; it depends on personal preference. We compare the interfaces of the two apps: on the left is Binance, and on the right is OKX. The homepage function layout is basically similar.
Looking at the individual market pages, the differences between the two are minimal, with complete indicators and slightly different interaction details but overall consistency.
From the screenshot comparison, it can be seen that the differences between the two are not significant; the key lies in the visual comfort and habits of users during their first use, with other interaction differences being minor.
Which has lower trading fees?#
Centralized exchanges charge a fee for each transaction, so the fee rate is an important consideration for users. Trading mainly involves spot and contracts, and we focus on comparing these two aspects.
Spot trading fees#
First, let's look at Binance's 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 0.1% (1/1000). If using BNB to pay fees, a 25% discount can be enjoyed, resulting in a fee of 0.075% (7.5/10000).
OKX's fees are different: the maker fee for ordinary users is lower than Binance's (Binance 0.1%, OKX 0.08%), while the taker fee is the same (0.1%). However, Binance's fee is lower after using BNB for payment, making both maker and taker fees better than OKX. Therefore, it is more cost-effective for ordinary users to choose BNB for fee payment. If holding 200 OKB, OKX's fees approach Binance's discounted level. Users need to optimize their operations to reduce fees.
For professional users, OKX has lower fees, and large traders can even enjoy a 0 maker fee rate.
Contract fees#
Contract rates are also crucial. In Binance's contract fees, the USDT contract for ordinary users has a maker fee of 0.2% (2/1000) and a taker fee of 0.5% (5/1000). Using BNB for payment can get a 10% discount, resulting in final fees of 0.16% and 0.405%.
OKX's fees are the same as Binance's without discounts, but Binance offers a 10% discount for BNB payments, while OKX requires holding more than 200 OKB to match this. The differences for ordinary users are not significant; for professional contract users, OKX is better, allowing for savings on fees and cashback.
What functional differences exist in trading scenarios between the two?#
In terms of trading functions, both support basic scenarios such as spot, leverage, contracts, options, and wealth management. Binance offers liquidity mining, while OKX does not, but OKX's wealth management services are similar. The main difference lies in the supported cryptocurrencies: OKX and Binance list different cryptocurrencies, and the supported contract cryptocurrencies also differ, so some cryptocurrencies may only be traded on specific platforms.
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