As Bitcoin successfully breaks through the $100,000 mark by the end of 2024, the cryptocurrency market shows a steady and positive trend this year, with more and more people entering the crypto space. It is well known that the storage and trading of cryptocurrencies rely on centralized exchanges; in other words, exchanges are the bridges connecting the Web3 world and are also a prerequisite for participating in arbitrage in the crypto circle.
As a beginner, 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; second is the user interface friendliness; then there are functional differences, such as contracts, options, etc.; next is the level of trading fees; finally, whether there are practices of "cutting leeks," such as the rigor of the review process for listing coins.
Both OKEx and Binance are centralized exchanges, so the security of funds becomes the primary concern. 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 are 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 the security of funds 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 initial feeling is suitable for the individual. 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 complete indicators and subtle 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 fees 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 for fee deduction offers a 25% discount, resulting in a fee of 7.5/10000.
OKEx fees are 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, Binance has lower rates when using BNB for fee deduction (both maker and taker are lower). Therefore, it is more cost-effective for ordinary users to choose BNB for fee deduction. When holding 200 OKB, OKEx fees approach Binance's discount 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 deduction offers a 10% discount, resulting in final rates of 1.6‰ and 4.05‰.
OKEx has the same rates without discounts, but holding more than 200 OKB can match Binance's discounts. The differences for ordinary users are minimal; for professional contract users, OKEx is better, allowing for savings on fees and cashback.
What Functional Differences Exist in Trading Scenarios Between the Two?#
Both support basic trading functions such as spot, leverage, contracts, options, and wealth management. Binance offers liquidity mining, which OKEx does not have, but its wealth management services are similar. Therefore, the functional differences are minor.
The core difference lies in the supported cryptocurrencies: the coins listed on OKEx and Binance differ, and there are also differences in the contract trading coins. This means that certain coins can only be traded on specific platforms.
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🔥 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.
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