A comparative analysis of two cryptocurrency exchanges: Binance and OKX.
Binance
Binance is the world's largest cryptocurrency exchange, founded in 2017 by Changpeng Zhao and currently headquartered in the Cayman Islands. It is known for its high transaction volume, rich features and broad user base, serving more than 120 million users in more than 180 countries and regions.
Features:
Transaction types: Supports spot trading (over 600 trading pairs), futures (up to 125x leverage), options, margin trading, P2P trading, and coin earning (staking, financial management, Launchpool, etc.).
Supported currencies: More than 400 cryptocurrencies, including mainstream currencies such as BTC, ETH, BNB, SOL, and a large number of emerging tokens.
Fees: The base rate for spot trading is 0.1% (maker/taker), and you can enjoy a 25% discount if you pay with BNB; the futures rate is 0.02% (maker)/0.04% (taker). Withdrawal fees vary by currency (e.g., the withdrawal fee for BTC is about 0.0001 BTC).
Security: It uses cold storage, multi-signature, 2FA (two-factor authentication), and establishes SAFU (User Asset Security Fund). It was hacked in 2019 and lost 7,000 BTC, but it was fully compensated with its own funds.
User experience: The interface is rich in functions and supports multiple languages (including Chinese), but it may be a little complicated for novices. It provides mobile apps and Web3 wallets.
Other services: Binance Smart Chain (BSC), NFT Marketplace, Binance Visa Card (8% cashback), Launchpad (new coin issuance).
Advantages: extremely high liquidity, rich trading pairs, and a complete ecosystem.
Disadvantages: There is a lot of regulatory pressure (for example, US users need to use Binance.US), and the withdrawal fees are relatively high.
OKX
OKX (formerly known as OKEx) is a global cryptocurrency exchange founded in 2017, headquartered in Seychelles and founded by Star Xu. It is well-known for its derivatives trading and Web3 ecological layout, with more than 50 million users and serving more than 100 countries.
Features:
Transaction types: Supports spot trading (about 400 trading pairs), futures (up to 125x leverage), perpetual contracts, options, margin trading, and coin earning (staking, Jumpstart, etc.).
Supported currencies: More than 350 cryptocurrencies, including BTC, ETH, OKB, XRP, etc., covering mainstream and some niche currencies.
Fees: The basic spot trading fee is 0.08% (maker)/0.1% (taker). Holding OKB or high trading volume can reduce the fee; the futures fee is 0.02% (maker)/0.05% (taker). The withdrawal fee is relatively low (e.g. the BTC withdrawal fee is about 0.00001 BTC).
Security: More than 95% of funds are in cold storage, supporting 2FA and multi-signature, with a $464 million protection fund. It was attacked in 2019 but no significant losses were caused.
User experience: The interface is simple and intuitive, suitable for novice and professional users, supports Chinese, and provides powerful Web3 wallets and mobile apps.
Other services: OKX Chain (public chain), NFT market, DeFi services, copy trading, and robot trading.
Advantages: Low fees, excellent Web3 wallet experience, and fast withdrawal speed.
Disadvantages: The number of trading pairs is slightly less than Binance, and the brand influence is slightly weaker.
Comparison summary
Establishment time and background: Both were established in 2017. Binance originated in China and then globalized, while OKX evolved from OKCoin and has a slightly longer history.
Trading type: The two have similar functions, but Binance has an advantage in spot trading pairs and ecological diversity, while OKX is more prominent in derivatives and copy trading.
Supported currencies: Binance (400+) is slightly better than OKX (350+), but the gap is not big.
Fees: OKX has lower spot and withdrawal fees, Binance is competitive via BNB discounts.
Security: Both have strong security measures, Binance has a slight advantage due to SAFU funds and transparency, but OKX's low withdrawal fees also attract users.
User group: Binance is suitable for traders who pursue high liquidity and diversity, while OKX is more friendly to novices and Web3 enthusiasts.
Regulation and restrictions: Binance is restricted in the United States (need to use Binance.US), and OKX does not serve parts of the United States, Canada, and other regions.
Selection suggestions
If you value the number of trading pairs, liquidity, and ecosystem: Choose Binance, especially if you want to participate in the new coin issuance (Launchpad) or use the BNB ecosystem.
If you value low fees, Web3 experience, and derivatives trading: Choose OKX, especially the copy trading and wallet features are attractive to you.