As Bitcoin successfully breaks through the $100,000 mark at the end of 2024, the cryptocurrency market shows a stable and positive trend this year, attracting more and more people into the cryptocurrency 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 the prerequisite for participating in arbitrage in the crypto space.
As a novice, many may face the question: which exchange should be chosen? Which one is safer, more convenient, and more beginner-friendly? Today, we will explore the topic of which is better between Binance and OKEx, analyzing from multiple dimensions. First, the security of funds is the core issue most concerning users; second is the friendliness of the user interface; then there are functional differences, such as contracts and options; followed by a comparison of trading fees; and finally, whether there are practices of exploiting users, such as the rigor of the review process for listing coins.
As centralized exchanges, the security of funds on Binance and OKEx becomes the primary focus. 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. These assets can be 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 that there is sufficient liquidity in the market. When users trade, the exchange can use the 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 that 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 assets as a buffer, they can better manage risks and avoid fund shortages.
OKEx and Binance both publish third-party reserve audit reports monthly, 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, in terms of fund security, there is no significant difference between the two.
Which Platform is More User-Friendly#
Here, "more user-friendly" refers to the user interaction experience, which essentially has no absolute superiority or inferiority, depending on the individual’s first impression compatibility. By comparing the app interfaces, the left side is Binance, and the right side is OKEx, with the homepage function layout being basically similar.
The individual market pages are also highly consistent, with complete indicators and subtle interaction differences.
From the screenshots, it can be seen that the differences between the two are minimal, with the key being user habits and visual preferences.
Which has Lower Trading Fees#
Centralized exchanges charge a fee for each transaction, which is an important consideration when choosing a platform. The main comparison is between spot and contract fees.
Spot Fees#
For ordinary users on Binance (with a spot trading volume of less than $1 million in the last 30 days), both maker and taker fee rates are 1/1000. Using BNB to deduct fees offers a 25% discount, making it 7.5/10000. The concepts of maker and taker can be referenced in previous articles.
For ordinary users, OKEx's maker fee rate is 8/10000 (lower than Binance), while the taker fee rate is 1/1000 (the same as Binance). However, Binance has lower rates when using BNB for deductions. Holding 200 OKB can bring OKEx's fees close to Binance's discounted level. Therefore, it is more cost-effective for ordinary users to use BNB for deductions, while professional users can optimize costs through OKB.
Professional users (especially large traders) can enjoy lower rates on OKEx, with some maker fees even being zero.
Contract Fees#
For ordinary users on Binance, the USDT contract maker fee is 2/1000, and the taker fee is 5/1000; using BNB for deductions offers a 10% discount, making it 1.6‰ and 4.05‰.
OKEx's rates without discounts are the same as Binance's, but holding more than 200 OKB can match Binance's discounts. Professional users find OKEx more advantageous due to its lower fees and cashback offers.
What Functional Differences Exist in Trading Scenarios?#
Basic functions such as spot, leverage, contracts, options, and wealth management services are all supported, with minor differences. Binance offers liquidity mining, while OKEx does not have this feature, but its wealth management services have similar alternatives. The core difference lies in the supported cryptocurrencies: the coins listed on OKEx and Binance differ, and there are also differences in contract trading coins, which may lead to certain coins being traded only on specific platforms.
🔥 Solving the Issue of Inaccessibility to OKEx Exchange in China#
Many exchanges' original domain names may be restricted, or access delays may occur due to overseas servers. This usually stems from the network environment rather than platform service interruptions. Exchanges like OKEx and Binance regularly update backup domain names to ensure users can access the official website through alternative addresses.
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- OKEx backup domain Overseas OKEx-Need to use VPN or Alternative link
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- Binance backup domain Binance
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- Bitget backup domain Bitget
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- Bybit backup domain Bybit/Bybitglobal
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- Huobi HTX backup domain Huobi (Huobi/HTX)
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- Gate backup domain Gate.io (Gate)
🔥 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#
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