OKX vs Binance: Fees, Cryptos, Trading Features Compared

In the cryptocurrency world, there are so many exchanges available to traders. Each one has its own pros and cons, and it can be tough to decide which is the best one for you. In this blog post, we're going to compare OKX vs Binance - two of the most popular exchanges around. We'll take a look at their fees, their KYC procedures, and other important factors. So, let's get started!

Advantages and disadvantages of OKX

About OKX exchange

The OKX cryptocurrency exchange opened in Hong Kong in 2014 under the name OKEx. It is included in the same group as one of the oldest platforms on the market OkCoin. In 2018, the platform officially moved to Malta. In January 2022, OKEx officially announced a name change to OKX and a rebranding of the company. The rebranding changed the design of the crypto-exchange, as well as revised plans for future brand development.

According to the company, they decided to remove the combination "Ex" from the name, which meant "exchange", due to the fact that the site has already gone beyond the standard trading platform.

About Binance Exchange

Binance is the world's largest exchange by trading volume. It was founded in 2017 by Chinese businessman Changpeng Zhao. He is its largest shareholder. It is a global blockchain ecosystem and infrastructure provider for the crypto industry with a suite of financial products and instruments.

Comparative analysis of OKX and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

OKX offers: 

Binance offers:

Available countries

OKX and Binance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your OKX and Binance account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on OKX and Binance.

Available Cryptos and Tokens

OKX currently supports 619 trading pairs and 347 coins. 

Binance supports 357 trading pairs and 1466 coins.

Regulation

There is no information about the OKX regulation and the corresponding license.

The most popular crypto exchange has changed jurisdictions several times during its existence, and there have been many rumors about it (Caymans, Malta, Singapore, Seychelles). The platform is actively recruiting regulatory staff and working towards licensing in major states.

At the moment, the legally independent Binance US platform for the US is fully legal. A list of licenses and regulators for each state is here.

Interface

The interface of the exchanges is quite convenient and clear. Any user can immediately understand all the functions. Do not worry, if you do not understand something, you can always see the training and tips.

Verification (KYC)

OKX clients should confirm their identity by passing at least one level of verification. This is no problem, you only need to specify your passport data. However, you can make a deposit and trade even before that. Further KYC levels with address confirmation are needed to expand the limits and available options.

As for Binance, the exchange went through a difficult time in 2021, when a large number of regulators from different countries brought charges against it, initiated investigations or issued warnings. These countries include: United Kingdom, Singapore, China, Poland, Italy, Malta, South Africa and Thailand. As a result, the platform has also had to take many different measures, including the introduction of mandatory verification. CZ (CEO Binance) has repeatedly stated his willingness to cooperate with regulators as much as necessary. In the verification process, the user provides the following data: Passport or other identification, Citizenship and country of residence, Address, Date of birth, name, Confirmation of face in photo or video, depending on exchange requirements.
After sending the information it takes an average of 24 hours for employees to verify.

Account deposit

Exchanges offer the following options for funding the account:

Comparison of Trading Fees

OKX:

Binance:

Owners of OKB and BNB tokens, respectively, can reduce these fees with them. In addition, fees are reduced for large traders with large monthly trading volumes.

Account security

It is very important to protect your account from possible intrusion from the outside. Both platforms have simple but effective security mechanisms for this purpose. OKX has 2FA - two-factor authentication via Google Authenticator, anti-phishing code, an additional level of confirmation by email or SMS, a system for adding trusted devices to your account.

Binance offers users Two Factor Authentication (2FA), hardware key, email and phone confirmations, whitelisting for withdrawals, anti-phishing code, monitoring of devices used and account activity.

Passive earn on exchanges

The OKX Earn platform offers fixed deposits, DeFi farming, double investments, flash deals, and staking.

Binance exchange is a place where you can invest in many different ways. For example, with dual (bicurrency) investments, standard cryptocurrency deposits, Liquid Swap liquidity supply, subscription to new tokens via Launchpad, Proof-of-Stake cryptocurrency stacking.

Which to choose - OKX or Binance

We looked at two competing cryptocurrency exchanges - OKX vs Binance. OKX has more favorable commissions. Binance has more additional features and opportunities for passive income. Otherwise, the exchanges are virtually identical.

Disclaimer:

NFTs trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is OKEX a good crypto exchange?

Yes, OKEX is a great cryptocurrency exchange! They offer a lot of convenient features, such as spot and margin trading, derivatives trading, and more. Their fees are also very reasonable. Overall, OKEX is a great choice for those looking for a reliable and user-friendly crypto exchange.

What fees does OKEx charge?

There are a few different types of fees that OKEx charges:

- Trading Fees: This is the fee that you pay when you buy or sell tokens on the exchange. The rate depends on the currency pair that you trade, and ranges from 0.01% to 0.2%
- Withdrawal Fees: This is the fee that you pay when you withdraw funds from your account. The rate depends on the currency pair, and ranges from free to 0.1%.
- Deposit Fees: This is the fee that you pay when you deposit funds into your account. There is no charge for deposits made in CNY, but other currencies have a range of fees from free to 0.1%

Who are Binance competitors?

There are a few different exchanges that compete with Binance, each with their own advantages and disadvantages. Some of the most popular exchanges are Coinbase, Kraken, and Gemini.

Is Binance the best crypto exchange?

At the moment, Binance ranks first in all ratings of cryptocurrency exchanges.

Conclusion

We have listed the main aspects that matter to users choosing an exchange, but there are other smaller nuances that usually do not play a decisive role. These include the user-friendliness of the interface, the availability of starter bonuses, training materials, contests and promotions for active traders. So, when choosing between OKX or Binance for trading and investing, you should consider all the points that are important to you. Both platforms are noteworthy, both have millions of loyal users who have appreciated their benefits.