OKX vs. Binance: How to Choose the Better Crypto Exchange

With so many available exchanges, finding the right one for you can be difficult. OKX and Binance are very well known, with millions of users globally, but are they the right ones for you? In this article, I will dive deep into both exchanges and give you all the information you need to make an informed choice.

General Overview: OKX vs. Binance 

Both OKX and Binance are global heavy hitters in the crypto exchange market. Packed with features and tools, both would be a great place to do your crypto business! But let’s see them side by side in this clash of the titans!

Note: Neither exchange is available in the United States, although Binance does have the more straightforward Binance.US platform.

OKX Overview

OKX has emerged recently as a prevalent crypto exchange and is a leader in Web3 innovation. It has support for hundreds of different crypto assets. Users can buy crypto with Visa, bank transfer, MasterCard, and Apple Pay. 

Their fees are reasonable, and they have many products and services, though some are unsuitable for new users.

Pros of using OKX

• Very user-friendly
• Lots of products and features
• Highly reputable exchange
• Low Fees
• Solid Altcoin Support
• Great options for on and off-ramping fiat currencies

Cons of using OKX

• KYC Required for All Account Levels
• Lack of Fiat-to-Bank Support
• Some products are not suitable for beginners
• Not available in the United States

Binance Overview 

If you have been in the crypto world for a nano-second, you will have heard of Binance. Binance is the most popular crypto exchange; it offers the best security in the industry, a vast array of altcoins, and a professional-level trading platform. It is excellent for beginners and advanced users, and its education resources are second to none in the space.

Pros of using Binance

• Extensive range of products and features suitable for beginners to advanced users
• Industry-leading low fees 
• Multiple fiat currencies for depositing and withdrawals
• Great options to earn passive income on your assets
• A vast range of trading pairs
• Highly secure and trusted

Cons of using Binance

• Not available in the US. US-based users need to use Binance.US (which has fewer features)
• Current regulatory issues
• The range of features can be mindboggling for beginners

Binance vs OKX: Side-by-Side Comparison

Binance and OKX are giants in the crypto space; their resumes are packed with features, tools, and impressive numbers, but let’s unpick them in more detail.

Crypto List

I’ll start this section by saying that regardless of which crypto exchanges you use, you will not struggle to find trading pairs (a pair of assets to trade between). While it is difficult to determine how many crypto assets each platform has (assets added or removed regularly), I’ll try to give you a ballpark figure for each.

Binance:

• Crypto Assets: 402
• Trading Pairs: 1591
• Fiat Currencies: 11

OKX:

• Crypto Assets: 315
• Trading Pairs: 645
• Fiat Currencies: 46

With a comparable number of crypto assets, the real difference comes down to trading pairs and fiat currencies. Binance is the clear winner for trading pairs, meaning there are many more options for trading directly between any crypto assets you hold (or hodl, as we like to say in crypto). 

However, before deciding which exchange you will use, consider whether your home fiat currency is used on the platform. While this might not be the most significant deciding factor (US Dollars are a common alternative in most countries), it is worth considering. OKX has a lot more fiat options available.

Fees

I’ll preface this section by saying I am nitpicking; both exchanges offer some of the lowest fees in the industry. I guess this is a byproduct of their size and success.

Both exchanges have a tiered loyalty structure based on how much trading or how much you hold on the platform. 

Fees decrease as you increase your loyalty level, but I shall only compare their base loyalty levels and spot trading fees for this article. I have added an image of each platform’s fee structure below for more detail.

While both exchanges do not charge fiat deposit or withdrawal fees, you may incur network fees or fees from a third-party platform if you use one.

Binance:

• Deposit fees (fiat): 0%
• Spot Trading fees: 0.1%
• Withdrawal fees (fiat): 0%

OKX:

• Deposit fees (fiat): 0%
• Spot Trading fees: 0.1%
• Withdrawal fees (fiat): 0% 

Security

Having reasonable fees and lots of crypto is all good, but security is even more critical regarding your hard-earned money. Let’s find out if Binance and OKX are Fort Knox-like or not.

Both platforms require KYC (Know Your Customer) verification, which is typical with regulated exchanges. This helps to keep out nefarious actors, but that’s not all these two exchanges do.

Is Binance Safe to Use?

Being the biggest crypto exchange in the world comes with some big expectations, and Binance certainly doesn’t fail to deliver. Binance has taken every possible step to make it the safest crypto exchange.

During sign-up, Binance uses state-of-the-art artificial intelligence risk control solutions and identity and facial recognition. In the background, they use big-data analytics and cyber forensics to monitor every transaction on the exchange.
With all these tools, Binance is set up to spot and address suspicious activity on its platform.

While Binance has been hacked in the past, this is the first time anyone has managed to since 2019, and even then, all affected users were fully reimbursed thanks to the Binance SAFU insurance fund.

Is OKX Safe to Use?

Not to be outdone, OKX also has some pretty secure features. Every account has mandatory two-factor authentication (2FA). Two-factor authentication (2FA) is a security system that requires two separate, distinct forms of identification; in the case of OKX, this can be via SMS or Google Authenticator.

While many platforms offer 2FA as an option, OKX is the only exchange to make it mandatory, thus further highlighting their commitment to securing user’s funds.

Another great security feature OKX employs is its “anti-phishing code.” We are all aware of phishing scams, so to combat this, OKX adds a code to every email they send you. If you don’t see or recognize the code, you know that email is not from them.

Features and Tools

Both Binance and OKX have many features and tools available to their users, and as we have seen in other areas, both measure up very well. They share many similar features like spot and derivative trading and access to margin trading. 

Both exchanges have trading bots, person-to-person (P2P) trading, NFT marketplaces, and leverage trading. Other features they have include crypto lending, earning products, and a launchpad (giving early access to and support of new crypto assets).

There isn’t much separating them in this area; both are feature-packed!

User Experience

I want to clarify from the offset of this section that neither Binance nor OKX are ideal for the new crypto user. They have too many features and options to make a new user feel at home. That said, you can’t go far wrong if you have at least some prior understanding.

I have used both platforms, and I’d be happy to wager that most users don’t use anywhere near all of the tools both platforms have.

With that said, depositing crypto and the “one-click” trading features are super easy and intuitive, meaning inexperienced users can easily buy crypto without all the bells and whistles.

Both exchanges have a very similar layout and user interface, making me wonder if they hired the same team of designers (I’m sure they didn’t; I just wanted to prove that they are very similar. I prefer the OKX color palette; I think it’s easier on the eye, but again, I am nitpicking here.)

Both trading platforms have TradingView chart integration and can flawlessly quickly process hundreds of thousands of transactions per second. 

In summary, users of any skill level can easily use both platforms, provided they stick to features for which they have prior knowledge. Using advanced features should only be done by users who fully understand them.

Binance vs. OKX: Head to Head

How to Choose the Best Crypto Exchange for Yourself

As you may have guessed by now, there are many facets to choosing the best crypto exchange for you, all of which we have covered above. However, let’s just recap the critical aspects.

The main factors to consider are as follows:

Level of knowledge

Be honest with yourself; if you are new to investing in crypto, don’t dive straight into leveraging trading and using trading bots. If you don’t fully understand them, the likelihood is that you will make errors and lose money.

Fees

Deposit, transaction, and withdrawal fees should all factor into your decision. A slight difference in fees can make a big difference if you plan on investing regularly and/or large sums of money.

Security

This one should speak for itself, but the more hoops you have to jump through to register and use an exchange, the more secure it should be. Bear in mind, though, that no platform is 100% safe. For this reason, any platform that insures your assets against loss (from hacks and theft) should be at the top of your list.

Range of crypto assets

Again, this one is fairly straightforward: make sure the crypto you want to buy and/or trade is available.

Features

Tied very closely to your level of knowledge, make sure the features and trade types you want to use (and are capable of using) are present on the exchange you are considering.

OKX vs Binance: The Verdict

This isn’t going to come as much of a shock to you by now, but Binance and OKX are competing very closely to be the most comprehensive, one-stop-shop platform on the planet. They offer a similar suite of features and products, are highly secure, and have a vast range of crypto assets for your delectation.

With some learning, both exchanges can be used by investors of any skill level, from novice to advanced. However, I can’t just leave it there, so I shall end this article by giving my top three elements of these giants in the crypto exchange battle. Again, I am splitting hairs here.

OKX is best for:

• Better trading bots
• DeFi integration products
• Web3 wallet avaialble

Binance is best for: 

• A more comprehensive range of earn from your crypto products
• Launchpad has a broader selection of promising projects
• Native token BNB is more widely used than OKX’s OKB

On the Flipside

Centralized exchanges are great if you want everything possible in one platform. However, if you want a more streamlined, easy-to-use platform for buying crypto, you might prefer some centralized finance (CeFi) apps like Nexo and Swissborg. For those users who value decentralization, DeFi platforms may be the route to take.

Why This Matters 

Choosing the right exchange to use is essential and very personal. You need to ensure it has all the tools you need and is aimed at your level of understanding. Tracing a steep learning curve or needing to use multiple platforms will exponentially increase the chances of making a mistake and possibly losing money.

FAQs