OKX vs Binance: Which Crypto Exchange is Better in 2024?

You need a good and trusted platform to buy, sell, and trade digital coins. There are many options out there, but two of the most popular and legit crypto exchanges are OKX and Binance. 

They both have a lot of features and services, from spot and futures trading to staking and NFTs. They also support hundreds of coins, including popular ones like Bitcoin and Ethereum, as well as new ones with high potential.

But which exchange is better? Which one has lower fees, more features, and better security? We will compare OKX vs Binance on various aspects and help you decide which one suits you best.

Key Takeaways:

1. OKX crypto exchange has lower maker fees compared to Binance.
2. Binance has a “Binance Visa card” with up to 8% cashback purchasing power, whereas OKX doesn’t.
3. Both platforms support various trading types like spot, futures, and margin trading with various earning products.

OKX vs Binance: Overview

OKX Overview

OKX (formerly OKEx) is a global leader in crypto trading and earning that serves millions of customers in over 100 countries. You can access over 350 coins and trading pairs on different types of markets. You can also enjoy DeFi, lending, and borrowing options. 

It supports buying and selling popular coins like USDT, MATIC, DOGE, and more with various payment methods, such as Apple Pay, Visa, Mastercard, MoonPay, and bank transfers. 

You can also exchange your coins through OKX Convert without any fees or price differences or buy crypto directly from other sellers on the OKX P2P Trading market. 

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Pros of OKX

1. Advanced trading features such as options, futures, and perpetual swaps
2. High liquidity and volume for minimal price slippage
3. Multiple security measures to protect user funds and data, such as cold storage, SSL encryption, anti-DDoS, etc.
4. It offers features such as OKX Convert, OKX P2P Trading, OKX Academy, etc. to enhance user experience

Cons of OKX

1. OKX does not serve users from certain countries or regions due to regulatory or legal reasons, such as the United States, Hong Kong, Canada, etc.
2. New coins are not available for trading, as it only lists popular and established projects

Binance Overview

Binance is the biggest platform for crypto trading in the world. It supports buying, selling, and swapping over 350 different cryptos. You can earn rewards, get loans, make payments, donate to charity, and collect NFTs.

You can trade with leverage, hedge your risks, join the fan club of your favorite sports team, stake your coins, mine new ones, and much more. You can also use BNB, the Binance coin, to get discounts, perks, and access to exclusive events.

Binance cares about your safety and security. It uses cold storage and encryptions to protect your funds and data. It also follows the rules and regulations of different countries.

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Pros of Binance

1. High liquidity and volume for instant buying and selling
2. Earn interest on your crypto holdings
3. It has a fund (SAFU) that covers your losses if they get hacked
4. It supports many languages and currencies and has platforms in different regions. You can use Binance in the US, Europe, Africa, Asia, and more.

Cons of Binance

1. They faced many legal and regulatory issues in the US and Europe
2. The exchange got hacked in 2019, losing over 40 million USD worth of BTC. Since then, there is no major security breach.

OKX vs Binance: Trading Types

OKX and Binance support different types of trading on their platforms. Here is the comparison between the two:

Spot Trading

OKX lets you spot trade more than 350 cryptocurrencies and tokens, with a trading fee of 0.08% for makers and 0.1% for takers. It also has a demo trading feature where you can practice trading without using real money. 

OKX has three order types for spot trading: stop, trigger, and advance limit. The advance limit has different subtypes like post only and immediate or cancel (IOC).

Binance also supports over 350 coins with a trading fee of 0.1% for both makers and takers. It does not have a demo trading feature, but it has a testnet where you can trade with virtual funds. Binance has different order types for spot trading like limit, market, and stop-limit.

Futures Trading

OKX support futures and perpetual swaps for more than 100 cryptocurrencies, with a maximum leverage of 100x and a trading fee of 0.02% for makers and 0.05% for takers.

Similarly, Binance futures also lets you trade with a maximum leverage of 125x and a trading fee of 0.02% for makers and 0.04% for takers. It has four order types for future trading: limit, market, stop, and trailing stop.

P2P Trading

P2P trading is when you buy or sell cryptocurrencies directly from other users without middlemen. OKX supports more than 43 fiat currencies on P2P, whereas Binance supports less fiat currencies. Both have zero P2P trading fees and support multiple payment methods like Gpay, Apple Pay, Credit and Debit cards, Paypal, etc.

OKX and Binance have an escrow service that protects both buyers and sellers from scams. For P2P, you can either perform direct buy and sell or put up an advertisement.

Margin Trading

When you borrow funds from the exchange or other users to increase your buying power is called margin trading. Both are the best crypto exchanges for margin trading.

You can borrow funds and perform margin trading with up to 10x leverage. OKX has an interest of up to 15%, whereas the Binance interest rate changes every hour based on market conditions. Both have a margin calculator that can help you estimate your potential profits or losses.

OTC Trading

It is good for institutional or high-net-worth traders, who trade large amounts of cryptocurrencies without affecting the market price.

Both Binance and OKX support OTC trading with multiple payment methods. You can make different types of orders such as “request for quote (RFQ) and block trades”.

Copy Trading

OKX is among the best crypto copy trading platforms with professional master traders. You can do copy trading for spot and futures with a performance fee of up to 20% (only profits) paid to the traders. OKX also has a ranking system that can help you find the best traders to follow. 

Binance does not let you do copy trading on its platform. However, you can use API to connect Binance to other platforms like Cryptohopper or 3Commas for social trading. 

Loan

Binance has two kinds of loans: crypto loans and NFT loans. Crypto loans let you borrow and lend different cryptos with low rates, flexible terms, and small fees. NFT loans help you use your non-fungible tokens as collateral to get crypto, with no gas fees and fast liquidity.

OKX has flexible loans with single and multi-asset collateral systems. It lets you borrow and many crypto assets with rates based on the market, no fixed term, and no early repayment fee.

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OKX vs Binance: NFT Marketplaces

OKX NFT Marketplace has NFTs from popular platforms like Opensea, Looksrare, Magic Eden, and more. You don’t have to pay any fees to trade your NFTs, and you can set your own rules for reselling them. 

You can also create your own NFTs with AI art tools, and join exclusive digital art events. Plus, you can learn more about NFT trends and data. 

It works with 11+ networks, such as Ethereum, Solana, OK Chain, Binance Smart Chain, Polygon, Immutable X, Aptos, Arbitrum, Optimism, Klaytn, and Avalanche Chain. The platform is also popular for Arbitrum NFTs.

If you love NFTs, you’ll love Binance NFT Marketplace due to low fees. It’s the best NFT marketplace for artists to buy, sell, and create NFTs, backed by Binance’s powerful technology and BNB chain network. 

You can also earn money by staking and lending your NFTs on the platform. And you can explore different kinds of NFTs, like Bitcoin Ordinals, which are arts based on Bitcoin’s history and innovation. 

The Marketplace also offers exclusive deals, surprises, and events from amazing artists, creators, and innovators from all over the world.

OKX vs Binance: Automated Trading Bots

OKX has four popular kinds of bots: grid, DCA, arbitrage, and slicing. 

• Grid bots make money from price swings by buying low and selling high in a range. 
• DCA bots lower your average cost by buying more when the price drops. 
• Arbitrage bots take advantage of price gaps between markets or exchanges. 
• Slicing bots break down big orders into smaller ones to avoid affecting the market.

You can see how well they perform by looking at their PnL%, runtime, max drawdown, and so on. You can also make your own bots using the OKX API and share them with others.

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Binance has three types of bots: spot grid, futures grid, rebalancing, DCA, and auto-invest. 

• Spot grid is like OKX’s grid bot, but you can choose between AI or manual mode. 
• The futures grid is also similar to OKX’s futures grid bot, but you can also pick between long, short, or dual-position modes. 
• Rebalancing is a strategy that adjusts the weights of your portfolio according to your target allocation. 
• DCA averages your cost by buying more of an asset as the price drops. 
• Auto-invest is a feature that allows you to automatically invest a fixed amount of money in a selected asset at regular intervals.

Binance also helps you learn different trading strategies and how to use them with trading bots. You can find tutorials, videos, articles, and quizzes on topics like grid trading, DCA, arbitrage, etc. You can also check the hot coin leaderboard to see the top-performing coins.

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OKX vs Binance: Staking and Earn

OKX Earn lets you earn interest on your coins by giving you different investment options. You can pick from Simple Earn, Structured Products, On-chain Earn, and Staking. 

You can use more than 30 tokens to stake or invest for short or long terms. OKX Earn also connects to other DeFi platforms and shares the income from interest and rewards with you. 

It gives you good annual interest rates (APYs) for many tokens, from 0.75% to 350%. You can also join flash deals and special offers to get higher APYs on some tokens. You can also explore liquidity pools, yield farming, vaults, and staking on platforms like AAVE, Yearn, Pancakeswap, and more.

Binance supports Simple Earn, Staking, Farming, Dual Investment, and more. You can use over 180+ cryptocurrencies to stake or invest for short or long terms. It also supports ETH 2.0 staking and Binance Smart Chain farming. 

It also lets you earn compound interest on your crypto assets by using the “Auto-Subscription” feature. This feature automatically puts your earned interest into Flexible Savings every day. You can also resubscribe your returns from Fixed Savings and Staking products to earn more compound interest.

OKX vs Binance: Fees

Spot Trading Fees: OKX and Binance both charge a standard fee of 0.08% and 0.1% for makers respectively and 0.1% for takers. 

However, users can get lower fees by holding OKB or BNB tokens, or by increasing their 30-day trading volume and/or BNB balance. OKX offers five levels of fee discounts for regular users and five levels for VIP users, while Binance offers nine levels for VIP users. If you’re looking a crypto exchange for day trading, check out our guide on the Top 6 Best Crypto Exchanges for Day Trading.

The lowest fee rate on OKX is 0.060% for makers and 0.08% for takers, while the lowest fee rate on Binance is 0.012% for makers and 0.024% for takers. Users can also get an additional 25% discount on Binance if they pay the fees with BNB.

Futures Trading Fees: OKX charges 0.02%/0.05% maker-taker fee for USDT-M futures, whereas Binance charges 0.02%/0.04% maker-taker fee. Both exchanges offer discounts on futures trading volume and exchange native token holdings.

OKX vs Binance: Security

OKX says it has strong security systems for its own wallets and also gives you many security features and tools. Some of these are:

• Password and email for logging in
• Google Authenticator or phone for extra verification
• 2FA for taking out money or changing settings
• Anti-phishing code to avoid fake emails
• Channel verification tool to check if phone numbers, email addresses, and URLs are real.

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Binance also has good security measures to protect its platform and users like:

• Threshold signature schemes (TSS) that need multiple parties to agree on a transfer (for multi-sig accounts)
• Email alerts for any weird activity
• Biometrics and security keys, like YubiKey, for 2FA
• Device management to see and remove any devices you don’t know
• Strong password rules and password changes
• SAFU, a fund that saves some of the trading fees to pay for any losses

Both OKX and Binance have strong security and privacy measures. But you should also be careful, like avoiding phishing, using safe devices and networks, and storing your money in cold wallets.

Binance Launchpad vs OKX Jumpstart

Binance Launchpad helps new blockchain projects get funding and exposure by selling their tokens to millions of Binance users. The Launchpad has a strict selection process to make sure the projects are ready, scalable, and useful for the crypto space. 

It has supported more than 73 projects since 2019, such as BitTorrent, Fetch.AI, STEPN, ALPINE, and LOKA.

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OKX Jumpstart is also similar to Launchpad which lets its users discover and invest in new and high-quality blockchain projects using OKB, OKX’s token. 

It has two kinds of events: Mining and On Sale. Mining lets users earn tokens from the projects by staking OKB. On Sale lets users buy tokens at a fixed price with OKB. Jumpstart has launched 13 projects so far, including SUI, TAKI, ELT, and BRWL.

OKX vs Binance: Web3 Wallet

OKX offers a web3 wallet as part of its platform. This wallet allows you to create or import multiple wallets with different addresses and manage them all in one place. Additionally, you can connect to various dApps on different blockchains such as Ethereum, Polygon, Solana, and more. 

The OKX wallet ensures that you have complete control over your assets as it is non-custodial. To further enhance your protection, the OKX web3 wallet incorporates MPC technology.

On the other hand, Binance offers a Trust Wallet that performs similar functions, but it is a separate application from the Binance app. To access the wallet, you can download it from your play store. 

Like the OKX wallet, the Trust Wallet is also non-custodial wallet. This means that you have complete control over your assets, and no one else can access them.

Binance vs OKX: Solvent (Proof of Reserves)

One way to check solvency is by looking at the total value locked (TVL) of the exchange. The more TVL, the more solvent the exchange is.

According to DefiLlama, Binance has total assets worth $65.42 billion, whereas, OKX has $10.53 in total assets. Both exchanges claim to have 1:1 backed funds.

OKX vs Binance: Regulations or License

OKX has licenses or registrations from:

1. Virtual Asset Service Provider (VASP) License and Type 1 & 7 Licenses in Hong Kong
2. Minimal Viable Product (MVP) Preparatory License in Dubai
3. Financial Institution for Management and Trading in virtual currency in Sweden

Binance has a license from:

1. Digital Asset Service Provider (DASP) in France
2. Digital Asset Service Provider (DASP) in Italy
3. Virtual Asset Services Provider (VASP) in Spain
4. Financial Services Permission (FSP) for Providing Custody in relation to Virtual Assets in Abu Dhabi
5. Minimal Viable Product (MVP) License from Dubai’s Virtual Asset Regulatory Authority (VARA)
6. Crypto Service Provider License from the Central Bank of Bahrain

OKX vs Binance: Supported Countries

Both exchanges are available in more than 100 countries. Here are the countries where they are not supported:

1. OKX has 11 countries on its blacklist: USA, Canada (only Quebec & Ontario), Singapore, Malaysia, Cuba, Iran, North Korea, Crimea, Bangladesh, Bolivia, and Malta. OKX operates in about 100 countries around the world.
2. Binance restricts 6 countries from using its platform: Belarus, Congo, Iran, Iraq, Libya, and Sudan. Binance has a global reach of over 100 countries, including the US (through Binance US) and 19 European nations.

What are the payment methods supported by OKX and Binance?

1. OKX lets you use credit cards (Visa, MasterCard, ApplePay), bank transfers, and P2P trading (many options like PayPal, Paytm, etc.).
2. Binance gives you the option to use credit cards (Visa, Mastercard), bank transfers, P2P trading (hundreds of choices like Western Union, M-Pesa, etc.), third-party payment (Banxa, Simplex), and exchange (swap bitcoins for other coins) to buy crypto.

Do OKX and Binance have mobile apps?

OKX and Binance both have apps for Android and iOS that you can get from the app stores or scan the QR codes on their websites. Both have easy-to-use apps that have intuitive interfaces, simple navigation, and customizable settings.

OKX vs Binance: Customer Support

OKX and Binance both have online help centers where you can find useful information, guides, tutorials, announcements, and more. You can also chat with a customer service agent live on their websites or apps.

You can also follow them on social media platforms like Twitter, Telegram, Reddit, and more. You can get updates, news, events, and interact with their communities. 

Final Thoughts: Which Should You Choose?

To sum up OKX vs Binance, both are well-known and reliable crypto exchanges that have a lot of features, products, and services. They both support hundreds of coins, have low fees, and have educational resources. But they also have some things that make them different and may attract different kinds of users.

OKX might be a better choice for you if you want:

• Copy trading service that lets you follow and copy the trades of experienced traders on the platform
• A developer lab that gives you tools and resources for developers to build apps on top of the OKX platform
• Web3 wallet that is part of the OKX platform and lets you connect to dApps on different blockchains

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Binance might be a better choice for you if you want:

• Binance Visa card that lets you use your crypto balance anywhere Visa is accepted and earn up to 8% cashback on your purchases
• A lightning network that makes your Bitcoin payments faster and cheaper
• Trust Wallet does similar things but is a separate app from the Binance app
• A bigger pool of coins and trading products

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FAQs

Which is better for beginners, OKX or Binance?

OKX and Binance are both good platforms for beginners. Binance offers more products and services, such as Visa card with cashback, more coins, and high trading volume. 

OKX may offer a better trading experience and a self-custodial web3 account. It is also simpler to use and has cheaper fees than Binance. So, if you want to start with the basics, OKX might be a good choice for you. If you want to try more options, Binance might be a good choice for you.

Is Binance and OKX Safe and Trustworthy?

Binance and OKX are both safe and trustworthy platforms, but they have different levels of regulation and security. Binance has faced some regulatory issues and investigations in some countries, and it has also been hacked in the past. 

OKX has not been hacked so far. Both platforms have security features such as 2FA, anti-phishing codes, and withdrawal address whitelisting.

Why OKX is better than Binance?

OKX is better than Binance in some aspects, such as fees and a built-in web3 wallet. It has lower fees than Binance for both spot and futures trading, and it also offers discounts for using its native token OKB. 

OKX also has a web3 wallet that lets you access decentralized applications and services without giving up your private keys.

Can I transfer crypto from Binance to OKX?

Yes, you can transfer from Binance to OKX by withdrawing your crypto from Binance and depositing it to OKX. You need to have an account on both platforms and verify your identity. 

Check the minimum withdrawal amount and the network fee on Binance before sending your crypto. You can choose the network that suits your needs, such as ERC20, BEP2, or TRC20. You need to copy the correct address from OKX and paste it on Binance. Always double-check the address and the amount before confirming the transaction.

Does OKX and Binance require KYC verification?

Yes, both OKX and Binance require KYC verification for their features and services. It helps prevent fraud, money laundering, and terrorism financing.

Is OKEx exchange regulated?

OKEx has licenses from some authorities, like the DVARA in Dubai, the FSRA in ADGM, and the SCB in The Bahamas. But it doesn’t have licenses from some big ones like the FCA or AUSTRAC yet.

What countries are banned from OKX?

OKX doesn’t serve anyone who is in or from a country or region that is not allowed by law, regulation, or sanction. Some examples of these countries or regions are Cuba, Iran, North Korea, Syria, and Crimea. Also, OKX is not open to US investors right now because of regulatory issues.

Who is the owner of OKX?

OKX belongs to OK Group, which also owns Okcoin. The founder and CEO of OK Group and OKX is Star Xu, a Chinese crypto leader. He started OKCoin in 2013 as one of the top Bitcoin platforms in China and later went global with OKEx (now OKX) in 2017.