Binance is ranked #1 Cryptocurrency exchange in the world according to CoinMarketCap. The exchange is widely accepted round the world and there take place around $2billion volume of trades daily. Binance is also famous for its lower fees and the Binance Smart Chain Blockchain technology.
OKEx is ranked #14 on CoinMarketCap, based on 24h volume. The exchange is famous for the huge volume in spot trades and comes toe to toe with Binance in that arena. According to a report by CryptoCompare, Binance and OKEX remain the top players in terms of volume and currently represent approximately three-quarters of spot volume.
Both the exchanges started working in the same year in 2017 and relatively both are new compared to other exchanges like Coinbase.
We put here side by side both Binance and OKEx to compare which is better in terms of ease of access, interface, fees, and security.
|Features||Multiple trading interfaces; Multiple order types, including derivatives and futures; API keys; Low per-trade fees||Different trade Types, API Keys, Top Spot Trade Exchange, Web 3.0 wallet|
|Ease of Access||Easy to Moderate user interface,||User-Friendly Interface|
|Interface||Multiple trading Indicators, Customizable Interface, Moderate level difficulty||A relatively low number of indicators, Easy to use|
|Fees||Lowest fees, Free for ACH(USDT)||comparatively higher fees|
|Security||2FA verification, FDIC-insured USD balances, device management, address whitelisting, cold storage, SAFU,||2 FA, OTP, Google Authenticator|
|Main Pair Coins||USDT, BTC, BUSD, ETH, and BNB||USDT, BTC, USDK, ETH, and OKB|
|Coins Pairs Supported||1430||400+|
|Orders Type||Limit order, Market order, stop-limit order, Stop market order, Trailing stop order, Post only order,Limit TP/SL order||Limit Order, Market Oder, Stop, Trigger, Advance Stop|
|Ecosystem||Binance Exchange, Binance Coin, Binance Chain, Trust Wallet, Research, Launchpad, Binance Lab, Binance Info, Binance Charity, Binance Academy||OKExWallet, OKExChain, OKEx Academy, OKEx Token and Coin|
|Rewards to Join||None||$10 in BTC|
|Instruments||Spot, futures, perpetual swaps, options||Cryptos|
|Payment Methods||Bitcoin Payments, Credit Card, Google Pay, Mastercard, PayPal, Visa, Wire Transfer||ADVcash, Bitcoin Payments, Credit Card, Etana, Flutterwave, Google Pay, Mastercard, Paybis, PayID, PIX Payment, Samsung Pay, Simplex, Vietcombank Transfer, Visa, Wire Transfer|
Binance vs OKEx: Supported Currencies
Binance and OKEx have verified users in millions and everyone has favorite coins to buy from the exchange. Not being to trade your favorite coin on the exchange you have been really bothering.
This is why the number of coins listed on the exchange plays a vital role in making that exchange successful. Binance is taking the lead in this case as it currently supports 1430+ pairs in total. OKEx is far behind Binance however the number still not small as it offers a total of 400+ trading pairs on the exchange.
Binance vs OKEx: Ease of Access
OKEx takes a lead here as it provides a very user-friendly and easy-to-use interface where even beginners can buy, sell, deposit, and withdraw their favorite cryptocurrencies. Not only that, it has a platform to experience traders too where they can use all the indicators and trading tools.
Binance has an intermediate to difficult user interface however it is easy to learn. The cool thing about Binance is it has a lot of trading options to pick from. Binance has almost automated the whole process. Both have embedded the TradingView Chart options to bring their traders to the best trading experience.
Binance has a huge ecosystem and brings all the cryptocurrency and blockchain trades and options to a single place. Binance supports everything from staking to savings and from NFTs to DeFi.
Binance vs OKEx: Blockchain:
Before the Binance Smart chain, Ethereum blockchain was put in use by the maximum projects. Ethereum blockchain is cool, but the high fees and huge traffic was bothering everyone until BSC was introduced. Binance Smart Chain actually makes the difference. BSC is much cheaper and faster than ERC.
The OKExChain is comparatively infamous but has a unique feature of Cross-chain Bridge which can prove its worth in strengthening the divided liquidity and in the NFT world.
Binance vs OKEx: Fees
In terms of fees, it’s hard to find any exchange cheaper than Binance. The fees are different for a different type of users and their VIP users enjoy much lower fees. The fee comparison of both Binance and OKEx is given in the table.
Binance vs OKEx: Security
OKEx might not be as big as Binance but they have been very keen on deploying the Security. They have their private keys stored in RAM instead of permanent memory. As soon as the power goes off, the information on the RAM is completely wiped off, meaning, it is impossible to pluck those RAMs even with a physical attack.
They use a semi-offline signature service that makes online attacks virtually impossible. Their multi-signature system requires several confirmations from authorized employees who are geographically separate and have backups in place.
Binance encountered a large-scale security breach in May 2019 by hackers stealing $40M worth of Bitcoins. However, Binance took a serious note of it and brought many security changes to the exchange, and proposed users insurance called SAFU. Binance uses cold storage to keep maximum assets all-time offline which makes its hacking near to impossible.
Binance vs OKEx: Access
OKEx has a community of 20M+ and it is working in 200+ countries. OKEx was originally based in China but the Chinese crackdown against cryptocurrency forced it to move out to first Hong Kong and then to Malta. However, the exchange supports more regions than the competition Binance. Binance has faced regulatory actions against it in many countries and its team is working to comply with the local laws.
Spot trade is the hero gig of both exchanges as they have been the main player of this arena for a long time. Binance and OKEx both share many similarities and also have a very obvious difference in many terms. OKEx has an easy-to-use interface and people love to trade on it. Being regulated in most of the countries gives users a sense of trust to trade on OKEx. Binance is nefarious about getting banned by the countries and bad at following the local laws. We think if Binance learns to adhere to the local laws, it has great potential to rise and stay on Satoshi’s Mission.