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Binance vs OKX 2024: The Ultimate Comparison

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February 7, 2024
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OKX vs Binance Comparison

Binance and OKX are the two largest cryptocurrency exchanges in the world. Without a doubt, both platforms offer a great way to buy, sell, and trade cryptocurrencies. However, there are some key differences that you should definitely know about. In this comprehensive comparison between the two crypto giants, Binance and OKX, we will uncover everything that you need to know and clarify the most important differences. Let’s figure out which crypto exchange suits your needs!

First of all, we will start this Binance vs OKX guide with a table of the key metrics so that you have all key differences at a glance.

This table compares all key measures of Binance and OKX, the two largest crypto exchanges in the world

 

Binance vs OKX Overview

Binance Quick Overview

Binance was launched in 2017 and quickly rose to the top of the crypto space. With over 100 million users, high liquidity, and a daily trading volume of over $50 billion, the centralized crypto exchange is the largest in the whole world. With over 386 tradable cryptos, low fees, and high liquidity, Binance is the home to many day traders.

The wide variety of trading and earning products ensures the best crypto experience possible.

Binance offers dozens of products such as spot and futures trading, staking, lending, margin trading, P2P and OTC trading, FIAT trading, FIAT deposits and withdrawals, a crypto visa card, crypto loans, gift cards, bot trading, and NFT market place and more. In this Binance and OKX comparison, we will dive into those topics.

Binance Home Page

 

Visit Binance

 

OKX Quick Overview

Launched in January 2017, OKX became one of the leading crypto exchanges. With over 16 million users, some of the highest liquidity, and a daily trading volume of over $20 billion, OKX is a top choice for crypto traders from over 160 countries. You can buy and sell over 341 different cryptocurrencies while enjoying low fees.

Just like Binance, OKX has a wide variety of products and services. Some of these products include a spot and futures trading market, P2P trading, copy trading, trading bots, OTC trading, earn products, crypto loans, and more.

OKX Home Page

 

Visit OKX

 

Binance vs OKX Sign Up Process

Registering to Binance or OKX is simple and straightforward. The process is fairly similar. First, you will need an email or a phone number as well as a strong password. After that, you just have to verify your email or phone number with a 6-digit code and you are all set.

Before you can start trading, depositing, and withdrawing you must verify your identity. Both platforms, Binance and OKX, require their customers to finalize the KYC process. The Binance KYC process is more strict and requires you to take a photo or video of your ID, Passport, or Driver’s license and face recognition. On OKX on the other hand, you just have to provide your name and ID or Passport number for the first KYC level without having to provide images or videos.

Later in this review, we will cover the exact KYC requirements as well as withdrawal limits for each KYC level.

 

Binance vs OKX KYC Requirements

Both exchanges require you to verify your identity. The Binance process is more strict and also requires you to provide legal documents through a video recording while OKX just requires you to provide your ID or Passport number.

On Binance you can withdraw $50.000 worth of FIAT and $8M worth of cryptos at Level 1 every 24 hours. When doing the Level 2 verification (Verified Plus) you can withdraw up to $2M worth of FIAT and $8M worth of cryptos every 24 hours. If you need higher withdrawal limits, you have to apply for them manually.

Level 1 Verification on Binance requires Personal Information, Facial recognition, and an ID or Passport. For Level 2 you must verify your address with a bank statement or utility bill no older than 3 months.

Binance KYC Requirements and Limits

 

For Level 1 verified accounts on OKX, the lifetime deposit and withdrawal limit is only $5,000. This is due to the low requirements for Level 1 KYC. You don’t need to submit any images, videos, or documents. You simply type your name and ID or Passport number into the field. Level 2 KYC on OKX requires an ID or Passport as well as facial recognition. When verifying your account at Level 2, you can withdraw $10M worth of cryptos every 24 hours. FIAT withdrawals on OKX are not supported.

OKX KYC Requirements and Limits

 

Binance vs OKX Trading Features

Binance and OKX are some of the mosts comprehensive crypto trading platforms. Below, you will see all key facts about their trading features at a glance.

FeatureBinanceOKX
Spot Coins386341
Spot Pairs1600747
Futures Contracts259225
Spot Fees0.1% / 0.1%0.08% / 0.1%
Futures Fees0.02% / 0.05% 0.02% / 0.05%
Liquidity Score9/1010/10
24h Spot Volume$8+ b $1+ b
24h Futures Volume$40+ b$10+ b
Options Trading
Copy Trading

 

Spot Trading

Binance spot market features over 380 different cryptocurrencies and almost 1700 different trading pairs. The reason for the number of trading pairs being so high is that Binance offers more stable coins for trading. Aside from the industry standard USDT, Binance supports BUSD, USDC, and TUSD as the settlement currency for spot trading pairs. Furthermore, Binance even supports FIAT trading pairs such as BTC/EUR, BTC/GBP, BTC/USD, and more.

The Binance spot fees are 0.1% for makers and takers.

Binance Spot Trading

OKX supports over 340 coins on the spot market with 740 pairs. The reason for the number of pairs being so much higher is the same as with Binance. OKX supports pairs not only against USDT but also other stablecoins such as USDC or DAI and even cryptos such as BTC.

The spot trading fees on OKX are some of the lowest in the market, starting at 0.08% maker and 0.1% taker.

OKX Spot Trading

 

Visit OKX

 

Futures Trading

On the derivatives market, Binance has a daily trading volume of $50 billion. In the bull market, Binance even peaked with a 24-hour trading volume of $160 billion. With 259 cryptos to choose from on the futures market, Binance has a large number of tradable assets and you will find all major cryptos. The futures trading fees start at 0.02% maker and 0.05% taker.

Binance Futures Trading

 

Visit Binance

 

OKX reaches a daily trading volume of $10 billion on the derivatives market. The number of cryptos on the OKX futures market is 225, which means that you will find all major cryptos. With low fees of 0.02% maker and 0.05% taker, you will enjoy fair rates. The best thing about OKXs futures trading is the interface and reliability. When testing the platform, we did not encounter any bugs, lags or other network issues. The platform always remained stable and ensured a smooth trading experience.

OKX Futures Trading

 

Copy Trading

When it comes to copy trading, Binance unfortunately is lagging behind. The exchange has not integrated an in-house copy trading platform. Instead, Binance has partnered up with TraderWagon which is a third-party copy trading solution. Therefore, the process of setting up copy trading on Binance is rather complicated and most traders don’t even know about it.

Binance x TraderWagon Copy Trading

 

OKX has a fully integrated copy trading feature on their exchange. You don’t have to create another account or access other websites. Simply click on “Trade” and choose “Copy Trading” and you will be able to analyze the performance of professional traders. You can see their history, trading goals, drawdown, and more to make informed decisions if following the trader is a good decision or not.

OKX Copy Trading

 

The point for copy trading clearly goes to OKX. Binance does not make copy trading as accessible to its users as it should be.

 

Options Trading

As both platforms are pioneers in the crypto space, they even offer options trading.

Binance offers options trading for BTC, ETH, BNB, and XRP. The Binance options fees are 0.02% for transactions while the exercise fee is 0.015%. If you want to learn more about the Binance options fee structure, you can check their official options trading fee schedule here.

Binance Options Trading

 

OKX on the other hand only offers options trading for BTC and ETH contracts. The options fees on OKX are 0.02% for makers and 0.03% for takers, making them slightly higher than Binance. If you want to learn more about OKX fees, you can check out the full OKX fee schedule for Options trading.

OKX Options Trading

 

In terms of options trading, Binance has the upper hand. With more tradable assets and lower fees, Binance is a great choice if you are looking for a crypto exchange that offers options trading. If you want to learn more about crypto options trading platforms, we recommend you check out our guide about the best cryptocurrency options exchanges.

 

Binance vs OKX Fees

Spot Trading Fees

The spot trading fees on Binance start at 0.1% for makers and takers which is the industry standard. However, when holding the native token of Binance, BNB, you can activate a 25% fee deduction, lowering your spot trading fees to 0.075% for makers and takers.

Based on your 30-day trading volume, you can also lower your spot fees further.

Binance Spot Trading Fees

 

OKX spot trading fees start at 0.08% for makers and 0.1% for takers. If you want to receive fee discounts on OKX based on the native token of the platform, OKB, you must hold at least 500 of them. By holding over 500 OKB you will lower your fees to 0.075% maker and 0.095% taker.

OKX Spot Trading Fees

 

The base fees are lower on OKX, however, for spot fees, Binance still takes the lead as activating the fee discount does not require a high amount of BNB. You can activate the fee discount even when you’re just holding $10 worth of BNB.

If you don’t activate the fee discount on Binance, OKX is the cheaper option.

Binance BNB Fee Deduction

 

Futures Trading Fees

Binance futures trading fees start at 0.02% maker and 0.05% taker. The fees can be automatically reduced by 10% with the BNB fee deduction feature. Based on your 30-day trading volume you can lower your fees. You can see the requirements for each fee tier in the image below.

Binance Futures Trading Fees

 

OKX charges 0.02% maker and 0.05% taker fees on the futures market. When holding over 500 OKB tokens, you can reduce your futures fees by 10%, leaving you with 0.018% maker and 0.045% taker fees.

OKX Futures Trading Fees

 

Binance is overall the cheaper option for futures trading. However, it is significantly harder to climb the fee tiers on Binance compared to OKX as the required volume is a lot higher on Binance.

 

Binance vs OKX Deposits & Withdrawals

Deposits

Both exchanges support crypto deposits free of charge. Simply send your cryptos from your wallet to OKX or Binance and you are all set.

For new crypto enthusiasts that don’t own any cryptos yet, OKX and Binance offer ways to purchase cryptos directly with your credit card.

Binance Crypto Direct Purchases

 

OKX supports 98 FIAT currencies for credit card purchases which is the highest amount we have ever seen on an exchange. Binance on the other hand supports 40 FIAT currencies for card purchases which is still a lot and you will find all major FIAT currencies such as USD, EUR, GBP, AED, AUD, CAD, and more.

OKX Crypto Direct Purchases

 

If you want to buy cryptos through bank transfer, OKX offers you to select third-party crypto providers such as Moonpay where you can use SEPA and Bank Transfers.

Binance does not offer direct crypto purchases through bank transfers, however, you can directly deposit FIAT currencies such as EUR, AED, USD, GBP, and more and then convert it on Binance. OKX unfortunately does not support FIAT onramps.

As the fees vary for every currency and payment method, we recommend you manually check which fees apply to you.

 

Visit OKX

 

Withdrawals

Binance and OKX offer withdrawals for most cryptocurrencies. The fees are different for each crypto and also vary based on the network that you choose. One of the most popular choices is USDT with the TRC20 network which costs $0.50-$1.

Binance even offers FIAT withdrawals. You can easily withdraw your profits to your bank account for low fees of 1€ per transaction for bank transfers and 1.8% for card transfers. Binance supports FIAT withdrawals for 40 different currencies, including EUR, AUD, BRL, GBP, AED, USD, and more.

Binance FIAT Withdrawals

 

Unfortunately, OKX does not offer FIAT withdrawals.

The clear winner for deposits and withdrawals is Binance. You can not only send and receive cryptos but you can also on and offramp FIAT currencies.

Below you will find a table with the withdrawal limits. In the next section, we will also cover the KYC requirements for lifting the withdrawal limits on Binance and OKX.

KYC Level Binance OKX
KYC 1 $8M Crypto / $50K FIAT (24h) $5K Crypto / 0 FIAT (LIFETIME)
KYC 2 $8M Crypto / $2M FIAT (24h) $10M Crypto / 0 FIAT (24h)

 

Visit Binance

 

Binance vs OKX Security

First of all, none of the exchanges has been hacked. Binance and OKX are doing a great job keeping their customer funds safe. The two exchanges have a great track record and reputation.

With full proof of reserves, the exchanges ensure that the user funds are backed at least 1:1. That means if you are holding 1 BTC on Binance or OKX, they will hold at least 1 BTC in return. In most cases, they even back your funds up by over 100%. You can view the Binance proof of reserves here.

Binance Proof of Reserves

 

Binance and OKX store over 95% of cryptos in multi-sig cold storage wallets. These are offline wallets meaning they can’t be accessed through the internet which makes hacking them nearly impossible. Furthermore, if you want to access the wallet you need the signatures of multiple individuals. You can view the OKX proof of reserves here.

OKX Proof of Reserves

 

In terms of account security, Binance and OKX have the same methods set up. You can protect your accounts with 2 Factor Authentication through Google Authenticator, SMS verification, a withdrawal password, an anti-phishing code, a wallet whitelist, and even passkeys and biometrics on your phone.

When comparing the security, there is no clear winner. Both exchanges appear to be equally secure as they never got hacked and there were no data breaches. However, Binance does have a customer protection fund called SAFU which is worth over $1 billion. OKX does not have a security fund.

Binance SAFU Fund

 

Binance vs OKX Passive Income Products

Aside from typical trading and copy trading, Binance and OKX have a wide variety of passive income products.

Binance provides users with many ways to earn passive income on the side. The amount of different earn and finance services are unmatched. You can enjoy Liquidity Farming, Mining Rewards, Automated Range trading, ETH staking, Auto invest, dual investment, and DeFi staking. You can even get crypto loans from Binance or lend your own funds to earn APY on it.

OKX also supports some ways to earn passive income. In the “Grow” section you can select earn and loan products, staking, and dual investment products.

Binance Earn Products

 

When comparing Binance and OKX passive income products, Binance clearly has the upper hand. The variety of products to choose from on Binance is the best in the whole crypto space as of 2023.

 

Visit Binance

 

Binance vs OKX Mobile Application

If you are looking for an exchange where you can trade from the get-go, Binance, and OKX have you covered with their mobile apps.

Binance offers a comprehensive mobile app for iOS and Android devices. We were impressed by the supported features on the Binance app and we can guarantee that you won’t miss any features. With 4.4 out of 5 stars and 50 million downloads, Binance certainly offers one of the best apps for crypto tradersOne key criticism about the Binance app is reliability as it can be slow sometimes, especially in times of high volatility.

Binance Mobile App

 

The OKX app is available for iOS and Android devices and offers a comprehensive service. You can trade with ease and the app supports all major features. You can even get crypto loans from your app. With 4.6 out of 5 stars and over 6 million downloads, the OKX app is rated higher than the Binance app. In terms of reliability, OKX performed incredibly well. The mobile app was always running smoothly, ensuring a perfect experience.

OKX Mobile App

 

When comparing the mobile apps side by side, we found the OKX app to be better. The app ratings by other users reflect this observation.

 

Binance vs OKX Customer Support

The customer support on Binance is outstanding. With a multilingual 24/7 live chat, you can resolve your queries very quickly. The average response time is 5 minutes and the support staff is knowledgeable and helpful.

If you want to look for a solution yourself, you can also check out the Binance help center where thousands of questions are covered already.

Binance Help Center

 

OKX unfortunately does not offer 24/7 live chat with real customer support. While there is a 24/7 chat, it is only a chatbot with preselected choices. You can not chat with a representative in real-time. If you need support from a real human on OKX, you must submit a ticket. The average response time is 10 hours. This makes the support process on OKX rather slow.

Binance is the clear winner in terms of customer support. 24/7 live chat support is the industry standard. As the second largest crypto trading platform, OKX must improve this service.

 

Visit Binance

 

Conclusion: Who is better, Binance or OKX?

The clear winner of the Binance vs OKX comparison is Binance. You can trade more assets on the platform while enjoying lower fees. Furthermore, you can deposit and withdraw FIAT currencies which is a major factor for crypto traders that want to send their profits back to their bank account. Binance beats OKX in most aspects.

The number of products that Binance offers is hard to beat by the competition. Additionally, OKX not offering 24/7 live chat support is a big downside.

However, OKX should not be underestimated and we still consider it to be one of the best crypto exchanges for day traders. Where OKX beats Binance is liquidity and user-friendliness as the platform is easier to navigate and more reliable overall. Binance can be slower than other platforms when the market volatility is high.

 

FAQ

Which exchange is better, Binance or OKX?

The overall winner is clearly Binance. With more assets, lower fees, a security fund, better customer service, more products, and FIAT withdrawals, Binance beats OKX. However, OKX should not be underestimated as it is still one of the best crypto exchanges in the world.

 

Who has lower fees, Binance or OKX?

Binance has lower fees than OKX.

 

Which exchange is safer, Binance or OKX?

Binance and OKX seem to be equally secure. The leading exchanges have never been hacked and provide full proof of reserves. However, where Binance stands out is its $1 billion security fund called SAFU.

 

Are Binance and OKX available in the US?

No, United States customers can not use Binance and OKX. For US customers, Binance has a separate US service called BinanceUS. We recommend other exchanges for US citizens such as MEXC and BYDFI.

 

Who has better customer support, Binance or OKX?

Binance has better customer support. With 24/7 live chat support with real human staff, Binance resolves your queries quickly. Unfortunately, OKX does not offer instant support. You must submit a ticket and wait up to 10 hours for a reply.

 

Which exchange is best for beginners, Binance or OKX?

OKX is best for beginners as it is more user-friendly and reliable than Binance.

 

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