OKEx vs Binance: Who Has the Lowest Fees in 2021?

The debate between OKEx vs Binance has been going on in the Crypto market for a long time, now it’s time to find the answer to it. Digital currency is a contemporary way of investing money in today’s era. Therefore, today we will compare two of the best crypto exchanges – OKEx and Binance. So let’s see which exchange is better.

OKEx vs Binance

Summary

  1. Firtsly, OKEx and Binance are the leading market exchanges of the crypto industry.
  2. Secondly, both the platforms support multiple trading options with few differences.
  3. Further, looking at the trading fees, Binance fees is slightlylower when compared to OKEx.
  4. Both of these exchanges have a mobile app that works for both android and iOS users.
  5. Moreover, OKEx and Binance both have a robust security mechanism that prevents hackers from stealing their data.
  6. Coming to customer support, OKEx steals the show by offering excellent customer support for its users, whereas Binance would require some work on its support system.
  7. Both of these exchanges have various other functions to offer, making them unique in their own way.
  8. Besides having many payment options, with OKEx having an edge with the acceptance of Wire Transfer. 

OKEx vs Binance: Overview

OKEx

The crypto exchange platform OKEx was set up in 2017 and is headquartered in Malta. Furthermore, it was set up by its current CEO Jay Hao, and his team of developers. It is an exchange platform that deals with Cryptocurrency and other digital assets. Moreover, it has a technically sound trading platform, making it one of the best in the market with low fees and high liquidity, making it a perfect destination for advanced traders. To know more read our OKEx review.

OKEx

Binance

Binance is currently the largest crypto exchange globally in terms of the daily trading volume and weekly visits. It was founded in 2017 and is domiciled in the Cayman Islands. It was founded by Changpeng Zhao, a high-frequency trading software developer. He created this platform for advanced cryptocurrency traders worldwide who want access to various currencies and features designed to maximize profits. To learn more, read our Binance review.

Binance
Binance

OKEx vs Binance: Features

OKEx Features

  • Integrated storage wallet:- OKEx has an integrated storage wallet that helps the users to store their digital assets in it. However, Binance does not provide this feature; instead, it recommends its users download Trust Wallet separately.
  • Crypto-to-Crypto trading:- It is the act of speculating on cryptocurrency price movements via a C.F.D. trading account.
  • Crypto-to-fiat trading:- OKEx offers this option to trade from Fiat to crypto means buying cryptocurrency with fiat money. So, for example, buying Bitcoin with USD.
  • Supports several payment methods:- OKEx gives its users a variety of payment options. Some are Credit Card, PayPal, Apple Pay, Bank transfer, AliPay, Skrill, Wire Transfer, and many more options.

Also, read 6 Best OKEx Trading Bots in the Market.

Binance Features

  • Cross collateral: Binance offers users an innovative feature to collateralize their crypto assets to borrow against another asset. Learn more about it from here.
  • Leaderboard: A fusion of social networking and cryptocurrency trading allows users to view and follow the positions of the best traders on the platform.
  • Battle: This particular feature allows gamification of cryptocurrency trading by placing traders head to head in a battle to see who is the most profitable over a certain period.

Also, read Top 5 Binance Trading Bots.

Binance vs OKEx: Trading Options

OKEx Trading Options

  1. Spot Trading

Spot trading is the process of buying and selling digital assets for immediate delivery. To simplify, the cryptocurrencies are transferred from the buyers to the sellers directly. In a spot market, you have direct ownership of cryptocurrencies and are entitled to withdraw assets and store them in hardware wallets.

To learn more, read our guide to OKEx spot trading.

  1. Futures Contracts

Futures Contracts in the crypto industry mean buying and selling contracts that represent the value of a specific cryptocurrency. When you purchase a futures contract, you do not own the cryptocurrency but own a contract with an agreement to buy or sell a particular cryptocurrency at a specific date and time in the future. To learn more, read our guide to OKEx Futures Trading.

  1. Perpetual Swap 

Perpetual swaps are derivatives that let you buy or sell the value of underlying assets with several advantages:

  • There is no expiry date for your position.
  • The underlying asset itself is never traded.
  • The swap price closely tracks the cost of the underlying asset.

Unlike the Futures, there is no expiration date, making it a stylish way of trading.

Trading Session on OKEx
Trading Session on OKEx

Binance Trading Option

  1. Spot Trading

Binance facilitates spot trading activities, enabling users to conduct fiat-to-crypto and crypto-to-crypto transactions. In particular, spot exchanges act as intermediaries for buyers and sellers to bid and ask for a crypto asset. When a bid or offer is matched, the exchange will simplify the trade. In addition, spot exchanges operate 24 hours a day/ 7 days a week, which means you can buy and sell crypto any time and any day. 

  1. Futures Contracts

Binance Futures facilitate the trading of derivative products such as crypto futures. Just like spot exchanges, derivative exchanges operate 24/7. However, the main difference between spot and derivative exchanges is that they have safeguards and risk management mechanisms such as insurance funds due to the complexity of their products. To learn more, read our guide to Binance Futures Trading.

Trading session on Binance
Trading session on Binance

OKEx vs Binance: Other Functions

OKEx Rewards

OKEx has added a new feature where users can earn rewards by doing elementary tasks. For example, one can earn Bitcoins and Rebate cards. To claim the rewards, users should complete the tasks within 30 days of registration. 

OKEx Rewards
OKEx Rewards

OKEx Loans

Furthermore, OKEx also provides its users collateral to borrow money. The currency of borrowing can be realized and withdrawn at any time, with an ultra-low interest rate and a large amount of borrowing, so the security is guaranteed.

Binance Liquid Swap

Binance Liquid Swap is based on a pool of liquidity. There are two tokens in each pool, and the relative amount of tokens determines the price between them. In addition, you can always trade them as long as there are corresponding tokens in the pool. As a result, Binance Liquid Swap offers more stable prices and lower fees for large transactions.

Binance Liquid Swap
Binance Liquid Swap

Also, read Binance Card Review: Is This the Best Crypto Card?

Binance Earn

Binance Earn is a one-stop hub on Binance where you can see all your earning possibilities open for you and the crypto funds you hold. In addition, you can find alternative crypto earning options if you are a Holder. Furthermore, Binance offers other earning options such as Binance staking, lending, ETH 2.0 staking.

Binance Earn
Binance Earn

Binance vs OKEx: Mobile App

OKEx Mobile App

OKEx has a mobile app for both Android and iOS devices. It’s a bitcoin trading program that does everything. Users can buy and sell digital goods in any form using the app, regardless of time or location. The software includes:

  • Real-time streaming quotes.
  • Deposit and withdrawal functionality.
  • It has digital wallets for crypto coin storage.
OKEx Mobile App
OKEx Mobile App

Binance Mobile App

Binance also has a mobile app that is both Android and iOS friendly. However, the app is a bit complex and advisable only for intermediate and advanced traders. Regardless, you can use it at any time and location at the discretion of the user. The app makes it effortless for the users to trade.

 Binance Mobile App
Binance Mobile App

OKEx vs Binance: Trading Fees

Trading fees determine the number of people wanting to trade from that cryptocurrency platform. Therefore, low fees can play a critical role when trading larger position sizes with margin and performing multiple trades in a single day which can be detrimental to your potential profits.

OKEx Trading Fees

The highest trading fees payable for low-volume accounts are a 0.15% maker fee and 0.2% taker fee. However, this drops as low as 0.02% and 0.05% for makers and takers fees, respectively. Additionally, OKEx provides the cheapest withdrawal fees among all notable exchanges. For example, at the time of writing, BTC’s withdrawal fees on OKEx are 0.0004 BTC. Finally, considering deposit fees, OKEx does not charge anything to fund your account with crypto.

OKEx Trading Fees
OKEx Trading Fees

Binance Trading Fees

Binance charges fees for trading, buying, and selling, as well as some withdrawals and deposits. You can withdraw funds in USD or one of 55 cryptocurrencies. Minimum withdrawal amounts and fees vary based on your withdrawal method and currency.

ITEM/ SERVICEBINANCE COST
Spot trading fee0.1% or less
Instant buy/sell fee0.5%
USD debit card deposit4.5%
USD ACH transfer withdrawal or depositFree
USD wire transfer depositFree
USD domestic wire transfer withdrawal$15
USD international wire transfer withdrawal$35

One can get a 25% discount on the trading fee by paying in the platform’s native currency, Binance Coin (BNB). Your trading fee percentage depends on your trading volume in the past 30 days and BNB holdings. 

TRADE VOLUMEBNB BALANCEMAKER/ TAKER FEE
> $50,000 USD> 50 BNB0.1% / 0.1%
$50K – $99,99950 – 99 BNB0.09% / 0.09%
$100K – $499,999100 – 199 BNB0.08% / 0.09%
$500K – $999,999200 – 399 BNB0.07% / 0.08%
$1mm – $4,999,999400 – 799 BNB0.05% / 0.07%
$5mm – $9,999,999800 – 1,499 BNB0.04% / 0.06%
$10mm – $24,999,9991,500 – 2,499 BNBNo maker fee / 0.06%
$25mm – $99,999,9992,500 – 3,999 BNBNo maker fee / 0.05%
$100mm – $249,999,9994,000 – 5,999 BNBNo maker fee / 0.04%
$250mm – $499,999,9996,000+ BNBNo maker fee / 0.03%
$500mm+6,000+ BNBNo maker fee / 0.02%

Binance vs OKEx: Security

Security is one of the most important factors when it comes to trading. Security is essential to preserve user data and funds. Hence, traders need to consider if the exchange is secure. 

OKEx Security

OKEx is the most secure cryptocurrency exchange, with numerous security measures in place. In addition, it employs cutting-edge technologies such as the cold wallet and the core private key encryption algorithm. As a result of these strategies, it is a sophisticated platform with the best private encryption.

Furthermore, OKEx abides by the Virtual Financial Asset Act (“VFAA”) and is regulated by the Malta Financial Services Authority. 

Binance Security

While Binance is one of the latest cryptocurrency exchanges on the market, its users and the digital currencies community swiftly managed to gain a high degree of confidence.

However, the exchange does not notify users sufficiently about how the funds are secured, but we want to assume that safety is treated seriously. There is two-factor authentication and always a good sight to see. However, if you’re still skeptical about Binance, read the best Binance alternatives.

OKEx vs Binance: Customer Support

OKEx Customer Support

OKEx provides 24*7 help across different modalities. In addition, OKEx has a solid and reliable support team to contact traders.

There is a special section for further FAQs. This area of questions often asked functions as a starting guide and resolves all trading queries. By applying, traders can inquire about their doubts.

Traders can also speak directly with their customer support team. In addition, users can contact members directly via their community section on their site. In all, OKEx has a perfect customer support mechanism.

OKEx Customer Support
OKEx Customer Support

Binance Customer Support

The Binance support team reacts responsively and can help traders in need. Support tickets shall be sent online, and responses shall be received via email. The tickets are provided online. Unfortunately, no live chat help and no telephone number are available for clients to contact the support personnel.

OKEx vs Binance: Pros and Cons

OKEx: Pros and Cons

PROSCONS
Over 400 unique trading pairsMight be a bit overwhelming for beginners
Buy or Sell Cryptocurrencies with a diverse set of options such as Bank Transfer, Visa, MasterCard, ApplePay, Paypal, and more.Geographical restrictions to major countries.
Impenetrable Multi-layered Security SystemWithdrawal transfer limitations
Seamlessly designed mobile app for Apple and Android Users
Zero Deposit Fees
Nominal Trading and Financing fees compared to other options in the market
Extensive range of pro trading options such as futures
An extensive range of over 100 cryptocurrencies supported
Low Fees

Binance: Pros and Cons

PROSCONS
Low feesNot beginner-friendly
Earn up to 10% APY on holdingsLimited crypto selection in the U.S
Buy crypto with a debit card
Crypto-to-crypto or fiat-to-crypto trading
Over-the-counter trading interface

OKEx vs Binance: Conclusion

After closely investigating both the exchanges, we have seen plenty of similarities in both the platforms, and it boils down to the preference of the users to decide. But saying that, the fee of Binance is slightly lesser than OKEx.

Binance is an exchange used by intermediate to advanced traders, and if someone is starting their crypto trading journey, OKEx is highly recommended for them. Looking at the support and customer services, OKEx will steal the show with its 24*7 availability.

Moreover, Binance could indeed work on it and make it easier for its users. But to sum it up, both these exchanges offer many other features for their users which make them unique in their way.

Frequently Asked Questions

  • Is OKEx safe to trade on?
  • OKEx emphasizes security. Security options such as 2FA, KYC, and M.F.A. have become the standard measure throughout the cryptocurrency industry. In addition, it has a clean record when it comes to hacks. To conclude, yes, OKEx is a safe platform to trade cryptocurrency.

  • Does OKEx have an app?
  • Yes. OKEx has an app that works for both android and iOS users. In addition, the app is seamlessly designed and well developed.

  • Does Binance have an in-built wallet?
  • No. Binance is not recommended for beginners. However, intermediate to advanced traders should use it.

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