Crypto Exchanges have come a long way since 2009. The market has seen the rise and fall of many exchanges over the years, prompting crypto traders to be critical when analysing and selecting what exchange is safe and can meet their needs as a trader.
The evolution of crypto exchanges has led to the creation of some of the most technologically advanced platforms and some truly impressive innovations in the crypto space. Two of the leading exchanges in innovation are undoubtedly Binance and OKX, which is why we are excited to be bringing this Binance vs. OKX review to you today.
Today’s article strives to provide a high-level comparison of each exchange, but if you would like to know more, you may also find our deep-dive articles useful:
If you want to explore other exchanges, you may also find the following article helpful:
OKX vs. Binance Summary
OKXBinanceHeadquarters:Seychelles–Year Established:20162017Regulation:Virtual Asset Trading License– HK SFC
VFAA Compliant– Malta Financial Services
Provisional Virtual Assets License– Dubai Virtual Assets Regulatory AuthorityFinancial Conduct Authority– UK
Digital Assets Provider- AMF/ACPR in France
Holds licenses and/or registrations in Dubai, Italy, Lithuania, Spain, Poland, Abu Dhabi, Bahrain, Australia, New Zealand, Canada, South Africa, Cyprus, KazakhstanSpot Cryptocurrencies Listed:350+400+Native Token:OKBBNBMaker/Taker fees:Lowest: -0.005%/0.020%
Highest: 0.1%/0.1%Security:Very HighVery HighBeginner-Friendly:Advanced trading concepts can be confusing for beginners.Advanced trading concepts and number of products/features can be confusing and overwhelming for beginners.KYC/AML Verification:None for limited trading. Users will need to KYC to reach higher volume trading limits.yesFiat Currency Support:Crypto can be purchased with 90+ fiat currencies and withdrawals are supported in 12 fiat currencies.Crypto can be purchased and fiat can be deposited in over 50 fiat currenciesDeposit/Withdrawal Method:Deposit- Buy crypto with 129+ supported services for bank transfers, card purchases, Apple Pay, etc. Crypto deposits accepted.
Withdraw– Crypto onlyDeposit- Full banking services supporting bank card, bank deposit, wire transfers, ACH, Paypal and more for over 50 fiat currencies
Withdraw– Fiat and crypto
OKX vs. Binance:
Further on in the review, we’ll take a closer look at each exchange individually, but first, we want to give you an overview of our findings by comparing OKX versus Binance.
Binance is, by a large margin, the largest cryptocurrency exchange in the world. They have tens of millions of users worldwide and provide a massive suite of excellent products that are suitable for pretty much any type of crypto user.
OKX, on the other hand, is catching up swiftly and is one of the fastest-growing exchanges in the industry. After undertaking a rebrand, OKX (previously OKeX) has launched a massive suite of products for all things crypto-related to compete against the likes of Binance, becoming a “one-stop” crypto hub and is rapidly rising in the ranks, quickly becoming an industry favourite.
Both Binance and OKX are respected for their robust security measures, advancing the crypto industry, and for doing what is right, not only for themselves, but for advancing the cryptocurrency industry as a whole. Binance especially has been very active in working with global regulators, helping to build a fair crypto regulatory framework and advising on policies.
Perhaps most notably, Binance joined the lobbying group the Blockchain Association alongside other major exchanges to help the United States reach fair regulatory standards, and has joined similar groups in the UK and Germany.
OKX has chosen to advance in a different way and is making some pretty revolutionary strides in the DeFi, Metaverse, GameFi, NFT, and general Web3 functionality space, building a product suite that aims to bring decentralised applications to the masses.
Binance vs. OKX: Products Offered
Binance and OKX have more similarities than differences regarding products on offer, capturing similar markets with a few notable differences.
Both platforms have become popular for both beginner and seasoned traders, with a plethora of spot and derivatives instruments and access to margin trading. Binance edges out a slight win when it comes to asset support as they offer a higher number of tradable pairs across markets, while both platforms offer leveraged tokens and incredibly low fees.
OKX takes the win as the preferred platform for traders interested in copy trading and accessing trading bots. Binance also supports trading bots, but OKX has a more active bot community and robust interface plus a bot marketplace. OKX offers the more robust self-custodial web3 wallet, but Binance has a popular cashback crypto debit card. Both platforms feature an NFT marketplace and launchpad.
At a glance, here are the products that Binance offers:
Over 400 tradable assets
Excellent selection of spot, derivatives, and margin products
Supports simple “one-click” trading and advanced trading interfaces
125x leverage on Futures, 5x on spot pairs
Supports over 50 fiat currencies
Full deposit and withdrawal banking support
Crypto debit card
Enormous selection of Earn products, crypto lending, and launchpad
High safety and excellent reputation, being heavily trusted, licensed, and regulated in multiple jurisdictions
Changing our focus now, here is what OKX brings to the table:
Buy over 300 crypto assets with 90+ fiat currencies
Swap crypto easily with the convert feature
Access an advanced trading interface for spot, margin, and derivatives trading
125x leverage on Futures, 5x Leverage on spot pairs
Easy integration to DeFi and Web3 DApps
OKX Web3 Wallet
Earn section, crypto lending, and launchpad
Safety + security with comprehensive licensing and regulatory compliance and robust security measures
Summing this section up, both Binance and OKX offer a massive number of products and features, suitable for crypto traders regardless of what they are looking to do with their crypto. Binance and OKX are the two leaders among exchanges that offer an “all-in-one” platform for everything crypto.
Binance edges out a slight win here as they have a better selection of products with more features available, but much of this will come down to personal user preference and the needs of the trader. OKX will be the preferred platform for bot trading and anyone looking for top-level Web3 DApp integration, along with graphics/interface aficionados who want to be using the most beautifully designed platform in crypto.
Now that we’ve covered all that, let’s head into how else these two stack up.
Binance vs. OKX: User Friendliness
Let’s get something out of the way right off the bat and say flat out that neither Binance nor OKX are beginner-friendly platforms. Both of these platforms cater to more sophisticated and experienced crypto users, and many of the products and features are for advanced users; the sheer amount that is featured on these platforms will likely be overwhelming to new users.
To illustrate my point, here is an image showing the multitude of different products on Binance, and this doesn’t even include half of what’s available:
Both OKX and Binance do offer “one-click” trading features that are easy enough for beginners, and simple actions like buying crypto and depositing fiat are easy enough to perform. For anyone with experience navigating crypto platforms, or after enough time getting familiar with these platforms, both OKX and Binance become easier to use with some time and practice.
To help, Guy even put together this great Binance step-by-step guide to help users get familiar with the platform:
After using both platforms myself for a number of years, I find both exchanges quite user-friendly once you get the hang of things, and, to be honest, I doubt most crypto users ever access over half the features and products available, anyway.
These platforms both have very similar layouts and designs as far as navigation goes, with different areas being accessible by dropdown menus along the top bar.
Aside from these platforms feeling a bit cluttered due to the sheer number of products and features, both platforms can be considered user-friendly (ish) after some time. The layouts and designs are so similar that neither platform takes a win as they are essentially on par.
Personally, I do prefer the OKX layout from a simple aesthetics point of view as the team and artists did an incredible job designing an absolutely beautiful layout and design. OKX is definitely the “prettiest” crypto exchange, but these platforms didn’t reach the massive levels of success that they have by offering anything less than near perfection by nearly every metric.
Turning our attention to the main trading interfaces and functions themselves, both platforms are suitable for any skill level or style of trader, from beginner and amateur, to retail, skilled, professional, and even institutional.
Both OKX and Binance have deep liquidity and feature industry-leading matching and trading engines capable of satisfying professional and institutional traders. These powerhouse platforms can process hundreds of thousands of orders a second, with nearly flawless and instantaneous trade execution.
Both platforms offer robust order functionality and order types, capable of supporting traders who use advanced trading setups. The trading interfaces on OKX and Binance come with a TradingView integration, which provides traders with access to the most popular and advanced charting interface in the world while also providing their own native charting interfaces that house additional functionality, depth charts and orderbook panels.
In short, both OKX and Binance are suitable for any skill level, type, or size of trader. There is no clear winner as both platforms are best-in-class.
OKX vs Binance Fees
Both exchanges operate on a maker/taker fee model with trading fees being determined by 30-day trading volume and/or assets held. Entry-level traders will experience 0.08% maker and 0.1% taker fee on OKX, while entry-level traders will see slightly higher fees of 0.1% on both maker and taker fees on Binance.
Here is a look at the OKX fees:
Here is a look at Binance fees:
Traders on both platforms can reduce their trading fees further by simply holding, or using the platform’s native token to pay for trading fees.
As if those fees weren’t already low enough, we managed to sweet-talk the folks over at Binance and OKX to provide our community with even lower fees.
Sign up for OKX and enjoy 40% off trading fees for life!
Sign up for Binance and get 20% off trading fees and up to a $600 bonus!
Though OKX fees are a fraction of a percentage lower, I do actually have to tip the win to Binance for a couple of reasons.
Binance has recently waged an all-out war on other exchanges, offering 0% trading fees on stablecoin BTC pairs and BUSD spot trading fees:
This offering sent shockwaves through the crypto industry and is a huge benefit for Binance users, talk about shots fired. Binance enjoyed a large influx of new signups after this announcement. A few exchanges have since retaliated and also offered some fee-free trading pairs, but nobody has matched the number of free-trading pairs offered by Binance. Trade with no fees? Talk about a win
The other reason I have to give Binance the win in the fees category is that they offer full fiat banking services, meaning that Binance users can deposit fiat directly onto Binance for incredibly low fees, even completely free in many cases depending on the currency and method selected. This makes buying crypto on Binance very fee-friendly.
Compare this to OKX, which facilitates their purchases through third-party payment providers, many of which charge fees for their services. OKX does offer a few fee-free deposit methods, but generally, buying crypto will be cheaper on Binance in most cases.
Though with all that being said, the fee discrepancy between these two exchanges is quite minimal and should likely not be the key deciding factor when deciding between these two. Binance and OKX are among the lowest-cost exchanges in the industry. Neither one will break the bank.
Binance vs OKX Security
Security is an important consideration when deciding on an exchange, fortunately, both OKX and Binance offer industry-leading security, both going beyond industry best practices to offer robust and comprehensive security measures.
Both platforms keep the majority of funds in cold-storage environments and outside the reach of hackers, while supporting 2FA and HTTPS + SSL website communication encryption. Both platforms have also published their Proof-of-Reserves, showing that user funds are backed at least 1:1.
Both Binance and OKX also set aside a significant amount of profits to build up a protection fund to reimburse customers in the unlikely event of a security breach resulting in loss of funds.
Users on Binance can rest easy with the following security measures available:
Login and withdrawal passwords
Anti-phishing email code
Biometrics on mobile devices
24-hour lock timer
IP address whitelisting
Withdrawal address whitelisting
Here are the options for OKX security:
2FA for login
Secondary password for withdrawals
We will go into security in a little more detail once we zoom in on each exchange individually, but to sum up, both platforms are incredibly secure and take crypto custody and security safely. There are no red flags for either platform from a safety standpoint.
Now that we have covered a bit of head-to-head, let’s dive into each one a little more in detail.
What is Binance Exchange?
Binance is the world’s largest cryptocurrency exchange in terms of traded volume. It was founded in 2017 by Changpeng Zhao (a.k.a CZ), a developer who previously worked in creating high-frequency trading software. Binance was initially based in China but later moved its headquarters as the government increased its restriction on cryptocurrencies.
Binance has multiple global locations, with its headquarters operating out of the Cayman Islands and Seychelles with a strong presence in Europe and the United Arab Emirates, which helps with regulation and global compliance requirements.
Since its launch, Binance has seen an astronomical level of growth, quickly taking and holding onto the top spot as the largest exchange in the world by a significant margin.
This unprecedented growth is the result of multiple factors; some of them including a successful ICO, superior infrastructure that was able to handle high volumes, a huge offering of cryptocurrencies and tradable assets, low fees, full fiat banking services, and the launch of BNB token.
Cryptocurrencies Available on Binance
Binance has one of the best selections of cryptocurrency assets to offer its customers, falling behind only to KuCoin and Gate.io. It currently has over 400 cryptocurrencies in the spot market and nearly 500 tradable assets across all markets, similar numbers to OKX.
Tradeable cryptocurrencies have over 23 base currencies to trade against, making it a truly diverse marketplace for traders and investors. This allows better arbitrage opportunities and diversification opportunities for traders.
On top of digital assets, Binance supports approximately 60 fiat currencies either through credit and debit card and bank deposit or through its P2P marketplace. This allows the client to enter the crypto market easily as one can choose their local currency to buy crypto and not worry about converting it into USD or any other international currency.
BNB is Binance’s native cryptocurrency and has been revolutionary for the exchange. It was one of the first native exchange tokens to be launched and had a pivotal impact on the operations of the exchange. BNB was initially issued as an ERC-20 token but was later transferred into the Binance Chain network. There are many uses of BNB tokens within the Binance ecosystem, some of them include a reduced trading fee, staking, BNB vault, etc.
Binance has a massive arsenal of products to offer its clients, the most in the industry by quite a large margin. Binance has been very active in providing its user base with different types of products to help them capitalise on new market opportunities and take advantage of innovative features.
You can find out more detailed information in our dedicated Binance Review, but we will cover the highlights below.
Binance’s Future market can be broadly classified as USD stable coin market and Coin market. The main difference in these markets is that the former has a base currency of various USD stable coins such as USDT and BUSD but the latter has only USD fiat currency as its base. Futures contracts can be divided into perpetual contracts and quarterly contracts. Binance currently has more than 130 cryptocurrencies listed on its futures market, so there is likely something of interest for most futures traders.
Binance offers its users “European-style” Vanilla Bitcoin Options contracts, which are offered intending to give users more choices to diversify their portfolios and manage their market exposure. Users can both buy the options for hedging and trading, as well as write and sell options as an issuer.
Binance offers leverage tokens that mimic its underlying token but by a predefined leverage level up to 4x. Leveraged tokens are great for traders as they provide reasonable amounts of leverage, but trade on the spot market, removing the complexities and risks associated with leverage trading.
Binance launched an innovative new offering to its users which they call Binance Earn. This includes products that allow users to earn passive income on their crypto by utilising a multitude of different products that vary in returns and risk.
Binance Earn offers users products such as staking, opening a savings account, liquidity farming, BNB vault, etc. Various Earn products provide users with the option to invest in a fixed or flexible time frame.
The Earn feature is so popular that most exchanges now offer some sort of earn platform, but Binance remains the best platform for users to earn passive income on their crypto holdings. Products such as staking and saving offer a simple and safe hands-off approach with modest APYs, while higher-risk advanced products such as dual investment offer higher returns for users with a greater risk appetite.
Crypto cards have become very popular among crypto enthusiasts with the cards offered by Crypto.com and Binance being the industry favourites.
The Binance card offers users up to 8% cashback in BNB tokens for everyday purchases. Powered by Visa, the card is accepted pretty much anywhere and has no yearly or activation fees.
The Binance Launchpad was created as an alternative initial listing venue to the ICO model. Customers on Binance can take part in the IEOs on the Launchpad, making it easy for users to get involved while sidestepping the complexities and exclusivity of traditional IDO/ICO events.
The Binance Launchpad remains the best-performing CEX launchpad with many investors enjoying high ROIs from some of the most promising project launches in the industry.
Binance NFT Marketplace
Binance was one of the first exchanges to announce its NFT marketplace in 2021, and it was an instant success. Thanks to NFT support on the Binance chain, users could mint, buy, and sell NFTs with lightning speeds and for fractions of a dollar.
The Binance NFT marketplace also supports Ethereum NFTs from some of the most popular collections.
On top of all this, there are also crypto loans, an array of institutional services, the Trust Wallet, Binance Labs incubator, the Binance DEX, Research and Binance Learn, and more. Binance truly is a beast and offers pretty much everything under the sun that a crypto user could need.
Types of Accounts and Binance Fees
Binance has 10 tiers of accounts that are determined by VIP level. A user can upgrade the VIP level by two methods, either by achieving a set trade volume in the margin or spot account or by buying and holding a certain number of BNB tokens.
The following table shows how the maker-taker fee changes depending on account level:
Binance offers multiple 0-fee trading pairs and many ways to fund an account and purchase crypto for zero, or low fees. One of the ways that Binance has remained such a dominant player in the exchange industry is by offering some of the lowest fees possible.
Binance places a strong emphasis on the security and safety of funds. It offers several security safeguards, such as 2FA or U2F login and fund transfer, wallet and device management, restricted sub-account creation and email/mobile notification to alert the user of any malicious practice, which can be sent with anti-phishing codes to ensure authenticity.
In May 2019, Binance was a victim of a malicious attack where it lost $40 million worth of funds. However, thanks to its fund insurance, customers who lost funds were reimbursed by Binance’s Secure Asset Fund for Users (SAFU) that Binance introduced in 2018. The SAFU fund acts as insurance and is an account funded by Binance from taking 10% of all trading fees generated and setting them aside for security breaches.
Since the breach, Binance has substantially increased its security protocols and there have been no issues since. Along with round-the-clock platform monitoring and comprehensive cold storage and private key protection policies, Binance is one of the most secure exchanges in the world. Binance users can also access multiple additional security options as mentioned above to further lock down their accounts and protect against unauthorised access.
Alright, that about covers Binance, now let’s crack into OKX
What is OKX?
OKX (previously OKeX) is one of the oldest crypto exchanges in the industry and recently underwent a rebrand and rebirth, supercharging its offerings and focus. The rebrand resulted in the platform becoming one of the fastest growing exchanges and seeing high levels of adoption, catapulting them to the top as a top ten exchange for spot and top three exchange for derivatives trading.
The rebrand pivoted the platform to not only retain its focus on remaining one of the best cryptocurrency exchanges for spot and derivatives trading, but become an all-in-one crypto hub, focusing strongly on DeFi, DApps and general Web3 integration.
Located in Seychelles, OKX offers a robust selection of crypto-centric products, OKX is a great platform for traders looking to trade spot, derivatives, margin, futures, perpetual swaps, and options markets.
Featuring both a simple and advanced trading interface, along with excellent educational resources, OKX is has something to offer crypto users from all walks of life.
Thanks to its comprehensive trading features, order types, high-performance trading interface, KYC-free trading, along with the safety that comes along with being regulated and licensed, it is clear to see why OKX is becoming a household name in crypto.
Additional to trading, OKX also features trading bots, a robust Earn section, crypto loans, a launchpad, and the OKX Wallet is one of the most versatile and useful self custodial wallets ever created for Web3 functionality.
Cryptocurrencies offered on OKX
With over 350+ crypto assets supported ranging from the majors like Bitcoin and Ethereum to smaller cap plays and harder-to-find tokens, OKX has a great selection. There are over 500 trading pairs available across the spot, margin, and derivatives markets accessible in over 180 countries.
Unfortunately, OKX is unavailable to users in the US. For US-based users, I recommend checking out Kraken.
Like Binance, OKX features many products, too many to list them all here. This article will cover the most pertinent features and products. For a deeper dive, I recommend checking out our dedicated OKX review.
OKX Cryptocurrency Trading
OKX is praised for the flawless trading experience it offers its traders with nearly instantaneous trade execution and powerful matching and trading engines, along with deep liquidity for large traders.
Thanks to the high-performing interface, order types and trading functionality, OKX saw a high of 60 billion in 24hr trading volume during the peak market in 2021, attracting professional, institutional, and retail traders alike.
The advanced order functionality and charting interface powered by TradingView makes OKX suitable for any style of trading.
The following order types are available:
Limit Order: These orders are good till cancelled. They are simply orders that are placed at some predefined level.
Advanced Limit: This is a standard limit order with more functionality around how you would like the order to be executed. For example, it could be Post Only, Fill-or-Kill or Immediate or Cancel. “Post Only” is a standard order. Fill or Kill will execute the entirety of the order or kill it. Immediate or Cancel will execute it now at the best price or cancel.
Stop Limit: This is an order placed only once a specific trigger price is met. Once the trigger price is met, a standard limit order is placed.
Trail Order: With this order, a limit order will be placed once the price has retraced after breaking a certain trigger level. This is called the “Callback Rate.”
IceBerg Order: This is an order that allows a trader to place a large order without incurring too much slippage. This order automatically breaks up a user’s large order into multiple smaller orders.
Time-weighted average price (TWAP): TWAP is the average price of the order over a specified period of time. It is basically a strategy that will attempt to execute an order that trades in slices of order quantity at regular intervals. The fill price equals the TWAP price.
OKX also provides an easy-to-use Convert feature for traders who are looking for the most hassle-free way to trade with one click.
OKX offers a good selection of Earn products for users looking to earn passive income on their digital assets. There are low-risk and high-risk options available with different yields and different terms, accommodating various investor goals and risk tolerances.
The Earn section includes low-risk and simple products like staking and savings, to more advanced, riskier, and higher-return products like Dual investment.
We have an article covering the OKX Earn products if you want to learn more.
OKX makes DeFi access easy, providing a simple interface that allows users to benefit from the world of DeFi without the complex protocols and processes that exist on DeFi platforms.
The largest criticism against DeFi is often the complex and unfamiliar nature of DeFi protocols and the hurdles that come along with self-custodial wallets. With OKX, users can access plenty of decentralised financial applications and other DApps using a simple-to-use interface powered by OKX, with all the complicated “DeFi stuff” happening behind the scenes.
Polkadot & Kusama Slot Auctions
Both OKX and Binance offer Polkadot parachain slot auctions, which is great for fans of the Polkadot Ecosystem, while OKX also offers Kusama slot auctions.
Getting involved in DOT and KSM auctions on your own can be tricky, but thanks to platforms like OKX and Binance, users can get involved in the easiest way possible.
Along with Kraken and KuCoin, OKX is one of the nicest platforms to participate in these auctions, where the platform handles the complexities regarding things like token lockups, fees, release dates, etc.
OKX users can vote on proposals for future DOT and KSM projects and if a user votes on a project that wins the slot auction, they will receive rewards in that project’s token for their participation and have their tokens sent to their OKX account.
You can learn more about Polkadot Slot Auctions in the video below:
Similar to the Binance Launchpad, OKX offers a launchpad called Jumpstart.
Launchpads are a popular product for crypto investors looking to gain early exposure to exciting crypto projects before they hit mainstream adoption. Launchpads have been shown to provide higher-than-average ROIs for investors who get in early and sell at the right time.
Launchpads are an important aspect for the entire crypto ecosystem, not just a benefit for investors as new projects can be featured on popular exchanges, raising awareness and the investor capital needed to launch. Exchanges also provide advisory services and assist with consultations and marketing efforts as well.
Investors can get involved by staking their OKB tokens, then receive tokens from new projects based on the staked amounts.
MetaX- OKX Web Wallet
The OKX Web Wallet is a self-custodial software wallet that users can download and store their crypto assets and NFTs with. OKX affectionately refers to their wallet as the “Portal to Web3” as it is a highly functional and multi-use app. This beautifully designed wallet connects OKX users to the thousands of DApps, DeFi, Metaverse, NFT, and GameFi projects in the space.
The OKX wallet may just be one of the most functional, convenient and useful Web3 wallets created. It is perfect for anyone who wants to access the world of DApps and DeFi. Be sure to check out our dedicated OKX Web Wallet article to learn more about this powerhouse wallet.
OKX Trading Bots
OKX has a huge trading bot selection and community of over 940,000 traders all copying bots, designing bots, and auto trading, taking advantage of the automation available on the site.
Automated crypto bots have become valuable tools for experienced traders. On OKX, users can either design their own bots without needing to know how to code, or simply select from the thousands of user-made and pre-made bots available on the marketplace.
Bots on OKX fall under the following categories:
Recurring buy bot
Smart Portfolio rebalancing bot
You can learn more about the trading bots available at OKX in our article on OKX Trading Bots.
Types of Accounts and OKX Fees
OKX has both individual and corporate accounts. Individual accounts can select different modes based on the needs and KYC level of the user:
Depositing crypto, trading spot, options buying, and withdrawing up to 10 BTC a day can all be done without KYC. OKX is one of the safest platforms for traders looking to trade without KYC, as they are licensed and regulated.
As mentioned, OKX is also one of the lowest fee exchanges in the industry, along with the low-cost leaders Binance and KuCoin. OKX fees are based on a maker/taker fee model depending on asset holdings and/or 30-day trading volume.
Here is a look at the spot trading fees:
The largest downside to OKX is that it does not natively support crypto purchases or facilitate wire transfers. All fiat transactions on the platform are done through third-party payment processors integrated into the site. Fiat withdrawals are not supported.
Buying crypto on OKX is easy, but the payment processors often charge fees that can range between 3-8%, be sure to double-check the fees before finalising your purchase to make sure you are paying an appropriate amount that you are happy with.
OKX features a few fee-free deposit options depending on the currency and method used. There is an ample selection of 120+ supported purchasing services in over 90 currencies, which is quite impressive, resulting in OKX being a fantastic global exchange.
OKX takes an impressively comprehensive approach to security, making them one of the leaders in crypto exchange security.
Using a mix of online and offline storage, they keep 95% of user funds in air-gapped cold storage environments that never come into contact with online connectivity, meaning they are outside the reach of hackers, viruses, and malware that could expose private keys.
OKX further keeps funds safe by ensuring only key personnel located on separate continents can access private keys, which are stored as QR codes, so they never need to be entered online. Furthermore, these private keys are stored in bank vaults in secret locations around the world. OKX also enforces multi-signature authorisation, making internal theft unlikely.
Here is a look at the security lengths undertaken by OKX:
Each cold wallet address stores no more than 1,000 BTC and each address is only used once.
Private keys never come into contact with the internet or USB drives. Each private key is encrypted and held on an offline computer using AES with any non-encrypted keys being deleted.
Employees hold AES-encrypted passwords in different locations.
The offline private keys are only accessible via QR codes, never coming into contact with the internet.
QR codes are printed and copies are stored in separate bank vaults on different continents, each requiring in-person access.
With all these measures in place, unauthorised access to user funds would be very unlikely, and OKX has a fantastic security track record. In the event hackers did somehow manage to swipe funds, users can be further confident knowing that OKX has an insurance fund in place to reimburse customers.
Being licensed and regulated by multiple authorities also provides an additional level of trust for the platform. The full OKX security framework can be found on the OKX Security Page. It is pretty impressive and an interesting approach to security.
Binance vs. OKX: Closing Thoughts
I hope this article helped you in your search to find the perfect exchange for you. Honestly, both of these exchanges are operating at the highest levels, and most users would be pleased with either choice.
Both Binance and OKX provide the most comprehensive all-in-one platforms on the market with products to suit any crypto enthusiast, and both platforms are suitable for any skill level of trader with advanced order and charting support.
Binance will be the better choice for users needing fiat offramp services or for fans of the BNB ecosystem. Binance also boasts more features and Earn products and the Binance Launchpad has a better selection of promising projects.
Sign up to Binance for 20% off trading fees and up to $600 bonus!
OKX will be the better choice for anyone wanting to conduct KYC-free trading or access trading bots. Users interested in DeFi integration may also prefer OKX along with the OKX Web3 wallet for one of the nicest DApp experiences.
Sign up to OKX for 40% off trading fees for life!
Is Binance Safe?
Yes, Binance is one of the safest exchanges in the industry. Binance follows best practices in terms of security protocols, and they keep a significant portion of profits aside as an insurance fund for customers who lose funds in the unlikely event of a hack.
Binance also offers substantial security features which the user can deploy on their accounts for added safety, and has published its proof-of-reserves, showing that user assets are adequately collateralised.
Can Binance be Trusted?
We believe so. Binance is trusted by millions of users worldwide and the insurance fund has been used for customer account breaches in the past. Binance continues to work towards transparency and global regulation and is a moral driving force for the crypto industry.
Can I use Binance in the USA?
Binance has set up Binance.US for American-based customers.
Is OKX a Good Exchange?
OKX is one of the best exchanges for anyone looking for a reputable, highly secure, and regulated exchange for KYC-free trading. OKX is popular for its advanced trading features, spot, margin, and derivatives products, and massive selection of crypto-centric products that make this a great all-in-one platform.
The primary drawback of OKX is the inability to withdraw fiat to bank account.
Is OKX Safe?
Yes, OKX is one of the longest-standing exchanges in the industry, trusted by millions of users worldwide. They have a very good security track record and take extensive measures to ensure they remain one of the most secure exchanges in the world. Additionally, OKX sets aside a significant portion of profits to reimburse any customers who may lose funds in the unlikely event of a security breach.
The fact that OKX is licensed and regulated also provides users with extra peace of mind.
The post Binance vs. OKX Review 2023: Battle of the Best Crypto Exchanges! appeared first on Coin Bureau.
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