Binance and OKX are two of the world’s largest cryptocurrency exchanges. Both platforms offer excellent ways to buy, sell, and trade cryptocurrencies, but there are key differences every user should understand. This in-depth comparison covers all the essential aspects to help you decide which platform best fits your needs.
We’ll begin with a side-by-side overview of the two exchanges.
| Feature | Binance | OKX |
|---|---|---|
| Launch Year | 2017 | 2017 |
| Number of Users | 100M+ | 16M+ |
| Supported Cryptos | 386+ | 341+ |
| 24h Spot Volume | $8B+ | $1B+ |
| 24h Futures Volume | $40B+ | $10B+ |
| Spot Trading Fee | 0.1% / 0.1% | 0.08% / 0.1% |
| Futures Trading Fee | 0.02% / 0.05% | 0.02% / 0.05% |
| Fiat Withdrawals | Supported | Not Supported |
| Copy Trading | Via Third-Party | Integrated |
Overview of Binance and OKX
Introduction to Binance
Launched in 2017, Binance has grown into one of the largest centralized cryptocurrency exchanges globally. With over 100 million users and a daily trading volume exceeding $50 billion, it offers high liquidity and a comprehensive trading environment.
Binance supports more than 386 cryptocurrencies and provides a wide range of services, including spot and futures trading, staking, lending, margin trading, P2P trading, and NFT marketplaces. Its extensive product lineup makes it a popular choice for both beginners and advanced traders.
Introduction to OKX
OKX, also launched in 2017, is another major player in the crypto exchange space. It serves over 16 million users from more than 160 countries and supports 341+ cryptocurrencies. The platform is known for its high liquidity, user-friendly interface, and reliability.
OKX offers services such as spot trading, futures, copy trading, earning products, and crypto loans. It focuses heavily on derivatives and advanced trading tools.
Account Registration and KYC
Sign-Up Process
Registering on both Binance and OKX is simple and requires only an email address or phone number and a secure password. After verifying your contact information, you can start exploring the platforms.
However, to unlock full trading, deposit, and withdrawal capabilities, you must complete identity verification (KYC).
KYC Requirements
Binance has a more rigorous KYC process. It requires submitting a government-issued ID, a selfie, and sometimes a video recording. Verification levels determine withdrawal limits:
- Level 1: Up to $50,000 in fiat and $8M in crypto per 24 hours.
- Level 2: Up to $2M in fiat and $8M in crypto per 24 hours.
OKX’s KYC process is simpler for basic access. Level 1 requires only your name and ID number—no document upload. However, this tier has a lifetime deposit/withdrawal limit of $5,000. For higher limits, Level 2 verification requires a photo ID and facial recognition, enabling up to $10M in crypto withdrawals per 24 hours.
👉 Explore verification requirements
Trading Features Comparison
Spot Trading
Binance offers 386+ cryptocurrencies and 1,600+ trading pairs, including fiat-to-crypto options like BTC/EUR and BTC/GBP. The standard spot trading fee is 0.1% for both makers and takers, which can be reduced by holding Binance’s native token, BNB.
OKX supports 341+ cryptocurrencies and 747+ trading pairs. Its spot trading fees start at 0.08% for makers and 0.1% for takers. Users can qualify for discounts by holding OKB, OKX’s utility token.
Futures Trading
Binance’s futures market lists 259+ contracts with a daily volume exceeding $40 billion. Fees begin at 0.02% for makers and 0.05% for takers.
OKX offers 225+ futures contracts and similar fee structures. Many traders praise OKX for its platform stability and intuitive interface during high-volatility periods.
Copy Trading
Binance does not have a built-in copy trading feature. Instead, it partners with third-party platform TraderWagon, which complicates the setup process.
OKX offers fully integrated copy trading. Users can browse, analyze, and automatically replicate trades from experienced traders directly within the platform.
Options Trading
Binance supports options trading for BTC, ETH, BNB, and XRP with a fee of 0.02% and an exercise fee of 0.015%.
OKX currently offers options only for BTC and ETH. Fees are 0.02% for makers and 0.03% for takers.
Fee Structure
Trading Fees
Binance’s spot trading fees start at 0.1% but can be reduced with BNB holdings or high trading volumes. Futures fees begin at 0.02%/0.05%.
OKX’s baseline spot fees are slightly lower at 0.08%/0.1%, and futures are also 0.02%/0.05%. However, qualifying for discounts requires holding a significant amount of OKB.
For most users, Binance offers more accessible fee discounts.
Deposit and Withdrawal Fees
Both platforms allow free cryptocurrency deposits. Fiat deposits and purchases via card are supported, with OKX accepting 98+ fiat currencies and Binance supporting 40+.
A major advantage for Binance is support for fiat withdrawals—OKX does not currently offer this feature.
Security Measures
Both exchanges have strong security track records and have never been hacked. They use proof-of-reserves to show that user funds are backed 1:1 or more. Over 95% of crypto assets are stored in multi-signature cold wallets.
Binance and OKX also offer robust account security options, including 2FA, anti-phishing codes, and withdrawal whitelisting.
Binance goes a step further with its SAFU (Secure Asset Fund for Users), a $1 billion insurance fund that protects users in extreme cases.
Passive Income Opportunities
Binance offers a wider selection of passive income products, including staking, liquidity mining, dual investment, and crypto loans.
OKX also provides earning opportunities through staking, lending, and structured products, though the range is not as extensive as Binance’s.
Mobile App Experience
Both exchanges offer full-featured mobile apps for iOS and Android.
The Binance app has a 4.4/5 rating and supports all trading and earning features. Some users report occasional slowness during market peaks.
The OKX app has a 4.6/5 rating and is praised for its reliability, smooth performance, and user-friendly design.
Customer Support
Binance provides 24/7 live chat support with multilingual representatives. Response times are quick, and the help center is extensive.
OKX does not offer live agent support—users must submit tickets via a chatbot interface. Responses can take up to 10 hours.
For support quality and availability, Binance is the clear winner.
Final Verdict
Binance emerges as the overall winner in this comparison due to its broader asset selection, lower fees, fiat withdrawal support, superior customer service, and extensive product offerings.
However, OKX stands out for its high liquidity, platform stability, and user-friendly interface—especially for copy trading and derivatives.
Your choice will depend on your priorities: Binance for comprehensive features and support, or OKX for a smooth and reliable trading experience.
Frequently Asked Questions
Which is better for beginners: Binance or OKX?
OKX is often easier for beginners due to its intuitive interface and reliability. Binance offers more features but has a steeper learning curve.
Can US-based traders use Binance or OKX?
No. US residents are restricted from using both Binance and OKX. They may consider alternative platforms like Binance.US or other internationally accessible exchanges.
Which platform has lower fees?
Binance generally offers lower effective fees for most users, thanks to its accessible discount structure using BNB.
Is my crypto safe on these exchanges?
Both platforms have strong security measures, including cold storage and proof-of-reserves. Binance adds an extra layer of protection with its SAFU fund.
Does OKX support fiat withdrawals?
No, OKX does not currently allow fiat withdrawals. Binance supports withdrawals in 40+ fiat currencies.
Which exchange is best for copy trading?
OKX has a clear advantage with its built-in copy trading feature. Binance relies on a third-party integration, which is less convenient.