Virtual currency exchanges are where investors trade digital assets such as Bitcoin, Ethereum, Litecoin... However, there are many fraudulent virtual currency exchanges on the market, affecting traders and the money market. electronic. 

Understanding that, we have surveyed and evaluated to make recommendations on the two most reputable and best virtual currency exchanges today, OKX and Binance.

OKX floor review

OKX is a large and reputable virtual currency exchange established in 2017, with more than 20 million users from more than 100 countries. The exchange has a 24-hour trading volume of over 1.8 billion USD, only behind Binance. The exchange provides many features for users, such as centralized and decentralized trading, cryptocurrency borrowing, margin trading, etc. Users can buy and sell more than 340 cryptocurrencies with fiat money, track Cryptocurrency rankings and trends. 

 

Advantage

• High liquidity
• Powerful trading platform
• Good security
• Supports many types of transactions
• Supports a variety of fiat currencies 
• Low transaction fees
• Professional customer care team

Defect

• The fee structure is still complicated
• The exchange often lists some very new coins that do not have much reputation

Binance exchange review

Binance is a leading bitcoin and virtual currency exchange with low fees and P2P support. You can trade over 500 cryptocurrencies with fees of only 0.1%. You can also buy cryptocurrency with fiat currency, but there will be additional fees. You can sign up for Binance through this website and receive rewards. 

You can use the website or app to access Binance. However, Binance is not licensed by the SEC or any other agency, so there are risks. Binance also offers NFTs and many other features for you to explore. 

 

Advantage

• Highest trading volume in the world
• Supports many cryptocurrencies
• Good security
• Fast and efficient P2P transactions
• Buy and sell cryptocurrencies with fiat currency
• Withdraw money without KYC 

Defect

• Not newbie friendly
• Ever been hacked (compensated)

Compare virtual currency exchanges OKX and Binance

OKX and Binance are two large and reputable virtual currency exchanges on the market. To choose a virtual currency exchange that suits your needs and experience, you need to consider many different criteria, including:

• Transaction fee: Is the fee you have to pay when buying and selling virtual currencies on the exchange. The lower the transaction fee, the more you save.
• Number of virtual currencies supported for trading: Is the number of different cryptocurrencies that you can trade on the exchange. The more virtual currencies that support transactions, the more diverse and rich the exchange is.
• Debit card fee: Is the fee you have to pay when using a debit card to buy virtual currency on the exchange. The lower the debit card fee, the more convenient it is for you.
• Payment methods: Are the ways you can use to deposit or withdraw fiat money or virtual money on the exchange. The more payment methods, the more convenience and flexibility the platform shows.
• Ease of use: Is the degree to which you can use the floor conveniently and easily. Ease of use includes elements such as interface, tools, tutorials, customer support, etc.

Transaction fees

• OKX – Spot transaction fee is 0.1% for both buyer and seller, futures contract transaction fee is 0.02% for buyer and 0.05% for seller, margin transaction fee is 0.15% for both buyer and seller sell, the option transaction fee is 0.04% for the buyer and 0.1% for the seller. In addition, users can also reduce transaction fees by using the exchange's OKB token or increase their VIP level.

• Binance – Spot transaction fee is 0.1% for both buyer and seller, futures contract transaction fee is 0.02% for buyer and 0.04% for seller, margin transaction fee is 0.1% for both buyer and seller seller, the option transaction fee is 0.1% for the buyer and 0.2% for the seller. Similar to OKX, users can also reduce trading fees by using the exchange's BNB token or increase their VIP level.

 

Number of virtual currencies supporting transactions

• OKX – There are currently more than 340 cryptocurrencies listed on the OKX virtual currency exchange, including popular virtual currencies such as BTC, ETH, XRP, BCH, SOL, ... and new virtual currencies such as SHIB, DOGE, MATIC, … Users can trade virtual currency pairs with each other or with fiat currencies such as USD, EUR, GBP, VND, …
• Binance – There are currently more than 500 cryptocurrencies listed on the Binance virtual currency exchange, including both popular and new virtual currencies. Users can trade virtual currency pairs with each other or with fiat currencies such as USD, EUR, GBP, etc. In addition, Binance also supports trading special virtual currencies such as NFT, DeFi, Web 3.0 , …

 

Debit card fees

• OKX – The debit card fee on OKX is 3% per transaction. Users can use debit cards such as Visa, MasterCard, Maestro, ... to buy virtual currencies such as BTC, ETH, USDT, ...

• Binance – Debit card fees on Binance are 4.5% per transaction. Users can use debit cards such as Visa, MasterCard, ... to buy virtual currencies such as BTC, ETH, BNB, ...

 

Payment methods

• OKX – OKX platform supports many different payment methods, including: bank transfer, debit card, credit card, PayPal, Skrill, Neteller, WebMoney, Payeer, Perfect Money, AdvCash, ... Users can deposit or Withdraw fiat currencies such as USD, EUR, GBP, VND, ... or virtual currencies such as BTC, ETH, USDT, ...
• Binance – Binance also supports many different payment methods, including: bank transfer, debit card, credit card, PayPal, Skrill, Neteller, etc. Users can deposit or withdraw fiat currencies such as USD, EUR, GBP, ... or virtual currencies such as BTC, ETH, BNB, ... In addition, Binance also allows P2P peer-to-peer transactions, where users can buy and sell virtual currencies directly with each other through channels such as ZaloPay, Momo, Viettel

Easy to use

• OKX – OKX has a powerful trading platform, many professional tools, good security system and attentive customer support. However, some features of the floor can be difficult for beginners, so you should carefully refer to the instructions before using.
• Binance – Binance also has a powerful trading platform, many professional tools, good security system and attentive customer support. However, some features of the floor can also cause difficulties for beginners, so it is necessary to carefully refer to the instructions before using.

 

Conclude

OKX and Binance are two large and reputable virtual currency exchanges. Both floors have their own advantages and disadvantages. Choosing a floor depends on your needs and experience. You should carefully research the exchanges and comply with safety and legal principles when trading virtual currency.

FAQ

Which broker should new traders choose? 

If you are a new trader, you should choose a virtual currency exchange that has high ease of use, supports many payment methods, has detailed instructions and good customer support. 

Among the two best and most reputable virtual currency exchanges today, Binance may be the most suitable choice for you, because Binance has a friendly interface, allows P2P peer-to-peer transactions, has many tutorial articles and has a fast and professional customer support team.

Which virtual currency exchange has the lowest trading fees?

Both OKX and Binance have low trading fees, only 0.1% for spot trading. However, you can further reduce transaction fees by using exchange tokens or increasing your VIP level. 

If you use OKB token of OKX exchange, you can reduce transaction fees up to 30%. If you use Binance's BNB token, you can reduce fees tradable 50% max.

Which cryptocurrency exchange supports the most virtual currencies?

Binance supports more virtual currencies than OKX, with over 500 virtual currencies, while OKX only supports over 340. Both exchanges support popular and new cryptocurrencies, as well as special cryptocurrencies such as NFT, DeFi, Web 3.0, …