OKEx and Binance are two of the leading market exchanges in the crypto industry, the debate around which platform is better has been going on in the Crypto market for a long time. In this article, we will explore how Binance and OKEx differ with respect to those all-important trading and withdrawal fees.
OKEx– The crypto exchange platform OKEx was set up by its current CEO Jay Hao, and his team of developers in 2017 and is headquartered in Malta. 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.
Binance– Binance is currently the largest crypto exchange globally in terms of 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.
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. Finally, considering deposit fees, OKEx does not charge anything to fund your account with crypto.
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. 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.
Our Conclusion: After investigating both the exchanges, we have seen plenty of similarities in both the platforms, and ultimately it boils down to the preference of the users to decide. But saying when it comes to fees alone, Binance is slightly less than OKEx.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.