Why Crypto Experts And DeFi Projects Are Choosing OKEx Over Binance and Coinbase
For a while, crypto enthusiasts and DeFi project developers have wondered what cryptoexchange is the best fit for them. We are going to look at the three biggest cryptoexchanges in existence at the moment, OKExchange, Binance and Coinbase.
Currently, the crypto market is a lucrative one, as it is worth at least 250 billion USD. This means that you can join the league of those that are investing in cryptocurrencies, buying and selling them in different exchanges.
Coinbase
This broker exchange was created to purchase cryptocurrencies for clients, instead of linking the sellers to the buyers, which is common and safer now.
In the world of the broker exchange market, Coinbase may reign as king, but this has opened it up to a number of hacks. We have read complaints of individual hacks of users’ accounts.
In this exchange, only a few coins can be bought here like BTC, LTC, and ETH. If you want to purchase other altcoins, you have to take your business elsewhere. There are weekly limits on Coinbase, which may vary based on your location. This can be annoying for crypto enthusiasts that want to purchase cryptocurrencies with worth above that weekly limit.
If you are a margin trader looking for action on Coinbase, you are in the wrong place as it doesn’t offer margin trading or any leverage.
The fees on this platform are scary. This is something that many crypto enthusiasts complain about. The transaction fees can range from 1% to 4% depending on your mode of payment and location.
Coinbase doesn’t have a trading platform neither does it possess a stand-alone desktop platform. This is annoying for traders of cryptos.
If you have used Coinbase, you’ll notice that it is easy to transfer crypto to your wallet, which is common in most exchanges.
A great advantage of this platform is that it allows bank transfers, credit cards, as well as PayPal (for those residing in the United States.
Binance
This crypto exchange was created by prior workers of the OKCoin exchange. Like OKEx, it is an exchange that links buyers to sellers of cryptocurrencies.
Unlike Coinbase, Binance allows a lot of cryptocurrencies, but fiat trading is not allowed. What this means is that users of Binance are not allowed to fund their wallets or trade with fiat currencies. Only cryptocurrencies are allowed. This may be disadvantageous to someone that’s new in the crypto world or an enthusiast that wants to exchange fiat currency for crypto.
Binance fee may be cheaper than Coinbase, but it is not as cheap as OKEx. Its transaction fee is 0.1%.
Though Binance may have Basic and Advanced settings, the Basic feature is not easy to use by complete beginners. If you’re a beginner that’s learning the ropes, OKEx may be a better option for you.
Recently when Binance upgraded their systems, users complained about their funds and cryptos missing. The exchange was forced to apologize and offer a discount.
OKExchange
This is a digital asset exchange, which is owned by OKCoin. It bears similar resemblance to GDAX, which Coinbase owns.
One feature that DeFi Projects and Crypto enthusiasts love about OKEx is that it comes with a stand-alone desktop platform, as well as the fact that Litecoin and Bitcoin futures contracts are available.
When it comes to security, OKEx hasn’t faced any serious security breach because of its state of the art technology unlike its counterparts mentioned above. One thing that scares Crypto traders is security breach.
A number of cryptocurrencies can be traded on this exchange and they are LTC, BTC, and ETH. These cryptos are traded against the fiat currencies, CNY and USD. Apart from that, users of OKEx can have access to LTC and BTC futures contracts, which are not easily seen in other exchanges. Futures contract is a great method used by miners in hedging their risks.
Unlike other crypto exchanges that force users to deposit a minimum amount of $100 or more, OKEx doesn’t have one.
OKEx offers marginal trading, unlike a lot of crypto exchanges and has a maximum leverage of 1:20. When you compare the leverage with forex brokers, it may seem little, but in the crypto world, where margin trading is not common, this is high. The reason the leverage seems low generally in the crypto world, compared to the forex pairs, is that the former tend to be more volatile compared to the latter.
DeFi project developers and Crypto enthusiasts can’t get over the dirt cheap transaction fees in OKEx. The fees are currently ranked as the lowest. The fee is about 0.03% compared to the usual 0.20–0.25% seen in the cryptoverse. Its cheap fees have made it easily and widely adaptable.
What’s special about OKEx?
OKEx is one of the largest cryptocurrency exchanges in the world, in terms of volume. This means that it has a high liquidity in most of its trading pairs. As of writing these words, a daily volume of more than $1 Bn USD to be exact.
Moreover, OKEx is known for having low trading fees — ranges from 0.03% to 0.15%. This is considerably cheaper than most other crypto exchanges.
It is also one of the few exchanges that support a fully independent stand-alone desktop platform. This makes it easier to trade on a low to medium end hardware, which might have limited memory. Additionally, OKEx also supports multiple monitors, which makes it easier to expand the charts view and other important valuable information and data.
Instead of having to only make payments to the platform via cryptocurrencies, OKEx allows you to use fiat currencies too.
If you’re a beginner and seeking for where to start at, OKEx may be the one for you.
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