When it comes to cryptocurrency exchanges, you've likely heard of the "big wigs." These include the likes of Coinbase, Binance, and Kraken. But as cryptos continue to perform strongly and attract new investors, the number of exchanges also continues to rise.
Staying on top of what these exchanges are and how they compare to well-known competitors can prove a challenge. Even for crypto enthusiasts who digest the latest digital currency news with their breakfast.
For example, what would an OKex vs Coinbase comparison look like? Even though OKex has been around for a while and represents a HUG player in the game, you may not know much about it, let alone OKex tips for success.
Let's bring you up to speed in this article. That way, you'll quickly know whether OKex could provide you, as a crypto user, with the value you're looking for.
What Is OKex?
OKex was founded in 2014 by Star Xu and represents one of the largest crypto exchanges in the world. Originally linked to its sister company OKCoin, the exchange offers crypto-to-crypto and fiat-to-crypto trading on more than 100 different coins.
As a derivative of OKCoin, OKex exchange offers more advanced features for cryptocurrency traders. These sophisticated offerings share much with more traditional financial securities exchanges, making them a compelling option for serious investors.
How does OKex measure up to the competition? It's one of the largest international cryptocurrency exchanges on the planet.
How big? The exchange claims a $1.5 billion daily turnover from its Bitcoin trading product and futures. But some have questioned the validity of these daily transaction numbers (along with those of other Chinese-owned crypto exchanges like Binance). Whether these suspicions prove warranted remains to be seen.
When it comes to Binance vs OKex, both platforms have utility tokens. In the case of OKex, the platform launched this utility token in 2018. It can be utilized to settle trading fees on the platform.
The move toward a utility token represents a recent trend for many exchanges. For example, this tactic launched Binance 's ICO, skyrocketing the platform to the largest in the world in a month.
But enough about Binance. What do you need to know about Coinbase? Especially in comparison to OKex?
What Is Coinbase?
The largest digital currency wallet worldwide, Coinbase is based in San Francisco. It boasts more than 56 million users located in more than 100 nations. Clearly, Coinbase remains a widely popular choice for people all over the planet.
A secure online platform, Coinbase exchange facilitates selling, buying, transferring, and storing digital currency. It represents an open financial system and remains a leading brand to help investors get the most out of their digital currency.
The exchange advertises itself as a "one-stop-shop" for all your cryptocurrency needs, and it offers a wide variety of features and functionality that help it live up to this claim.
Coinbase makes crypto transactions a breeze through one easy interface. And you can send and receive cryptocurrency for free. To gain access to this function, you must transact with family, friends, or even merchants using online wallets.
OKex vs Coinbase: Trading Platform
How do OKex and Coinbase compare when it comes to trading platforms? Both have robust architecture, but only OKex offers a stand-alone desktop platform. From OKex to Coinbase platforms, here's what you need to know.
OKex's Trading Platform
What's one of the most compelling reasons to consider the OKex platform for your cryptocurrency needs? Unlike most other exchanges, OKex is available both in-browser and as a downloadable, desktop client application.
What are the advantages and disadvantages of these options? Trading platforms prove relatively heavy. As a result, downloadable software does most of the heavy lifting.
In other words, the desktop version will help you avoid the risks associated with a browser running into processing difficulties, including memory issues, slow performance, and freezing.
The desktop version represents a sophisticated professional set of tools. It's capable of handling more demand on hardware than the average cryptocurrency exchange. If you're still relatively new to the crypto game, however, it could represent overkill.
Coinbase's Trading Platform
The Coinbase platform has won over a massive clientele because it offers simplicity and ease of use to customers. The company's trading platform is ultimately geared towards beginners.
Of course, if you're a more experienced trader, you may feel frustrated by the oversimplified features of the platform.
What's more, you can't avail yourself of a downloadable trading platform with Coinbase. Like the vast majority of other crypto platforms, it remains totally browser-based. The same goes for its more sophisticated trading platform, Coinbase Pro.
Coinbase Pro represents an excellent step-up for crypto enthusiasts as they gain experience with digital currency investing. This exchange also has the option of enhanced charting capabilities and margin trading options.
OKex vs Coinbase: Fees
What else should you know about the differences between OKex and Coinbase? Let's briefly go over their fee structures.
You'll find Coinbase's fee structure incredibly convoluted. What's more, you'll pay for the ease of use as a beginner. If you're new to the game and don't mind, Coinbase represents a fantastic option.
But upgrade to Coinbase Pro or another option as soon as possible. Otherwise, fees will add up quickly, taking a chunk out of your yields.
As for OKex? One of the exchange's primary strengths remains rock bottom fees. These fees are tiered using an average of 30-day trading volumes. Nevertheless, they remain low compared to other exchanges, even at the high end.
OKex charges based on a maker-taker model. Low volume accounts will pay a 0.15% maker fee and 0.2% taker fee. These rates decrease to as low as 0.02 and 0.05% for makers and takers with higher volume accounts.
OKex vs Coinbase: The Takeaway
When it comes to the differences between OKex and Coinbase, each exchange comes with strengths and weaknesses. That said, beginners may wish to stick with Coinbase to avoid a massive learning curve.
For those with some crypto trading experience, look to Coinbase Pro. But once you've decided to get involved in sophisticated trading activities, OKex represents an excellent and comprehensive option. Not only will you enjoy super low fees, but having the option of downloadable software for your desktop is attractive.
Did you find this OKex vs Coinbase breakdown helpful? If so, check out our other comparisons of popular exchanges.