OkEx vs FTX (2022): Which One Is Better & Why?

The first step in trading cryptocurrencies is finding the right cryptocurrency exchange. With hundreds of exchanges out there offering different cryptocurrencies, leverages, and services, finding the best exchange that aligns with your trading requirements can be challenging.

Today, we’ve compared OKEx and FTX, two popular cryptocurrency exchanges you can sign up for if you want to trade cryptos and derivatives.

Let’s get started. 

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OKEx vs. FTX: Supported Cryptocurrencies

Features OkEx FTX
📖 AML & KYC Yes No
💰 Supported Coins 223 284
🚀 Maximum Leverage 20X 20X
⚖️ Taker Fees (Futures Market) 0.05% 0.09%
⚖️ Maker Fees (Futures Market) 0.02% 0.02%
🔧 Withdrawal Fees Yes, varies blockchain to blockchain Yes, varies blockchain to blockchain
➡️ Deposit Fees 0 0
📱 Mobile App Yes Yes
📝 Demo Account Yes No
💳 Spot Trading Yes Yes
📈 Futures & Margin Trading Yes Yes
🎁 Joining Bonus N/A 5% Off on Trading Fee

OKEx (now OKX) supports over 30 cryptocurrencies. You find all the major coins on the platform, including BTC, ETH, ADA, Ripple, SHIB, DOGE, BCH, and more. OKEx also lists new cryptocurrencies, like GARI, ASTR, LOOKS, and SOS. 

Coming to the types of trading, OKEx supports three types of trading: convert (exchange), basic trading, and margin trading. The exchange also supports a lot of finance options, like earning, loans, slot auctions, and more. 

FTX, on the other hand, lists over 200 cryptocurrency pairs, making it one of the leading cryptocurrency exchanges in the world in terms of listed cryptocurrencies. You can find all the major cryptocurrencies on the platform, including BTC, ETH, SOL, XRP, BNB, and more. 

FTX offers a wide range of trading options to choose from. It supports crypto exchange, spot trading, margin trading, leveraged tokens, and futures trading. You also get a lot of finance options, like loans, staking, and more. 

Let’s quickly compare their daily trading volumes as well. In terms of spot trading volume, FTX ranks seventh with a 24h volume of $5.5 billion. OKEx ranks 14th with a volume of $3.8 billion. 

Coming to derivatives trading volume, OKEx ranks second with a daily volume of $38 billion, and FTX right after OKEx with $17 billion. 

Verdict: FTX is the winner. 

OKEx vs. FTX: Trading Fees

The trading fees are an important factor to consider when choosing a cryptocurrency exchange. Both OKEx and FTX implement a tiered fee structure where they charge users based on their trading volumes. 

OKEx

Let’s first talk about the spot trading fee charged by OKEx. The exchange divides coins into three classes — Class A, Class B, and Class C. The classification of classes depends on the maturity, volume, and market value of the coins. 

OKEx has five tiers for regular users. Traders with an OKB holding of less than and a daily trading volume of under $10 million are in the first tier. For them, the market maker/taker fee is 0.08%/0.10%, respectively.

Similarly, users with an OKB holding of over 2,000 and a 30d trading volume of over $10 million are in the fifth tier. For them, the market maker/taker volume is 0.06%/0.08%, respectively. This fee structure applies to Class A coins. The fee is higher for Class B and Class C coins. 

For VIP users, there are eight user tiers, and the market maker/taker fee ranges from 0.06%/0.08% to –0.01%/0.025%. 

For futures trading, there are two classes of coins: Class A and Class B. There are five tiers for regular users. Traders with an OKB holding of less than 500 and a 30d trading volume of under $50 million are in the first tier. For them, the market maker/taker fee is 0.02%/0.05%. Users with an OKB holding of over 2,000 are in the final tier, and the market maker/take fee for them is 0.015%/0.03%. 

There are eight tiers for VIP users. Traders with a 30d trading volume of over $50 million are in the first tier, and their market maker/taker fee is 0.010%.0.03%. For traders in the final tier, the market maker/taker fee is –0.015/0.025, respectively. 

okex trading fees

FTX

FTX also has a tiered market maker/taker fee structure, but it’s much simpler than OKEx. There are five tiers. Users with a 30d trading volume of under $2 million are in the first tier, and their market maker/taker fee is 0.02%/0.07%, respectively.

Similarly, users with over $50 million of 30d trading volume are in the final tier, and their market maker/taker fee is 0.0%.0.04%, respectively. 

If you’re an FTT holder, you get an additional discount on the trading fee based on your FTT holding. There are 11 levels of FTT holding, ranging from $100 to $5 million, and the discount ranges from 3% to 60%. 

ftx trading fees

Verdict: It’s a tie. While OKX has lower fees, FTX has a simpler fee structure and also offers generous discounts if you hold FTT. 

OKEx vs. FTX Account Funding Methods

Both OKEx and FTX support crypto and fiat deposits. Let’s look at the fiat deposit methods supported by the two exchanges. 

OKEx

OKEx supports almost all fiat currencies, USD, EUR, GBP, INR, CNY, KRW, TRY, and more. For crypto deposits, OKEx supports USDT, BTC, ETH, MATIC, LINK, AAVE, OKB, DOGE, SHIB, KISHU, ELON, AXS, BABYDOGE, and GALA.

The supported payment methods depend on the fiat currency you want to deposit. For instance, you can deposit USD using credit/debit cards, wire transfers, and Apple Pay. 

FTX

FTX also supports both cryptocurrency and fiat currencies. The fiat currencies supported by the exchange are USD, EUR, GBP, AUD, HKD, SGD, CAD, CHF, and BRL. The fiat deposit methods depend on the fiat currency you deposit. FTX supports Silvergate SEN, Signature Signet, and some US and non-US banks. 

Verdict: It’s a tie, as both the exchanges support crypto and fiat deposits. 

OKEx vs. FTX Liquidation Mechanism

Liquidation refers to the selling of a user’s cash assets when they are unable to meet the minimum margin requirements of a leveraged position. Both OKEx and FTX implement a liquidation mechanism. Let’s compare the liquidation mechanisms of the two exchanges. 

OKEx

OKEx implements a full liquidation mechanism. If the margin ratio of a user trading with 10-20x leverage breaches 10 or 20%, a margin call will be automatically triggered to liquidate all the open positions. 

Suppose you open a 20x BTC contract. If your loss reaches 80% of your position margin, an exit order will be triggered to square off the position. 

FTX

FTX also implements a similar liquidation structure. As per the FTX website, FTX aims to reduce clawbacks, but they are possible. The liquidation price is not fixed, and it’s estimated instead. Whether a liquidation occurs depends on a wide range of factors. 

FTX implements a three-step liquidation model, including:

  • The exchange uses rate-limited liquidation orders to close down positions. 
  • The unique backstop liquidity provider program steps in to prevent bankruptcy in accounts. 
  • An insurance fund helps in preventing losses. 

Verdict: FTX is the winner, as it has a more comprehensive liquidation mechanism. 

Opening Account & Account Limits

OKEx and FTX both offer a seamless account opening process. Let’s compare the account opening procedures of the two exchanges, along with their KYC requirements. 

  • OKEx

You can open an account on OKEx by clicking on Sign Up on the top right corner of the homepage. OKEx allows you to sign up using your phone number or email address. 

okex sign up

OKEx doesn’t have mandatory KYC requirements, though it imposes some limitations. There are four KYC levels: Unverified, Level 1, Level 2, and Level 3, and the daily withdrawal limits for them are 10 BTC, 200 BTC, 500 BTC, and 500 BTC, respectively. 

  • FTX

To open an account on FTX, visit the FTX website and click on Register on the top right corner of the homepage. Enter your email and password to create an account. Alternatively, you can sign up with Google. 

ftx register

FTX has three KYC tiers: unverified, Tier 1, and Tier 2. Unverified users can’t deposit/withdraw funds or trade assets. It only allows you to explore the site. Tier 1 users can have a daily account limit of $2,000. Tier 2 users can enjoy unlimited crypto and fiat withdrawals. 

Verdict: It’s a tie. 

OKEx vs FTX: Ease Of Use & Interface

Both OKEx and FTX are beginner-friendly and offer a seamless user interface. Let’s compare the platforms and user interfaces of the two exchanges. 

OKEx

If you want to convert crypto, OKEx allows you to do that in a hassle-free manner. All you need to do is go to the Convert section and convert your crypto in a single click. 

Talking about trading, OKEx has two types of trading platforms: Basic and Margin. There is no difference between the basic and margin trading platforms, except that you can select the margin in the order form. 

The trading terminal is advanced and offers all the essential features. OKEx has a top-notch charting system, with features like:

  • Three chart types: Candlestick, Candlestick HLC, and OHLC
  • 50+ indicators, with support for 3 indicators at once
  • Multiple time frames, from 1 minute to 1 year
  • Access the order book, trade history, and live traders
  • Intuitive order form with easy order placement 

FTX

FTX also has an intuitive user interface and offers a user-friendly trading experience. The FTX exchange offers quick access to the tickers. You can click on three horizontal lines on the homepage, and the list of all the available trading pairs will appear. 

You can choose between Spot, Futures, Stocks, and Leveraged Tokens right from the list. Click on any pair, and you will be directed to the trading terminal. 

The trading terminal is quite similar to OKEx exchange. There is a chart system powered by TradingView, and it has all the major features, like various chart types, multiple time frames, order book, live trades, 100+ indicators, and more. 

Verdict: It’s a tie, as both OKEx and FTX have robust trading platforms with intuitive user interfaces.

OKEx vs. FTX: Security Features

If you’re looking for a cryptocurrency exchange, security is one of the most important factors to consider. Both OKEx and FTX implement best-in-class security. Let’s compare the security features of the two exchanges.

  • OKEx

OKEx is one of the most secure cryptocurrency exchanges out there. It deploys top-notch security features, like online and semi-offline risk management systems, big data risk-reduction systems, and semi-offline multi-signature services. 

Additionally, OKEx comes with all the standard security features like two-factor authentication, SSL encryption, IP allowlisting, and more. 

  • FTX

FTX is also a leading exchange in terms of security. Some security features implemented by FTX are 2FA authentication, withdrawal lock, notification alerts, subaccount functions, IP whitelisting, wallet address whitelisting, chainanalysis, and liquidity fund. 

Verdict: It’s a tie, as both exchanges implement top-notch security features. 

OKEx vs. FTX: Customer Support 

Let’s compare the customer support provided by the two exchanges. 

OKEx

OKEx provides customer support via email only. It also has a virtual assistant that helps you with common issues. OKEx also has a comprehensive knowledge base where you can find a lot of helpful guides, articles, and FAQs.

FTX

FTX also offers customer support via email. It also has Telegram communities where you can interact with other traders. FTX has a Help Center with a lot of helpful articles for self-help.

Verdict: It’s a tie, as both the exchanges offer similar customer support. 

  • Is OKEx a safe exchange?

Yes, OKEx is one of the safest exchanges out there. It offers cutting-edge security features, like 2FA, IP allowlisting, cold storage wallets, and more. Traders also need to confirm their identities for high-amount withdrawals. 

  • Is FTX a safe exchange?

Yes, FTX is also one of the safest cryptocurrency exchanges in the industry. It takes industry-leading security measures, and traders need to complete KYC to deposit funds and trade assets. 

Conclusion 

OKEx and FTX are both amazing cryptocurrency exchanges, and choosing a winner is difficult. However, we have a winner, and it’s FTX. 

Though OKEx and FTX are similar in many ways, FTX has a slight edge when it comes to supported cryptocurrencies and liquidation mechanisms. Hence, FTX is a better pick. 

Our #1 Recommendation

  • Upto 20x Leverage 

  • Highest Volume of tokens

  • Leveraged tokens, Futures, Options too

  • 5% Off on Trading Fee !!

nv-author-image

Jack Bailey

I am John, a veteran trader turned into a trading coach. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big.