OKEx and FTX rank among the largest crypto exchanges in the world when you consider both the number of registered traders and liquidity.

Both companies have a broad product offering as they aim to cater to all categories of traders, given their huge user numbers. However, many crypto traders often have difficulties when it comes to deciding between these two top companies.

This article compares the two crypto exchanges using factors like the supported crypto, trading fees, account funding methods, and liquidation mechanism.

OKEx vs. FTX: Supported Cryptocurrencies

ftx overview

FTX is a top-tier centralized crypto exchange platform that has been live since 2018. The company has its headquarters in the Bahamas, but it was incorporated in Antigua and Barbuda.

The crypto exchange platform is available worldwide, and it is one of the few that caters to US traders with their FTX.US platform.

The exchange has almost everything you can get on a crypto exchange regarding the product offering. The key products include spot markets, futures, options, leveraged tokens, volatility products, and MOVE contracts.

okex overview

OKEx is a Seychelles-based crypto exchange platform that has been active since 2017 and has several offices in various other locations.

The exchange claims to have over 20 million users spread across over 200 countries, making it one of the largest in the world. However, it is not available in the USA due to regulatory issues.

The OKEx product offering includes a spot market and leverage trading. The exchange also has an asset convert feature that supports quick conversion with no fees or spreads.

OKEx vs. FTX: Supported Cryptocurrencies

Both OKEx and FTX have a wide selection of cryptocurrencies that traders can trade or leverage when on their exchange.

FTX supports over 250 cryptocurrencies, including all the primary coins and some less-known tokens and coins. The company provides a complete list of all the supported assets for both spot and futures markets, including whether you can trade them over the counter or not.

Besides having a decent coin offering, FTX is constantly updating its portfolio with new assets, so even if you do not find what you are looking for, they will add it soon. It is also important to note that FTX only has 22 supported assets for their FTX.US platform.

OKEx supports over 300 crypto assets, so you can almost be sure that whatever coin you are looking to trade will be available on the platform. The exchange supports nearly all popular digital assets and other less common ones that can also make a good investment depending on your trading style.

OKEx vs. FTX: Trading Fees

FTX classifies traders into 6 tiers based on their 30-day trading volume. The first tier includes those that trade between 0 and $2 million, and they will pay 0.020% in maker fees an 0.070% in taker fees. Here is an overview of the trading volume for the different tiers and the maker and taker fees traders have to pay.

ftx trading fees

 

The trading fees on FTX and OKEx will depend on whether you are a market maker or a market taker. Also, the two companies will classify traders into several tiers based on their 30-day trading volume. Traders with a high average trading volume will pay smaller fees for transactions than the low-volume traders.

OKEx has two categories of users: regular users and VIP users. Regular users have a trading volume of under $10 million for a 30-day period, and the company further categories them into 5 levels from level 1 to 5 based on their total OKB holding. 

Fees for regular users start at 0.080% and 0.100% in maker and taker fees, respectively, for those with the lowest OKB holding. Here is an overview of trading fees for regular traders on the OKEx platform. 

okex trading fees

OKEx trading fees for VIP level traders are much lower than what regular users pay. They have 8 VIP tiers from VIP 1 to VIP 8. The table below shows a breakdown of the fees for the high-volume VIP traders.

okex fees vip traders

OKEx vs. FTX Account Funding Methods

Adding funds to your crypto wallet should be a straightforward process regardless of which exchange you choose. Also, a good platform should give you multiple funding methods instead of just restricting you to sending BTC from an existing wallet like with some exchanges.

OKEx allows traders to fund their accounts using fiat and crypto by supporting multiple payment methods. The main payment methods on the platform are wire transfer, Banxa, PayPal, credit/debit cards, Mastercard, Visa, and Google Pay.

FTX does not support as many payment options as OKEx, but they still have enough to cater to all users whether they are paying through crypto or fiat. These payment methods include bank transfer, wire transfer, debit/credit card, and Silvergate.

Both platforms also make it easy to send crypto from other wallets, provided you ensure you are using the same network and sending from a compatible wallet.

OKEx vs. FTX Liquidation Mechanism

Liquidation will occur when your position gets to the maintenance margin level, and hence there is not enough margin to keep it open without risking bankruptcy. Such a position open can translate to massive losses for the trader and even the exchange when using borrowed funds.

FTX uses a 3-tier liquidation mechanism. When a position is no longer viable to keep open, the liquidation engine will take over and send orders in the market to close it down. At this first tier, the goal is to carefully close down the position while minimizing the closure’s impact on the market. 

The second tier comes in when the position gets close to bankruptcy. Here FTX liquidation engines will use an auto-close system that utilizes the backstop liquidity provider system. The third tier deals with accounts already in bankruptcy. Here backstop liquidity provider helps restore the account to 0, and insurance funds prevent customer losses,

OKEx uses a more straightforward liquidity mechanism than this. When the account is in danger of getting liquidated due to a low margin that gets to the maintenance margin level, the liquidation engines will do a partial liquidation to restore the margin. If this does not work or the account is at risk of getting to the bankruptcy level, the ADL mechanism takes over to close it down.

Opening Account & Account Limits

Some crypto exchanges can make an opening account on their platform a little complicated by including too many steps in the process. Luckily, both OKEx and FTX simplify the process to ensure that newbies find it straightforward and spend only a few minutes on it.

OKEx

OKEx account limits will depend on the specific asset you are depositing or withdrawing and your verification level. For example, traders can withdraw up to 500 BTC or 1,000 ETH per day.

OKEx will not allow you to do any P2P trading without verifying your account. However, once you do your KYC level 1 verification, you can withdraw up to 200 BTC per day.

How to create an account at OKEx

  • Click the “Sign Up” button on https://www.okx.com/
  • Choose whether to register by email or phone
  • Enter your email and create a password
  • Enter the code you get on your email to complete the process

FTX

FTX account limits will also depend on your verification level. The exchange makes verification mandatory, so you cannot deposit or withdraw without first doing the mandatory KYC verification.

There are 2 levels of KYC verification on FTX. Traders with tier 1 verification status can withdraw a maximum of $2,000 per day, while those with tier 2 verification level have unlimited withdrawals and deposits.

How to create an account on FTX

  • Open the registration form on https://ftx.com/
  • Fill out the form that pops up with email and password
  • Verify the email with the email you get 
  • Go to the profile setting page to do verification to complete the registration 

OKEx vs. FTX: Ease of Use & Interface

Although ease of use is often highly subjective as different traders have varying preferences, some platforms are designed to simplify things for all kinds of traders.

OKEx caters to beginner and more experienced traders with a simple trading interface that includes an active trading platform with the basic order forms for buying and selling crypto. 

Also, they have a conversion form for easy crypto swaps and a flexible trading chart that the more experienced traders will love. Moreover, the layouts are customizable to suit your preferences as a trader.

FTX strikes a good balance between making the interface simple for beginners and providing advanced orders and other functionalities for more experienced traders. The interface also allows traders to customize the layout to suit their needs, and the company offers guides and other helpful materials to get you started.

OKEx vs. FTX: Security Features

The fact that FTX has a platform that is allowed to cater to US residents indicates that it is highly secure given the strict laws there. The company makes use of some industry-standard security features and a few unique ones to secure their platform

Security features on FTX include mandatory 2FA (two-factor authentication) for all accounts, wallet and IP whitelisting, address whitelisting, and real-time trader account tracking to detect and alert you of any suspicious activity. The exchange also uses Chainanalysis and regular manual reviews to secure the entire platform.

OKEx also employs several security features to protect its platform and its users. These features include the capability to set up passwords for withdrawal and anti-phishing codes. What’s more, the exchange also allows the traders to protect their accounts with 2FA and stores most of the assets in offline cold storage.

OKEx vs. FTX: Customer Support 

OKEx creates a platform where traders can solve most of their issues independently without necessarily contact support. The traders can do various things on their own, including updating their accounts with ease. However, the platform still has multiple support avenues if you have more difficulties. You can reach them via live chat support, email, or even give support a call.

FTX customers support is available round the clock as they have some of the most active Telegram communities. Also, you can open a ticket for support on their web page and get help through their help center, which has a lot of useful materials.

Is FTX a safe exchange?

FTX has never been hacked despite being around for many years and the ever-increasing cases of crypto exchange hacks.

The company uses some of the most advanced security protocols and enforces mandatory verification to ensure maximum security. The fact FTX is licensed to operate in the USA under stringent crypto regulations is also a good indication that it is safe.

Is OKEx a safe exchange?

OKEx is as safe as it gets for crypto exchange as the company uses multiple security features to protect its platform and trader accounts.

Additionally, you can be sure you will never lose anything even if the platform is hacked, as most of the assets are kept in offline cold storage.

Conclusion 

FTX is the overall winner for this duel between two of the most popular crypto exchanges in the world. Although both have a wide enough product offering and support hundreds of digital assets, FTX beats OKEx in several other aspects.

FTX has relatively lower trading fees that will not eat up a lot of your profits. Additionally, it is a more secure platform that has never been hacked. And it is one of the few exchanges that also support traders from the USA with a dedicated platform for this particular market.