OKX and BingX are both well-known cryptocurrency platforms, but they offer different services and features to their users.
OKX is a cryptocurrency exchange that offers a variety of financial products including spot trading and derivatives trading. Founded in China in 2014 by Star Xu, the platform has since expanded to include a wide range of cryptocurrencies and fiat currencies. However, it does not provide its own trading licenses and automatically disables users from certain countries and regions, such as Hong Kong, Malaysia, and the United States. Despite this, the majority of its users are still from China, with Russia as the second-largest user base.
OKX’s spot trading feature allows users to leverage and margin trade bitcoin, with a maximum leverage of ten times. The platform also offers derivatives trading with up to 100x leverage, as well as options trading (coming soon). Once traders deposit their tokens, they are automatically converted to OKB, the platform’s own token which can only be used and traded on OKX.
OKX boasts high security measures, storing users’ deposited digital assets in a cold wallet and using OKB for trading within the platform. However, there have been issues with market pin risks and Chinese government investigations in the past, which have led to frozen assets and difficulties withdrawing or transferring tokens. The company has since moved its headquarters from China to Singapore and is seeking a trading license from the Monetary Authority of Singapore (MAS), though it is unlikely to be granted one due to the maximum leverage of trading in Singapore being five times.
On the other hand, BingX is an international digital financial institution with branches in North America, Canada, the EU, Hong Kong, and Taiwan. BingX has also obtained regulatory approval to operate in other countries where it provides services or conducts business. BingX focuses on providing users with financial services such as lending, borrowing, and staking, as well as allowing users to buy and sell cryptocurrencies. They also have a referral program, a trading competition, and a copy trading feature that enables users who do not have much time or who are new to crypto to choose their trader of choice and follow their trade(s).
In conclusion, Huobi and BingX have different features and services that cater to different user needs, preferences, and purposes. It is advisable to research both platforms thoroughly and consult with financial advisors before making any investment decisions.