Why did I choose OKX exchange for cryptocurrency trading

Bottom line: all the exchanges under consideration provide rich functionality necessary for both novice and experienced traders. A couple of unique OKX features became crucial for me: a single trading account and early integration of Web3 elements. OKX has integrated a non-custodial wallet and access to dApps into the platform, which opens the door to the world of DeFi directly from the exchange’s app. Thus, in addition to regular trading, I get a single space on OKX for all my crypto activities – from trading to earning money and interacting with the blockchain. Binance is also moving in this direction, but it is implemented more separately there (a separate Trust Wallet application, a separate Binance DeFi). Bybit and Bitget are currently focused mainly on trading and copy trading. Therefore, the combined interface + functionality of OKX has come out ahead for me – I feel that I am working on a modern, technological platform that does not stand still.

Output: as a trader, OKX provides me with a full arsenal of tools: a reliable API, any type of orders, a wide range of derivatives (in addition to futures, OKX is one of the few offering full-fledged options on BTC, ETH, SOL), as well as pleasant bonuses like built-in bots and copy trading to diversify strategies.

Binance, Bybit and Bitget are also rich in functionality, but OKX is in no way inferior to them, and in some ways even surpasses (for example, by having options that are not available on Bitget/Bybit). Therefore, from the point of view of the toolkit, I do not feel limited when trading on OKX – on the contrary, I have room to implement any strategies.

Verification levels and restrictions

KYC/AML regulatory requirements have become tougher in recent years, and all major exchanges have had to introduce user verification. Previously, many people chose a platform based on the principle of “where they do not require a passport,” but now this approach is losing relevance – Binance, OKX, Bybit, Bitget all request documents for full-fledged work.

• Binance: has made KYC mandatory for all since 2021. Now, without basic verification (passport/ID + selfie), you won’t even be able to trade. The basic level removes the restrictions on input/output up to eq. 50 thousand USDT per day. To increase the limits (up to $200k or more) and access to fiat transactions, extended verification is needed (address, proof of income, etc.). Binance was one of the first to introduce such measures after the claims of regulators, and now it is the most “regulated” player among global exchanges.
• OKX: also requires KYC. If you just register by email, you may be allowed to view the interface, but you need to confirm your identity for trading and withdrawal. OKX, as far as I remember, has 2 verification levels: basic (sufficient for most operations, withdrawal limits of about 200 BTC per day) and advanced (for institutions, the limits are higher). I completed KYC on OKX without any problems in a couple of hours – the process is standard. In general, OKX complies with global AML standards, for example, it does not serve clients from sanctioned countries, from the United States. But there are no problems for the CIS and most countries: my account was originally registered as a resident of Armenia, and verification was quick.
• Bybit: has long been known as the last major exchange without mandatory KYC. However, since the fall of 2022 and especially in 2023, Bybit has introduced gradual restrictions for the unverified. Now, in fact, it is impossible to withdraw a large amount without a passport – for amounts over eq. 20k USDT per day needs verification. And in general, new features (Launchpad, Earn, etc.) require KYC to be passed. So Bybit is now in the same boat with the rest – new users should be verified immediately. KYC levels are similar to Binance: basic – up to 1 million USDT/day, advanced – up to 2+ million. This covers the needs of 99.9% of people.
• Bitget: has also gradually implemented mandatory verification. At the beginning of 2022, it was possible to trade without documents, but by 2023 Bitget announced KYC must-have. Verification takes a day, and a passport is required. The limits after that are quite generous – you can withdraw up to 100 BTC per day, which is enough for all retail traders.

Thus, differences between KYC exchanges are minimal: all comply with the requirements and request personal data. This doesn’t bother me, as I already work with large amounts of money and prefer legal and transparent activities. Rather, choosing OKX in terms of compliance is a plus: the exchange operates legally and will not force me to look for a new home in a hurry due to regulatory pressure.

The only possible difference is local jurisdiction and restrictions. For example, Binance is unavailable in some regions, Bybit has withdrawn from the Japanese market, etc. OKX is closed to users from the United States. But in the CIS countries, Europe, Asia, OKX is open and legal everywhere. My account has been verified and I am calm about its status.

Customer support

High-quality customer support is important, especially when dealing with large amounts of money – you want to quickly resolve any issues that arise. I will share my experience and information:

• OKX: the support service was pleasantly surprised. Firstly, there is a 24/7 live chat on the site, the operators respond in Russian and English fairly quickly. Secondly, a personal manager is provided for VIP clients. I have a contact from OKX who I can contact directly on Telegram for any questions, from technical problems to product advice. This level of attention is very valuable. Fortunately, there were no serious problems: I only clarified the status of depositing funds a couple of times – they responded promptly, in a couple of minutes. OKX also maintains official Russian-language channels on Telegram, where community managers help with general issues. Overall, I give OKX a solid five for its support.
• Binance:Binance also has round-the-clock chat support, but due to the huge number of users, they often complain about the long wait for a response. There were cases when the ticket was resolved for several days. On the other hand, Binance has the most extensive knowledge base: forums, FAQ, training materials – you can often find the answer yourself without waiting for the operator. Binance also allocates personal managers and a priority line for VIP, but it is not easy to reach such levels (hundreds of millions of trading volumes are needed). At Binance, I had experience communicating with support for unblocking withdrawals – it was solved, but it took more than a day. In comparison, similar issues were resolved faster on OKX.
• Bybit: actively advertises its 24/7 customer service. Indeed, judging by the reviews, Bybit tries very hard to keep a straight face – they respond quickly in the chat, the staff are polite. Perhaps a slightly lower load than Binance has an effect. Bybit also has strong community support: their moderators are on Reddit, Telegram, and answer questions. I asked a couple of times about entering a fiat, and they quickly gave me clear instructions. In general, Bybit is praised in the community for its support, and I agree that it is on the level.
• Bitget: is not the most well–known brand yet, so there are fewer calls, which plays into its hands. They answered me pretty quickly on Bitget when I had a verification question. There is a Russian-language chat, e-mail support. They may not have as well-honed processes as Binance, but they are trying. Plus, Bitget and Bybit, like younger companies, have a desire to gain loyalty, so they are more flexible in communication and can meet disputes halfway.

Bottom line: in my experience, I put OKX and Bybit first in terms of customer support – fast and friendly. Binance is slightly less personalized due to the scale, but compensates with self-service (knowledge base). Bitget is somewhere in the middle. Having a dedicated manager at OKX is a huge plus for me, because I know that if an emergency happens, I won’t have to wait in line, and the issue will be resolved through the red phone. This is another building block in the foundation of trust in OKX.

Conditions for VIP traders

Finally, I’ll move on to what particularly influenced my choice – the program for VIP traders on OKX. When you trade large volumes, exchanges are ready to compete for you by offering the best conditions.: reduced fees, personal service, and other benefits. I compared the VIP programs of Binance, OKX, Bybit, Bitget and came to the conclusion that OKX is more profitable for me.

VIP structure: is usually assigned a level of 1 or higher based on the 30-day trading volume and/or deposit size. Binance has 9 VIP levels, OKX has 8 levels (VIP1–VIP8, plus a special Market Maker status for the elite), Bybit has 5 levels (VIP1–VIP5), Bitget – also about 5 levels. Increasing the level requires serious turnovers: for example, on Binance, for VIP1, you need to trade $1 million per month and hold 25 BNB, for maximum VIP9, the volume is $2 billion. The criteria for OKX are similar, but they also take into account the OKB token hold to simplify – you can compensate for the missing turnover by having OKB. As a result, it is slightly easier to achieve average VIP on OKX than on Binance.

Reduced fees: the main thing that VIP offers is commission discounts. I have already shown the figures: on Bybit VIP3 (turnover ~$10M), the commission drops to 0.0625%/0.075%. On Binance VIP3 (turnover 1,500 BTC), spot commissions are ~0.08%/0.1%, and with VIP 8-9 they are practically zero. OKX is very generous in this regard: at the upper levels, up to a maker rebate of -0.001% and a very low taker (~0.03%). In fact, once you reach the top status on OKX, you trade almost for free. I’m still far from the top, but even my current level gives significantly better commissions than the base ones. In addition, OKX offered me special conditions during the transition: they took into account my status on Binance and immediately assigned a comparable VIP on OKX without the requirement to instantly gain turnover. This flexible approach is endearing – the exchange values its customers.

Additional bonuses: VIP users often receive a number of privileges: increased API limits, higher withdrawal limits, access to closed beta tests, support manager, invitations to events. Binance has offline meetings for top VIPs and gives them gifts for the holidays. OKX is also doing this – I have repeatedly received offers from them to participate in private AMAs and webinars with the team. Nothing supernatural, but the attention is pleasant. Bybit organizes competitions with prizes for VIP, personally notifies about new listings. Bitget lures VIP with cashbacks and sometimes deposit bonuses.

However, the most valuable thing for me was that OKX helps my partners get VIP status as well. As I mentioned, OKX is ready to upgrade referrals: if a trader transfers from VIP to Binance, OKX gives him 2 levels higher than VIP on its platform. This is phenomenally profitable – my friends who have taken advantage of this opportunity are now saving good amounts on commissions. Trading on OKX with VIP discounts is about 5 times cheaper than on Bybit without the status – the difference is enormous by the standards of industrial trading. Thus, OKX builds vin-vin cooperation: I bring large clients – the exchange gives them super conditions. Binance did not offer such VIP matching (it rather dictates the rules itself), Bybit sometimes arranges VIP promotions, but +2 levels is something special from OKX.

Conclusion: OKX provides perhaps the most attractive VIP conditions for an active and large trader . Not only in terms of commissions, but also in an individual approach. I felt like a valued customer, a part of the OKX ecosystem, and this, of course, inclines to loyalty. Binance, for all its advantages, is more impersonal – you are one of millions, even on VIP. At OKX, even at the VIP 2-3 level, a live customer service team is already in contact. As a result, in terms of savings on fees and comfortable service, my choice fell on OKX.

Why don’t I use WhiteBit and other small exchanges

There are many lesser–known exchanges in the crypto space that sometimes offer very attractive conditions, especially in terms of Earn products (high interest rates) or bonuses. WhiteBit often advertises increased interest rates, KuCoin attracts a wide range of coins and also high APY, there are quite exotic platforms with huge deposit bonuses. However, I deliberately avoid small exchanges, even if they promise potentially large profits. Here are my justifications:

• A dubious reputation. Ymany small exchanges do not have the same reputation as the leaders. For example, WhiteBit is actively promoted in the CIS, but if you study the reviews, you can find many negative reviews. On one of the rating sites, WhiteBit received a rating of only 1.5 out of 5 and only ~13% positive recommendations. Users complain about problems with support, lengthy checks when withdrawing funds, and someone accuses the exchange of being completely unscrupulous. I’m not saying that WhiteBit is a scam, but the sediment remains. When my capital is at stake, I prefer not to take risks with a company that has so many alarms going off.
• Lack of deep liquidity. Earlier in the volume section, I showed that even the top 5 exchanges have $4-5 billion in daily turnover. The numbers for secondary platforms are an order of magnitude smaller. WhiteBit declares about $1 billion in volume per day, but it is important to understand the structure of this volume. Such exchanges often support many pairs, but the real liquidity is concentrated in the BTC/USDT pair (on WhiteBit ~37% of the volume is BTC/USDT). In other markets, there may be scanty turnover and single transactions. That is, you can buy and sell bitcoin relatively normally, but try to sell altcoins – you will face huge spreads and the inability to quickly switch to fiat. I’ve personally seen orderbooks on some local exchanges.: there’s an empty glass, $5-10 k immediately moves the price by interest. This is unacceptable to me. The depth of the market is a guarantee that you will close a position close to the market price at any time. There is no such guarantee on small exchanges.
• Capital risks. The history of cryptocurrencies knows of many cases when small exchanges went bust or became victims of hackers, and users lost money. Even large exchanges are not insured (let’s recall MtGox, FTX – although FTX was top-3, it also collapsed). What can we say about small platforms whose resources are limited. Let’s take the same WhiteBit: she claims to be safe and even entered the top 5 in cybersecurity (according to their statements). But she has no public evidence of reserves, it is unknown how financially stable she is. If there is a massive outflow of funds tomorrow, will there be enough reserves to return the money to everyone? Without transparency, I don’t trust it. Plus, high interest rates on deposits (up to 18% APY) hint that the exchange is either risking these assets heavily or subsidizing income from its own pocket in order to attract customers. In the first case, it is dangerous (you can lose everything if the borrowers do not return the funds), in the second – the model will not last long, the business will go into losses. In the end, who will pay? Most likely, users will use commissions or other mechanisms, or the program will collapse as quickly as it started.
• Regulations and legal protection. Large exchanges, although not perfectly regulated, still try to obtain licenses (Binance, OKX, Bitget are registered at least in loyal jurisdictions such as Seychelles, BVI, or receive local licenses in certain markets). Small ones often operate semi-legally. For example, WhiteBit is registered offshore (it is listed in Lithuania, but the main market is the CIS/Ukraine). In case of disputes or problems, it is difficult to legally recover something from such a company. There are no serious audits, there is no insurance of funds. I am aware that entrusting my money to the exchange is a risk, so I choose those with scale, reputation, and at least some regulatory responsibility. A conditional WhiteBit does not give me confidence that something unexpected will not happen tomorrow.
• Marketing tricks. Very high staking rates or excessive registration bonuses are often a trap. Small exchanges want to quickly gain an audience, for example, they give “20% per annum on USDT” or “$100 deposit bonus”. But in the fine print conditions, there is a huge trade turnover for working off the bonus, or a limit on the amount for 20% APY ($500 maximum). Many people succumb to advertising, carry money, and then become disillusioned. I try to look deeper than the ads. If Binance or OKX give 5-10% on the stable, I understand that this is real. If some NoName gives 30%, it’s clear that there was a catch. As a result, I prefer stability over a crane in the sky. Let them pay me 5% on OKX Earn instead of 15%, but I am confident that I will actually receive this 5% and will be able to withdraw my deposit at any time.

Why not WhiteBit? I have nothing against this exchange personally, it’s just that the reader asked specifically about it, and it serves as a good example. Against this background, the advantages of OKX and other top exchanges are visible: a more reliable reputation, proven liquidity, transparency and the absence of suspicious promises. Yes, WhiteBit is actively promoting itself, even claims to be secure and has its own WBT token. But I remember how many exchanges before her built a similar PR – and not all have stood the test of time.

Choosing an exchange is like choosing a bank for money: I prefer a large international bank (even if the deposit interest is more modest there) than a beautiful small bank with the promise of golden mountains.

Conclusions: why OKX?

After analyzing all of the above aspects – from the profitability of products to customer support – I came to the firm conviction that OKX is currently the optimal platform for my crypto trading. This exchange offers a balanced set of advantages:

• Low commissions on all types of trading (especially considering VIP status, commissions are minimal).
• High liquidity in key markets, comparable to industry leaders.
• Reliability and transparency, supported by audits of reserves and the absence of incidents of loss of funds.
• User-friendly interface and powerful functionality, including even the latest trends (copy trading, DeFi integration).
• Excellent conditions for VIP and active traders, including individual support and special offers for partners.
• Round-the-clock support, which really helps when you need it.