> Blog > FTX Fees vs OKX

Published June 27, 2022

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The first step to effectively trading cryptocurrencies is finding the right cryptocurrency exchange.

With hundreds of options out there, each offering different crypto assets, financial services, and leverage options, finding the right exchange for your trading goals can be a difficult task in its own right.

The more trades you make, the more you should consider trading fees. Over time, the fees add up, so finding the lowest fees possible can make your trading that much more profitable.

FTX offers a superior trading experience and 75% lower baseline fees than its competition (think of a black Friday sale every time you trade), so read on to learn more about the fee structure and other differences between two of the most popular cryptocurrency exchanges for trading digital assets and derivatives – FTX and OKX.

OKX Overview

OKX is a popular cryptocurrency exchange that allows traders and investors to buy, sell, and trade crypto. It also provides users with lending, leveraging, and even mining options.

OKX also features its “My NFT” NFT marketplace where users can create, buy and sell NFTs in-house. The OKX cryptocurrency exchange also offers a wide array of off-chain opportunities to earn passive crypto income via OKX Earn. OKX Earn is their one-stop shop for all of the platform’s centralized earning options. OKX is also determined to make one of its flagship projects, MetaX, the DeFi portal of choice for retail and professional investors.

What are the pros of trading on OKX?

  • Low trading fees: For most traders, trading fees start at 0.10% and decrease with higher trading volumes. They also decrease via larger stakes in OKX’s native currency, the OKB token.
  • High-interest staking opportunities: OKX provides users with the opportunity to earn at more than 100% annual interest rate when staking given digital assets.
  • Educational resources: The OKX platform also features a wide selection of educational resources that can help beginner investors navigate the complex world of cryptocurrency trading.

What are the cons of trading on OKX?

  • U.S. residents cannot trade on OKX: However, they can purchase and trade cryptocurrency through its partner OKCoin. OKCoin has a smaller cryptocurrency selection and fewer options for digital assets. Margin and futures trading are also not available.  
  • Complex, multi-tiered fee structure: OKX charges trading fees based on a maker-taker model. In this model, a “taker” is someone that places an order that gets filled right away at the market price.  A “maker” places an order that gets placed in the order book until his order finds a match. Pricing works as a sliding scale, with discounts available as users perform more transactions or hold larger quantities of OKB coins. Fees charged for transactions vary depending on the type of user classification. There are also separate trading fee schedules for margin trading, perpetual contracts, and options trading.

What tokens are available on OKX?

OKX supports more than 300 digital currencies, among which are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • TRON (TRX)
  • Solana (SOL)
  • Dogecoin (DOGE)
  • Polkadot (DOT)
  • Avalanche (AVAX)

What are the fees on OKX?

OKX’s fee structure for spot trading depends on many different factors. These include:

  • The trading pair
  • The amount of OKB a user holds
  • Trading volume
  • The classification of the user–maker or taker of the market

For the majority of regular users and trading pairs, fees are at 0.10% for maker fees and 0.08% for taker fees. If a user classifies as a VIP user, they may be eligible for maker fees as low as 0.06%. 

FTX Overview

FTX is a leading cryptocurrency exchange that provides users with advanced trading options such as margin and futures trading. Residents of the United States have limited access to FTX.com due to strict regulations. For U.S. residents, a separate exchange – FTX.US – is available that provides a more limited selection of cryptocurrencies.

FTX is an exchange created both for cryptocurrency newcomers and for advanced traders. For new investors, FTX offers spot trading. For more experienced traders, FTX supports trading futures, stocks, and leveraged tokens with up to 20x leverage. FTX offers a plethora of features and provides educational materials for users who want to learn more about cryptocurrency investing. One percent of all net fees and donations goes toward charity.

What are the pros of trading on FTX?

  • Full margin and futures trading support: FTX provides users with several advanced features such as margin and futures trading. This can be very enticing for experienced traders that can handle riskier financial products.
  • Access to advanced markets: FTX gives investors access to derivatives trading markets such as futures, stocks, leveraged tokens, forex, and volatility. They also offer many advanced features that aren’t common among centralized exchanges.
  • Extremely secure exchange: All suspicious activity on the platform is closely monitored by FTX, and users are always kept notified.

What are the cons of trading on FTX?

Strict regulations in the United States limit the access of U.S. residents to take advantage of the full array of financial products hosted on the global FTX platform.

What tokens are available on FTX?

On FTX, users can invest in a wide range of over 300 digital currencies. Some of the most popular choices for investors are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Solana (SOL)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)

What are the fees on FTX?

FTX has a tiered fee structure for market makers and takers. Its trading fees vary based on 30-day trade volumes. The native token of the platform, FTT, incentivizes holders by giving them discounts on the platform’s fees.

Tiered discounts are as follows:

In addition to its usual trading fees, FTX may also charge withdrawal fees, depending on the type of asset being withdrawn. For ETH, ERC-20 tokens, and small BTC withdrawals, FTX users will have to pay a small withdrawal fee unless they hold and stake the FTT token. The amount of waived fees depends on the amount of FTT staked:

Small BTC withdrawal fees: BTC withdrawals > 0.01 BTC are free. BTC withdrawals < 0.01 BTC are charged withdrawal fees after your first free one per day.

There may also be fees associated with creating leveraged tokens.

FTX vs. OKX at a Glance

OKX divides its coins into three classes – A, B, and C. The classification of a coin depends on its market value, volume, and maturity. OKX has five user tiers.

Crypto traders that hold less than 500 OKB and have a 30-day trade volume of under $5 million are in the first tier. For these users, the market maker/trader fees are 0.08% and 0.10%, respectively. Tier five, earned by holding more than 2,000 OKB, features fees as low as 0.06% / 0.08%. This only applies to class A coins. For VIP users, where there are eight tiers of user classification, the maker/taker fees range from 0.06%/0.08% all the way to 0.01%/0.025%.

Here is a full breakdown of OKX’s trading fee policy:

FTX also features a similar maker/taker fee structure but makes it very simple and comprehensive for everyday users. Users with a 30-day trading volume of under $2 million are in the first tier. For them, the market maker/taker fees are 0.02%/0.07%, respectively. For high-volume traders, the market maker/taker fees are 0.0%/0.04%.

Holders of the FTT token also receive additional advantages, some of which include more discounts on transaction fees. The more FTT you hold, the bigger the benefits, with discounts ranging from 3% to 60%.

Choosing Between FTX or OKX  

As you can see, across the board, FTX brings better fees to cryptocurrency trading while offering a diverse selection of cryptocurrencies.

Choosing which crypto exchange to operate in is a decision every trader has to make for themselves. This comprehensive breakdown aims to help you, the trader, make better, more educated financial decisions.

Making the choice between two of the largest cryptocurrency exchanges will depend largely on your preference for trading fees, fee structures, staking opportunities, and margin and futures trading. Both exchanges have millions of users and active traders. However, FTX provides a much more comprehensive approach. Not to mention, they offer generous discounts to FTT holders and provide them with the added utility on the FTX platform. Check out more information on purchasing FTX token

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