If you want to know a better exchange, then there is only one way to know and that is comparing it with other competitors in the same industry so for the purpose of this post, I will be comparing Huobi with OKEX, two exchange platforms in the cryptocurrency exchange industry but in my future posts, I will be doing a comparison of Huobi and other exchanges. Keep going through my blog to know why people choose one exchange platform over another.

INTRODUCTION

I had already spoken about Huobi in my previous posts but for the sake of the people that might be checking my post for the first time, I will give a summary of what Huobi I all about.

HUOBI

Huobi is a Chinese cryptocurrency trading platform and exchange based in Beijing. It was founded in September 2013 by a computer engineer named Leon Li who works with Oracle prior to the founding of Huobi. It is one of the largest digital currency exchanges in China. The headquarters is located in Singapore and operated by Huobi Global Team. The exchange operates from Singapore, Japan, Hong Kong, and has operating offices in China. The exchange supports more than 190 trading pairs, which are divided into 3 main markets: USDT, BTC and ETH. Of these three markets, BTC is the most saturated while USDT is the most scanty of all.

OKEX

OKEx is a Malta-based cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Some of exchange's core features include spot and derivative trading. It was founded in 2017 by STAR XU. Okex is the 11th exchange in world based on spot trading, with a 24 volume of $2,557,139,786, having a web traffic factor of 886, 351 average liquidity and 537 coins listed on its exchange.

CREATING AN ACCOUNT

HUOBI

Huobi has a simple way to open an account. The signing up can be via email or phone number and it is important to select a "country". The next step will be to verify your email and your signing up process will be complete.... Also remember to take the 2-step authentication process

                   WHILE

OKEx
Okex also has a very simple way to sign up, as users can sign up using either emails or phone number and desired password. Okex went further to have other method of sign up which includes signing up with Telegram or Google account. These methods of signup will enable user to continue to user their details from previous accounts to create an account on Okex. There are 4 levels on Okex that an account holder can reach, when a user opens account, they become a level 1 user.

TRADING

Huobi has various features that makes trading easier on the platform such as video Tutorial for amateur traders and it also has trading page for professional traders.

Okex has the spot, margin, futures, and the perpetual futures trading page. It also a trading page for basic/unprofessional trading page, and an advance/pro trading page.

TRADING FEES

Huobi charges 0.20% in trading fees for both takers and makers (flat trading fee). 0.20% is slightly below the global industry average. The industry average is arguably around 0.25%.

Okex has a better trading fee when paying with the coins being traded. it starts at 0.100% for makers and 0.150% for takers.

Deposit Process

Huobi

On Huobi, deposits can be in the form of fiat money or cryptocurrency, using standard blockchain wallet infrastructure.

• Pick the coin you’d like to buy, from BTC, ETH, USDT, EOS, and HT.
• Click on ‘Deposit’ to launch a pop-up window with a QR code and its associated wallet address.
• You can paste the code or scan it with your phone to send the relevant cryptocurrency to your Huobi wallet.

Okex

Depositing crypto in Okex is a four-click process, it’s designed to be quick, effective and easy to use.
● First, navigate to the top right of the window in which OKEx is open.
● Next, click the ‘Assets’ menu dropdown, and navigate to the ‘Deposit’ option, this is the second one in the list.
● Clicking this will open up the platform’s deposit screen.
● Here you can quickly and easily choose what type of crypto you’d like to deposit to your account from the exchange’s comprehensive lists, including a wide variety of stablecoins — that is cryptocurrencies pegged to a fiat currency.
● Depending on the asset you’re depositing, the platform will provide a deposit address in the form of a string of — what look like — random letters and numbers.
● Click the small blue square icon to the right of the deposit address to copy it, once you’ve done this you’ll receive a message saying ‘copy successful’.
● Copy this into the wallet you’re depositing your cryptocurrencies from to start the deposit process.

Withdrawal Method

Huobi

• On the Balances page, scroll down until you identify the currency you’d like to withdraw from the list.
• Click on the ‘Withdraw’ button to the right of the ‘Deposit’ button.
• A pop-up will appear where you can paste the address you’re withdrawing to (another blockchain wallet). Make sure that the addresses match and that you’re withdrawing to a wallet that supports the coin itself.
• Click on the ‘Withdraw’ button and wait. The blockchain will confirm your transaction shortly, and you’ll see your new balance reflected in your Huobi wallet (and your other wallet) shortly thereafter.

Okex

● Click the ‘Assets’ drop down and select ‘Withdraw’
● This will open OKEx’s ‘Withdrawal’ page
● Choose the token you want to withdraw using the drop down arrow in the ‘Token’ field
● Add the address of the wallet you would like to withdraw your crypto to, plus a note to help you record what the withdrawal is for
● Select the amount you’d like to withdraw, or select ‘Withdraw All’
● Click the submit button to start the process

MY THOUGHT

In deciding which crypto exchange platform to trade with, I believe these are the major factors to be considered before delving into it... I hope I've been able to give the similarities and differences between these two great exchange platforms. Each trader has a choice to make in the exchange market...

Watchout for my next post on comparing Huobi to another great exchange platform.

For those needing to visit my previous posts on #Spotlight on Huobi Challenge with 7th Anniversary Celebration Rewards), you have them right here at your fingertips:

https://steemit.com/ilovehuobi/@akeenze11/spotlight-on-huobi-challenge-with-7th-anniversary-celebration-rewards-or-part-3-or

https://steemit.com/ilovehuobi/@akeenze11/spotlight-on-huobi-challenge-with-7th-anniversary-celebration-rewards-or-part-2-or

https://steemit.com/ilovehuobi/@akeenze11/spotlight-on-huobi-challenge-with-7th-anniversary-celebration-rewards