BitMEX vs OKX: Comparative Analysis !?

When comparing BitMEX and OKX, both platforms cater to crypto traders with advanced features, but they serve slightly different needs.

BitMEX is renowned for its focus on derivatives trading. It offers high leverage and advanced contract types, making it a go-to platform for experienced traders.

OKX, on the other hand, provides a more well-rounded experience. It offers spot and futures trading, along with a wide range of supported cryptocurrencies and user-friendly tools.

This post will explore critical aspects such as trading options, fees, security, and user experience to help you choose between BitMEX and OKX.

BitMEX vs OKX: Comparison at a Glance

Feature	BitMEX	OKX
Foundation Year	2014	2017
Founders	Arthur Hayes, Ben Delo, and Samuel Reed	Star Xu
Centralized/Decentralized	Centralized	Centralized
Supported Coins	Limited selection: Primarily BTC and ETH	Over 400 cryptocurrencies
Leverage	Up to 100x	Up to 100x
Mobile App	Available on iOS and Android	Available on iOS and Android
Languages Supported	English, Japanese, Korean, Russian, Chinese	Multiple languages, including English, Chinese, etc.
Deposit Methods	Crypto deposits	Crypto deposits and fiat
Fees	Taker fee: 0.075%, Maker fee: -0.025%	Taker fee: 0.1%, Maker fee: 0.08%
Security	Multi-signature wallets, cold storage	Advanced cyber-security measures
Regulation	Not regulated by any reputable authority	Complies with some international regulations
Customer Support	Email, ticket system	Live chat, email, comprehensive help center
Trading Volume	High	High
Reputation	Involved in legal disputes with US regulators	Highly regarded in the crypto community
Additional Features	TestNet for practice trading	Extensive suite of products, including mining pools, NFTs

BitMEX and OKX offer robust cryptocurrency trading platforms with high-leverage options.

BitMEX has a narrower selection of supported coins but provides a TestNet feature for practice. OKX supports over 400 cryptocurrencies and features a comprehensive ecosystem of products.

BitMEX vs OKX: Products and Services

Both BitMEX and OKX offer a range of products and services catering to different types of traders.

Futures Trading: BitMEX is renowned for its futures trading, providing high leverage of up to 100x. This makes it a popular choice for traders looking for significant leverage. OKX also offers futures trading but with slightly lower leverage, around 50x. It is considered reliable but more conservative in its risk approach.

Spot Trading: BitMEX focuses primarily on derivatives and does not provide spot trading. OKX, on the other hand, excels with a wide variety of spot trading pairs, catering to both beginners and experienced traders.

Options Trading: BitMEX does not offer options trading, which can be a limitation for those seeking this derivative form. OKX includes options trading in its product lineup, offering various strike prices and expiration dates and enhancing trading strategies.

Leveraged Tokens: Leveraged tokens are not available on BitMEX. OKX offers leveraged tokens, allowing you to take leveraged positions without the complexity of managing margin.

NFT Marketplace: BitMEX currently does not feature an NFT marketplace. OKX provides a platform for buying, selling, and creating NFTs, attracting artists and collectors alike.

Staking: BitMEX lacks staking services and focuses more on trading. OKX supports staking for various cryptocurrencies, enabling you to earn rewards on your holdings.

BitMEX specializes in futures trading with high leverage, OKX offers a more diverse array of products including spot trading, options trading, leveraged tokens, an NFT marketplace, and staking.

OKX tends to be more versatile, while BitMEX focuses more on high-leverage derivative trading.

 

BitMEX vs. OKX: Contract Types

One key aspect to consider when comparing BitMEX and OKX is the variety of contract types each platform offers. Here’s a breakdown of their offerings and features:

Inverse Perpetual Contracts:

• BitMEX: Provides inverse perpetual contracts where the underlying asset is Bitcoin. You can maintain exposure to Bitcoin while using it for margin and settlement.
• OKX: Offers similar inverse perpetual contracts, allowing you to speculate on Bitcoin’s price without expiry dates.

Linear Perpetual Contracts:

• BitMEX: Primarily focuses on inverse perpetual contracts, with limited offerings for linear perpetual.
• OKX: Provides linear perpetual contracts using stablecoins like USDT for margin, simplifying profit and loss calculations in fiat terms.

Inverse Futures Contracts:

• BitMEX: Includes inverse futures contracts, where the underlying asset is held in the margin account. This is beneficial for traders who prefer dealing in cryptocurrencies.
• OKX also offers inverse futures, providing diverse expiration dates and settlement options.

COIN-M Futures:

• BitMEX: Offers these futures contracts, which use cryptocurrencies for margin and settlement.
• OKX: Similar COIN-M futures are available, enabling using Bitcoin and other cryptos as collateral.

USD-M Futures:

• BitMEX: Limited support for USD-M futures, favoring crypto-collateralized contracts.
• OKX: Extensively supports USD-M futures, increasing flexibility by allowing stablecoin collateral.

Options:

• BitMEX: Less focus on options trading, with fewer offerings in this category.
• OKX: Provides a robust options trading platform, giving you more tools to hedge or speculate with flexibility.

Contract Type	BitMEX	OKX
Inverse Perpetual	Yes	Yes
Linear Perpetual	Limited	Yes
Inverse Futures	Yes	Yes
COIN-M Futures	Yes	Yes
USD-M Futures	Limited	Yes
Options	Limited	Yes

 

BitMEX supports trading in over 13 cryptocurrencies. This includes significant assets such as Bitcoin, Ethereum, and various altcoins.

OKX offers a broader selection and supports over 300 cryptocurrencies, including popular digital assets like Bitcoin and Ethereum and more niche tokens.

Supported Cryptocurrencies Comparison

Exchange	Number of Cryptocurrencies	Popular Futures Trading Pairs
BitMEX	13+	BTC/USD, ETH/USD, XRP/USD, LTC/USD
OKX	300+	BTC/USDT, ETH/USDT, SOL/USDT, ADA/USDT

BitMEX has established itself as a go-to platform for futures and leverage trading. Key trading pairs like BTC/USD and ETH/USD are available.

OKX, with its extensive list of supported assets, also offers popular pairs for futures trading. It provides a mix of primary and emerging cryptocurrencies for varied trading strategies.

 

BitMEX vs OKX: Leverage and Margin Trading

BitMEX and OKX offer potent leverage and margin trading tools, allowing you to amplify your positions and potential returns.

On BitMEX, you can enjoy up to 100x leverage on Bitcoin contracts. For every $1 you contribute, you can control $100 worth of Bitcoin. Margin requirements vary; initial margin can be as low as 1%, but maintenance margin requirements must be met to avoid liquidation.

OKX provides different leverage options, with up to 125x leverage available on specific pairs. Unlike BitMEX, OKX supports isolated margin trading, meaning only the funds allocated to a specific trade can be liquidated without affecting other funds in your account.

Aspect	BitMEX	OKX
Max Leverage	Up to 100x	Up to 125x
Margin Type	Cross Margin	Isolated Margin
Initial Margin	As low as 1%	Varies by asset and leverage
Liquidation	Full Account	Isolated Position
Funding Rates	Variable, typically every 8 hrs	Variable, typically every 8 hrs

BitMEX’s cross margin can expose your entire account to liquidation if margin requirements are unmet. On OKX, an isolated margin can limit liquidation risk to specific trades, providing more risk management flexibility.

Both platforms adjust funding rates every eight hours to maintain equilibrium between long and short positions. Monitor these funding rates frequently, as they impact the cost of holding positions.

 

BitMEX vs. OKX: Trading Volume

Trading volume is a crucial metric to assess when comparing BitMEX and OKX.

BitMEX:

BitMEX has long been a heavyweight in cryptocurrency, attracting professional traders with its high-leverage offerings. Its trading volume reflects this focus, making it a strong choice for those looking for liquidity and minimal slippage.

OKX:

OKX, on the other hand, has a broader reach. It offers numerous trading pairs and caters to both new and experienced traders. OKX’s trading volume is generally higher, enhancing trading efficiency and execution.

Liquidity and Metrics

• BitMEX Liquidity: High, appealing to professional traders with deep pockets.
• OKX Liquidity: Higher, covering a wider audience with various financial products.

Metric	BitMEX	OKX
Trading Volume	High, geared towards professional traders	Very High, suitable for all levels
Execution Efficiency	Excellent, low slippage	Excellent, slightly more versatile

Specific Numbers

According to the latest data, BitMEX’s trading volume is robust but doesn’t match OKX’s wider user base. OKX’s larger trading volume helps in quicker order execution, which is favored by both retail and institutional traders.

Rankings

• BitMEX: Often ranked among exchanges focusing on futures contracts.
• OKX: Frequently featured in the top tier of exchanges offering diverse services.

Paying attention to these metrics and rankings helps you choose the exchange that best meets your trading needs, balancing volume, liquidity, and trading efficiency.

 

BitMEX vs OKX: Futures Trading Fees and Rewards

Understanding the fee structure is crucial when trading futures on BitMEX and OKX. Both platforms have distinct fee schedules that impact trading profitability.

Fee Structure

BitMEX:

• Maker Fee: -0.025%
• Taker Fee: 0.075%
• Withdrawal Fee: No fee, but network fees apply
• Deposit Fee: None

OKX:

• USDT Settled Maker Fee: 0.02%
• USDT Settled Taker Fee: 0.075%
• USDC Settled Maker Fee: 0.02%
• USDC Settled Taker Fee: 0.075%
• Withdrawal Fee: Varies based on cryptocurrency
• Deposit Fee: None

Discounts and Bonuses

BitMEX offers:

• Fee rebates for makers, providing an incentive to add liquidity.

OKX offers:

• A tiered fee structure. VIP users enjoy lower fees based on their trading volume.

Calculation Examples

BitMEX:
For a taker trading $10,000, the fee would be:

• $10,000 * 0.075% = $7.50

OKX (USDT settled):
For a taker trading $10,000, the fee remains the same:

• $10,000 * 0.075% = $7.50

Profitability and Incentives

On BitMEX, maker rebates can slightly improve your profit margins. In contrast, OKX’s tiered system can reduce costs for high-volume traders. Both exchanges have no deposit fees, but consider the variable withdrawal fees on OKX, which can impact your net returns.

Choosing between BitMEX and OKX depends on your trading strategy and volume. BitMEX offers rebates for liquidity provision, while OKX provides benefits to high-frequency traders.

 

BitMEX vs OKX: Deposits & Withdrawal Options

When comparing BitMEX and OKX regarding deposit and withdrawal options, notable differences can impact your trading experience.

BitMEX

• Currencies Supported: BitMEX supports deposits and withdrawals in Bitcoin (BTC) only.
• Payment Methods: You can use Bitcoin addresses to transfer funds.
• Processing Times: Deposits are processed within minutes; withdrawals are processed once per day.
• Minimum and Maximum Limits: No minimum deposit is required; the minimum withdrawal is 0.002 BTC.

OKX

• Currencies Supported: OKX supports many cryptocurrencies and stablecoins, including BTC, ETH, USDT, and more.
• Payment Methods: In addition to crypto transfers, OKX also supports fiat deposits via bank transfers, credit cards, and third-party payment solutions (subject to jurisdiction).
• Processing Times: Crypto deposits are usually instant, while fiat deposits can take minutes to days, depending on the method. Withdrawals are typically processed within 30 minutes but can take longer for large amounts.
• Minimum and Maximum Limits: Limits vary by currency and payment method; for example, fiat deposits might have higher minimums than crypto deposits.

Convenience

• BitMEX: Convenient for those focused solely on Bitcoin, offering simple, fast, and cost-effective transfers.
• OKX: Offers greater flexibility with multiple cryptocurrencies and fiat options, catering to diverse trading needs.

Speed and Cost

• BitMEX: Fast crypto deposits, but the once-daily withdrawal processing could be slower for some users.
• OKX: Generally quick, but fiat options might introduce delays. Fees vary by method and currency, potentially higher for fiat transfers.

Understanding these options will help you choose the exchange that best fits your depositing and withdrawing funds requirements.

 

BitMEX vs OKX: Native Token Usage

• BitMEX does not have its native token.
• OKX features the OKB token.

Benefits of Using Native Tokens

OKB Token:

• Trading Fee Discounts: Holders of OKB can enjoy reduced trading fees on the OKX platform, making trading more cost-effective.
• Other Utilities: OKB can be used in various OKX ecosystem applications, such as participating in token sales and staking.

While BitMEX lacks a native token, it focuses on providing advanced trading features for active traders.

In contrast, OKX leverages OKB to deliver various benefits that enhance the user experience for token holders.

 

BitMEX vs OKX: KYC Requirements & KYC Limits

When comparing BitMEX and OKX in terms of KYC requirements and KYC limits, several factors come into play, including privacy, security, and accessibility.

BitMEX requires users to complete KYC verification to access its services. The KYC process includes submitting government-issued identification and proof of address.

Users who do not complete KYC cannot trade or hold positions on BitMEX. This restriction ensures high security but may diminish privacy and accessibility for some users.

On the other hand, OKX also mandates KYC but with different levels of verification.

OKX KYC Levels:

1. Level 1: Basic verification requiring a valid government-issued ID.
2. Level 2: Advanced verification requires additional documents like proof of address and sometimes a selfie for biometric verification.

BitMEX KYC Levels:

• Single Level: Requires government-issued identification and proof of address for account verification.

KYC Limits:

• OKX Level 1: Limited to lower deposit and withdrawal limits.
• OKX Level 2: Higher limits for deposits and withdrawals, enhancing trading capabilities.
• BitMEX: Single-tier system; users without KYC cannot engage in trading activities.

Impact on Privacy and Security:

• BitMEX: High security but potentially lower privacy due to stringent document requirements.
• OKX: Offers a balance of privacy and security through different levels of verification, providing more accessibility for different user needs.

This comparison helps you understand how each exchange’s KYC process influences your experience, balancing security and ease of access.

 

BitMEX vs OKX: User Experience

Both BitMEX and OKX offer robust platforms when it comes to user experience, but their interfaces and features differ significantly.

Platforms and Interfaces

BitMEX focuses on providing a streamlined trading experience aimed at more experienced traders. The interface is relatively straightforward, with detailed charts and various order types. However, this complexity might be overwhelming for beginners. To know more, check this BitMEX leverage trading guide.

OKX, on the other hand, offers a more inclusive platform. It caters to both new and experienced traders with a more polished interface. The user-friendly design makes it easier for users to navigate and find the tools they need. To know more check OKX futures trading tutorial.

Mobile Apps

Both exchanges offer mobile apps for iOS and Android:

• BitMEX Mobile App
  • Pros: Fast and efficient for active traders.
  • Cons: Lacks some educational resources and advanced features.
• OKX Mobile App
  • Pros: Rich in features, including automation tools and educational material.
  • Cons: Slightly slower load times compared to BitMEX.

Ease of Use

BitMEX may pose a steep learning curve for beginners due to its focus on trading tools and order types.

OKX provides a more balanced approach suitable for both novices and experts. The intuitive design and built-in tutorials make it easier for new users to start.

Functionality and Design

BitMEX offers fewer visual aids and focuses heavily on functionality. It is ideal for those who prioritize speed and specific trading tools.

OKX combines functionality with a visually appealing design. Its platform offers educational resources and a range of trading tools that cater to diverse user needs.

Feature	BitMEX	OKX
User Interface	Simple, efficient	Polished, user-friendly
Mobile App	Fast, limited features	Feature-rich, slightly slower
Ease of Use	Best for experienced users	Suitable for all levels
Design	Functional, minimal	Visually appealing

Consider your trading needs and experience level when choosing between these two platforms. Each has its strengths, making them suitable for different types of users.

 

BitMEX vs. OKX: Order Types

When comparing order types between BitMEX and OKX, you’ll find various options designed to accommodate different trading strategies and risk management needs. Below, we break down the main orders available on each platform.

BitMEX Order Types

• Market Orders: Execute instantly at the current market price, ideal for quick entry and exit.
• Limit Orders: Set a specific price at which you want to buy or sell an asset. It executes only if the market reaches that price.
• Stop Orders: Trigger a market order once a specified price is reached.
• Conditional Orders: Similar to stop orders but offer more conditions.
• Post-Only Orders: Ensure your order is added to the order book and doesn’t immediately execute against a pre-existing order.
• Reduce-Only Orders: Ensures that position size only decreases with this order.
• Fill or Kill (FOK): Execute immediately in full or cancel; ensure no partial executions.
• Immediate or Cancel (IOC): Execute whatever portion can be filled immediately; cancel the rest.
• Trailing Stop: Moves with the market price to lock in profits while minimizing loss risks.

OKX Order Types

• Market Orders: Instant execution at the best available price; useful for immediate trades.
• Limit Orders: This allows you to set the price you are willing to trade, providing control over execution prices.
• Stop Orders: Automatically execute a market order when a specified price is reached.
• Conditional Orders: Useful for setting more complex triggers compared to stop orders.
• Post-Only Orders: Ensure your order gets added to the order book rather than matching existing orders.
• Reduce-Only Orders: Useful for decreasing the size of your positions without opening new ones.
• Iceberg Orders: Split a large order into smaller chunks to minimize market impact.
• Time-Weighted Average Price (TWAP): Break down a large order into smaller ones executed at regular intervals.

Both BitMEX and OKX offer a robust array of order types, enabling you to implement various trading strategies and manage risk effectively. Checking which platform provides the order types best suited to your trading strategy is critical in decision-making.

 

BitMEX vs OKX: Security Measures & Reliability

BitMEX and OKX prioritize strong security measures to protect user funds and data.

BitMEX:

• Funds Storage: Offline wallets and a multi-signature withdrawal scheme.
• Communication Security: Multi-layered protocols for communication and real-time risk assessments.
• Incidents: Legal disputes with U.S. regulators resulted in fines but have led to improved compliance features.

OKX:

• Funds Storage: Cold storage and hot wallets with multiple layers of security.
• Authentication: Two-factor authentication (2FA) and biometric verification.
• Incidents: No significant issues were reported affecting user data or funds. Regular audits and transparency reports to maintain trust.

Both exchanges employ robust measures tailored to safeguard their platforms and clients. While BitMEX has faced regulatory challenges, it continues to enhance its security protocols. OKX maintains a clean record with regular audits, ensuring users’ trust.

 

BitMEX vs. OKX: Insurance Fund

Both BitMEX and OKX have established insurance funds to mitigate the risks associated with leverage trading.

BitMEX’s insurance fund is well-known for its large size, serving as a buffer against auto-deleveraging in leveraged positions. This fund helps maintain trader confidence by covering losses and preventing forced liquidation during highly volatile market situations.

OKX also maintains an insurance fund to protect leveraged positions. This fund provides a safety net by covering losses that could exceed a trader’s margin balance, reducing the risk of auto-deleveraging, similar to BitMEX.

• BitMEX Insurance Fund:
  • Large fund size
  • Prevents auto-deleveraging
  • Covers losses in volatile markets
• OKX Insurance Fund:
  • Protects leveraged positions
  • Covers losses exceeding margin balance
  • Reduces auto-deleveraging risk

Both platforms utilize their insurance funds to enhance market stability and trader security during periods of high volatility.

 

BitMEX vs. OKX: Customer Support

When considering customer support, BitMEX and OKX offer different features to assist you in navigating their platforms.

BitMEX provides an extensive help center filled with valuable articles and videos. This resource can guide you on various aspects of the platform. Additionally, you can submit a support ticket directly from the help center, which allows you to track the status and receive updates on your queries.

OKX also offers a comprehensive help center. The support includes articles, FAQs, and tutorial videos designed to assist you. You can access live chat support for immediate assistance and email support for non-urgent matters.

Here’s a brief comparison of their support features:

Feature	BitMEX	OKX
Help Center	Yes	Yes
Live Chat	No	Yes
Email Support	Yes	Yes
Tutorials & Videos	Yes	Yes
Support Ticket Tracking	Yes	No

BitMEX and OKX both strive to provide excellent support. Your choice might depend on whether you prefer live chat support or detailed tracking of your support tickets.

 

BitMEX vs. OKX: Regulatory Compliance

BitMEX and OKX differ significantly in their approach to regulatory compliance.

BitMEX:

• Compliance: BitMEX is currently unregulated. Due to stringent regulatory requirements, it does not provide services in the USA.
• Challenges: BitMEX has faced serious legal challenges, including accusations of illegal activities and hefty fines for unregistered securities sales.
• Audits and Certifications: No public information suggests that BitMEX has obtained significant regulatory licenses or completed third-party audits.

OKX:

• Compliance: OKX is a licensed cryptocurrency exchange operating out of Seychelles. The exchange adheres to the regulatory standards set forth by the local jurisdiction.
• Licenses: OKX boasts several licenses, demonstrating its efforts to comply with cryptocurrency regulations and enhancing its credibility.
• Operations: Unlike BitMEX, OKX provides services to a broader audience, including jurisdictions with stricter compliance requirements.

 

Conclusion: Is OKX Better Than BitMEX?

BitMEX and OKX serve different trader types with distinct features.

BitMEX is tailored for professional traders, offering up to 100x leverage and advanced tools, appealing to users seeking privacy through its anonymous order book.

OKX caters to those looking for a broader range of cryptocurrencies and is more beginner-friendly, with features suited for new traders.

Both exchanges provide mobile apps for iOS and Android, enabling convenient trading on the go.

BitMEX supports multiple languages, including English, Japanese, and Chinese, while OKX faces fewer regulatory challenges than BitMEX.

Choosing between the two depends on your experience, need for advanced tools, or preference for regulatory confidence.

Compare BitMEX and OKX with other major exchanges

• BitMEX vs Deribit
• BitMEX vs KuCoin
• BitMEX vs Bybit
• OKX vs Bitget
• OKX vs Binance
• OKX vs MEXC