Comparison of Okx vs Simpleswap [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Okx vs Simpleswap comparison!

Your expert: Alejandro Borja

Okx

Your expert: Xavier Tarrasó

Simpleswap

Main points

Fees

≤0,10%

Earns

Customer service

4/5

≈ 1,20%/2%

Fees

Earns

3/5

Customer service

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.3 – Competitive fees with additional rewards for using the native token.

4.0 – Competitive fees with a focus on instant crypto swaps.

Level

≤0,10%

≈ 1,20%/2%

Brief explanation

OKX structures its commission system to be competitive and favorable for active traders, employing a tier-based fee schedule that incentivizes higher trading volumes with lower fees. The platform charges different rates for makers and takers, starting generally around 0.1% and potentially decreasing with increased trading activity. This setup not only rewards users who trade more frequently but also ensures that costs are kept manageable for smaller volume traders. Additionally, OKX occasionally offers discounted fees or promotions on trading fees, further enhancing its appeal to cost-conscious traders looking to maximize their trading profits.

SimpleSwap’s commission structure is streamlined to cater primarily to crypto-to-crypto transactions. It charges a variable fee for each transaction, which typically ranges from 0.1% to 0.5% depending on the specific cryptocurrencies involved and market conditions. This fee is integrated into the exchange rate displayed at the time of the transaction, ensuring transparency. The platform does not impose additional fees for deposits or withdrawals in cryptocurrencies, which is a significant advantage for users looking to minimize costs. However, users should be aware of network fees determined by the blockchain of the cryptocurrency being used, which are not controlled by SimpleSwap but are necessary for processing the transactions on the respective networks.

Okx

Security Methods: OKX employs industry-leading security practices including cold storage for the majority of its funds, mandatory two-factor authentication, and regular security audits to protect user assets and data.
Trading Volume and Liquidity OKX consistently ranks among the top exchanges globally in terms of trading volume and liquidity, ensuring efficient market movements and availability of assets for trading at any given time.
Reputation and Reviews: The exchange has built a strong reputation in the crypto community, supported by positive reviews from users and industry experts alike, highlighting its reliability and effectiveness as a trading platform.
Transparency: OKX maintains a high level of transparency in its operations, providing clear and detailed information about its trading processes, fee structures, and the status of user assets.
Withdrawal and Deposit Policies: OKX offers robust and user-friendly withdrawal and deposit policies, ensuring users can easily access their funds with confidence in the security and speed of transactions.

Simpleswap

Security Methods: SimpleSwap ensures security by utilizing standard encryption protocols and security measures, safeguarding user transactions and data from unauthorized access.
Number of Cryptocurrencies: Supporting over 300 cryptocurrencies, SimpleSwap provides a diverse and extensive range of trading options, which speaks to its robustness and adaptability in the dynamic crypto market.
Trading Volume and Liquidity: Although specific numbers on trading volume aren't disclosed, the variety of cryptocurrencies supported and the platform's ability to fulfill swap requests promptly suggest a healthy level of liquidity.
Customer Service: SimpleSwap offers reliable customer support, which is crucial for user trust. Their support is accessible and designed to assist users with any issues or questions they may encounter.
Reputation and Reviews: The platform has gained positive reviews from users for its ease of use and efficiency. These testimonials build credibility and trust among potential and existing users, highlighting SimpleSwap's commitment to user satisfaction.

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Account Minimum

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Direct link to the website

Product selection

Native token

Token OKB

Earns

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Aux Cayes FinTech Co. Ltd.

SimpleSwap Ltd

Regulation

Not regulated

Year founded

2014

2018

Founder

Star Xu

Unknown

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Okx	FEATURES	Simpleswap
OKX allows relatively low minimum trade volumes, making it accessible for beginners to start trading without a significant initial investment.	Minimum Trade	SimpleSwap supports flexible trading with no minimum deposit, making it accessible for casual users and beginners to start trading with any amount.
OKX offers competitive trading fees that decrease with higher trading volumes, making it economical for both small and large traders.	Trading and Transaction Fees	The platform operates with a straightforward fee structure but lacks the transparency of detailed fee breakdowns that might benefit users looking for cost efficiency.
OKX supports a wide array of cryptocurrencies, with hundreds of options available, catering to a diverse range of trader preferences.	Number of Cryptocurrencies	Offers a wide variety of over 300 cryptocurrencies, providing users with extensive options for trading different digital assets.
The platform excels in offering a vast selection of crypto-to-crypto trading pairs, providing ample trading opportunities for users.	Crypto-to-Crypto Trading Pairs	Supports numerous trading pairs, allowing for versatile crypto-to-crypto exchanges, though it could expand into more niche or emerging cryptocurrencies.
OKX provides clear information on its operations and fees, although there could be improvements in accessibility of detailed data regarding liquidity and internal processes.	Website Transparency	While the website is user-friendly, it could improve by providing more detailed information about the company’s background and operational logistics.
The OKX Debit Card is highly functional and offers a practical solution for those looking to bridge the gap between crypto and traditional spending. While it provides significant convenience and extends the usability of cryptocurrencies, the rating reflects that while the card is beneficial, it may not offer as broad a range of extra benefits (like rewards or cashbacks) compared to some other exchange cards in the market.	Credit/Debit Card	SimpleSwap focuses solely on cryptocurrency exchanges and does not provide additional financial tools like an exchange card, limiting its utility for everyday transactions.
The exchange offers secure storage options, including cold storage, ensuring a high level of security for user funds.	Storage Offering	Provides secure storage options, though detailed information on security measures and storage capabilities could be more transparent.
OKX provides various staking options and rewards, though the benefits and returns might vary and are not always as high as some competitors.	Staking and Rewards	Limited staking options and rewards are available, which could be enhanced to attract long-term investors.
Both the mobile app and desktop platforms of OKX are highly rated for user interface, ease of use, and comprehensive features.	Mobile App and Desktop	Offers a functional mobile app that is efficient and convenient for trading on the go, although further enhancements could improve user experience and features.
Customer service is available and functional but often criticized for slow response times during high-demand periods.	Customer Service	Generally receives positive feedback for customer service, but could benefit from extended support hours and faster response times.
OKX offers multiple deposit and withdrawal options with reasonable fees and processing times, though improvements could be made to enhance user experience during peak times.	Deposit and Withdraw	Crypto deposits and withdrawals are supported, but the addition of fiat options and reduction of withdrawal fees would improve this feature.

Key features

Analysis tools

Advanced charting tools, technical analysis

No trading tools, primarily a swap service

Mobile APP

Yes

Security

High 4,9/5

High 4,5/5

Additional features

Margin trading, futures trading, staking, OKX Earn

Instant crypto swaps, SimpleSwap Earn, loyalty program

Anonymity

Yes

Key points

Available cryptocurrencies

300+

User-friendliness

OKX features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

SimpleSwap features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

Value for money

Offers excellent value for money with low trading fees, a wide range of supported cryptocurrencies, and advanced trading features.

Delivers good value for money with competitive fees and a straightforward swapping service, making it an easy option for quick trades.

Countries of operation

Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Suitable for all types of investors, from beginners to advanced traders, due to its low fees, wide range of supported cryptocurrencies, and advanced features.

Best for traders looking for a straightforward and quick cryptocurrency swapping service with competitive fees.

Base currencies available

USD, CNY, BTC, USDT

BTC, ETH (varies by transaction)

Account

Trading

OKX offers a wide range of cryptocurrencies, advanced trading tools, and competitive fees. It provides high liquidity and a user-friendly interface, suitable for both beginners and experienced traders.

SimpleSwap is a non-custodial exchange known for its fast and anonymous transactions. It offers a wide range of cryptocurrencies but lacks advanced trading features and tools.

Deposit and withdrawal

OKX offers a comprehensive range of deposit and withdrawal methods, including bank transfers, credit/debit cards, and cryptocurrencies. Withdrawals are processed efficiently, with minimal fees .

SimpleSwap is a non-custodial exchange known for its fast transactions. It supports various deposit methods, and withdrawals are processed quickly with low fees.

Account opening process

OKX offers a user-friendly and secure account opening process. Users need to submit personal information, complete KYC verification, and typically get their account approved within a day. It’s efficient and reliable.

SimpleSwap offers an easy and quick account registration process. Users need to submit personal details and verify their identity. The process is fully digital and typically takes less than a day to complete.

KYC required?

Yes

Customer Service

OKX offers extensive customer support via email, live chat, and phone. The support team is responsive and available 24/7, making it reliable for users globally.

SimpleSwap offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

OKX ensures security with 2FA, encryption, and cold storage. It is regulated by multiple financial authorities, providing a secure environment for investors.

SimpleSwap offers strong security with 2FA and encryption. Despite its robust security measures, the platform is not regulated by top-tier financial authorities, which could be a concern for some investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend OKX for users looking for a diverse trading experience with a wide range of cryptocurrencies and trading pairs. The platform’s robust security measures and competitive fee structure make it a reliable choice for both newcomers and seasoned traders. However, potential users should be aware of its limited availability in the U.S. and occasionally slow customer service, which are areas ripe for improvement.

Xavier Tarrasó

As an expert on cryptocurrency exchanges, I find SimpleSwap to be a commendable platform for those just starting with cryptocurrencies. Its straightforward and intuitive interface removes much of the complexity typically associated with crypto trading. This accessibility makes it an excellent choice for newcomers who might be overwhelmed by more advanced trading platforms. However, it’s important to note that while SimpleSwap excels in simplicity and ease of use, it may not fully satisfy the needs of more seasoned traders looking for advanced trading tools and features. For those just entering the crypto space, SimpleSwap offers a gentle introduction without the intimidating barriers to entry seen in other exchanges.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.