"Top three crypto exchanges in China" is one of the most frequently searched terms by beginners. First, a clarification: a more accurate description would be "the three cryptocurrency exchanges with the most Chinese-speaking users and the largest scale." The widely recognized top three are Binance, OKX, and Huobi (now renamed HTX). Among them, Binance holds the firm number one position globally. New users can enjoy fee discounts through this registration link, and mobile users can directly download the APP.
Overview of the Top Three Exchanges
Binance
- Global Ranking: #1
- Registered Users: 150 million+
- Supported Tokens: 600+
- Core Advantages: Best liquidity, most comprehensive product line, most global compliance licenses
Founded in 2017, Binance has grown at an extraordinary pace and currently leads the industry in trading volume, user count, and product diversity. For Chinese-speaking users, Binance's interface supports Chinese, and customer service communicates in Chinese, so there are no usability barriers.
OKX
- Global Ranking: Top 5
- Supported Tokens: 300+
- Core Advantages: Good futures trading experience, solid Web3 wallet
OKX is also a Chinese-founded exchange with a significant user base in futures trading. In recent years, it has invested heavily in its Web3 wallet, providing a smooth DeFi experience.
HTX (formerly Huobi)
- Global Ranking: Top 10
- Supported Tokens: 500+
- Core Advantages: Established exchange, large Chinese user base
Huobi was one of the earliest cryptocurrency exchanges, later rebranded to HTX. Although its market share has declined in recent years, it remains a popular platform among Chinese users due to its early user base.
How to Choose Among the Three
Look at Trading Volume and Liquidity
If you trade large amounts or are a short-term trader sensitive to slippage, Binance is the top choice. Binance has the best order book depth of all exchanges, with the tightest spreads on major trading pairs.
Look at Product Needs
All three cover the basics (spot, futures, P2P). But if you need more derivatives, savings products, or want to participate in new token launches, Binance offers the most options.
Look at Security
All three have their own security measures, but Binance invests the most: the largest SAFU security fund, the most global compliance licenses, and the most transparent proof of reserves.
Look at Fees
| Exchange | Spot Fee | Futures Fee |
|---|---|---|
| Binance | 0.1% (BNB discount) | Maker 0.02% / Taker 0.04% |
| OKX | 0.1% | Maker 0.02% / Taker 0.05% |
| HTX | 0.2% | Maker 0.02% / Taker 0.06% |
From a fee perspective, Binance with BNB deduction is the most cost-effective, saving significantly over time.
Recommendations for Beginners
If you're a complete beginner, my suggestions are:
- Register on Binance first: Most comprehensive features, best beginner tutorials, and the most solutions available online for any issues
- Complete identity verification: Complete KYC as soon as possible after registration to access P2P trading and withdrawals
- Start small: Buy a small amount of USDT first to familiarize yourself with the buying and selling process
- Don't rush into futures: Do at least three months of spot trading to develop a basic understanding of the market before considering futures
About the Term "Legal"
It should be clarified that the current domestic policy in China does not encourage or support cryptocurrency trading, but holding cryptocurrency itself is not illegal. The operating entities of all three exchanges are overseas and operate legally in their respective jurisdictions.
Users should understand the relevant policy risks when using these platforms and properly manage their personal asset risks.
Summary
Among the top three exchanges, Binance has the strongest overall capabilities and is suitable for the vast majority of users. OKX has distinctive features in futures and Web3, serving as a good supplement. HTX, as an established exchange, also has a solid user base. For beginners, picking one main platform and getting started is more important than agonizing over which one to choose.