LocalCoinSwap or OKX – which is better for UK traders 2024? Compare LocalCoinSwap and OKX in this detailed breakdown of their platforms, features and fees.
LocalCoinSwap is a DeFi cryptocurrency exchange offering P2P trading on a range of popular tokens. The firm offers both custodial and non-custodial services and has become popular among global crypto traders looking for flexibility. With that said, there are some safety concerns around DeFi exchanges like LocalCoinSwap.
OKX is a respected cryptocurrency firm, established in 2017, that offers a large suite of products, from mining pools to NFTs. Traders can access over 400 crypto tokens via OTC trading and derivatives. With an excellent web platform, developer tools and dynamic charts, OKX is a popular choice for technical traders.
Pros
Impressive range of 300 payment methods including crypto transfers, bank transfers, credit cards and PayPal
Custodial or non-custodial transactions available giving traders full control
Decent educational resources and guides suitable for beginners
24/7 customer support via online request form
Two-factor authentication for added security
You can trade anonymously
Escrow protection
There's an impressive range of blockchain products, including DeFi services, NFTs and games, alongside 400+ established and emerging coins
You can access a wide range of trading products, including futures, options and perpetual swaps via a mobile app or desktop platform
OKX maintains an excellent reputation with 20 million global clients and a license from the Dubai Virtual Assets Regulatory Authority
Traders can access historical market data for spot and futures combining OHLC data, aggregate trades and trading history
There's a vast developer lab plus access to a marketplace of pre-built trading bots with auto-arbitrage
Active traders can expect competitive maker and taker fees, from 0.02% and 0.05%, respectively
Crypto staking and pools are available with competitive mining fees from 2%
Cons
Not the most competitive fees compared to similar firms
Mobile app only available on Android devices
No regulation and limited fund protection
No demo account for prospective users
Security relies on the chosen trader
The firm offers limited regulatory oversight, though this is common among crypto brokers
The quality of customer support was inconsistent based on testing
The broker's platform and features may be complex for novices
LocalCoinSwap offers a small range of crypto tokens such as Paxos and Cello, although the selection is not as wide as competitors. On a lighter note, traders can choose from a strong selection of 300+ payment methods and the platform is easy to learn and use.
OKX continues to offer a superb selection of 400+ tokens including Bitcoin and Ripple. You can buy and sell tokens or trade cryptos on margin via derivatives, including perpetual swaps, options and futures. OKX stands out for its low fees, extensive range of tokens and speedy crypto transactions.
