People often ask about the "three major crypto exchanges." A clarification is needed first: strictly speaking, there are no "legal" crypto exchanges operating in mainland China, as 2021 policy banned domestic crypto trading businesses. However, the three most commonly used international exchanges among Chinese users are Binance, OKX, and HTX (formerly Huobi). Binance leads in global trading volume — visit the Binance Official website and download the Binance Official APP. iPhone users can check the iOS Installation Guide.
Binance
Founded in 2017 by Changpeng Zhao (CZ), Binance has grown into the world's largest crypto exchange by volume and users. It operates globally without a fixed headquarters.
Key advantages: best trading depth and liquidity globally, most listed coins, and the most comprehensive product ecosystem — spot, futures, options, earn, NFTs, Launchpad, and more.
Drawbacks: The interface can feel overwhelming for beginners. Customer support response times can sometimes be slow. These issues diminish with experience.
OKX
Originally OKEx, now rebranded as OKX. Strong in futures trading with deep technical expertise. The APP design is cleaner than Binance, making it more beginner-friendly. Its Web3 wallet integrates DEX and NFT trading — convenient for those exploring DeFi. Good C2C trading experience with many merchants.
Drawbacks: Less global reach than Binance. Lower trading volume and fewer listed coins.
HTX (formerly Huobi)
Founded in 2013 — the oldest of the three. After founder Li Lin sold his controlling stake in 2022, the platform underwent significant management and strategic changes. While still operational with ongoing product updates, it has lost market share compared to Binance and OKX.
Drawbacks: Management uncertainty is the biggest issue. Not recommended for new users; existing users can continue if comfortable.
How to Choose
For maximum depth, coin coverage, and ecosystem: Binance. For a friendlier interface and Web3 features: OKX. HTX is not the top choice for newcomers.
Many experienced traders register on multiple exchanges, spreading assets for both functional advantages and risk diversification. As a beginner, start with at least a Binance account as your primary platform.
Other Noteworthy Exchanges
Bybit excels at futures, Bitget has popular copy trading, and Gate.io lists new tokens quickly. But for most users, Binance alone covers the vast majority of needs.
The most important principle: safety first. Don't be lured by high-yield promises or ultra-low fees from unknown small platforms — that's how people fall into scams. Stick with the established leaders.
Q: Are these three exchanges actually legal?
A: Strictly speaking, none operate "legally" in mainland China due to the trading ban. But they're all internationally recognized platforms licensed in other countries. Chinese individuals using them for personal investment have no established legal precedent of prosecution.
Q: Do I need to register on all three?
A: No. For beginners, one Binance account is enough. Consider others later for specific needs. Registration is free, but managing multiple platforms takes effort — keep it simple when starting.
Q: What if one of these exchanges shuts down?
A: Binance and OKX are unlikely to shut down in the near term as global leaders. But precedent exists (FTX), so don't keep all assets in one place. For long-term holdings, consider transferring to a self-custody cold wallet, keeping only trading funds on exchanges.