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FTX vs Binance
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FTX vs Binance

FTX and Binance are two rapidly growing cryptocurrency exchange markets. Both offer similar services and features and access to numerous cryptocurrencies. While Binance is the popular option, FTX is a new cryptocurrency exchange that seeks to provide an alternative choice to traders and enthusiasts alike. This FTX vs Binance review will help you decide which one is better for your cryptocurrency trading needs, comparing key aspects such as fees, ease of use, security, and the overall experience.

About FTX

FTX is one of the most popular crypto derivatives exchanges around at the moment and also one of the newest. The platform was launched in 2019 and is incorporated in Antigua and Barbuda and headquartered in the Bahamas.

There are several reasons why it's become so popular in such a short space of time. First, the FTX exchange already supports over 300 cryptocurrencies, which is a huge number compared to some of its competitors.

FTX also offers advanced trading functions such as margin and futures trading, which can be appealing to experienced traders. The makers of this exchange claim that it is built for skilled traders. In addition, FTX provides access to markets like stocks, futures, and leveraged tokens.

Due to strict regulations in the crypto space, FTX is unavailable in the United States. However, if you are a resident in the U.S., you can access their platform through their partner, FTX.US, which offers a similar trading experience - with a few limitations.

Overall, FTX provides a fantastic trading experience that is simple yet powerful. It also offers some of the lowest fees in the industry. This makes it one of the best Binance alternatives on the market right now.

About Binance

Binance is the largest cryptocurrency exchange in the world in terms of trading volume. Binance was initially based in China but later moved to the Cayman Islands due to China’s strict cryptocurrency regulations.

Binance supports trading in over 500 cryptocurrencies in more than 180 countries. It also features a couple of advanced features like margin and futures trading, which can be helpful for advanced traders. However, due to strict regulations in the U.S., users will also have to use their partner site, Binance.US, to access their platform.

Binance also offers its native token, BNB, lower trading fees. The discount for paying trading fees with BNB is about 25%, making it very attractive.

Binance is a popular cryptocurrency exchange with a user-friendly interface and an extensive range of tradable coins.

FTX vs Binance: Fees

Binance and FTX are two very similar exchanges with low trading fees, fast trading times, and many supported coins. When it comes to costs, Binance has the edge.

Binance charges a standard fee of 0.1% for all trades. You can reduce your trading fees by up to 75% by holding Binance Coin (BNB) and paying for your trades with it. Binance will not charge you deposit fees, but they charge a flat fee to cover the transaction costs of moving cryptocurrency out of an account.

Their withdrawal rates are not fixed but are determined by the market and tend to fluctuate. You can always check their most recent data listed on their fee schedule page. 

FTX offers a similar fee structure. FTX has a maker fee of 0.02% and a taker fee of 0.07%, with discounts based on increased trading volume. You can also reduce your trading fees by holding FTT and paying for your trades with it. 

FTX will not charge you for any deposit or withdrawal fees except for ETH, ERC-20 tokens, or small BTC withdrawals.

FTX vs Binance: Available Coins

Both FTX and Binance are centralized exchanges that offer various different cryptocurrencies for trading. FTX currently supports over 300 cryptocurrencies, which is a vast number considering that it is relatively new in the crypto space.

On the other hand, Binance supports trading in over 500 cryptocurrencies in more than 180 countries. For this reason, Binance is the largest cryptocurrency exchange in terms of trading volume.

Wallet

FTX and Binance offer some of the best cryptocurrency wallets in the industry. Both Binance and FTX offer in-house wallets for all types of cryptocurrencies, supporting Bitcoin, Ethereum, EOS, and many more. The services are free to use, but they have minimum deposit amounts.

For example, the minimum deposit amount for Bitcoin on both exchanges is 0.001 BTC. Both also have a minimum withdrawal amount, which varies from crypto to crypto.

Both wallets are fast and secure, but Binance generally has a quicker service due to the larger scale of the exchange.

Security

The first thing to compare is the security of each platform. If you're looking to store your assets, you might have concerns about a platform's security.

This is particularly true when considering FTX, as this exchange is relatively new compared to Binance. It has only been around for about three years, with its main net launching in early 2019. In that time, it has not suffered any significant hacks or breaches.

However, Binance is still considered the safest and most reliable cryptocurrency exchange on the market today. It hasn't suffered any significant hacks or breaches in its five years.

The first thing to compare is the security of each platform. If you're looking to store your assets, you might have concerns about a platform's security.

This is particularly true when considering FTX, as this exchange is relatively new compared to Binance. It has only been around for about three years, with its main net launching in early 2019. In that time, it has not suffered any significant hacks or breaches.

However, Binance is still considered the safest and most reliable cryptocurrency exchange on the market today. It hasn't suffered any significant hacks or breaches in its five years.

Ease of Use

In a nutshell, FTX is designed for experienced traders and institutional investors, whereas Binance is designed with the newbie trader in mind.

With FTX, you can choose from many complex order types and trading pairs, but this level of customization comes at a higher learning curve.

Binance has an intuitive interface that makes it easy to start trading cryptocurrency. It also has an impressive range of educational resources readily available for beginners.

Other Features

Both platforms provide loan services, where users can borrow money and use cryptocurrency assets. They both support the borrowing of several cryptos including BUSD, and the interest rates are determined by the amount of time you take to pay back back the loan.

When it comes to buying and selling of NFTs, only Binance supports this feature at the moment. Through the Binance NFT Marketplace, users can easily buy and sell NFTs.

Conclusion

The battle between FTX and Binance is very close. The two exchanges are popular choices in the cryptocurrency space and offer a wide range of trading options.

FTX has a slightly smaller selection at around 300 coins versus over 500 on Binance and a slightly higher fee structure. However, it is one of the few exchanges to offer futures trading for professional traders.

On the other hand, Binance has been around longer and is a much larger exchange with more users and volume, making it a better choice for those who want to make trades easily.

US authorities have accepted both exchanges in recent years and are now available to US users, though their features and the amount of coins readily available tend to be limited. 

If you're interested in either of these platforms and want to get some more details, don't forget to check out our Binance and FTX individual review pages.

If neither platform matches your needs, go to our crypto exchange comparison tool. Our algorithm will show you the best cryptocurrency exchange for you by answering a few questions.

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