Binance vs FTX

Binance vs FTX

Robert McDougall 

November 7, 2022

Cryptocurrency

Disclaimer: Due to the collapse of FTX in November 2022, the information in this article about FTX is no longer relevant. If you are looking for a similar crypto exchange to FTX, here are our top recommendations:

The cryptocurrency exchange landscape is constantly evolving. New exchanges are launching all the time, while existing exchanges regularly update their offerings in an attempt to stay ahead of the competition. Right now, two of the most popular exchanges in the industry are Binance and FTX. 

Binance is one of the largest cryptocurrency exchanges in the world, with a huge selection of 600+ coins to trade. They offer competitive trading fees of 0.1% which can be reduced by 25% if you pay with their native coin BNB. There are tons of features available such as margin trading, NFT marketplace, P2P marketplace, crypto loans, and earning crypto interest.

FTX is a newer exchange that has quickly gained popularity due to its user-friendly interface and excellent customer support. They offer more than 275 coins to trade, which is not as many as Binance, but the fees are much lower, at only 0.02% for makers and 0.07% for takers. If you sign up with our link here, you even receive a further 5% discount off all your trading fees!

Both platforms offer a wide range of features and benefits, but which one is right for you? In this article, we'll pit Binance against FTX in a head-to-head battle to help you decide which exchange is best for your needs.

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Fiat Currencies

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

USD, EUR, GBP, AUD, HKD, SGD, CAD, BRL, ZAR & CHF

Number of Coins

600+

 275+

Trading Fees

0.1%

Makers: 0.02%

Takers: 0.07%

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Cell

Fiat Currencies

USD, GBP, EUR, CAD, AUD, HKD, JPY & 35 more

USD, EUR, GBP, AUD, HKD, SGD, CAD, BRL, ZAR & CHF

Number of Coins

 600+

275+

Trading Fees

0.1%

Makers: 0.02%

Takers: 0.07%

Deposit Methods

Cell
Cell

Bank Transfer

Google Pay

Fedwire

PayPal

Credit Card

Debit Card

Apple Pay

SWIFT

Skrill

SOFORT/iDEAL

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

ISO 27001 certified

Offline cold storage

Website

Pros
  • Supports 600 cryptocurrencies
  • Advanced trading markets for spot, futures, margin, and leveraged tokens
  • Supports P2P and NFT marketplaces
  • Supports staking on your cryptocurrency
  • Offers users a Binance Card that allows them to pay with crypto for purchases
Cons
  • Higher trading fees than FTX
  • Doesn’t offer live chat or email support
  • Not available to US residents
Pros
  • Supports 275+ cryptocurrencies.
  • Advanced markets for spot, futures, margin trading, and leveraged tokens
  • Unique markets like volatility, stocks, and fiat trading and predictions
  • Use the FTX Card to pay for purchases with crypto
  • Extremely low trading fees
Cons
  • Doesn’t offer live chat customer support, but customers can submit email tickets
  • Not available to US residents

Binance vs FTX: Fees

Deposit Fees

On Binance, depositing cryptocurrency is free, and fiat deposits may be free or incur a fee depending on your location and the currency you wish to use.  

FTX supports free fiat and cryptocurrency deposits to the platform. 

Trading Fees

Binance has a tiered fee structure for trading. The base fee starts at 0.1% for both makers and takers but is discounted by 25% when you use BNB to pay trading fees. The trading fee also decreases as your trading volume increases. 

FTX has a much lower trading fee of 0.02% for makers and 0.07% for takers. FTX also uses a tiered fee structure that offers discounts to high-volume traders. FTX also offers a discount to holders of their native token (FTT). The more FTT you own, the higher the discounts you can receive. If you sign up with our unique link here, you also receive 5% discount on all your trading fees.

Withdrawal Fees

Unlike some cryptocurrency trading platforms, FTX and Binance support fiat currency withdrawals, making it possible for users to cash out their profits easily.

FTX offers one free fiat withdrawal per rolling 7 day period for withdrawals under $5,000, and five free fiat withdrawals per rolling 7 day period for withdrawals over $5,000. After this limit has been exceeded, there is a flat fee which varies based on your fiat currenty.

Binance may incur a withdrawal fee depending on the fiat currency and the method of withdrawal. You need to check for your country and withdrawal method.

Crypto withdrawals on both platforms vary depending on the cryptocurrency.

Winner -FTX

FTX is known as an extremely low-fee crypto trading platform. Fiat deposits and withdrawals are free of charge, and trading fees start at just 0.02% for makers and 0.07% for takers. You can reduce this if you are a large volume trader, or simply sign up with this link to receive 5% off your trading fees.

Binance vs FTX: Deposit Methods

Binance supports several deposit methods, such as bank transfer, credit card, debit card, SWIFT, SOFORT/iDEAL, and cryptocurrency. The methods available to you will vary depending on which country you are in, and what currency you wish to use.

FTX supports crypto deposits, as well as payment using credit cards, debit cards, and wire transfer. Depending on your geographical location, there are also other deposit methods, including PayPal, Silvergate Exchange Network (SEN), Signature SIGNET, and SEPA.

Winner - Tie

Both Binance and FTX offer a range of deposit methods, and the specific options available to you will depend on your location. 

Binance vs FTX: Features

Now that we’ve gone over the basics of each exchange, let’s take a more in-depth look at the features they offer.

Spot Trading

Binance is one of the world's leading cryptocurrency exchanges, offering a wide range of digital assets for spot trading. With over 600+ cryptocurrencies and 1,000+ spot trading pairs, Binance offers ample opportunity for traders to find the perfect trade. In addition, Binance also offers 300+ fiat-to-crypto trading pairs, making it easy for traders to convert their fiat currency into digital assets. For those looking for even more options, Binance offers 15+ ETFs, giving traders exposure to various asset classes.

FTX also offers spot trading, allowing you to trade crypto-to-crypto and fiat-to-crypto. The platform currently supports over 275+ cryptocurrencies and has listed 70+ crypto trading pairs based on USDT, BTC, and TYRB. For traders who want to trade fiat-to crypto, FTX offers 170+ trading pairs and supports AUD, USD, EUR, JPY, and BRL for fiat-to-crypto markets.

Margin Trading

Binance offers several features that are perfect for margin trading. With both isolated margin and cross margin options, traders can take advantage of up to 10x leverage. In addition, the exchange offers a number of convenient features, such as up-to-date order books and charting tools. And for those times when you need to borrow funds to support your margin trading, Binance offers a crypto borrowing feature allowing you to leverage your positions even further. You can also place limit, market, and stop-limit orders to take full control of your trading strategies.

On FTX, margin trading is available to verified users. The platform offers up to 20x leverage on margin trades, allowing traders to potentially make large profits. Margin traders have access to 105 different coins in spot markets, giving them more flexibility when it comes to managing their portfolios. Moreover, users can collateralize their loans with either cryptocurrency, fiat currency, or FTT, making it easy to find the right loan for their needs. Since margin trading allows traders to amplify their gains by borrowing funds to increase their position size, FTX has a borrowing and lending service. This system of lending and borrowing provides borrowers with the capital they need to trade and allows lenders to earn interest on their idle assets.

Futures Trading

Futures are contracts that allow traders to bet on the future price of an asset.

If you're looking to trade futures on Binance, you'll have a wide range of options to choose from. The exchange offers USD-M and COIN-M perpetual contracts, with over 110 contracts available in total. You can leverage your position up to 20x using isolated or cross margins, and the stop-loss function will help to limit your downside risk. With so many contracts to choose from, Binance is a great choice for those looking to get involved in the futures markets.

FTX offers both index and perpetual contracts, with over 170 contracts available. Perpetual contracts are popular among traders because they allow for constant leverage, as there is no need to roll over the contract when it expires. You can leverage perpetual contracts up to 20x and place orders using a variety of order types, including limit orders, stop market orders, stop limit orders, market orders, take profit orders, trailing stop orders, take profit limit orders, and TWAP orders.

Derivatives

A modern crypto exchange is more than just buying, selling, and trading crypto assets. Exchanges like Binance and FTX offer a wide range of derivatives products to trade.

In addition to spot, margin, and futures trading, Binance offers leveraged tokens for trading.

Leveraged tokens are a type of cryptocurrency that allows users to gain exposure to price movements without having to actually hold the underlying asset. For example, a token that is pegged to the price of Bitcoin could be used to trade BTC without having to actually own any BTC. They are designed to amplify the gains or losses of the underlying asset. For example, a 3x leveraged token would increase in value by 3% if the underlying asset increases in value by 1%. 

Leveraged tokens can be useful for traders who want to take advantage of volatile market conditions or who want to hedge their existing portfolios. However, leveraged tokens also come with certain risks. For example, if the price of the underlying asset moves in the opposite direction to what was anticipated, the losses could be magnified. 

Currently, Binance only offers 40 leveraged tokens.

The FTX derivatives market is one of the most exciting and innovative in the crypto space. There are over 180 leveraged tokens listed on the exchange, providing exposure to a variety of assets. The 100 tokenized stocks offer fractional ownership of some of the world's leading companies, and the 12 fiat-to-fiat trading pairs allow for convenient currency hedging. The FTX platform also features several unique products, such as the FTX volatility contract that allows traders to speculate on the future price of some assets. Finally, the FTX prediction markets are a great way to get involved in the action and make predictions on various events, from election results to major sporting events.

NFT Marketplace

The Binance NFT Marketplace is a one-stop shop for all things NFT. With a Minting Studio, a marketplace for buying and selling NFTs, an events platform, and Mystery Boxes full of NFTs to be won, the Binance NFT Marketplace has something for everyone.

The Minting Studio is a great place for artists and creators to get started. With easy-to-use tools and various templates, the Minting Studio makes it easy to create professional-grade NFTs.

The Marketplace is where you can buy and sell NFTs. Whether you're looking for that rare gem or just want to offload some excess inventory, the Binance NFT Marketplace is the place to do it. With various payment methods accepted, including Binance Coin (BNB), you can be sure to find a buyer (or seller) that suits your needs.

Events give you exclusive access to premium NFTS, and you get a chance to buy from renowned artists and exhibitions. Finally, the Mystery Boxes are a fun way to get your hands on some rare and exclusive NFTs. Simply open a box and see what you've won from Normal, Rare, Super rare to Super Super Rare NFTs.

FTX currently doesn't support NFT trading, but you can access trade NFTs on its sister platform, FTX US. The NFT marketplace on FTX US is available to US and Non-US residents.

Native Currencies: BNB & FTT

While keeping up with the trends in the crypto world, most exchanges nowadays have their own native currencies. Binance has BNB while FTX has FTT, and both tokens can be traded, staked, and used to pay trading fees. They also offer their holders a plethora of benefits.

Some of the benefits that BNB holders enjoy are

  • 25% discount on trading fees.
  • BNB holders can participate in IEO (Initial Exchange Offering) to buy assets and earn rewards in IEO (Initial Exchange Offering)
  • Access to the Binance VIP programs for more savings.
  • Up to 4% commission on the referral program.
  • Access to crypto loans.

On the other hand, FTT holders get the following benefits:

  • Upto 60% trading fees discount.
  • Higher maker fee rebate.
  • Airdrop rewards.
  • Vote on new listings and projects.
  • Access to VIP programs.

See more information about FTT rewards here.

Automated Trading

Binance offers grid trading, which refers to the simultaneous buying and selling of assets to profit from price movements. Grid trading is popular among advanced traders because it doesn't require predictions about the future direction of the market. Instead, it capitalizes on market volatility by buying low and selling high.

This type of trading can be profitable in both rising and falling markets. To start grid trading on Binance, you first need to choose a currency pair. Next, you'll need to set up your grid parameters. These include the size of your grid, the number of grids you want to trade, and your stop-loss and take-profit levels.

Once your grid is set up, you'll need to choose a trading volume for each order. Finally, you'll submit your orders and wait for them to be filled. If the market moves in your favor, you'll make a profit. If it moves against you, you'll incur a loss. However, as long as you carefully manage your risk, grid trading can be a profitable way to trade on Binance.

Unfortunately for FTX customers, the platform is yet to launch a grid trading feature.

Winner -Binance

Binance has a wider range of features that are not offered on FTX. For instance, Binance has an exceptional NFT marketplace, and also supports automated trading with spot and futures grids.

Binance vs FTX: Security

With the ever-present threat of hacks and scams, security is a top priority for any crypto exchange. Crypto investors are also looking for exchanges that offer reliable security measures, and Binance is one such exchange.

Binance has long been a leader in this area, implementing multiple layers of protection for its users. In addition to standard KYC/AML procedures, Binance uses Google Authenticator for two-factor authentication and keeps the vast majority of user funds in cold storage. In addition, Binance has a real-time monitoring system in place to identify and mitigate any risks. To further secure user data, Binance uses encryption and stores user data on multiple servers in different locations. While the exchange is well prepared to counter any hacking attempts, it also has a comprehensive insurance fund should the hack be successful. Binance has a $1 billion insurance fund in place to reimburse users in the event of any losses.

Like Binance, FTX takes security seriously and employs multiple layers of protection. For instance, Two-factor authentication is required for password changes and withdrawals. In case your account password is changed or 2FA is removed, the exchange places a temporary lock on your withdrawals until you confirm the change. All users are required to undergo KYC verification before conducting any trades. The platform also tracks and notifies users of any suspicious activity like logins from new devices or locations. Users can whitelist their IP addresses and set up withdrawal limits.

In addition, FTX has partnered with Chainalysis to monitor and act on suspicious transactions on the platform. To further safeguard user funds, FTX has a Backstop Liquidity Fund of $200million. This ensures that there is always enough liquidity to cover any user withdrawals, even in the event of extreme market conditions.

Winner - Binance

Both Binance and FTX have robust security measures in place to protect user funds. However, Binance's position to cover user assets with an insurance fund gives it a slight edge over FTX in this area.

Number of Cryptocurrencies

On Binance, you'll find 600+ cryptocurrencies available for trading. There are also 1,000+ crypto trading pairs and 300+ fiat-to-crypto trading pairs. In other words, there are lots of options available on Binance.

On the other hand, FTX offers 275+ cryptocurrencies, 70+ crypto trading pairs, and 170+ fiat-to-crypto trading pairs.

Winner - Binance

Binance is a clear winner regarding the sheer number of coins offered. With over 600 different cryptocurrencies available, investors are sure to find the perfect coin for their portfolios. In addition, Binance offers more than 1,000 crypto trading pairs, giving traders ample opportunity to make profitable trades.

Binance vs FTX: Summary

Binance is a renowned cryptocurrency exchange with a wide range of features and a large user base. The team at Binance has put great efforts towards ensuring the safety and security of user funds as well as providing users with a great experience and it is for this reason we think it's the better choice.

FTX is a newer exchange but has quickly become one of the most popular exchanges. While it doesn't have the same level of name recognition as Binance, it's definitely a force to be reckoned with. It too has robust security measures in place and offers a great user experience. However, we think Binance's range of features and greater range of cryptocurrencies make it the better choice overall.

Overall Winner - Binance

Binance wins due to its wider range of features and cryptocurrencies compared to FTX. 

Still Researching?

To learn more about Binance and FTX before making a decision, see our Binance review and FTX review. If you live in the US you won't be able to use these sites, but you can access Binance US and FTX US instead. If you are from the US, you can also look at this article on the top crypto exchanges in the US. We have also included a quick comparison table below that highlights some key information.

Comparison Table of the Best Crypto Exchanges in the USA

eToro
MEXC Global
Pionex
Coinmama
Uphold
Crypto Exchange
Crypto Exchange
eToro
MEXC Global
Pionex
Coinmama
Uphold
Fiat Currencies
Fiat Currencies
USD
USD, TWD, AED, PHP, AUD, JPY, CAD, EUR & more
USD, TWD
USD, EUR, AUD, CAD, GBP, JPY
USD, GBP, EUR, CHF, AUD, JPY & 21 more
Cryptocurrencies
Cryptocurrencies
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 75 more
MEXC, BTC, ETH, EOS, BCH, LTC & 1,520+ more
BTC, ETH, LTC, SOL, DOT, TRX & 120+ more
BTC, ETH, ETC, UNI, LINK, LTC, BCH, DOGE, MATIC, EOS, AAVE, COMP, OMG, YFI, WBTC
BTC, ETH, ADA, DOGE, COMP, DOT & 125+ more
Deposit Methods
Deposit Methods
PayPal, Debit card, Credit card, Wire transfer, Online banking
Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, Cryptocurrency
Credit card, Cryptocurrency
Credit card, Debit card, Fedwire, Apple Pay, Google Pay
Bank Transfer (ACH), Bank Transfer (SEPA), Debit/Credit Card, Wire Transfer, Faster Payments Service, SWIFT, Cryptocurrency
Trading Fees
Trading Fees
1%
0.2% for spot, 0.02%/0.06% for futures
0.05%
2.93% - 3.90% (depending on loyalty level)
Fees included in the spread

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. "Virtual currencies are highly volatile. Your capital is at risk."

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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