Ftx vs Binance: which crypto exchange is best for you?

Introduction

With so many alternatives available, navigating the exchanges may seem a little intimidating if you are just starting out in the world of cryptocurrency trading and investing. In order to assist you, we will contrast Ftx vs Binance, two of the best cryptocurrency exchanges available. Although neither of these exchanges is older than five years, they were able to seize the market with their cutting-edge features and offerings.

Binance

Binance was founded in 2017 and is one of the most popular exchanges in market capitalization. It has a daily report of trading up to 31 billion currently. The Binance platform offers a large volume of trading options for users, and this platform is a cryptocurrency exchange. This platform provides extensive volume trading options with low fees, and it is affordable to be a part of Binance & also for small traders.

This platform supports over 300 cryptocurrencies and provides a token known as the BNB coin. Here one thing is to keep in mind that to be a part of Binance with having a pass, the users must do trading. Binance can be user-friendly. This platform also offers advanced features such as margin and derivatives trading.

FTX

The FTX was founded in the year 2018, and it is a centralized system of cryptocurrency exchange. It is easy to use as a cryptocurrency brokerage platform. These platforms enter the market as derivatives trading markets and also other unique trading features. They still cater to beginners with automatic user configuration to negotiate quickly through the platform.

FTX offers such advanced trading tools as intelligent order routing; this feature is for analyzing a large amount of data. Another features are position and margin trading; this feature is to capitalize on opportunities—other features like a spot market, a prediction market, and a proprietary token.

Fees of FTX vs Binance

Binance

In Binance, the main thing is they provide investors with the lowest fees because they give users a chance to save while purchasing the crypto. This platform charges a fee according to whether the transaction is added or else removed value. It is a little tricky to know whether your marketing is making the value of it. But the rates of Binance are similar for both maker and receiver.

The users can minimize their fees by trading a large amount of USD and BNB. For both maker and taker, the prices start at 0.10% for the trade by dropping maker 0.02% and taker 0.04% fees. USD and BNB achieved the highest level of VIP status. It takes up to 25% off prices by paying with BNB.

FTX

FTX also has the lowest fees. They also charge fees according to the trading volume. The FTX doesn’t focus on one or two tokens to assign the VIP status. This platform allows users to hold the local tokens, and FTT is added as a discount on the fees of up to 60% reduction.

The fee of FTX for the maker is 0.02% and for the taker 0.07% for transactions. When there is enough high volume of transactions, the FTX removes the fees of maker transactions and reduces the costs of takers up to 0.04%. The prices of FTX are initially lower than Binance. The FTX also charges extra fees for the withdrawals.

Wallets of FTX vs Binance

Binance platform provides support to the Trust Wallet, which is a custodial hot wallet. They support thousands of cryptocurrencies among the significant blockchain. This is the cold storage offers an easy way for the users to transfer the funds to a trusted wallet and other wallets such as Ledger, Trezor, and Coolwallet devices. They also provide a vast range for the users to choose the trust wallet and the freedom to choose their cold wallet. This is because they want to attract customers in a large amount.

In FTX, they allow users to transfer their funds in the form of digital wallets. This platform doesn’t offer guidance for choosing the wallets or other help transferring the funds. In the FTX, it is assumed that the significant wallets can be connected and have the funds from FTX, but the FTX doesn’t give any exact support to the wallets.

Security of FTX vs Binance

The Binance platform handles the user’s funds by offline cold storage to avoid such investigations. They are the security employs of two-factor authentication (2FA) and address them allow listing because they restricted to enter anyone outsider except authorized users. Therefore, the users are warned of the past of the Binance struggle. Due to the exchange’s lack of regulation, many governments are various operations. If a country chooses to restrict entry to the platform, it cannot reach the coins.

In FTX security, many of the industry standard practices like the use of 2FA also address allowing listing. But the FTX employs other strategies to satisfy the customers. By having an FTX custom wallet, the users get both hot and cold storage to ensure that the wallets are accessible and their coins are protected. If the user’s funds are breached, then the FTX provides full backing of external hot funds. So, the FTX ensures that the user’s funds should be covered.

Advantages and Disadvantages of FTX vs Binance

Advantages of Binance

1. Binance has an extensive range of supported cryptocurrencies
2. They have advanced trading options for experienced traders.
3. On their holding, the users can earn up to 10% of APY.

Disadvantages of Binance

1. This is a US-based platform that is limited
2. The starters users may find its interface a little bit frighten
3. This is currently a land-based headquarters

Advantages of FTX

1. In the FTX, while using the FTT token, they offer trading discounts
2. For the online crypto, the FTX comes with a virtual debit card
3. The FTX has a large selection of supported cryptocurrencies. 

Disadvantages of FTX

1. The FTX has the US-based platform is more limited
2. This platform doesn’t support the significant cryptocurrencies
3. It is a relatively new exchange

Conclusion

By the comparison of FTX vs Binance, they are pretty different from each other. It is considered to be the no.1 cryptocurrency platform in the market. By the year, the exchange becomes much friendlier, focusing on expanding the services. On the other hand, the FTX is an advanced trader platform. This platform focus on multiple high features. May the FTX vs Binance details help you to get all doubts clear.