Binance is one of the world’s largest crypto exchange platforms whereas, FTX is coming out to be gaining some decent popularity recently. Further, both platforms offer a series of products that makes them worthy competitors. Hence, through this Binance vs FTX article, we’d be delving deep into everything both the platforms have to offer.
Table of Contents
Comparison between the two platforms
|Mobile App||Android, iOS||Android, iOS|
|Trading Fees||0.1% Max.||0.07% Max.|
|Fees Discount||25% off with BNB||UPTO 60% off |
on HODLing FTT
|Spot/ Margin/ Futures||Supported||Supported|
|Buy Crypto with Credit/ Debit Card||Available||Available|
|DEX||Binance Dex||Serum |
(Sam Bankman-Fried the CEO of FTX is co-founder of Serum)
|Crypto Options||Vanilla Options||BTC Options|
|Stocks||No longer supported after 16th October 2021||Available|
|Crypto Card||Binance Visa Card||FTX Card |
(Available through FTX.US)
|NFT MarketPlace||Binance NFT||FTX NFT MarketPlace|
|Supported in the USA||Binance.US||FTX.US|
Binance vs FTX: Overview
What is Binance?
Binance is one of the most popular crypto trading exchanges among beginners as well as professional traders. Today Binance can process UPTO 1.4 million transactions per second (which would surely be beneficial in case there is a crash). Further, the platform charges minimal fees and provides a discount on using the BNB token. To learn more, read our Binance review.
However, the exchange has been facing a stringent regulatory crackdown from almost all major economies. Therefore it is better to keep alternatives of Binance ready, in case things go wrong.
What is FTX?
FTX is another crypto trading platform that is built for traders and by traders. It offers some decent crypto products that include options, leveraged tokens, lending, NFT marketplace, etc. Further, the platform offers one of the lowest fees in the market, and which comes with additional discounts on HODLing FTT, the platform’s native token. To learn more, read our FTX review.
Moreover, according to an announcement on FTX, both the platforms i.e., Binance and FTX are now in a strategic partnership since May 21, 2021. Furthermore, the partnership came along with a major investment of Binance into FTX, and to date, Binance is the only outside investor of FTX.
Binance vs FTX: Features & Products
Binance offers a series of products that range from P2P trading to Crypto Lending. Below is a list of products offered by Binance:
- P2P Trading
- Buy Crypto with debit/ credit card
- Spot/ Margin Trading
- Futures Trading
- Binance Vanilla Options
- USDT-M Futures
- Staking/ Lending/ Loan
- Liquid Swap
- Binance Visa Card
- Institutional services
- Binance DEX
- Trust Wallet
- Binance academy
- Binance Leveraged Token
FTX also has some all-new and unique products on its platform. Its Index futures allow you to trade in entire sectors of the crypto assets, from exchange tokens to regional baskets. Moreover, FTX, unlike other derivative exchanges, has a centralized collateral wallet that makes trading on the platform simple, fast, and efficient.
Furthermore, FTX MOVE contracts represent the absolute value of a product’s movement over a given time period. So, if BTC moves $125 from start to finish in a day, the BTC-MOVE contract will expire at $125, regardless of whether BTC goes up or down. Below is a brief list of products offered by FTX:
- Spot/ Margin Trading
- Futures Trading
- Leveraged Tokens
- Crypto Options
- NFT Marketplace
- Quant Zone
- OTC Desk
- Lending/ Loan
FTX vs Binance: Trading Options
Under Binance Classic, you will have various trading options like market, limit, and stop-limit order. Also, it has a unique feature called “One cancels the other,” which is used to place stop-limit and limit orders simultaneously, if either of the order pairs is triggered the other one is cancelled. Moving ahead, Binance also offers margin trading options to its users. Furthermore, you can invest in the Binance leveraged tokens; however, recently Binance applied Leveraged tokens Limitation.
FTX supports futures, spot, and crypto options trading. Besides this, you can also trade in leveraged tokens, which give you exposure to the leveraged markets without actually trading on leverage in the futures market. Further, FTX offers leverage of up to 101x on its leveraged tokens. Therefore, FTX holds a slight edge over the Binance crypto trading platform as it has more features and is a better option for professionals.
Binance vs FTX: Mobile app
Binance mobile application is for both Android and iOS users. Further, it has an easy-to-use and intuitive user interface while supporting many languages like Chinese, English, Korean, Spanish, etc. The app supports all the features just like its desktop version.
Talking about FTX, it also offers a fully functional mobile application for both Android and iOS. The app has a straightforward user interface. Also, the mobile is pretty fast and supports almost all the features and products of FTX.
FTX vs Binance: Fees
Binance and Binance US have completely different fees structure. However, deposits in Binance are entirely free of cost. Talking about the withdrawal fees, it depends on the underlying blockchain network. Also, for charging the trading fees, Binance follows a maker-taker fee structure as shown in the table below. For having an in-depth analysis of Binance costs and pricing structure, click here.
FTX offers a tiered fee structure for all futures and spot market trading. Just like Binance, FTX also does not charge any deposit fees. Also, no fees are applicable on OTC or converting your wallet. However, if you hold the FTT token, which is the official token of FTX, you are eligible for special discounts on the platform. For more information on fees at FTX, click here.
Binance vs FTX: Customer Support
Binance offers live chat functionality to solve critical issues instantly. Besides this, Binance has a separate channel dedicated to special announcements. You can connect to them through their various social media channels on Youtube, Twitter, etc. Telegram channels are currently available in Chinese and English languages only.
On the other hand, FTX has a better customer support service. You can mail your queries and trouble through the contact us page. You can also approach various Telegram communities to find relevant support. FTX has countries specific support Telegram communities for nations like India, Dutch, Korea, etc. Moreover, for more information, you can visit the official contact us page of FTX.
FTX vs Binance: Security
Binance is a highly secured platform as it complies with the Cryptocurrency Security Standards (CCSS). Apart from this, Binance is the world’s biggest centralised exchange; hence, the world’s best security comes along with that feature. Furthermore, you can make your account more secure through 2FA, fingerprint authentication, etc.
FTX is also a fully legit and secure crypto exchange. It has also partnered with Chainalysis to keep track of suspicious crypto activities. All this is paired with manual review to ensure an even more significant level of protection to its users. Besides this, FTX also has 2FA authorization, allowed addresses, etc.
Binance vs FTX: Conclusion
Binance and FTX are among the leading crypto exchanges in the world. Binance offers a dozen options that you will ever need to trade in different ways and several crypto products. Talking about FTX, it is quite famous for its derivatives trading. Both the platforms can turn out to be decent choices for you. However, since Binance has been facing certain regulatory crackdowns recently, it would be better to go with a platform of lesser pressure from regulatory authorities. However, I’d still recommend that if you’re trading more than 4 digits, use a hard wallet and store your funds offline.
Frequently Asked Questions
How long does Binance Verification take?
On submitting all of the documents for KYC verification, it can take time from a couple of minutes to a day, depending on the number of applications the platform receives.
When is Binance withdrawal suspended?
Whenever you change your Binance account password, your Binance withdrawal is suspended for the next 24 hours.
What are FTX leveraged tokens?
The FTX leveraged tokens allow you to take leveraged positions in the market, i.e., your profits or losses are multiplied. If you buy ADABULL at 3x long and ADA goes up by 5%, then you gain a profit of 15%. However, if it falls, then you’d lose 15%.