FTX vs. Binance 2022
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IMPORTANT: FTX is in a major crisis at the time of writing, so we recommend avoiding the exchange.
Binance is by far the best cryptocurrency investment platform for Aussie cryptocurrency traders and investors in comparison to FTX. It provides a range of cryptocurrency-related features, both for novices and experienced traders. In addition, Binance has one of the most affordable trading fees available. That alone is reason enough to place it in the top of the list. However, FTX could provide something you’ll need. So read on!
Table of Contents
FTX vs. Binance Comparison Table
|Withdraw Fee||Network Fees||Free|
|Payment Methods||PayID, bank transfers, credit/debit cards, and wire transfers||PayID/OSKO|
FTX Pros and Cons
- Staking is available on a handful of coins, such as FTT which offers additional advantages
- Over 275+ different cryptocurrencies & 10 fiat currencies supported
- Fastly and easily swap out money and fiat currencies.
- A wide range of markets, ideal for traders in derivatives
- Mobile app for iOS and Android
- The product is not readily available in USA
- A hefty USD withdrawal fee of $75
- Live chat is not available.
Binance Pros and Cons
- Favorable fee system with possibilities for discount
- A large spot market with over 700 different cryptocurrencies
- Sleek deposit and withdrawals
- Advanced markets for pro-traders
- Staking options for over 70 coins
- Separate platforms for separate markets
- Has some regulatory issues with several countries
- Newbies might get overwhelmed by the vast offer of trading instrument
FTX offers advanced trading capabilities like margin trading and futures trading which are appealing to traders who are experienced. The developers of this exchange claim that it was designed for experienced traders. Furthermore, FTX provides access to markets that include futures, stocks along with leveraged tokens.
In the end, FTX provides a fantastic trading experience that is easy yet effective. Additionally, it offers the most affordable fees that are available. This makes it one of the most popular Binance alternatives available at the moment.
In addition, it offers several advanced features such as futures trading and margin that can be beneficial for traders who are more advanced. Binance also offers its own cryptocurrency, BNB, lower trading charges. The savings for paying charges for trading using BNB is approximately 25%, which is extremely attractive.
Since FTX has many more options, it is the clear winner when it comes to features.
They both FTX as well as Binance are central exchanges which offer a range of cryptocurrency options to trade. FTX currently supports more than 300 cryptocurrency, which is quite a lot considering that it’s new to the crypto market.
However, Binance supports trading in over 600 different cryptocurrencies across around 180 different countries. This is why Binance is the most popular cryptocurrency exchange by trading volume.
Both Binance as well as FTX are two very similar exchanges , offering lower fees for trading, speedy trading times, and a variety of accepted coins. In terms of costs, Binance has the edge.
Binance has a standard cost of 0.1 percent for all trades. You can cut down the cost of trading by as much as 75 percent by keeping Binance Coin (BNB) and making payments for trades using it. Binance doesn’t charge deposits fees, however they charge a flat cost to cover the costs when you transfer cryptocurrency from the account.
Their rates of withdrawal aren’t set, they will be determined by the markets, and tend to fluctuate. You can always verify the most current information available at their Fee Schedule page.
FTX has the same structure of fees. FTX offers a maker’s fee of 0.02 percent and a taker charge of 0.07 percent which is reduced dependent on volume of trades. You can also cut down on the cost of trading by keeping FTT and making payments for trades using it.
FTX does not charge you any withdrawal or deposit fees with the exception of ERC-20, ETH tokens, or minor BTC withdrawals.
The two companies FTX as well as Binance have an experienced customer support team that provides a fantastic customer service.
The customer service team of FTX offers assistance over the telephone or email, as well as helpdesk ticket tickets Medium Twitter, Facebook, WeChat, Telegram, and YouTube. They also provide documentation to aid you in your journey to trading. FTX also has a great community of helpful and intermediate traders.
Binance, as with the other platforms, provides customer support via live chat, Facebook, Twitter, Reddit, Weibo, Instagram, Telegram, VK, and YouTube.
However, Binance doesn’t provide phone support. Binance also has an extensive community of users and has support documents. However, the support documents of FTX are more extensive and well-organized.
FTX offers phone support, whereas Binance does not, making FTX an excellent crypto exchange for customer support. FTX also offers better documentation for support to give you an advantage in the market for take-profits.
FTX is compatible with Wire, Credit Card, and Crypto.
For Binance it accepts Wire, Credit Card, and Crypto as deposit methods.
Binance accepts more payment options, and is therefore the winner.
One of the first things to evaluate with security is every platform. If you’re considering storing your valuables, you could be concerned about a platform’s security.
This is especially applicable to FTX since this platform is still relatively new in comparison to Binance. It’s only been operating for about three years and its primary net was launched in the early part of 2019. It has not been the victim of any significant security breaches or hacks.
Although both exchanges are secure, Binance has been hacked at least once however, whereas FTX has a proven history of security so far when in comparison with other exchanges.
The two FTX as well as Binance are great crypto derivatives exchanges , and offer the most seamless trading experience for their customers. They are however, FTX is a purely cryptocurrency derivatives platform, not like Binance. Apart from that the fact that it has a low fee for trading and a wide range of products and excellent customer service makes FTX the better option.
Binance is a great option for you if you are looking to buy and hold Bitcoin or any other asset. It’s also an excellent option if you’re searching for an exchange that has the highest leverage exposure.
Frequently Asked Questions
Does FTX have a mobile app?
It is easy to track your crypto transactions, positions, balances with the FTX Pro mobile app. The FTX app enables the tracking of over 10,000 different digital assets to provide traders with the most current and reliable data. Moreover, this application provides statistical information from over 500 various market sources. The FTX mobile app is fully functional on all Android and iOS devices.
What countries are supported by FTX?
Even though FTX is a global crypto exchange, certain jurisdictions cannot use its financial services due to legal constraints and security restrictions. The United States, Cuba, Crimea, Iran, Iraq, and Syria have restricted access to the FTX platform.
Does FTX provide a cryptocurrency wallet?
Yes. Users may use FTX’s custodial wallet to hold and exchange cryptos. If you use a custodial wallet, you should know that the exchange has access to your wallet’s private keys.
Does Binance provide a wallet?
This one is also a yes. In 2019, Binance acquired Trust Wallet after their security breach. The wallet can be used to store a wide range of cryptocurrencies as well as NFTs.
Where is Binance accepted?
Binance is accepted in almost any country in the world but fiat payments from cards are prohibited in countries like Iraq, North Korea, Iran, Afghanistan, and Syria. Some US states also lack credit and debit card deposit features – they are New York, New Mexico, Georgia, Connecticut, and Washington.
How does Binance make money?
In 2021, Binance reached a record revenue that was $20 billion from fees to trade as well as trades. In addition, Binance charges margin borrow interest, charges for futures trading, as well as Cross collateral rates.
Is it safe to link a bank account to Binance?
There is no way to guarantee that anything that happens on the internet is risk-free, however according to the security measures that Binance has implemented, Binance is an trusted crypto business.
Best Crypto Exchanges Compared
|Exchange||Deposit Methods||Fiat Currencies||Cryptocurrencies||Trading Fees||Deposit Fees||Withdrawal Fees||Sign Up|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency, Bank Transfer||AUD / NZD||320 +||0.6%||AUD Deposits: $0 Crypto: None||AUD Withdrawals: $0 Crypto: None||Visit|
|PayID, POLi, Cryptocurrency, Cash, BPAY, Bank Transfer||AUD||370+||OTC: 0.1% Instant buy/sell: 1% Market order: 0.1%* (applies to BTC, LTC, XRP, ETH, DOGE, POWR, NEO, TRX, GAS, XLM, EOS, RFOX, RChain||Direct Bank Transfer: 0% Direct Deposit: 0% Cash: 2.5% BPAY: 0.9% PayID, POLi, and direct deposits: None||AUD withdrawals: $0||Visit|
|PayID, Osko, Debit Card, Credit Card, Cryptocurrency||USD, AUD, CNY, EUR, CAD, GBP, UAH, NGN, TRY, RUB||600+||0% – 0.1%||None||Vary||Visit|
|Crypto, electronic funds transfer (EFT), wire transfer, bank transfer, debit card/credit card||50+||160+||0.1% to 0.6%||Bank transfer: $0||Vary||Visit|
|Bank Transfer (ACH), Crypto, SWIFT, Fedwire, Wise, PayPal, Debit Card, Credit Card, SEPA, BPay||19 including USD, AUD, and SGD||250+||0.04% to 0.4%||$0||FREE via bank transfer. $25 for USDC withdrawal via SWIFT Network||Visit|
|Google Pay, Apple Pay, Debit Card, Credit Card, Cryptocurrency, Bank Transfer, Cash||AUD, GBP||50+||Taker: 0.04-0.1% Maker: 0.04-0.1%||CoinJar users: No fee NPP: No fee Cash: 1.5%||0 Withdrawal Fees||Visit|
|PayID, Osko, POLi, Cryptocurrency, Bank Transfer||AUD||300+||0.1% – 0.5%||POLi: $2 (capped at $3.30) Deposit Fees Bank Transfer: None||None for AU Bank Accounts Cryptocurrency: Network fees||Visit|
|SWIFT, EFT, PayID, Osko, Cryptocurrency||USD, AUD, NZD||27||0.05% – 0.5%||For SWIFT: $15 for deposits under AU$5,000 equivalent None for deposits over AU$5,000 equivalent For EFT: AU$0.99 for deposits under $100 None for deposits over AU$100||Cryptocurrency: Fees vary Bank Transfer: None for AUD, $20 for non-AUD||Visit|
|Skrill, Online Banking, PayPal, Neteller, Debit Card, Bank Transfer||USD, AUD, EUR, NZD, GBP, HKD, CAD, CHF, NOK, SGD, and 5+ more||70+||Vary (overnight and weekend fees apply)||Vary (conversion fees for non-USD deposits) ($50 minimum deposit)||$5 (minimum withdrawal of $50)||Visit|
|SWIFT, Google Pay, Apple Pay, SEPA, Osko, Wire Transfer, Cryptocurrency, Bank Transfer||AUD, USD, GBP, EUR, CAD, JPY, CHF||140+||Taker: 0.10% – 0.26% Maker: 0.00% – 0.16%||Vary||Vary||Visit|
|SEPA, Debit Card, Credit Card, Wire Transfer, PayPal, Cryptocurrency||AUD, EUR, USD, RUB, GBP, KRW, CNY, VND, TRY||645+||0.1%||None||Vary||Visit|
|Bank transfer, POLi, OSKO, P2P||AUD||100+||Taker fees: 0.5% – 1.6% Maker fees: 0.5% – 1.6%||Card deposit fees: 0%||$0||Visit|
|Crypto, Bank Transfer, PayID||AUD||410+||Taker fees: 0.85% Maker fees: 0.85%||$0||$0||Visit|