FTX vs Binance: Crypto, Fees, KYC Exchanges Difference

There are only a few major cryptocurrency exchanges that stand out for their rich functions, high security and long operating time. They offer a lot of comfort to customers on top of that. One of them is Binance, which offers not only trading alt coins, but other features such as margin and options. FTX platform offers help on the derivatives side but also different tools like platforms & bots.

Let's compare the crypto exchanges presented to find which ones would be better for each individual. We can look at all sides of the coin to make a decision and save ourselves some time and effort.


Binance

FTX

Type of exchange

Сentralized

Сentralized

Year founded

2017

 2019

Registration country

Cayman Islands

Antigua and Barbuda

Trust Score (Coingecko)

10

10

Cryptocurrencies / trading pairs

1458

497

Trading types

Spot, Futures, Margin trading, P2P

Spot, Futures, Margin trading, P2P

Fees

0.1%

(0.075%  option for BNB holder)

0.07%

2FA

Yes

Yes

Mobile application

IOS, Android

IOS, Android

Daily trading volume on Spot market

$13 265 105 972

$1 829 444 147

Advantages and disadvantages of FTX

Pros:

  • User-friendly
  • Bonuses and contests to encourage participants
  • Low commissions
  • Detailed background information on all aspects of work
  • Support for fiat currencies
  • FTT token

Cons:

  • Verification is required to work with fiat and withdraw more than $1000

FTX Review Summary 

91% Overall

We have analyzed key features of FTX based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
91%
Trustworthy
89%
Usability
92%
Fees

Advantages and disadvantages of Binance

Pros:

  • Good reputation and high reliability
  • Bot for grid trading
  • Higher leverage (up to 100x)
  • Own BNB token
  • Mining pool and cloud mining
  • Own blockchain ecosystem

Cons:

  • KYC is required

Binance Review Summary 

92% Overall

We have analyzed key features of Binance based on 3 important criteria for choosing crypto exchange:

  • Trustworthy
  • Usability
  • Fees
    Based on researches and our own tests, we have made an independent rating.
92%
Trustworthy
95%
Usability
90%
Fees

About FTX exchange

FTX is a crypto exchange for spot trading, derivatives with up to 110x leverage, tokenized stocks and other trading instruments. It features deep liquidity and tight spreads. Specialized liquidation system significantly reduces the probability of losing money on your transactions as well as providing some protection against market volatility. Instant margin-free transactions, opened up with 3X leverage. There's a beneficial offer for users of the exchange tokens, like discounts in fees and tighter spreads on OTC trading.

About Binance Exchange

Binance is the largest crypto exchange, and in many ways, it is more than just a place to trade. It also promotes financial instruments beyond cryptocurrencies like NFT and staking.

Comparative analysis of FTX and Binance exchanges

Available features

Both crypto-exchanges focus on cryptocurrency trading. 

FTX offers: 

  • Trade tokens with leverage, volatility tokens
  • Bets on events (political, sports) in the form of contracts
  • OTC-trading
  • Staking

Binance offers:

  • Binance Labs
  • IEO Launchpad
  • NFT market
  • BNB Vault

Available countries

FTX and Binance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries. 

Payment methods

You can fund your FTX and Binance account with a bank card, PayPal or cryptocurrency.

Card Support

All types of bank cards from supported countries are available on FTX and Binance.

Available Cryptos and Tokens

FTX currently supports 523 trading pairs and 340 coins. 

While Binance supports 1488 trading pairs.

Verification (KYC)

There are four levels of verification (KYC checks) on the FTX exchange. Features of each of them:

Level 0: E-mail is required. Limit on withdrawal of funds - a total of $1000.
Level 1: E-mail, last name, first name, region of residence. Money withdrawal limit - $2000 per day. But if the trading volume exceeds the withdrawal limit - $9000.
Level 2: Surname, name, address of residence, place of birth, documents to confirm these data, photo with passport and a sheet with the current date, information about the source of funds. No limits for withdrawal of cryptocurrency.
Level 3: Document to confirm residence (rent agreement, utility bill, etc.), recent bank account statement, which will be used for fiat deposit or withdrawal. No withdrawal limits for cryptocurrencies and fiat money.

New Binance customers need to fully verify their identity before they start trading on the platform. The exchange also offers many other useful products & services, including deposits, withdrawals and decentralized exchanges.

Account deposit

Exchanges offer the following options for funding the account:

  • Crediting a fiat account with a card or payment system
  • Purchase from a card
  • Direct transfer of cryptocurrency to the exchange address

Comparison of Trading Fees

FTX:

  • On both the spot and futures markets, the same commission system applies. The maker pays 0.02% and the taker pays 0.07%.

Binance:

  • Spot: 0.1% / 0.1% (maker/staker)
  • By default, the following option is set (can be disabled): if the balance has the required number of BNB tokens, they are automatically withdrawn and reduce the commission on a transaction by 25%
  • Also, the level of commissions depends on the user's level, which in turn is determined by his trading volume over the past 30 days and the amount of BNB in his account
  • All VIP statuses obtained in a regular account are retained for futures trading and continue to provide benefits

Account security

To register on FTX, you will need to enter your email address, a referral code and come up with a complex password. Immediately after registration, you will be prompted to activate two-factor authentication. It is recommended to do it immediately or a little later to protect your account more securely. 

What you can do to increase the security of your FTX account: activate two-factor authentication, activate payment password, which will be requested every time you make a financial transaction.
Include in white list addresses of purses, to which funds should be directed at withdrawal, create additional credentials for the same login, so trusted users can log in to your account.

Binance offers users Two Factor Authentication (2FA), hardware key, email and phone confirmations, whitelisting for withdrawals, anti-phishing code, monitoring of devices used and account activity.

Passive earn on exchanges

On FTX, you can use blocked and unblocked SRM and MSRM tokens for steaking, thus participating in the Serum ecosystem. Yield: 4% p.a. Distributed every hour. With 2% given out in locked SRMs and the other 2% in unlocked ones.

Binance Earn is popular for its many investment plans and tools. It includes bicurrency investments, fixed and flexible deposits, stacking, and farming. It periodically offers new features as the crypto market evolves.

Which to choose - FTX or Binance

FTX vs Binance is a tough choice. Both exchanges are very popular and have many fans. However, they have a few differences. On FTX, there is no mandatory verification, which is a huge plus. But at the same time, on Binance there are much more tools for investing.

Disclaimer:

Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

FAQs

Is FTX a good exchange?

There is no one-size-fits-all answer to this question, as the best exchange for you will depend on your individual needs and preferences. However, FTX is a well-respected and trusted exchange that has built a strong reputation within the crypto community.

FTX offers a wide range of features and benefits that make it an attractive choice for traders of all levels of experience, including a user-friendly interface, high liquidity, low fees, and extensive support for a variety of cryptocurrencies. Additionally, FTX also offers unique features like Futures contracts and Tokenized Assets that are not available on other exchanges.

Overall, FTX is an excellent choice for traders who want access to a wide range of trading assets.

Is Binance or FTX cheaper?

Both exchanges have their own fee structures and it really depends on how you decide to trade that will determine which exchange is cheaper for you.

For example, if you are looking to simply buy and hold cryptocurrencies, then Binance would probably be the cheaper option as they don't charge any deposit or withdrawal fees. However, if you're looking to trade often and take advantage of features like margin trading or derivatives, then FTX might be a better option as their fees are generally lower for these types of trades.

Is FTX safe to hold crypto?

There is no easy answer when it comes to whether or not an exchange like FTX is safe to use. However, there are a few key factors that you can look at in order to gauge the safety of an exchange. First and foremost, you want to make sure that the exchange is properly regulated. In the case of FTX, they are registered with legal entities in the United States, Singapore, and Hong Kong. This provides them with some level of protection should something happen to the exchange. Additionally, you want to make sure that the exchange has implemented proper security measures. For example, FTX uses 2-factor authentication and encrypted wallets in order to keep user funds safe.

Is the Binance app legit?

Yes, the Binance app is legit. It's a safe and easy way to buy and sell cryptocurrency. The app has a user-friendly interface and allows you to trade cryptocurrencies on the go.

Conclusion

You shouldn't have to worry about which exchange is the best for your needs and the factors to consider when choosing an exchange are reliable security, withdrawal and deposit fees and many others. Binance and FTX offer a wide variety of features that makes them stand out amongst other cryptocurrency exchanges. Think about which attributes that matter to you are present in the exchangers to decide if they're worth trusting. Both are proven and have worked for a long time. Due to the increasing cryptocurrency market, Binance and FTX are growing consistently. They are the two companies who are successful in the market and all companies should take note of this.

Disclaimer:

You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.

Other Exchanges comparison

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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