FTX VS Binance: Differences & Similarities Explained (2024) (2024)

Comparing cryptocurrency exchanges can be one of the best ways to pick between a few different options that you might be considering. It can put things into perspective, and help you make an informed decision! In this FTX VS Binance comparison, we’ll be taking a look at two well-known crypto exchange platforms that are constantly popping up on crypto enthusiasts’ radars.

Admittedly, you’re in for a pretty interesting comparison, since both exchanges in question are rather unique, and very different from one another. While they share many features, it’s probably safe to say that if you’re a fan of FTX, Binance might not be your go-to option, and vice versa.

I’m getting ahead of myself, though - in order for you to see those differences clearly, we need to establish some common ground, and discuss the features that we’ll look into, in regards to this FTX VS Binance comparison.

Also, if you’d like to check a more-condensed comparison of the two exchanges in question, when you’re reading this, there’s a pretty good chance that we have one up, already - make sure to check it out, after reading this article!

FTX VS Binance: Comparison Criteria

So - as pointed out in the introduction of this FTX VS Binance comparison, whenever you compare FTX, Binance, Coinbase, or any other exchange out there, in the industry, you should always do so through the lens of some set-specific features.

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Naturally, everyone is going to have their own preferences for what’s important to them, in regards to crypto exchanges. That being the case, though, there are certain aspects that, no matter your preferences, you should always check out with any high-end and reliable exchange.

These aspects include security, ease of use, user count, customer support, fees, and supported assets. Let’s take a closer look at each one of them, so as to get a better idea of what you should be looking at.

• Security. If you’ve spent any time in the crypto industry, you’re probably not surprised to see security at the top of the list. Indeed, I mention this every chance I get, but security should be the very first thing that you look into, when comparing FTX VS Binance, or any other crypto exchanges. If the platform lacks in security, no amount of “awesome features” are going to make that up - you will risk losing your assets to a security breach, or some sort of a vulnerability! Evidently, security is a broad term, too - there are multiple methods of how exchanges can secure your crypto, so keep that in mind!
• Ease of Use. As the crypto industry has expanded, there are countless numbers of new enthusiasts coming into the market, every single day. All of these people are going to need a place to start their crypto journeys - fund their first accounts, buy their first coins and tokens, and transfer them to their first wallets. All of that can seem really complex, when you’re just starting out! Many top-tier exchanges know this - that’s why they focus on providing as simple and easy-to-get-into experience to their users as possible. If you’re looking for a simple-to-use exchange, it’s definitely an important factor to consider in this FTX VS Binance comparison!
• User Count. This is one of the more-interesting features to look into, when comparing FTX VS Binance. It’s a feature that can really showcase how well-established the exchange is, and just how reliable its services are. On the flip side, though, user count should always be viewed in a broader context - for example, you can’t really expect an exchange that was launched a year ago to have the same numbers as a decade-old industry veteran. That being said, if you do consider all of the factors that make up the user count metric, it can be a very informative point of reference, and help you pick the better exchange for yourself!
• Customer Support. Customer support is likely one of the most underrated features that need to be considered, when choosing between ​​Binance VS FTX, or any other reliable exchange out there. That’s mostly because people don’t really think about customer support, until there’s an actual need for it! At that point, though, it might be too late - if you find yourself using an exchange that lacks proper support, and run into a problem with, say, your transactions, you might get stuck in an endless loop of back-and-forths. It’s a feature that you should definitely consider, since it can save you a lot of potential headaches in the long run!
• Fees. Fees are, undoubtedly, one of the most important features to consider, when looking at comparisons such as FTX VS Binance. While they might seem like a second-hand thought, if you’re just starting out, experienced traders know just how much impact fees can have on your potential profits. Specifically, we’re talking about trading fees here - while deposit, withdrawal, and network fees exist, as well, they are going to be minuscule, when compared to trading ones. So, if you’re looking to trade crypto for a long time, or are even simply interested in passive long-term investments, fees are certainly something to look into!
• Supported Assets. No matter if you’re someone who’s interested in acquiring the “main” cryptocurrencies, or are actively looking to diversify your portfolio, the number and variety of supported assets on any given exchange is going to be an important factor to look into. Even if you’re not particularly interested in the altcoin market, you never know when you might develop a passion for some niche projects - in that case, it’s awesome to be able to purchase all of your assets on a single exchange! Oftentimes, exchanges don’t support all that many coins and tokens - thus, this needs to be examined in this FTX VS Binance comparison, as well!

As mentioned earlier in the comparison, whether it be FTX, Binance, or any other exchange, everyone is going to have their own preferred features and benefits that they look into - that’s fine.

However, in addition to your preferences, you should always make sure that all of the above-mentioned aspects are covered, too - this will help you rest assured that the platform that you’re planning to use is at least reputable and well-managed, if anything!

FTX VS Binance: The Comparison

So - now that you’re aware of all the different features that need to be looked at in this FTX VS Binance comparison, we can move on to the actual comparison itself! With the intention to keep things in an orderly fashion, we’ll make our way down the list that we’ve established above.

Security

As you might have gathered by now, security really is the “name of the game”, when it comes to cryptocurrency exchanges, or any other crypto-related service out there. That said, I’m happy to say this in advance - both exchanges in this FTX VS Binance comparison appear to offer optimal security measures to their users!

Starting off with FTX, the exchange focuses mostly on user fund protection, as it relates to your account. Naturally, there’s two-factor authentication employed with all operations that you might perform - logins, transactions, asset withdrawals, and so on. While being an industry-standard feature, 2FA is actually very effective, when it comes to preserving the security and integrity of your account!

Moving on, you also have things such as IP whitelisting, suspicious transaction reports, and even account locks, if there’s any suspicion that it was compromised. FTX is quite aggressive when it comes to protecting its user funds - that’s a good sign!

On the other hand, Binance is very often hailed for being one of the most secure and reliable cryptocurrency exchanges in the world. With the popularity that the platform has managed to garner, it’s no wonder, either - no matter if you compare Binance VS FTX, or any other exchange, this point will still ring true!

So, what are the security features on Binance?

Well, for starters, Binance employs cold storage with the vast majority of its user funds - meaning, your assets will be kept in hardware cryptocurrency wallets, and away from potential hackers and scammers.

Next up, you can also expect all of the industry-standard login and activity monitoring features to be present on the platform, as well. Suspicious activities are going to be aggressively investigated, and every time that you’ll want to log into your account or perform a transaction, you will need to confirm your legitimacy via SMS or email means.

The great thing about the exchanges in this FTX VS Binance comparison is the fact that you will find strict KYC verification checks on both platforms. In order to do frankly anything on either of said exchanges, you will need to provide them with proof of your identity, as well as additional information about yourself.

This, in turn, allows you to rest assured that using both FTX and Binance is legal, and that every single user on the platform had to pass a similar process, and be identified.

To sum up, it would seem that both exchanges in this FTX VS Binance comparison care about the security of their users’ funds and personal information - that’s definitely a great start!

Ease of Use

As discussed earlier in the comparison, ease of use is something that the vast majority of high-end exchanges strive to achieve, and provide to their users. Once again, this is mostly due to the fact that there are a lot of newcomers coming into the space, and that are looking for their first place where to start trading crypto.

It’s even something that you can notice from many of the exchanges’ marketing tactics, too! Whether it be Learn-to-Earn promotions, sign-up bonuses, fee reductions, or anything else of that nature, it’s clear that many exchange platforms target industry newcomers - it’s not at all surprising, really!

That being said, the ease of use situation within this FTX VS Binance comparison is actually rather interesting. Allow me to explain.

Starting from FTX, admittedly, it’s not the simplest exchange to use, if you’re just beginning your crypto journey. This can even be seen when you take a look at the core functionality that FTX focuses on - futures, or, more specifically, cryptocurrency derivatives.

It’s not exactly a beginner-friendly topic!

Derivatives aside, FTX offers its users a lot of advanced features, both in regards to account management, as well as trade performance and asset tracking, too. While this is awesome, from a general perspective, it also makes the exchanges less approachable to many beginner investors out there.

With Binance, on the other hand, the situation is quite… Interesting.

For the longest time, Binance was seen as one of the most difficult cryptocurrency exchange platforms to get into, if you’re a beginner in the field. This was true both due to the variety of features offered by the exchange, as well as the general user interface that you’d be faced with, too.

As of late, though, and especially when you compare FTX VS Binance in this regard, the latter platform seems to have really optimized its processes and features! Now, while it still offers a huge variety of features to its users - everything from borrowing and lending, all the way to an NFT market -, everything’s a lot easier to navigate through, and much clearer, in general.

In short, though, chances are that, if you’re just starting out, Binance is going to prove to be a more-welcoming platform, when compared to FTX. While neither exchange is “super-simple” to get into, due to FTX’s focus on advanced trading features and general feature variety, it might take some more getting used to.

User Count

The number of registered and active users on a cryptocurrency exchange can be a really good indication of just how well the platform is doing, when it comes to all of its core features. If there are plenty of users that are logging into the exchange every single day, that exchange is likely going to appear much more reliable than another platform that doesn’t have many users, or worse - one that bleeds clients on a daily basis.

Naturally, though, no matter if you’re reading through different user FTX VS Binance comparisons, or about any other exchange on the market, it’s important to keep in mind that this isn’t a “tell-all” sign. There are multiple instances where super-high-profile exchange platforms have been hacked - it’s not a golden rule, by far!

That being said, though, it can still serve to be a pretty good indicator of where the exchange stands, in a general sense. As long as you view things in context with all of the important variables, that is.

When it comes to FTX, the exchange boasts around 1 million registered, active users. This is a pretty decent number! It is, however, completely blown out of the water by Binance - this platform houses a staggering 90 million users, through all of its services.

Interestingly enough, both exchanges are actually pretty similar in age, too! Binance was founded in 2017, while FTX - in 2019. This makes the difference in numbers even more shocking.

To be completely fair, though, in order to have the entire context laid out for you, it’s worth mentioning that 2017 was one of the first major crypto bull runs, right before the 2018 “crypto winter”. In 2019, the market was still pretty down, sentiment-wise.

All of that being said, the general idea still stands true - the difference in numbers is rather obvious, and there’s no denying that Binance is the more-popular option. In fact, depending on the metric that you measure, Binance is often considered to be *the* most popular exchange in the industry!

Now, do keep in mind that this does not mean that FTX is a “bad” or “worse” crypto exchange. Even when it comes to liquidity, since FTX focuses on crypto derivatives, it shouldn’t really be an issue, user count-wise. Still, though, as far as this metric alone is concerned, Binance does take the lead, and rather firmly!

Customer Support

Without a doubt, customer support is among the most important aspects to look into, when deciding between Binance VS FTX. As I’ve pointed out earlier in the article, it’s a feature that many people don’t really think about, until it’s too late.

Thus, you should look into it beforehand, when you’re just picking out the best exchange for yourself.

FTX isn’t the best option, for anyone who values live customer support. Yes, the platform does have support options - you may submit a ticket, and there’s even a number to call, too. However, the most optimal way to chat with an agent is via live chat - a feature that the exchange is missing.

On the flip side, this is where Binance excels, too. The crypto exchange platform in question does have live customer support, via a live chat feature. In order to access it, you will need to log into your account - then, an agent will be reachable in just a few simple clicks.

When you compare FTX VS Binance, is it really a big deal that FTX doesn’t have live chat support? Well, it depends. There aren’t all that many user FTX reviews that would point this out - that’s good. And, to be fair, you can still reach the platform - it will just take much more time, if you choose to correspond via email.

That being said, if you find yourself in a situation where you would need support urgently, it CAN become a large issue, even with the phone option available. This is why live chat has become the industry-standard form of communicating with support agents, too!

All in all, no matter how you look at it, the point remains true - while FTX lacks a live chat feature, Binance does have one.

Fees

Fees are, rather obviously, a crucial point to consider, when comparing FTX VS Binance, or any other exchange, for that matter.

Interestingly enough, it’s also a point that is often missed by a lot of crypto industry newcomers!

Truth be told, it’s something that’s going to be most important to any aspiring day traders out there - people who are looking to trade cryptocurrencies on a constant basis, multiple times per day. In a situation like this, the fees can really add up!

Even if you’re simply looking to dollar-cost average your way into the crypto market, or trade in a rare, irregular basis, FTX fees VS Binance ones are still something that you definitely should consider, since they can impact your potential profits quite a bit!

I’m glad to say, though, that both FTX and Binance offer some of the best fees around!

In regards to FTX, you can expect the starting fees to be 0,02% for the market makers, and 0,07% for market takers. Binance, on the other hand, employs the same starting fee for both market makers and takers - 0,1%.

I use the term “starting fees”, since they can change over time, quite a bit. Specifically, both platforms have special programs where individuals who trade a certain volume of crypto throughout a set amount of time will be able to utilize lower fees, in general. The actual, specific conditions will vary.

While the fees with both exchanges are quite different from one another (FTX fees VS Binance ones are quite lower), even if you take Binance as a benchmark, you can still expect below-average fees, when you take the industry average into account. Good stuff!

Supported Assets

The last point that we need to look into, when it comes to this FTX VS Binance comparison, are the supported assets on each of the two exchanges in question.

As pointed out earlier in the article, the number of supported coins and tokens on an exchange platform can be really beneficial for anyone who’s looking to expand their portfolio, and diversify with various altcoins. If the exchange of your choice allows you to do so, it means that you won’t need to register on additional platforms, if you don’t want to.

In other words, as with many things in the crypto space, it all boils down to the factor of convenience.

As of writing this Binance VS FTX comparison, FTX currently supports around 100 different cryptocurrencies. These do naturally include all of the main coins and tokens, as well as some more-niche options, as well. Notably, though, while it’s not something that’s related to supported assets, in a direct manner, it’s worth keeping in mind (remembering) that FTX focuses on the derivatives markets, as well!

With Binance, the situation is quite different. This exchange supports over and around 600 different crypto assets, including various coins and tokens. Note, however, that this number will be present on the main Binance platform - if you’re using the US-based version of the exchange, that number is going to be much smaller.

On that note, 600 supported assets is a huge number to boast about! Unless you’re looking for some very particular crypto assets, or tokens that launched an hour ago, chances are that you’re going to find what you need, with Binance!

Conclusions

Approaching the end of our FTX VS Binance comparison, what’s the general sentiment, then - specifically, which of the two aforementioned cryptocurrency exchange platforms would prove to be a better choice?

Well, as I’ve told you at the beginning of the article, both Binance and FTX are quite different from one another. While the exchanges share a lot of similarities, at the end of the day, they are still going to suit different crypto enthusiasts.

FTX is an advanced trader-oriented platform - it focuses on multiple high-end features, as well as the derivatives markets. On top of that, FTX also allows users to trade some of the more traditional financial assets, such as forex and stocks.

Binance, on the other hand, aims to be the No. 1 cryptocurrency platform in the industry, from all sides of the deal. Over the years, the exchange has become much more beginner-friendly, and has focused on expanding its services further than simply cryptocurrencies - you can find NFTs, earning programs, P2P trading functionality, and much more, on the said platform.

In a general sense, Binance is going to be the go-to choice for most crypto fans out there. Even though FTX fees VS Binance fees are quite different (FTX offers better ones), which is often viewed as one of the core benefits of the former platform, Binance still offers very decent fee models, nonetheless.

FTX, Binance, Coinbase, or any other exchange out there - if you’d like to check out some to-the-point comparison of the top-rated cryptocurrency exchange platforms in the industry, make sure to visit our dedicated comparison tool! With that said, though, thanks for reading, and good luck with your crypto journey!