Binance vs FTX US 2022 Review

binance vs ftx

Binance and FTX are two of the world’s biggest centralised cryptocurrency exchanges available to buy, sell, and trade digital assets. We’ve reviewed both platforms based on their exploring features, fees, security, supported currencies, and more, so you can decide which one is right for you. 

An Introduction to Binance

Binance was founded in China in 2017 by CEO Changpeng Zhao, known as CZ, making it one of the newer cryptocurrency exchanges to buy and sell crypto. It’s grown rapidly in size with 90 million registered users, $76 billion in 24-hour daily volume, and offers hundreds of cryptocurrencies to users. Thanks to its native coin, BNB, Binance has built a large and loyal investor base, who are rewarded with discounts for using the BNB coin. Binance is designed for all types of cryptocurrency investors, whether you’re a beginner, intermediate, or advanced trader, with different interfaces to suit your investing ability. 

Binance

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An Introduction to FTX

FTX is one of the newest cryptocurrency exchanges founded in 2019 by Sam Bankman-Fried and Gary Wang, headquartered in The Bahamas. FTX is a centralised crypto and derivatives exchange built for traders, by traders. It’s a platform that allows you to buy and sell spot, futures, leveraged tokens, and fiat trading pairs. FTX has grown quickly in popularity with its focus on the trading ecosystem. It even scored an early endorsement from Alameda Research, which comes as no surprise given Bankman-Fried founded the company in 2017. Due to the regulatory landscape in the US, FTX US launched in 2020 to serve its US customers. To continue the global spotlight on FTX US, it became the official cryptocurrency exchange for the NBA’s Miami Heat. As part of the sponsorship, the team’s stadium has been renamed the “FTX Arena” in a 19-year deal worth $135M. 

Are you in the US? Check this article: How to Use FTX in the US

Binance vs FTX US 2022 Review - - 2022

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Binance vs FTX US: Quick Glance

Binance is a versatile and robust platform that offers investors of any skill level everything they need. With over 600 cryptocurrencies to choose from and multiple trading interfaces, it’s clear why it’s so popular among the crypto community. As FTX US is a subsidiary platform, it’s limited to what it can offer users, with less than 30 cryptocurrencies to trade. But whilst FTX US may not appeal to the altcoin gem hunter, it offers a professional trading experience – something that can’t be ignored. 

BINANCEFTX US
AccessOver 180 countriesThe US, excluding the following states: New York.
FeaturesMultiple trading interfaces,Multiple order types,Low fees,Recurring buys,Staking,Custom API keys,Binance Academy,Mobile app,Derivatives,NFT marketplace,Crypto loans,Binance card with cashback,Binance gift card,Binance Pay,24/7 chat support.Professional trading interface,Advanced trading options,Several trading markets,Recurring buys,Margin trading,Lending,FTX Pay,Visa Debit Card,NFT marketplace.
CryptocurrenciesOver 600 cryptocurrenciesLess than 30 cryptocurrencies
FeesNo trading fees on 13 Bitcoin spot trading pairs until further notice,Maximum 0.1% buying and selling fee, 25% discount on your trading fee if you pay with Binance Coin (BNB),Additional 2% fee for credit card purchases,No fees for USD deposits or withdrawals,Deposit and withdrawal fees vary by currency and crypto,Higher discounts with VIP program.Tiered fee structure,Max. maker fee is 0.1% and max. taker fee is 0.2%,Higher discounts with VIP program,2% fee to NFT seller on each sale or trade,$3 to mint or list your own NFTs.
Security2FA via SMS or Google authenticator app or hardware key,Device-level access restrictions,Whitelist wallet addresses,Partnered with Trust wallet, a third-party hot wallet.2FA via SMS, Authy, Google authenticator app or hardware key,Whitelist wallet addresses.

Binance vs FTX US: Access

Binance is a global crypto exchange that offers its users over 600 cryptocurrencies to trade, in over 180 countries worldwide. US users are however required to use its subsidiary platform, Binance US. Crypto exchange, FTX US, operates as a scaled-down version of the parent platform, with less than 30 cryptocurrencies to choose from. FTX US is available to US users excluding those in the state of New York. Individuals creating an FTX US account will need to provide an ID document, Social Security number (SSN), proof of address, a selfie to confirm identity, and provide source of funds. 

Binance vs FTX US: Ease of Use

Binance is a jack-of-all-trades exchange and a master of all. With everything covered in this one platform for crypto investors, it makes it easy to use whether you’re a beginner investor or an experienced trader. Binance makes it simple for beginners to get started and make their first crypto purchase, but also allows advanced users to get technical and “in the weeds” with the advanced charting, trades, and custom API keys. 

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FTX US offers a fully-fledged trading platform suited for casual, experienced, and advanced crypto investors. Its interface is beautifully designed so investors can move around with ease and take full advantage of the trading options to maximise returns. The simple buy and sell interface especially is perfect for investors of all skill levels, as orders can be placed with ease, allowing traders to get in and out of crypto assets quickly. 

Binance vs FTX US 2022 Review - - 2022

The sign-up process for both platforms is reasonably quick and easy. You can create a free account using your email address and creating a password. Once you verify your identity with the KYC checks, you can connect your bank account or credit card so you’re ready to make your first purchase. From there, it’s easy to secure your account with two-factor authentication on both platforms by heading into the account settings. 

Individuals creating an FTX US account will need to complete extra identification checks to comply with US regulations. These include an ID document, Social Security number (SSN), proof of address, a selfie to confirm identity, and provide a source of funds. 

Binance vs FTX US: Features

Binance and FTX have become so much more than just your average crypto exchange you can use for buying and selling cryptocurrencies. They have managed to expand their product offerings to provide investors with so many more opportunities, whilst retaining the simple and easy-to-navigate interfaces that made them popular in the first place.

Here are the main features available across both platforms:

Binance features 

Multiple trading interfaces: Binance allows users to trade using the simple buy, sell and convert interface for beginners, or the advanced charting views using TradingView embedded charts with hundreds of indicators you can overlay. 

Multiple order types: Binance offers one of the widest varieties of trading options. Here’s a list of some of the trade types:

  • Limit order
  • Market order
  • Stop limit order
  • Stop market order
  • Trailing stop order
  • Post only order
  • Time in force limit orders
  • One-cancels-the-other (OCO) orders
  • Limit TP/SL order (strategy order)
  • Margin trading
  • Pool liquidity
  • Peer-to-peer trading

Staking: Binance allows investors to stake their crypto to receive rewards. This is a useful way for investors to increase their crypto holdings. 

API keys: Binance allows crypto investors access to their API keys, allowing the integration of third-party apps into the Binance platform.

Binance Academy: Binance’s free education platform is a great resource for crypto investors of any knowledge level to learn more about blockchain, crypto, and security. From beginner crypto lessons and glossaries to advanced tutorials on trading, Binance Academy is an extensive educational tool that shouldn’t be overlooked. It grows over time, as the market continues to evolve.

Learn and Earn: As part of the Binance Academy, Binance offers short educational videos that users can watch on the platform and be rewarded with a small amount of crypto for doing so.

NFT marketplace: Launched in 2021, the Binance NFT marketplace features digital artwork and collectables powered by the BNB blockchain. It’s free to use and beginner-friendly, allowing users to mint, sell, bid, and purchase NFTs. Binance’s NFT marketplace comes with low minting fees, but only lets creators collect 1% in royalties.

FTX US features 

Multiple order types: FTX offers a wide variety of trading options, with no compromises on offering over at FTX US. Here’s a list of some of the trade types:

  • Limit order
  • Market order
  • Stop market
  • Stop limit
  • Trailing stop
  • Take profit
  • Take profit limit

Access to different markets: FTX US allows users access to fiat, stocks, and ETFs to trade alongside crypto and NFTs. With access to the fiat markets, users can trade different currencies such as USD, CAD, EUR, and GBP. Plus, users can access the stock market through trading tokenised stocks of US equities and ETFs such as Apple, Tesla, Microsoft, and much more.

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Staking rewards: FTX allows users to earn rewards on your crypto. You can earn rewards in cryptocurrencies such as SOL, SRM, RAY and the native token, FTT.

API keys: FTX allows crypto investors access to their API keys, allowing the integration of third-party apps into the FTX platform.

NFT marketplace: FTX has launched an NFT marketplace as they continue to compete with Binance. Here, users can mint, buy, and sell Ethereum and Solana-based NFTs. FTX US charges a 2% fee to the seller on each sale or trade, and charges $3 to mint or list NFTs.

Binance vs FTX US: Cryptocurrencies

Binance and FTX US both offer access to the top cryptocurrencies, but Binance supports over 20 times the number of currencies that FTX US does. Binance supports over 600 cryptocurrencies, while FTX US only has access to less than 30 cryptocurrencies. Whilst this may leave those altcoin investors disappointed who are looking for the next 100x bagger, FTX certainly doesn’t compromise on anything else.

Binance and FTX US allow you to purchase the top cryptocurrencies including Bitcoin, Ethereum, Solana, Polygon, Chainlink, Avalanche, Uniswap, Aave, and of course their native tokens BNB and FTT respectively. You can also purchase stablecoins such as USDT and DAI. Cryptocurrencies are fractional assets, so you do not have to purchase a whole coin or token. Binance has a minimum order amount of $10 and FTX has a minimum order of $1.

To explore more currencies on Binance, you can review the Binance market listings and FTX US market listings. Whilst FTX US only has a small number of cryptocurrencies you can trade, it does allow you access to fiat markets and stock markets, something that Binance does not.

Binance vs FTX US: Fees

Binance and FTX allow customers to buy, sell, and trade cryptocurrencies with incredibly low fees. They’re some of the lowest across the entire crypto market. When you take this into consideration, it’s obvious why investors value both exchanges.

Binance Trading Fees

A 25% BNB discount on spot trading fees, when paid in BNB (native coin), is currently on offer. Binance is also currently offering crypto investors a 0% fee on Bitcoin spot trading pairs until further notice. The 0% Bitcoin fee is available on the following 13 trading pairs on Binance: BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/TUSD, BTC/UAH, BTC/USDC, BTC/USDP and BTC/USDT.

Outside of these existing offers, Binance charges users an average fee of 0.1% or less per transaction. Binance incentivizes high-volume traders with a fee structure, using a maker-taker fee structure.

Here’s a list below of the trading fees on Binance:

LEVEL30D TRADE VOLUME (BUSD)& / ORBNB BALANCEMAKER / TAKER FEEMAKER / TAKERBNB 25% OFF
Regular User< 1M BUSDor> 0 BNB0.1% / 0.1%0.075% / 0.075%
VIP 1> 1M BUSDand> 25 BNB0.09% / 0.1%0.0675% / 0.075%
VIP 2> 5M BUSDand> 100 BNB0.08% / 0.1%0.06% / 0.075%
VIP 3> 20M BUSDand> 250 BNB0.07% / 0.1%0.0525% / 0.075%
VIP 4> 100M BUSDand> 500 BNB0.02% / 0.04%0.07% / 0.09%0.015% / 0.03%0.0525% / 0.0675%
VIP 5> 150M BUSDand> 1,000 BNB0.02% / 0.04%0.06% / 0.08%0.015% / 0.03%0.045% / 0.06%
VIP 6> 400M BUSDand> 1,750 BNB0.02% / 0.04%0.05% / 0.07%0.015% / 0.03%0.0375% / 0.0525%
VIP 7> 800M BUSDand> 3,000 BNB0.0200% / 0.0400%0.0400% / 0.0600%0.015% / 0.03%0.03% / 0.045%
VIP 8> 2B BUSDand> 4,500 BNB0.02% / 0.04%0.03% / 0.05%0.015% / 0.03%0.0225% / 0.0375%
VIP 9> 4B BUSDand> 5,500 BNB0.02% / 0.04%0.015% / 0.03%

The higher the trading volume (measured in BUSD or USD amounts), or BNB balance, the lower the fee becomes. If you are an active and high-volume trader, Binance offers some of the lowest fees on the market.

Binance Withdrawal and Deposit Fees

The withdrawal and deposit fees on Binance are as follows:

DEPOSIT FEE ($)WITHDRAWAL FEE ($)
Bank Transfer (SWIFT)015 USD
Bank Transfer (Signet)00

FTX US Trading Fees

One of the reasons why FTX is adored so much is the rock bottom fees. Whilst the trading fees are based on the amount you’re trading, you’re still only ever paying an incredibly low amount even if you’re not a regular trader.

FTX US operates a tiered fee structure for spot markets:

TIERPAST 30-DAY VOLUMEMAKER FEESTAKER FEES
100.10%0.20%
2> $100,0000.06%0.18%
3> $1,000,0000.05%0.15%
4> $5,000,0000.04%0.10%
5> $10,000,0000.02%0.08%
6> $15,000,0000.00%0.06%

FTX US Withdrawal and Deposit Fees

The withdrawal and deposit fees on FTX US are as follows:

  • ACH deposits: $0.50 per ACH is the standard fee and FTX gives you your very first ACH deposit free. You also get one ACH deposit over $10 a week free. You will not be charged if the deposit is over $100.
  • Wire fees: You can withdraw less than $5,000 every week, with additional withdrawals below that same amount incurring a $25 fee. Withdrawals above $5,000 are free.  

Binance vs. FTX US: Security Features

Binance and FTX offer robust security features to protect your crypto and digital assets. These are some of the security features available on each platform: 

Binance Security Features 

Two-factor authentication (2FA)

Binance offers 2FA via SMS, the Google Authenticator app, or a hardware key such as a Yubikey. 

Trust Wallet

Binance doesn’t have its own crypto wallet, like other exchanges such as Coinbase. Instead, Binance has partnered with Trust Wallet, a third-party hot wallet with over 25 million users. Trust Wallet secures your crypto with a PIN, Face or Touch ID, and seed phrase.

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Whitelisting wallet addresses

Binance allows you to whitelist wallet addresses, which is the ability to restrict transactions to pre-authorized wallet addresses only. Wallet addresses that have been whitelisted will appear in your address book, blocking any other addresses from accessing your crypto. 

Device-level access restrictions

Binance allows you to review all the devices and browsers that have accessed your account, with the ability to delete any that you don’t recognize or no longer use. You can also enable anti-phishing mode to protect your account from phishing attempts and verifies Binance as the sender of your notification emails.

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FTX US Security Features 

Two-factor authentication (2FA)

FTX US offers 2FA on all accounts via SMS, Google Authenticator app, Authy, or a hardware key such as a Yubikey. 2FA can also be used not only for logging into your accounts but can be applied to withdrawals too.

Whitelisting wallet addresses and IPs

FTX allows you to whitelist wallet addresses so that all withdrawals go to predetermined addresses that you have added to your saved address list. When setting up your API keys, you can also add security measures that only allow the use of the keys from a specified IP. 

Binance vs. FTX US: Regulatory Scrutiny 

Binance and FTX are two of the world’s most popular crypto exchanges, so it’s not surprising to see them targeted by financial regulators. This has changed the way they both do business. 

After launching in 2017, Binance was later banned in the US by financial regulators in 2019, stopping all access for US users. Binance partnered with BAM Trading Services to create Binance US, a fully regulated way of bringing Binance’s trading options back to the US market. Binance continues to expand across Europe in 2022. Regulatory approval has been granted from three countries within the European Union: France, Italy, and Spain. These registrations allow Binance to offer crypto asset exchange and custody services in compliance with the central bank’s anti-money laundering (AML) and counter-terrorist financing (CTF) rules.

FTX US is the US-regulated cryptocurrency exchange launched as a subsidiary to the main platform in 2020. FTX has become the first crypto exchange to apply for a bank charter in New York, so they’re able to offer services to New Yorkers. FTX US in 2022 opened its new headquarters in Chicago and announced a new pilot program to provide city residents guaranteed income and other benefits to low-income city residents. FTX US has come under fire once again from the US regulators, with a warning from the Federal Deposit Insurance Corporation (FDIC) to stop misleading users about deposit protection. 

Binance vs. FTX US: Final Thoughts

Binance and FTX US are two widely used and popular platforms for crypto investors to buy, sell, and trade crypto. Both exchanges offer low fees and bonus features to win over crypto investors. Binance is a robust exchange that’s the perfect choice for crypto investors of all levels of expertise. It caters for active traders, beginners, and everyone in between whilst FTX is a platform best suited for active and experienced traders. Binance also has plenty of educational resources, tutorials, and user guides to help beginner investors navigate the journey that FTX do not offer. Binance is truly a one-stop shop for the crypto investor community.

Binance

Buy, trade, and hold 600+ cryptocurrencies on Binance

$600 BONUS + 10% OFF FEES
Binance vs FTX US 2022 Review - - 2022

#1 exchange to buy and sell crypto in USA

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Binance vs. FTX US FAQs

What are Binance and FTX? 

Binance and FTX are cryptocurrency exchanges designed for buying, selling, and trading crypto coins, tokens, and digital assets. 

To make a cryptocurrency purchase on either the Binance or FTX exchange, users create an account, connect a bank account, and add funds via a bank account transfer or credit card. When you make a crypto purchase, you are exchanging traditional currencies for crypto, and the exchange is storing the crypto for you until you decide to sell, trade, or withdraw it. Once purchased, users can then either withdraw those currencies to a crypto wallet for safekeeping or simply keep them on the exchange for trading. When you’ve sold your cryptocurrency, you can withdraw the funds out of the exchange and back into your traditional bank account.

Who should use Binance vs. FTX? 

Binance is a robust platform for active traders, beginners, and everyone in between. The cheap fees and different trading pairs make the platform appealing to use. There are also plenty of educational resources, tutorials, and user guides to help beginner investors navigate the journey. FTX US is a trading platform that’s perfect for casual, experienced, and advanced traders who will be making frequent withdrawals, and want access to other markets such as FX and stock markets. 

Should I use the Trust Wallet? 

Binance doesn’t have its own crypto wallet, like other exchanges such as Coinbase. Instead, Binance has partnered with Trust Wallet, a third-party hot wallet with over 25 million users. Trust Wallet secures your crypto with a PIN, Face or Touch ID, and seed phrase. Trust Wallet supports over 65 blockchains and 4.5 million assets, so it will cater to most investors’ portfolios. However, please remember that this is a hot wallet and is not the most secure form of storage for your crypto. For the crypto you plan to hold long-term without trading, we would always recommend using a cold hardware wallet as the preferred method. 

Does FTX have a wallet I can use?

No, FTX does not have a hot wallet you can use to store your crypto. So it’s advised to transfer any crypto you plan to hold for the long-term onto a hardware wallet instead.

Still in doubt about which crypto exchange is right for you?

Maybe these articles can help you too: Binance vs Coinbase Review or Coinbase vs ByBit Review or Phemex 2022 Review

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