A few weeks ago, I did a video comparing Coinbase to FTX – two of most well-known exchanges in the space.
However, given that many people are not really fans of Coinbase (given some of the points I raised in the video). And many other people said that they wanted me to do a video of Binance vs. FTX – and that’s what I have for you today!
Apart from the fact that I personally use both exchanges, I think it’s a much fairer comparison for a video in the first place.
That’s because Binance is the largest and most diversified cryptocurrency exchange on the market. They have the most volume and the most asset support. They also used to own a share of FTX before SBF bought out CZ earlier this year.
In my video, I take you through each of these exchanges. I look at the following:
– Background & Founders
– Locations Offered & Restricted Countries
– Funding / Withdrawal Options
– Coin Support
– Trading Fees & Discounts
– Customer Support
– Trading Platform
– Other Features
I also take a look at the numerous regulatory hurdles these exchanges have had to deal with and how they have evolved to keep abreast of these shifts.
So, if you guys have been on the lookout for a new exchange and are trying to weigh up the pros and cons of these two – then this is exactly the video for you!
❓ Who is Binance & FTX? ❓
Binance is the number one exchange for crypto spot trading. That’s down to the massive range of altcoins available, deep liquidity and extensive exchange features. In spite of that, no one really knows where Binance is based. However, they do have staff based in 50 countries and offices all around the world and they are not exactly hiding. All that being said, Binance has been in the regulatory crosshairs this year – more on that in my vid. On the other hand, FTX is a global exchange founded in 2017 and headquartered in Hong Kong. These guys have raised a crazy amount of money, recently securing $900 million in funding at a staggering $18 billion valuation. They put that money to work by completing a plethora of high-value sponsorship deals.
🔒 Security 🔒
Binance doesn’t have a spotless record and got hacked in 2019 and about 2% of all the BTC on the exchange got stolen. However, Binance did reimburse everyone impacted by tapping the legendary SAFU fund. FTX has some of the best security measures I have ever seen. I go over all the ways you can secure your account in the video.
🌍 Country & Asset Support 🌍
Binance doesn’t have a definitive list of accepted countries. However, there have been pieces of news regarding regulatory clampdowns which reveal several countries that you shouldn’t use Binance from. All that in my vid. FTX has a list of blocked countries. That essentially reads like an international naughty list. In terms of coin support, Binance supports 400 and FTX around 250.
💳 Deposit & Withdrawal Methods 💳
Both Binance and FTX support a wide range of different fiat currencies. FTX just has old fashioned bank deposits and withdrawals, whereas Binance supports card payments and P2P trading.
💰 Trading Fees 💰
With Binance it is possible for most people to slash those taker fees to a mere .06%, whereas it is possible to get a slightly lower fee of 0.56% on FTX; both exchanges offer insanely competitive fee levels.
📈 Trading Platforms 📈
There is honestly not much to choose from these two trading platforms – they are both excellent.
🎧 Customer Support 🎧
Lets face it, exchange support typically isn’t very good. Binance, to their credit, does offer a form of live chat – if a support agent isn’t around, you’ll get an email notification when they do. FTX offers email ticketed support but you can also reach out to them on a plethora of social media platforms too.
🤔 Other Features 🤔
Both these exchanges are packed full of different features. I highlight some of the most interesting ones in my video. So, be sure to watch that to get the low-down on these.
⛓️ 🔗 Useful Links 🔗 ⛓️
► Binance FCA warning: https://www.fca.org.uk/news/news-stor…
► KYC on Binance: https://cointelegraph.com/news/all-bi…
► FTX funding: https://www.ft.com/content/a3a90a4f-5…
► Binance security breach: https://www.binance.com/en/support/an…
► FTX security features: https://help.ftx.com/hc/en-us/article…
► Blocked FTX country list: https://help.ftx.com/hc/en-us/article…
► FTX deposits & withdrawals: https://help.ftx.com/hc/en-us/article…
► Binance fees: https://www.binance.com/en/fee/schedule
► FTX fees: https://help.ftx.com/hc/en-us/article…
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.