FTX Vs Binance: Which Crypto Exchange Is Better For You in 2023

FTX Vs Binance: Which Crypto Exchange Is Better For You in 2023

There are so many cryptocurrency exchanges that it’s hard to know which one to choose. However, there are only a few that most people talk about. Two such names are FTX and Binance. Both of the exchanges are extremely popular and known for their offerings. But if you had to choose only one, which would it be?

To help you make the best decision, Cove Markets will share FTX vs. Binance comparison with you. So you can find a suitable crypto exchange per your crypto trading needs.

Let’s dive right into the topic!



What is Binance?

Binance is the biggest cryptocurrency exchange in the world regarding the amount of money traded. Changpeng Zhao (also known as CZ), a developer who used to make software for high-frequency trading, started it in 2017. Binance used to be based in China, but when the Chinese government put more restrictions on cryptocurrencies, the company moved its headquarters out of China. Now, Binance has no fixed office.

What is FTX?

FTX Exchange is a leading centralized cryptocurrency exchange specializing in derivatives and leveraged products. With a focus on offering a range of trading products, including results, options, volatility products, and leveraged tokens, FTX Exchange has become a go-to spot for crypto trading. Founded in 2018 by MIT graduate and former Jane Street Capital international exchange-traded funds trader Sam Bankman-Fried, the exchange offers spot markets in over 100 cryptocurrency trading pairs such as BTC/USDT, ETH/USDT, XRP/USDT, and its native token FTT/USDT.

Read more: What is FTX Exchange? How to Use FTX: Review & Full Guide Of 2023 For Crypto Traders

Pros and Cons


  • Token holders can enjoy trading discounts when using the FTT token.
  • Comes with a virtual debit card for spending your crypto online
  • Large number of coins were supported.
  • Advanced trading solutions with support for NFTs.
  • Relatively young exchange
  • The US platform is much more limited than other platforms.
  • Some major cryptocurrencies are not supported.


  • A large selection of cryptocurrencies supported.
  • Binance’s competitive trading fees and discount programs make use of BNB Coin.
  • Advanced trading options for experienced traders.
  • This resource provides beginners with the educational information they need to get up to speed.
  • Users can increase their assets’ APY up to 10%.
  • Like FTX, its US-based platform is limited.
  • Its interface might be intimidating for beginners.
  • The company is currently without a land-based headquarters.

FTX Vs Binance: Which is Better?

FTX Vs Binance: Which is Better?



  • Binance Liquid Swap is an automated market-maker platform that helps stabilize prices and lower fees for large transactions.
  • Binance Smart Pool: enables miners to join forces and mine together as part of a larger group. By working together, they can earn rewards that are proportionate to their participation.
  • Binance Futures is a high-leverage trading platform launched in 2019 that allows users to trade certain coins at up to 125x leverage. The platform’s account funding and balance payments are made in Tether (USDT). Trading with any degree of leverage on Binance Futures comes with a high degree of risk, so be very cautious.
  • Brave Widget: The Brave internet browser is committed to protecting user data. Binance has released a widget that allows users to trade cryptocurrency through Brave.
  • P2P Trading: For users who want to trade crypto amongst themselves, with no fees. Users set their own prices, the amount of currency they want to buy or sell, and wait for other users on the P2P platform to fulfill their orders.


FTX provides a margin and futures trading platform that is beginner-friendly and easy-to-use, with innovative products to buy or sell. The crypto exchange primarily focuses on providing a stable and secure derivatives market for cryptocurrency margin trading, in addition to the following pros and cons:

  • FTX.US is the perfect trading platform for those based in the United States.
  • A professional-grade margin trading interface for desktop or mobile.
  • You can trade with up to 20x leverage on certain pairs.
  • You can use tokens to SHORT or LONG with up to 3X leverage, without margin.
  • Settle your stablecoin transactions with a single margin wallet.
  • The MOVE contract allows you to trade the change in price of a coin over time.
  • VIP traders get discounts on fees for larger volume amounts and using the FTT token.
  • FTX Trading offers exciting competitions and events for traders.

Supported Currencies


Binance offers more cryptocurrencies to its clients than any other exchange, with over 350 currently in the spot market. This gives Binance an advantage over other exchanges, as clients have a more comprehensive range of currencies to choose from. These currencies also have more than 23 base currencies, making Binance a truly diverse marketplace for traders and investors. This allows for better arbitrage opportunities and diversification opportunities for traders.

Binance supports approximately 60 fiat currencies through credit and debit card deposits or its P2P marketplace. This lets clients quickly enter the crypto market by choosing their local currency to buy crypto, without worrying about converting it into USD or any other international currency.


On the other hand, FTX offers a wide range of derivative markets and a spot market with over 170 cryptocurrency pairs. These 170+ digital assets are paired with 6 base currencies: BTC, USDT, BRZ, TRYB, USD, and EUR. The exchange provides coverage for most of the top cryptocurrencies, but some big ones are still missing from the spot market, such as Monero, Tezos, and Vechain.

FTX supports deposits and withdrawals in many fiat currencies, making it easier for users from different locations to buy and sell cryptocurrencies. These fiat currencies include USD, EUR, GBP, AUD, HKD, SGD, ZAR, CAD, CHF, and BRL, with TRY to be added soon.

Staking, Credit Cards, Other Options

Staking, Credit Cards, Other Options



FTX lets you stake your FTT tokens to earn rewards! You can do this on the FTT page or the staking page.

The following are benefits of staking FTT:

  • Higher referral rebate rates: Referrers who stake FTT are paid a more significant portion of their referrals’ fees.
  • Maker fee (override): Takers can get lower fees and rebates from makers, which replace the standard fee schedule. For customers in MM tiers, these rebates are added on top of refunds based on MM level. This means an MM1 client who stakes 1000 FTT will have a net maker fee of -0.0035% (-0.0025% from MM1 plus -0.001% from staking 1000 FTT). No matter what MM/staking tier you are, the most Maker rebates you can get is 1bp.
  • Bonus votes: Stakers receive extra votes in polls (in addition to the standard number of votes, based on FTT held and trading volume).
  • Higher airdrop rewards: Stakers receive increased SRM airdrops (potentially other airdrops and yield in the future).
  • Blockchain fees waived: Stakers can withdraw a certain number of ERC20 and ETH tokens for free daily.
  • IEO tickets: Stakers can get tickets for IEOs hosted on FTX.

Binance provides several options for staking your cryptocurrency.

  • DeFi Staking On Binance: 

This feature on Binance exchange allows you to earn rewards for staking a specific cryptocurrency for a specific duration. For instance, a coin such as BEL might offer a 15 day staking period with an annualized interest rate of, say, 18%.

Activities staking opportunities do not last forever; therefore, once those 15 days are over, the staking process ends. You can check the activities section on Binance as these offers vary from month to month.

  • ETH 2.0 Staking on Binance: 

Binance’s ETH2.0 staking feature lets you stake your Ethereum for a long time and earn rewards. Since you are staking ETH on the Binance Smart Chain network, your ETH will be turned into Beacon ETH (BETH), a tokenized asset representing your Ethereum stake.

Credit Cards

  • Card Benefits: Spend your FTX crypto balances at millions of merchants worldwide with zero fees.
  • No fee: FTX will not charge you any administrative or processing fees for your FTX Visa Card – it’s completely free!
  • Spend your crypto: Crypto held in your FTX account will automatically be exchanged for the exact amount at the point of sale, allowing you to keep your crypto as crypto!
  • Anywhere, anytime: With your FTX Visa Card, you can spend your crypto anytime, anywhere! With millions of merchants worldwide, you can use your card to make everyday purchases or shop online.
  • Security is key: You can rest assured that your funds are well-protected by FTX’s industry-leading security standards.
  • Get up to 8% BNB Cashback every time you spend: Your cashback from eligible purchases is automatically deposited in your Funding Wallet, so you don’t have to worry about spending your crypto.
  • Lowest Fees in the Market: Free ATM withdrawals with no foreign exchange or annual fees. Third-party fees may still apply.
  • Only exchange crypto when you need to: Keep your crypto in your Binance Funding Wallet and only trade it when you want to pay for something. No need to change your crypto beforehand.
  • All funds are safe: Binance’s world-class security protects all your Binance Card funds and transactions.
  • Spend Anywhere, Anytime: Binance Card is accepted in over 60+ million merchants worldwide.

Customer support

Crypto exchanges are notoriously lacking in customer service, which is disappointing considering their growth in recent years. Binance customers will only be able to submit support tickets when they have questions and problems.

FTX isn’t much better, but you can chat with them, and they have a good FAQ page and support tickets on their website.




  • With two-factor authentication (2FA), you can use the Google Authenticator app or short message service (SMS) for an extra layer of security.
  • Address whitelisting, device management, and the ability to restrict device access all help to keep your network secure.
  • Binance.US also offers FDIC insurance on all U.S. dollar balances, ensuring your funds are always protected.

While these features can help keep user accounts relatively secure, Binance’s reputation remains a cause for concern. Overall, their security offerings are about average for the industry.


FTX provides industry-leading security features, including the following:

  • A custom-built hot and cold wallet solution allows you to keep your cryptocurrencies safe and secure.
  • Hot wallet funds are fully backed by external support.
  • Each account should have two-factor authentication (2FA) for added security.
  • Two-factor authentication and a password are required for crypto withdrawals.
  • Relationships with the best custodians in the world.

Geographic Availability

Binance is available in 49 states, Canada, the UK, Germany, India, Italy, and Spain, among other places. France’s government gave Binance the green light to offer services for digital assets in the country. But Binance is having trouble with the law in some places, like some US states, the UK, Japan, the EU, Germany, South Korea, and China,…

Meanwhile, FTX Services are available to users worldwide, with the exception of those residing in restricted countries. FTX Token (FTT) are not available to clients located or residing in Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Antigua or Barbuda.

FTX.us offers trading for US citizens with slightly different fee structures and services offered than on FTX.com.



Both platforms have similar fee structures for spot trading transactions. Binance charges a 0.1% fee for all transactions, regardless of the currency used.

FTX’s spot trading fees vary depending on the coin being traded, with a 0.1% fee for all transactions. However, Binance’s withdrawal fees are much lower, based on the currency withdrawn from or into your account.

The fee structures for both Binance and FTX are based on monthly trading volume. Takers on Binance pay fees ranging from 0.02% to 0.1%, while FTX makers and takers pay between 0.00% and 0.07%.

Ease of Use

Both of these exchanges boast clean and user-friendly web and app interfaces. While a complete novice might find the interface a little hard to understand, a trader with some experience will have no trouble navigating the exchange.

However, Cove Markets believe Binance has the upper hand due to its rich resource library called Binance Academy. Binance Academy not only helps users understand how the exchange works but also helps them understand how the crypto market works and the latest trends in the market.

FTX and Binance offer valuable features that even the most advanced traders will find useful. However, neither of these exchanges is particularly “beginner-friendly.” Both platforms have trading areas that may initially be overwhelming for new users. In addition, both platforms offer a wide range of features that new users may find challenging to navigate.

Interest Rates

On FTX, you can earn passive income by lending various assets, similar to traditional savings. At the moment, FTX supports the supply of 106 assets. Among them, the lowest yield for lending assets on FTX is 0.88%/year for BTC, while the highest is 90%/year for AXS.

On the other hand, Binance.US gives you the chance to earn rewards by staking your coins. Rates vary from coin to coin but are estimated to be between 0.5% and 10%.

QTUM, EOS, ONE, Vechain Staking Rewards, XTZ Staking, ATOM Staking, and ALGO Staking

Binance offers DeFi staking and Locked Staking for international users. Locked staking offers higher interest rates in exchange for depositing your coins for fixed terms, in this case, periods of 15, 30, 60, or 90 days. Interest rates range from 1.49% to 33.12% on a range of 64 locked staking and 11 total DeFi staking coins. Your rate will be determined by which coins you choose to stake and your fixed term.

At a Glance

FTX Binance
HEADQUARTERS Nassau, Bahamas Cayman Islands; Mahé, Seychelles
COMPANY TYPE Cryptocurrency exchange, derivatives, NFTs, prediction market Cryptocurrency exchange, derivatives, NFTs, Earn, DeFi
MAKER/TAKER FEES From 0.02% / 0.07% From 0.1% / 0.1%
DEPOSIT/WITHDRAW METHODS ACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit card ACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit card
COUNTRIES AVAILABLE Global (USA allowed via FTX.US) 49 states, Canada, the UK, Germany, India, Italy, and Spain, among other places.



How Do Binance and FTX Work?

Both Binance and FTX are cryptocurrency exchanges. Binance allows users to buy, sell, and trade cryptocurrencies, while FTX offers derivatives trading on a range of assets, including cryptocurrencies, commodities, and stocks.

Is It Safe to Hold Cryptocurrency in the Binance or FTX Exchanges?

There is no definitive answer to this question. While both exchanges have implemented security measures to protect user funds, it is possible that hacks or other security breaches could occur. As such, it is essential to take steps to safeguard your cryptocurrency holdings, such as storing them in a secure wallet.

Who Should Use Binance or FTX?

Binance and FTX are great exchanges for users who want to trade cryptocurrencies. They offer a wide range of coins and tokens, low fees, and advanced trading features.

However, there are some critical differences between the two exchanges. Binance is better for users who want to trade many different cryptocurrencies. At the same time, FTX is better for users who wish to change a smaller number of cryptocurrencies with more advanced features.

Which One Should You Choose?

If you are looking for excellent digital currency exchange, you should consider Binance. It is one of the most popular exchanges available today and offers a great trading experience. However, if you want an exchange that offers more than just digital currency trading, you should consider FXT.


Binance is a clear leader in nearly every area, including cost. Low trading costs are a major advantage for crypto traders, and helped Binance win Bankrate’s award for the best crypto exchange for beginners.

FTX is keeping up in most areas, so it can be a good choice too. They have an advantage in customer service, but they don’t offer as many coins or staking rewards.

Cove Markets hope this comparison will help you decide which exchange is best for you.