FTX vs Binance in 2023: Which Is The Best Exchange?

In light of recent BANKRUPTCY issues, we DO NOT RECOMMEND opening an account with FTX Exchange and users should AVOID sending/receiving money through FTX Exchange.

In the crypto sphere, the crypto-derivatives are the new gold mine. Along with other exchanges, crypto derivatives exchanges are competing fiercely to take a bigger slice of the market.

For traders, this means access to a wide range of trading options, better derivatives products, quality services, and lower fees.

In the last few years, many new and traditional crypto exchanges have entered the crypto derivative trading segment. But, only a few exchanges have been able to match the expectation of the traders.

In this article, we will review two such exchange platforms, FTX and Binance, and check which one is better and safe to use.

Still Can't Decide!?

  • Upto 500x Leverage 

  • Higher Volume & Liquidity 

  • Leveraged tokens, Futures, Options too

  • Crypto Cold Storage

FTX vs Binance Futures: A Comprehensive Comparison

Features Binance FTX
📖 AML & KYC Yes No
💰 Supported Coins 199 284
🚀 Maximum Leverage 20X 20X
⚖️ Taker Fees (Futures Market) 0.04% 0.09%
⚖️ Maker Fees (Futures Market) 0.02% 0.02%
🔧 Withdrawal Fees Yes, varies blockchain to blockchain Yes, varies blockchain to blockchain
➡️ Deposit Fees 0 0
📱 Mobile App Yes Yes
📝 Demo Account Yes No
💳 Spot Trading Yes Yes
📈 Futures & Margin Trading Yes Yes
🎁 Joining Bonus N/A 5% Off on Trading Fee

FTX Exchange is the fifth-largest crypto derivatives trading platform by trading volume. It was founded in 2018 by veteran trader Sam Bankman-Fried and is backed by leading crypto VC firms including Binance.

The platform offers derivatives trading in over 150 perpetual and quarterly futures markets, leveraged tokens, and options with leverage of up to 101X.

Binance is the leading crypto exchange platform in the market and leads the chart in both the spot and derivatives market by trading volume.

The exchange has a wide range of product offerings in the derivatives segment that includes perpetual futures contracts, leveraged tokens, vanilla options. It offers leverage of up to 125X.


Binance vs FTX: Supported Coins

Binance and FTX are two of the largest crypto exchanges in the world, so you can rightfully expect them to give traders access to most of the tradable digital assets out there. The two do not disappoint, as each platform supports hundreds of coins and tokens.

FTX supports more than 250 digital assets on its international trading platform, allowing traders to form hundreds of trading pairs. Their asset offering combines both primary and some new, less-known assets, given the exchange is always adding more assets and removing non-performing ones.

Binance is the best crypto exchange globally when it comes to cryptocurrency support as it supports more coins and tokens than the majority of exchanges. Currently, there are over 500 digital assets on their global platform.

Both exchanges have platforms for US traders, FTX.US and Binance.US. Binance also beats FTX here as it supports over 65 cryptocurrencies for this market, while FTX only supports 22.

Winner: Binance wins here as it supports more assets than FTX

Binance vs FTX: Supported Derivatives Products & Leverage

FTX offers trading in the following derivatives product:

  • Futures: Over 150 perpetual futures contract and quarterly expiry futures market
  • Leveraged tokens: Leveraged position on 45 different ERC-20 tokens with a maximum leverage of up to 3X
  • Options: Bitcoin options contract, settled in USD
  • MOVE: MOVE contracts are a unique offering from FTX. These are futures contracts that let you trade on Bitcoin and profit regardless of the direction. It comes with daily, weekly, and quarterly expiry.

FTX offers up to 101X leverage. But, based on your trading preferences, you can set the leverage amount of 50X, 100X, and 101X from the settings page.

Now, coming to Binance, it has the widest range of derivatives trading options in the market. The product list includes:

  • USDT-M Futures: These are perpetual and quarterly futures contracts, margined and settled with USDT. The default leverage level is 20X and the maximum leverage level is 125X.
  • COIN-M Futures: These are perpetual futures contracts that let you gain exposure to a cryptocurrency without owning it. The contracts are margined and settled in cryptocurrency. The maximum leverage offered is up to 125X.
  • Binance Vanilla Options: These are European-style Option contracts that let you take trade positions on Bitcoin. Settled with USDT, the leverage level depends on the strike price and time to expiry of the option.
  • Binance Leveraged Tokens: The Binance leveraged tokens (BLVT)are tradable assets on the spot market that gives users leveraged exposure to the underlying asset. Each BLVT represents a basket of perpetual contract positions. The leverage of such contracts ranges between 1.25X to 4X.

Winner: Binance has a wide range of product offerings and offers higher leverage on all products.

FTX vs Binance: Trading Fees

FTX doesn’t have any deposit and withdrawal fees and has no futures settlement fees.

On Leveraged Tokens, the creation and redemption fee is 0.10%, and a daily management fee of 0.03%.

For the Futures and Options market, FTX has a tiered fee structure based on 30-day trading volume. For Level 1, less than $1 million trading volume, the maker fee is 0.02%, and the taker fee is 0.07%. The fees gradually reduce with an increase in trading volume.

In addition to the trading fee, on the leverage of up to 50X, the trading fee increases by 0.02%. And, for 100X leverage, the trading fee increases by 0.03%.

FTT token holders are offered a discount on a range from 3% to 60%.

Binance has a flat fee structure on all types of trades. It also follows a tiered-fee structure based on 30-day trading volume. For level 1 (VIP 0) having a trading volume of less than 50 BTC, it charges you 0.1% as a trading fee.

When paying through the BNB token, users are offered a discount of 25% on the trading fee. Therefore, your maker and taker fee will be 0.075%, which is still higher than the taker fees you pay when trading on the FTX platform.

Winner: FTX has a lower trading fee structure. 

Binance vs FTX: Volume & Account Opening Process

The account opening process on FTX is simple but you need to meet the KYC requirements for enjoying a greater user experience. You can sign-up on FTX using your email-id and password.

In a level 0 account, a non-verified account, you can trade and make a withdrawal of up to $1000. To enable full withdrawal and access to all the trading features without limits, you need to complete the identity verification process.

To trade in the futures segment on Binance, you need to register separately with the Binance Futures platform. Binance is a non-KYC exchange and doesn’t require you to complete any type of identity verification process. The exchange allows quick registration using your email-id.

Winner: Binance offers ease of access

Binance vs FTX: KYC Verification


FTX enforces mandatory KYC verification, meaning you will not be able to do much on the platform without verifying your identity first.

Individual traders who just register on the platform with their email can only explore the site to check supported coins and restricted jurisdictions but cannot deposit, trade, or withdraw.

There are two verification levels for individual traders: tier 1 and tier 2. For tier 1 verification, you have to provide your full legal names, date of birth, and country of residency, and once you submit all this, you will get a withdrawal limit of $2,000 or its crypto equivalent per day.

Tier 1 traders do not have any crypto deposit limits, but they cannot deposit or withdraw fiat and might also not be able to trade futures.

Tier 2 traders have a higher level of verification for an individual trader, and they have to provide proof of address and residency. Once you get to tier 2 verification status, you have unlimited crypto and fiat withdrawals and deposits.

Binance KYC

Binance has always been more lenient for KYC verification, as traders can access basic functionalities without having to do any verification. However, in recent months they have put in place stricter KYC requirements.

Binance now requires all new users to complete basic verification to access Binance services such as depositing, trading, and withdrawing fiat or crypto. Existing traders yet to do the intermediate verification can only withdraw funds on the account but not trade or deposit.

Unverified users on Binance can withdraw a maximum of 0.06 BTC per day, while the limit for verified ones is up to 100 BTC per day. Additionally, KYC verification comes with many other benefits, such as lower fees.

Winner: Binance has relatively lenient KYC requirements

Security Features: FTX vs Binance

FTX follows stringent security checks to prevent unauthorized account access. It includes:

  • Mandatory password strength and two-factor authentication
  • 2FA authorization for placing withdrawal requests and changing withdrawal password
  • Withdrawal lock after 2FA removal or password change
  • Tracking & monitoring website traffic and user activity for notifying any suspicious activity.

Additional security protocols and features include whitelisting IP addresses and wallet addresses. Safelisting provides an extra layer of security by ensuring you can only access your account from specific IP addresses and that you can only send crypto to particular wallet addresses.

Binance too has a multi-tiered security architecture for securing exchange infrastructure. For securing users’ accounts, it uses two-factor authentication to prevent any unauthorized account access.

Additionally, Binance uses cold and hot wallet combinations to secure users’ funds. However, most of the assets are kept in offline cold storage, which is disconnected from the internet to make the crypto unreachable by hackers.

Binance also has an insurance fund set up to help provide traders with an extra layer of security. With the insurance funds, traders are guaranteed never to lose more than what they invest if the market does not go their way and their position is forced into liquidation.

Winner: Both exchanges offer top-notch security features

Customer Support

FTX provides extensive customer support to its users and helps customers to navigate through the platform.

You can write directly to the customer support team at support@ftx.com and support@ftxkr.com (for Korean users)

Also, it provides customer support through FTX Telegram communities which is available in over 10 communities. It also has a separate chat group for trading discussion and quant zone discussion.

Binance has a virtual chatbot feature, which directs you through the commonly faced issues on the platform. You can also raise a support ticket via an online form on the website. The customer support team is very responsive.

Both exchanges will also provide help centers with a lot of useful material and FAQs. Traders can go through the material to improve their understanding of the platforms or look for solutions for issues.

Winner: FTX has the edge over Binance with its multilingual customer support team. 

Is Binance or FTX better?

Overall, FTX is a better crypto exchange compared to Binance, despite the latter being one of the largest crypto exchanges globally. The large size and solid funding give Binance one of the best liquidities, but FTX still beats the company in various aspects.

To start with, FTX charges relatively lower fees compared to Binance. High-volume traders on FTX do not have to pay any maker fees, and their taker fees can be as low as 0.040%. Traders on finance pay a 0.1% flat rate whether they are market makers or market takers, which is much higher than the FTX charges.

FTX also seems to have the edge over Binance when it comes to customer support, as you can be sure your issues will be resolved relatively faster.

FTX has a multilingual support team that is available round the clock while Binance provides chatbots, which might also be very helpful, but traders sometimes find them annoying.

That said, FTX is the winner, but it is also important to note that the two companies seem to focus on different products. FTX is more focused on derivatives trading, while Binance is the world’s largest cryptocurrency exchange for spot trading.

Is FTX a good exchange?

FTX is one of the best crypto exchanges out there. The fact that the company already has over one million registered users and a daily trading volume average that is almost hitting the $20 billion mark is a good indication it is an excellent platform. These numbers also make it of the largest cryptocurrency exchange in the world.

Another element that makes FTX a good exchange is that it charges relatively lower trading fees than the market average. The exchange charges 0.02% and 0.07% in maker and taker fees, respectively, for the low volume traders and the fees decrease further as you transact more every month.

FTX also offers a wide variety of crypto markets to ensure traders have more than enough ways of making money and not just have to stick to buying and selling crypto.

It is has a derivatives exchange with various products like futures leveraged tokens and options, a spot market, and users can also create P2P accounts.

Overall, the FTX exchange is a good fit for both beginner and experienced traders looking for low fees, a variety of trading products, and advanced trading features.

Can US citizens use FTX?

US citizens cannot US the main FTX platform as it is not registered and licensed to operate in the USA. However, the company has a separate platform meant for trading crypto assets for US residents, the FTX.US.

The same parent company owns FTX.US and FTX, but the former act as a partner for FTX in the USA market and not a direct subsidiary.

Also, it is important to note that although FTX.US allows crypto traders in the country to buy and sell crypto, it has limited functionalities compared to the main FTX platform.

For example, the exchange only supports 22 coins, meaning traders get fewer trading pairs than what the main FTX crypto trading platform offers.

Also, US traders are not allowed to hold and trade FTT, the native FTX token, meaning they miss out on the many benefits of the token, such as reduced trading fees and bonuses.

FTX vs Binance: Which One is Better?

The main difference between FTX and Binance is that FTX offers maximum leverage of 101x, and Binance exchange offers leverage up to 125x. Also, FTX trading fees are comparatively less than Binance Fees for trading.

FTX and Binance are both good platforms for crypto derivatives trading. Both platforms offer flexibility, safety, and wide trading options to users. It entirely depends on the trading preference of users, and which exchange to select.

Speaking of Binance, its wide range of product offerings, higher leverage, and ability to integrate trading-bots using API keys gives it an advantage over other crypto platforms. The Binance Futures platform is suitable for experienced and professional traders.

FTX with its wide product offering, low trading fee, and solid customer support makes it suitable for both beginners and professional traders. However, KYC verification of users is a negative point for the platform as it affects the privacy of users.

Therefore, whatever platform you choose, will offer the best user experience.

Still Can't Decide!?

  • Upto 500x Leverage 

  • Higher Volume & Liquidity 

  • Leveraged tokens, Futures, Options too

  • Crypto Cold Storage


Jack Bailey

I am John, a veteran trader turned into a trading coach. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big.