FTX vs Bitfinex 2022: Fees & Features Compared (2022)

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.

FTX and Bitfinex are among the best cryptocurrency exchanges, and I know it is tough to choose the best among them. So, today I am here to clear all your confusion.

I will differentiate them both for you in-depth, and you will be able to select the best exchange that will fit your trading needs and help you boost your profits.

So, let’s begin with some background about the two.

Still Can't Decide!?

  • Upto 500x Leverage 

  • Higher Volume & Liquidity 

  • Leveraged tokens, Futures, Options too

  • Crypto Cold Storage

FTX vs Bitfinex: Introduction

Features Bitfinex FTX
📖 AML & KYC Yes No
💰 Supported Coins 175 284
🚀 Maximum Leverage 10X 20X
⚖️ Taker Fees (Futures Market) 0.020% 0.09%
⚖️ Maker Fees (Futures Market) 0.065% 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

ftx

FTX is a Bahamas-based crypto trading exchange founded in 2018. It is comparatively a newer platform but is growing its market share at a very remarkable pace. It is among the top crypto exchanges, valued at over $18 billion.

It offers several products that appeal to both new traders and experienced ones. They even donate 1% of all net fees to charities which is a good deed.

Bitfinex

Bitfinex Homepage

It’s one of the oldest crypto exchanges in the market, founded in 2012 and registered in the British Virgin Islands. They also allow demo accounts to try out their platform without depositing any real funds and experiment with trading on the platform.

It is a great option to understand the fundamentals and learn trading skills. They offer a variety of product types and orders to trade with.

Now, let’s go through the crypto assets they offer for trading.

FTX vs Bitfinex: Supported Cryptocurrencies

Both the platforms offer a vast collection of crypto assets; let’s begin with FTX asset offerings.

  • FTX

It currently offers 264 crypto coins and tokens on the platform. Including the most renowned ones like Bitcoin, Ethereum, Solana, Litecoin, Ripple, Dogecoin, etc.

  • Bitfinex

It currently offers around 270 crypto coins and tokens on the platform. Bitfinex has almost all the major crypto coins, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Monero, etc.

Verdict: Bitfinex has little more crypto assets collection than FTX making it the winner in this section.

Now that you know about their asset offerings, let’s dive into their products.

FTX vs Bitfinex: Product offerings

Both platforms offer varied product types for the different interests of traders. Beginning with FTX’s 

  • FTX

1. Futures

They offer quarterly and perpetual futures currently on more than 20 crypto assets along with BTC, ETH, LINK and BNB.

They even offer index futures, including large-cap coins (ALT-PERM), mid-cap coins (PRIV-PERP), privacy tokens (PRIV-PERP), exchange tokens (EXCH-PERP) and regional baskets (DRGN-PERP).

2. Leveraged Tokens

With up to 101x leverage on all FTX leveraged tokens, as a precaution, the maximum leveraged position is set to 10x. There are 45 different leveraged tokens available to trade with leverage, including BTC, ETH, BNB, XRP, XTZ and LINK.

3. Options

FTX offers BTC options trading currently. You can trade options on FTX cash that expires out in USD. You can even buy or sell Call or Put contracts similar to futures contracts.

 4. MOVE Contracts

FTX also offers MOVE contracts that function like futures that expire based on the raw amount of BTC moves in a specified time with these fantastic products.

You can profit based on the amount of Bitcoin moves, regardless of the direction. In MOVE contracts, the underlying asset’s movement determines the contract’s value instead of its approach.

 5. Spot Markets

Conventional traders can also trade their cryptocurrencies through the spot market on FTX. Digital assets like BTC, ETH, FTT, BCH, PAXG, TRYB, BTMX, USDT, LINK and BNB are available for spot trading.

 6. Prediction Markets

On FTX, you can even bet on real-world events. If you win, your contract settles at 100%, and if you lose, it’ll drop to 0%. The FTX prediction markets were even used during the 2020 Presidential Elections.

  • Bitfinex

1. Lending and Staking

On Bitfinex, you can lend or stake your cryptocurrency holdings way easily. The platform automatically does it all for you and has a different P2P platform called ‘Bitfinex Borrow’.

The Bitfinex Borrow allow users to borrow funds from other users using crypto assets as collateral.

There are no limitations on how the borrowers use the funds they have borrowed; the loan duration and the interest rates can be customised based on the borrower’s needs.

 2. Margin Trading and Margin Funding

Bitfinex offers margin trading and margin lending and allows trading with up to 10x leverage. You can enter a funding order automatically and borrow the desired amount at their convenient rate and duration.

Through Bitfinex margin funding, you can securely earn interest on fiat currencies and crypto-assets. Margin funding lends funds to traders who want to trade with leverage and can customise the duration and rate of funding.

It also has an auto-renew feature that automatically renews offers upon expiry.

3. Derivatives Trading

Bitfinex allows derivatives trading and provides price speculation of an asset or derivatives without buying or selling it. If you want to execute a trade, you’ll just need to collateralise your derivatives account with USDT holdings.

 4. Over-the-counter services

This platform also offers an over-the-counter trading service if you wish to trade significant amounts of cryptocurrency privately (say over $100,000).

Verdict: Both of these exchanges have similar order types creating a tie between them both.

Now, let’s go through another important aspect of crypto exchange definition: their fee structure. Let’s quickly go through that.

FTX vs Bitfinex: Fees Comparison

  • FTX

It implements a Market Maker and Market Taker trading fee structure. Market maker adds liquidity and enters the order book, whereas taker orders don’t go to the order book and get immediately executed, taking the liquidity away from the market.

You can go through the following table for a detailed overview of the FTX fee structure.

trading fees in FTX

You can clearly understand that the maker and taker fees decrease as your trading volume increases. In addition to this, if you are a VIP trader, you can get discounts of up to 50% on all FTX trading fees. To become a VIP trader, you’ll need to trade at least $100 million per month.

  • Bitfinex

Spot Trading

It has a tiered fee structure; there are 16 trading fee tiers. Users with 30 days of trading volume under $500k are in the first tier with a market maker fee of 0.10%, and a taker fee of 0.20% and over $30 billion are in the final tier with fees of 0.00%/0.055%.

bitfinex trading fee

Derivatives Trading

Bitfinex has seven tiers, users with under $2 million are in the first tier, and the fee is 0.02%/0.065%. Over $3 billion in the trading volume are in the final tier with a fee of 0.01%/0.035.

Additional fees are charged for borrowing, margin trading funding, and the OTC desk.

Bitfinex doesn’t charge any deposit fee on cryptocurrency deposits. If you

deposit crypto via bank wire, there is a 0.100% bank wire fee.

There are withdrawal fees as well, depending on the cryptocurrency you withdraw.

Verdict: FTX has a comparatively more straightforward and lower fee charged on the platform, making it a winner in this segment.

Now, I will tell you about these platforms’ account funding methods.

FTX vs Bitfinex: Account Funding Methods

  • FTX

FTX provides a wide range of deposit methods and cryptocurrencies to fund your trading account. You can go to the wallet option in your FTX account and select the leveraged token or cryptocurrency you want to deposit. Some tokens accepted by FTX include BTC, ETH, USDC, LTC, Tether, TUSD, Bitcoin Cash

and PX.

  • Bitfinex

It allows you to fund your wallet with both cryptocurrencies and stablecoins. You can also buy crypto using fiat currencies supported by Bitfinex, which are USD, EUR, GBP, CNH and JPY. You can fund your Bitfinex account via bank transfer and credit/debit cards.

Verdict: Bitfinex has a little broader account funding methods than FTX providing bank and card transfers as well, making it a winner in this segment.

Now, let’s differentiate them based on the trading platforms they offer.

FTX vs Bitfinex: Trading Platform Comparison

  • FTX

It’s one of the best trading platforms I have seen so far; being both beginner and expert-friendly, FTX has a powerful and robust trading engine.

Let’s discuss what unique features they have.

  • Mobile App

FTX comes with a mobile trading app that has all the functionalities found in the desktop app, through which you can take and manage positions on the go.

You can manage all your trading operations like carrying out technical analysis, placing and closing trades, depositing and withdrawing funds from their mobile app, which is available for both Android and iOS users.

  •  Trading View

The trading view chart kit provides an insightful derivatives trading experience to traders. The FTX charting interface is clean and supports all chart types, such as lines, candlesticks, Heikin-Ashi, etc.

You can also access various drawing tools and indicators to carry out technical analysis and trade in a controlled way. It also has an order management panel; you can place all types of orders on it.

  •  Analysis Tools

FTX comes with robust analysis tools built into the platform that support both technical and fundamental analysis. With various built-in indicators, screeners and drawing tools for in-depth technical analysis.

You can create and import your own indicators, custom tools and EA. EA is software that tracks the market and automatically lets you know when to trade. It makes your trading experience quite easy and manageable.

There are price alerts, conditional orders and limit orders which you can use to trade in precision. There is order history as well to analyse your past trades.

  • Bitfinex

It has one of the cleanest, most robust and feature-rich trading terminals in the crypto market. With a full-fledged charting system powered by TradingView, you can access all the features like multiple timeframes, chart types, indicators and drawing tools.

Many customisations are also available on Bitfinex. On the left side of the terminal, you can see all the pairs available for trading.

 Below is the order form, where you can place the following orders: limit, market, stop limit, trailing stop, fill or kill and immediate or cancel.

Other sections available on the Bitfinex trading terminal are Balances, Positions, Orders, Order History, Depth Chart, Order Book and Liquidations. 

Bitfinex also has a mobile application available for both iOS and Android users.

Verdict: FTX has a more straightforward and a more efficient interface, which is more beginner-friendly and provides all the tools and features for efficient trading.

FTX vs Bitfinex: Account Types

Now, I will tell you about the account types and accessibility of these platforms. Let’s begin with FTX again. 

FTX

It has 3 different tier levels on the platform that sets the accessibility for its features and options. Now I will tell you what these tiers are.

TIER 0

Accessibility

  • Withdrawal limit of USD 1000 for a lifetime.

TIER 1

Accessibility

  • Withdrawal limit of 2,000 daily.
  • Withdrawal limit of USD 9,000 daily if trading volume is higher than transfer volume.

TIER 2

Accessibility

  • Unlimited crypto withdrawals and deposits.
  • Unlimited fiat withdrawals and deposits.

Bitfinex

On Bitfinex, there are four verification levels; I will now tell you the distinction between these levels.

Basic

Accessibility

  • Exchange and OTC trading.
  • Crypto transfer and no maximum withdrawal limit.
  • Bitrefill is an electronic commerce platform specialising in resale closed-loop gift cards, vouchers, and phone top-ups of fixed or variable accounts in different currencies.
  • Staking Rewards.

Basic Plus

Accessibility

  • Exchange and OTC trading.
  • Crypto transfer and no maximum withdrawal limit.
  • Bitfinex Pulse with  Multipliers in Affiliate Program.
  • Bitrefill and Staking Rewards.

Intermediate

Accessibility

  • Exchange, margin, OTC and derivatives trading.
  • Margin Funding, lending pro, Bitfinex borrow, increase position and lending products.
  • Crypto transfers, Tether tokens and other stable tokens.
  • Bank wires, no maximum withdrawal limit with faster crypto deposits.
  • Bitfinex pulse, multipliers in affiliate programs, participate in competitions, Bitrefill, Staking rewards, Bitfinex pay and UNUS SED LEO discounts.
  • Earlier withdrawal hold lift.

Full

Accessibility

  • Exchange, margin, OTC and derivatives trading.
  • Margin Funding, lending pro, Bitfinex borrow, increase position and lending products.
  • Crypto transfers, Tether tokens and other stable tokens.
  • Bank wires, no maximum withdrawal limit with faster crypto deposits.
  • Bitfinex pulse, the multiplier in affiliate programs, participate in competitions, Bitrefill, Staking rewards, Bitfinex pay and UNUS SED LEO discounts.
  • Earlier withdrawal hold lift.

FTX vs Bitfinex: How to get started?

I will tell you now how can you begin your trading journey on these platforms.

FTX

1. Open an FTX Trading Account

The registration process at FTX is seamless. Firstly, you can open a Tier 0 account with only your email address. Fill in your details asked on the registration page and open the account.

 2. Add Funds to Your FTX Account 

 You need to activate the two-factor authentication using Google authenticator. Now you can fund your account using a varied range of cryptocurrencies.

 3. Place Your First Order

 You can use various trading products to place an order after your wallet is funded. For example, let’s stick to BTC/USD. Just click on the contract you want to trade on, and an order book pops up.

You can place Buy or Sell orders based on whether you want to go long or short.

You’ll then be required to choose a type of order, Limit or Market, and now you can choose any of them.

You can select advanced order types as well, including reduce-only, IOC and Post Only. You’ll now be required to enter the amount of BTC you want to buy. Once you have entered it, you can directly click the Buy or Sell button. 

 4. Exit Your Order

There are two ways of exiting a trade. One, you can close your position manually and take the profit or loss. Two, you can place a Stop Loss or Take Profit order. 

If you are a beginner, it’s advisable to use the Stop Loss and Take Profit order to ensure that you don’t miss out on profits or incur hefty losses.Bitfinex

1. Create Account

To create an account, first, log into the homepage of Bitfinex and click on the “signup” button. To get maximum security, you need to fill in their email address and password, which should be an alphanumeric one.

A verification mail will be sent at the provided email address, which the users need to confirm to activate their account.

 2. Verification

After you sign up, you will be directed to the verification page, where you’ll need to click on “Verification” and follow the instructions.

Firstly, you’ll have to enter personal details and upload a scanned copy of some government-authorised IDs. You can also directly begin trading on Bitfinex without confirming your details. Still, verification is mandatory if they intend to exchange fiat monetary forms for Bitcoin or any other stablecoins.

The exchange will ask for additional documents like a bank statement or a signed statement, besides personal details, ID and residence proof.

Verification can take a maximum of two weeks, depending on the interest.

 3. Deposit Funds

After verification and activation of accounts, the traders can deposit funds in your accounts. The ‘DEPOSIT’ button opens up options for the traders from where you can choose which currency you can deposit.

The processing may take around ten days before the account is ready for trading.

4. Beginning your trade

Now you can begin day trading on Bitfinex. You just need to click on the ‘TRADING’ button, which will take them to the main trading area.

You will now have to select the trading pair you want to trade. Finally, enter the amount and decide if you wish to do a ‘limit order’ or a ‘market order’ before placing trades.

FTX vs Bitfinex: Customer Support

Customer support is one of the key features to compare while selecting a crypto trading exchange; let’s discuss it quickly. I am starting with FTX.

FTX

I must tell you that customer support is one of the USPs of FTX. They have a highly skilled team of executives. FTX doesn’t offer phone support; you can either contact them on Telegram or WeChat. The response time is quite fast with a knowledgeable and qualified customer support FTX team.

FTX also has a resource centre that compromises blogs and frequently asked questions. FTX also has YouTube training sessions where you can find answers to almost all common questions and queries on these resources.

Bitfinex

Bitfinex has a help centre where you’ll find all the answers to nearly all your questions and queries. If you still need additional help, you can always reach the Bitfinex support on live chat and email. 

The live chat is accessible from the website’s homepage. Just go to the contact section and raise a ticket to send an email.

Verdict: Customer support of FTX is better in terms of quick responses and query solutions, as well as training solutions.

FTX vs Bitfinex: Security Features

You know security features are the key segment when choosing a crypto exchange, so let’s differentiate these platforms on their basis.

FTX

FTX implements various security measures on its trading platform to provide users

with a safe, secure, and seamless trading experience. Let’s quickly discuss

what they are:

  • Offline Cold Wallet Storage: Multi-signature offline cold wallet storage stores their user’s funds; they require keys from signatories to access the funds.
  • 2 Factor Authentication Security: To deposit funds, users need to activate the two-factor authentication option, adding an additional layer of impenetrable security to your account and alleviating the risk of fund theft or other issues.
  • Cutting-Edge Trading Platform: FTX has one of the most advanced crypto trading platforms in the crypto-space, built on the latest and most advanced engine.
  • FTX Insurance Fund: They also offer an FTX insurance fund to protect traders from massive losses in case of significant price volatility. It helps traders cover all uncovered losses.

Bitfinex

Bitfinex implements all the necessary security features to provide a safe trading experience to its users. Now, I will give you a quick overview of all the security measures taken by Bitfinex.

  • Two-factor authentication
  • Universal 2nd Factor (UTF)
  • Advanced API
  • Withdrawals Protection
  • Email encryption
  • Multi-Signature cold storage wallets
  • Top-notch system security and DDoS protection

It is concerning that Bitfinex was hacked twice in 2015 and 2016. The Bitfinex

Bitcoin hack gained much attention, as the losses were significant.

Verdict: Yes, FTX is undoubtedly a better option in terms of safety and security, and most importantly, there hasn’t been any security breach on the platform so far.

  • Is FTX Safe?

Yes, FTX is one of the most popular cryptocurrency exchange platforms and is entirely safe, regulated, and legit. It implements bank-like security features to

ensure the safety of their user’s funds and privacy.

There have not been any security breaches or hacks at FTX, which demonstrates the quality of its security standards. So, you can expect a secure crypto trading environment and experience on FTX.

  • Is Bitfinex Safe?

Yes, Bitfinex is a safe cryptocurrency exchange. It implements all the measures

needed to provide its users secure trading and investing experience. They also have KYC requirements for users who want to use advanced features like derivatives and fiat deposits. Therefore, yes, Bitfinex is safe.

Conclusion

Both exchanges offer similar features and functionalities for trading. But looking deeper into their details, FTX proves to be a better option. Especially when it comes to safety, yes, FTX is far better.

FTX is relatively new, I accept, but the pace it is acquiring market capital is phenomenal, and it projects a very promising future as well.

Therefore, considering FTX as your preference will be a better decision. So, get a first-hand experience of these amazing platforms. I assure you that you won’t be disappointed at all.

nv-author-image

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.

Leave a Reply

Your email address will not be published.