There are hundreds of active cryptocurrency exchanges across the globe that offer a wide variety of products to cater to different kinds of traders.
While the vast choice is good, it can also make things a little confusing, which is more so when you have to pick between two top exchanges like FTX and Deribit.
FTX and Deribit have a global presence and have been active for many years. Deribit was founded in 2016, while FTX started its operations in 2019.
So which is the better platform to trade cryptos between this two? This guide compares them side by side to make it easier for traders to decide.
FTX vs Deribit: Crypto Derivatives Product Offerings & Leverage
Crypto derivatives have become one of the most popular products for many crypto traders as they promise higher returns with a lower investment, unlike spot trading. Both FTX and Deribit have crypto derivatives markets with various products and a high margin.
FTX offers an extensive array of crypto derivatives and other products to give traders enough options to make money.
The crypto exchange allows traders to go long or short on different crypto derivatives products with a maximum leverage of 20x. Initially, the leverage was up to 101x, but the exchange has reduced it.
Here is an overview of the FTX product offering:
- Futures: FTX allows traders to open futures positions with a maximum leverage of 20x. The exchange also allows you to trade futures for more than 80 different crypto assets, including less-known ones.
- Options: Crypto traders can also buy and sell options on FTX. Options give you the right to buy or sell an asset sometime in the future at a predetermined price and quantity. They are more like futures, but traders have an option to opt-out. Currently, FTX allows traders to trade options on BTC only.
- Leveraged Tokens: FTX gives traders access to ERC20 tokens, giving you exposure to the real-world price of an underlying asset without holding it. They have 4 leveraged token types: BULLS, BEAR, HEGDE, and HALF.
Deribit allows for leveraged trading with a maximum leverage of 100x. However, unlike FTX, their crypto derivatives market is limited to a few assets like BTC and ETH, which can be a little restrictive. Their crypto derivatives market has futures and options as the main products for their crypto derivatives market.
- Futures: Deribit allows for futures trading with a leverage of up to 50x. The exchange supports both quarterly and perpetual futures, which are settled in cash, meaning physical delivery of BTC will never be necessary.
- Options: Deribit is one of the largest crypto exchanges in the world for BTC and ETH options. They offer European-style options that are settled in cash and not crypto.
- Perpetual Swaps: Perpetual swaps are also called contract-for-difference, and they are a crypto derivative product similar to the traditional futures but do not have a settlement date. They work like a margin-based spot market and require a funding mechanism.
FTX Vs Deribit: Supported Currencies
Besides offering a wide variety of products to ensure you are not limited to spot trading, FTX and Deribit will also support dozens of digital coins and tokens to allow traders to form more trading pairs.
FTX supports more than 300 digital assets, including well-established coins like BTC and ETH and several other less-known coins that traders can still leverage and speculate on when trading.
Besides the huge catalog of digital assets, the platform also has an ever-growing list of supported fiat currencies that traders can use to deposit or withdraw from the platform. Currently, they support over 8 different fiat currencies, including USD, EUR, AUD, HKD, GBP, CHF, SGD, and CAD.
Deribit has fewer options than FTX regarding supported currencies as they currently only support BTC and ETH. Also, the exchange does not support fiat currencies, so traders can only send BTC to their accounts from an external wallet.
FTX vs Deribit Trading Fees
FTX and Deribit have relatively low trading fees compared to the industry average, but they use different fees structures.
FTX uses a market-taker model like many other top exchanges and has a tiered system where low-volume traders pay more than high-volume ones.
Their fees start at 0.02% and 0.07% in maker and taker fees, respectively, for traders with a zero 30-day trading volume.
The fees decrease as your trading volume increases, and once it gets to over $25 million, you will not pay any maker fees, and your taker fee will be 0.045% or less.
Deribit fees will largely depend on the specific contracts you are trading, but the platform also uses the maker-taker fees model.
The exchange will give you a 0.01% maker rebate for BTC weekly futures contracts and charge you 0.05% in taker fee.
Other contracts also charge the same taker fees but have zero maker rebates/fees except for the BTC/ETH options, which attracts a 0.03% maker and taker fee.
FTX vs Deribit: Deposit & Withdrawal Fees
FTX will not charge you any fees to add funds to your account or to withdraw except for a few specific cases. For example, the exchange will charge you when making small BTC withdrawals or withdrawing ETH and ERC20 as they have to pay blockchain fees. However, you can still avoid these fees by staking FTT, which is FTX’s native token.
Although the FTX platform will not charge you any fees to deposit fiat to your account, the channel you use to deposit can still deduct a small commission. However, fiat withdrawals will attract fees that largely depend on the specific currency you are withdrawing.
For example, if your withdrawal is less than $5,000 and you do not meet the other criteria for free withdrawal, you will pay $25 to withdraw USD.
Deribit does not charge any fees for sending crypto to your wallet from external ones. Since it does not accept fiat deposits, you should not have to worry about fiat deposit charges.
Withdrawals are also free, but this does not exempt you from paying the network fee. The actual amount you pay depends on the current state of the BTC network.
FTX vs Deribit: Account Funding Methods
FTX allows traders to deposit both fiat and crypto. You can deposit BTC, ETH, or USDT directly from external wallets by copying the address from your account or scanning the QR code.
If you prefer to fund your account using fiat, the exchange will give you multiple options for all their supported currencies. You can use Silvergate SEN, Signature SIGNET, credit/debit card, or send the funds from your bank.
With Deribit, you will have fewer deposit options as the exchange only accepts crypto deposits. You can only send BTC directly to your wallet to fund your account.
FTX vs Deribit: Trading Platform Comparison
Any crypto exchange platform you choose should have an easy-to-use trading platform for a smooth trading experience for beginners and experienced traders. Therefore, before deciding on which platform to use, you must consider how the trading panel looks and feels.
FTX has an advanced trading platform with all the essential tools traders need to analyze and execute successful trades. They include multiple chart types, dozens of built-in indicators, and drawing tools.
Additionally, the FTX trading platform will include multiple timeframe analyses, and it supports various order types, including market, limit, stop-loss, and take-profit. Overall, the interface is also user-friendly, and you can use both web-based and mobile apps to trade.
Deribit’s trading platform is not as robust as the FTX platform, but it still uses the TradingView charting system, meaning you will still get most of the functionalities you find on FTX. Additionally, the exchange has 4 major order types: limit, market, stop-loss, and take-profit.
Another element that gives Deribit the edge here is its testnet that allows traders to practice trading using dummy currency.
FTX vs Deribit: Account Opening Process
FTX makes it easy to create an account on their platform and start trading. However, the exchange enforces mandatory KYC requirements, meaning you will have to verify your identity before using their services.
They have two verification tiers: tier 1 and tier 2. Tier 1 traders can withdraw up to $2,000, while Tier 2 traders will have no limits for fiat and crypto withdrawals.
How to open an FTX account
- Go to FTX.com and clicker the “Register” button
- Enter your email and create a password
- Agree to terms of service
- Click “Create Account”
- Set up 2FA in your profile settings section
- Do KYC verification
Deribit also makes registration hassle-free. Better still, the platform is non-KYC, meaning you can start trading immediately without providing any verification documents. All you need is an email and password.
How to open a Deribit account
- Go to Deribit.com and fill out the registration form
- Enter your email and create a username and password
- Confirm your country of residence
- Agree to terms of service
- Click “Register” to finish the registration
FTX vs Deribit: Customer Support
Both FTX and Deribit have good customer support systems to ensure quick resolution of issues if you are having difficulties with your account.
FTX provides support mainly through email ticketing, and they will respond to any tickets within a day. You can also get them across most social media platforms, including Telegram, where they have some highly active communities.
Like FTX, Deribit also offers its support through email. Also, they have active social media channels where you can get some assistance.
FTX vs Deribit: Security Features
FTX and Deribit will use multiple security features to secure their platform. They adopt most industry-standard security features and use a few additional ones unique to their platform.
FTX security features include mandatory 2FA for withdrawals, IP whitelisting, constant web traffic monitoring, and advanced encryption.
Deribit also uses 2FA to secure user accounts and has several other security features like mandatory password strengthening, IP pinning, and advanced encryption.
- Is FTX Safe?
The fact that FTX implements mandatory KYC verification is a good indication that it is a safe platform. Additionally, the exchange has never been hacked, and it stores most of the user assets in multisignature offline cold storage.
- Is Deribit Safe?
Deribit has never been hacked despite having been around for over 5 years. This and the fact that it stores over 95% of the assets in offline cold storage is a good indication that it is a safe enough platform that traders can trust.
FTX and Deribit are two of the best crypto exchange platform out there, especially for traders into crypto derivatives trading.
Regardless of which company you choose between these two, you can be sure of a smooth trading experience as they have some fantastic trading platforms with a lot of valuable tools.
That said, if you are looking for a non-KYC platform for derivatives trading, Deribit is a fantastic choice. At the same time, FTX is perfect for traders that want a more comprehensive crypto exchange with excellent liquidity.
- 1 FTX vs Deribit: Crypto Derivatives Product Offerings & Leverage
- 1.1 FTX
- 1.2 Deribit
- 1.3 FTX Vs Deribit: Supported Currencies
- 1.4 FTX vs Deribit Trading Fees
- 1.5 FTX
- 1.6 Deribit
- 1.7 FTX vs Deribit: Deposit & Withdrawal Fees
- 1.8 FTX vs Deribit: Account Funding Methods
- 1.9 FTX vs Deribit: Trading Platform Comparison
- 1.10 FTX vs Deribit: Account Opening Process
- 1.11 FTX
- 1.12 Deribit
- 1.13 FTX vs Deribit: Customer Support
- 1.14 FTX vs Deribit: Security Features