FTX is a fully centralized cryptocurrency exchange founded in May 2019 by Sam Bankman-Fried (Founder and CEO) and Gary Wang (Founder and CTO). Sam is an MIT graduate and a former trader at Jane Street Capital. Gary, on the other hand, is an ex-google software engineer. Through FTX, users can easily trade all sorts of cryptocurrencies, futures and derivatives, leveraged tokens, options, MOVE, spot markets, predictions, and more.
With its incredibly easy-to-use mobile & desktop app and UI, FTX is quite appealing to new traders who are just starting. With FTX, they can access and trade through their phone, tablet, and PC making it convenient to use. FTX has been gaining popularity, accumulating over 100 million users worldwide and hitting a whopping and $21 billion trade volume.
Although FTX is one of the best crypto trading markets, not everyone shares the same opinion. Users may choose other platforms for the user interface, pricing, response time, managing and maintaining portfolios. Therefore, FTX faces competition from all those platforms. On top of that, these platforms serve as alternatives to the company’s products and services.
Given below are the top 10 FTX competitors and alternatives.
1. Binance
Binance ranked among one of the most used trading apps for crypto in 2021. It has by far some of the lowest trading fees out there. There are no fees for depositing crypto to the account. If traders choose to pay their trading fees through currencies other than Binance Coin (BNB), each trade will have a fee of 0.1%. However, BNB will allow a further 25% off on each transaction.
When it comes to security, Binance is nothing short of top-notch. The company boasts two-factor authentication and Federal Deposit Insurance Corporation (FDIC)-insured bank accounts. From its user-friendly mobile apps to more than 390 tradeable currencies and being a market leader at the lowest trading fees, Binance has claimed the top spot on this list.
2. Coinbase
Coinbase ranks among the most prominent markets, having over 140 tradeable currencies and options and more than 68 million verified users. In 2021, the traded volume was north of $450 billion, making Coinbase one of the biggest crypto markets out there. However, Coinbase allows a maximum of $25,000 deposit/withdrawals, which can be adverse.
Coinbase ensures the currencies for its traders eliminating the risk of any hacking attempts to the traders, making it one of the most secure exchanges to use. Coinbase also claims that it stores about 98% of traders’ funds in offline storage to avoid theft. Coinbase also has a very user-friendly app both on iOS and Android platforms. New entrants can find it very easy to start and learn while earning simultaneously.
3. Kraken
Kraken is a San Francisco-based crypto exchange facilitating the trade of various cryptocurrencies. Users can buy and sell cryptocurrencies using many fiat currencies, including USD and Canadian dollars, Japanese yen, and Euros. Its most prominently traded coins are Ethereum (ETH) and Bitcoin (XBT). Recently, many altcoins have gained popularity on the platform, like EOS and Monero (XMR).
Owned by Pyward Inc., Kraken was established in 2011 by Jesse Powell (Co-founder and CEO). Kraken offers features like buying, selling, exchanging, future trading and staking. Traders can deposit and withdraw up to an amount of $100,000 daily. However, users have complained of struggling with the user interface from time to time. Its robust security and fund protection make it a compelling platform for trading.
4. Crypto.com
Allowing to trade, invest, stalk over 150 different currencies and NFTs, and more, Crypto.com is a trusted exchange on this list. It is transparent with fees and offers significant discounts to those who hold a good amount of Crypto.com Coin (CRO). The company has a vast list of supported currencies with 150 currencies available.
Crypto.com offers spot trading, futures, NFTs, and advance order types. It also provides FDIC insured amounts of $250,000 against theft. For its services, Crypto.com uses cold storage to prevent hack attempts. Therefore, it is a highly secure wallet with multi-factor authentication and biometric verification.
5. KuCoin
With over a million active users, KuCoin ranks in the top 10 exchanges worldwide due to its daily trading volume. The platform provides spot trading with around $1.45 billion of daily trade volume. Similarly, it offers traders good analytical tools and a smooth and optimized mobile app to monitor portfolios. The company provides its services for low fees, making it a favourite among users.
KuCoin’s UI offers flexibility as users can switch between beginner and advanced levels with additional options and functionalities based on their needs. Similarly, it has more than 580 coins available for trade which is a considerable step-up compared to other crypto exchanges. The company also has a reputation for its customer support.
6. Gemini
Gemini Trust Co. LLC is a privately owned entity allowing trade and exchange of bitcoin and 50 other cryptocurrencies. Launched in 2015 by Tyler Winklevoss and Cameron, it has discussed going public multiple times. Overall, Gemini offers trading 24/7 and is suitable for all traders with different capabilities and trading volumes.
Gemini offers a bunch of limit orders, including Immediate or Cancel (IOC), Auction Only (AO), Make or Cancel (MOC). It also features an app (Gemini Pay) that allows users to pay for top purchase goods using USD without any transaction charges. Furthermore, it enables users to earn interest by storing cryptocurrencies with Gemini.
7. Bitstamp
Bitstamp is one of the oldest crypto exchanges, founded in 2011. It offers transactions like Instant, limit orders, stop, trailing stop, withdrawals, and fill-or-kill. Similarly, Bitstamp hosts smaller cryptocurrencies on its platform, with about 50 currencies traded at the moment. The company also boasts high security for its users.
Bitstamp stores 98% of its assets offline in cold storage. Similarly, it offers insurance against theft, fraud and hacks and has 2-step authentication. These features make Bitstamp one of the most secure exchanges. Bitstamp also has a variety of limit orders. On top of that, it provides a built-in wallet, making it a highly favourable option.
8. Bybit
With over 3.6 million visits weekly and a 465 million daily trade volume, Bybit is a top name in the industry. The company was co-founded in 2018 by Ben Zhou (CEO), who has been a retail forex broker for over a decade. It has a pretty standardized interface that helps users, both beginners and pros, to get efficient very quickly. On top of that, it also features a mobile app that helps keep track on the go.
Bybit features over 130 available currencies for trading. On top of that, it ranks as a platform with one of the lowest trading fees in any exchange (0.05%). It also provides users up to 100x leverage on Bitcoin (BTC) and 50x on altcoins. Furthermore, it offers a sign-up bonus of $90, which users can use to trade on its platform. However, it provides a limited number of trading pairs compared to other exchanges.
9. Gate.io
With over $1.8 billion daily trade volume and 6.1 million weekly visits, Gate.io is a highly liquid and busy exchange. It is a centralized exchange, commonly known as an altcoin exchange. Similarly, it has over 400 coins and 800 pairs available. The company has also discussed launching NFT trading recently. However, it allows a minimum trade amount of $10.
Gate.io provides a $100 sign-up voucher to new entrants. Users can use this bonus to trade on the platform. Similarly, Gate.io also boasts a competitive transaction fee of 0.2%. It also has a variety of limit orders available. However, it only accepts cryptocurrencies and does not support USD, GBP, etc. On top of that, it does not provide social trading features.
10. Bitflyer
Bitflyer is suitable for people new to crypto trading and seeking a trusted platform. It is also a solid place for serious traders that are not interested in altcoins. Similarly, it is well-known among users who want to keep their altcoins separate from other exchanges. The platform also does not charge fees for wire deposits.
Despite having a relatively low daily trade volume compared to the other exchanges, Bitflyer is quite liquid. The platform boasts average liquidity of 623 compared to KuCoin (607), Gate.io (547) and Bitstamp (614). The primary reason users choose Bitflyer is its low transaction fees.
Conclusion
People’s interests have skyrocketed in buying and trading crypto in 2021. Therefore, it is crucial to seek the right tools and platforms to help alleviate the process. The above-listed exchange platforms have a reputation of being secure and trustworthy. Most users may prefer FTX for its services. However, the above competitors and alternatives also serve as worthy options.
