FTX or Binance? - page 2. | Bitcointalksearch.org

Tigerheart3026

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Quote from: tippytoes on November 06, 2021, 04:12:06 PM

Quote from: 2double0 on November 06, 2021, 02:55:40 PM

I never margin traded at FTX but did futures trades there.

What I liked -
Quick execution
Low spreads so I don't need to wait longer to get into profits
Less fees in trading

What I didn't like -
Liquidation price is not too far (may be this is for our account's financial standings to keep some funds remaining after early liquidation).

Moreover, I like how they didn't charge me anything when I withdrew all types of cryptocurrencies including btc and even eth (only 1 free withdrawal per day allowed for eth or any erc20 tokens). Meanwhile, you can stake FTT as shown in the table (scroll a bit) to get more free eth and erc20 withdrawals daily.

I think, that's their attractive feature here, no withdrawal fees. And even with eth, they are at least allowing 1 free transaction which is already good for those who are avoiding expensive fees. However, when it comes to KYC aspect, you need to undergo also compulsory KYC before you can deposit and trade, which is no difference with Binance now. But do they have SAFU like binance, some sort of insurance to users?

Quote from: Tigerheart3026 on November 03, 2021, 11:23:50 AM

i have not used ftx exchange, i heard in this exchange cheap withdraw fees, then i created account btw i can not deposit without kyc.
i submitted kyc before 2 weeks ago btw it's reviewing till now.

Also, this one, binance has faster approval of KYC. 2 weeks is a long wait. Do they say any reason why such long process?

right binance approved my kyc in few minutes, i'm little bit surprised to see very faster kyc process.
i tried to contact in ftx support btw i did not response may be. taken over 2 weeks btw still identity isn't verified,
i never seen in other exchanges.

martina14

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Quote from: DaC0nsumeR on November 01, 2021, 05:01:14 PM

So I've migrated to FTX basically because my impression is that the counterparty risk is considerably less... ie SBF seems less sketchy than CZ. Not sure if my instincts are right about this, but I am willing to hear any opinions about the matter.

But I have to be honest, I MUCH prefer the Binance trading terminal layout, especially for margin trading. I have yet to do any margin trading on FTX, but it looks like you have to open an entirely new window to see your liquidation price. And what about the Repay feature? How does it work with FTX, do they just automatically repay when the trade hits your Take Profit?

According to the coinmarketcap https://coinmarketcap.com/currencies/fintrux-network/ the volume daily was around 6k$ to 7K$ something,
But I don't understand, to some of the coins listed over this platform just like Bitcoin its volume was huge according to it, maybe it is only for the FTX trading pair itself, but I don't see the FTX ticker name over this exchange actually it was FTT appeared instead of FTX.

rhomelmabini

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Quote from: 2double0 on November 06, 2021, 02:55:40 PM

I never margin traded at FTX but did futures trades there.

What I liked -
Quick execution
Low spreads so I don't need to wait longer to get into profits
Less fees in trading

What I didn't like -
Liquidation price is not too far (may be this is for our account's financial standings to keep some funds remaining after early liquidation).

Never have any as well on the FTX exchange are they mainly focus on derivatives, am I right? I think it's nice exchange to have if you are into futures and margins only but for some folks that doesn't want some high risk type of trading better to use Binance. That less fee on trading or having free 1 withdrawal a day is the best thing to hook new users or margin and futures traders.

tippytoes

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Quote from: 2double0 on November 06, 2021, 02:55:40 PM

I never margin traded at FTX but did futures trades there.

What I liked -
Quick execution
Low spreads so I don't need to wait longer to get into profits
Less fees in trading

What I didn't like -
Liquidation price is not too far (may be this is for our account's financial standings to keep some funds remaining after early liquidation).

Moreover, I like how they didn't charge me anything when I withdrew all types of cryptocurrencies including btc and even eth (only 1 free withdrawal per day allowed for eth or any erc20 tokens). Meanwhile, you can stake FTT as shown in the table (scroll a bit) to get more free eth and erc20 withdrawals daily.

I think, that's their attractive feature here, no withdrawal fees. And even with eth, they are at least allowing 1 free transaction which is already good for those who are avoiding expensive fees. However, when it comes to KYC aspect, you need to undergo also compulsory KYC before you can deposit and trade, which is no difference with Binance now. But do they have SAFU like binance, some sort of insurance to users?

Quote from: Tigerheart3026 on November 03, 2021, 11:23:50 AM

i have not used ftx exchange, i heard in this exchange cheap withdraw fees, then i created account btw i can not deposit without kyc.
i submitted kyc before 2 weeks ago btw it's reviewing till now.

Also, this one, binance has faster approval of KYC. 2 weeks is a long wait. Do they say any reason why such long process?

2double0

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I never margin traded at FTX but did futures trades there.

What I liked -
Quick execution
Low spreads so I don't need to wait longer to get into profits
Less fees in trading

What I didn't like -
Liquidation price is not too far (may be this is for our account's financial standings to keep some funds remaining after early liquidation).

Moreover, I like how they didn't charge me anything when I withdrew all types of cryptocurrencies including btc and even eth (only 1 free withdrawal per day allowed for eth or any erc20 tokens). Meanwhile, you can stake FTT as shown in the table (scroll a bit) to get more free eth and erc20 withdrawals daily.

Ararbermas

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Activity: 2016

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I don't have any experience in FTX since binance is more popular here in my country. So what i can share here is only a feedback for binance. And yes what i love with binance is we can easily trade our fiat to usdt if we want fill our account to trade using their features, unlike other platforms thay you need to used crypto based wallet to transfer a capital.. Also including the fees wherein so affordable, perhaps that's the reason why most people here in our country always used binance when it comes trading crypto. Grin

Reid

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Never heard of FTX so I will stay with the usual which is Binance.
Now, even if by some reason a bad event happens that makes Binance the worst exchange ever, it won't be that FTX which is next on line.
There are more exchange that have the upper hand than new ones. First and may be the last of those reasons will be it's trust rating in the crypto community.
I might pick Kucoin next to Binance which is my back up exchange center.

Pffrt

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Quote from: BitMaxz on November 01, 2021, 06:16:28 PM

You didn't mention what FTX is exactly you talking about there is FTX exchange and Blockfolio which is recently rebranded to FTX.

Blockfolio was occupied by ftx earlier this year if I can remember correctly. Ftx is one of the rising popular exchange this days though I don’t personally like their UI. However, they have made a great progress. Their acquisition of Blockfolio app proved that they are getting serious with great mission vision.
If I'm to compare the feature OP mentioned, I would easily pick Binance.

Taskford

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Quote from: DaC0nsumeR on November 01, 2021, 05:01:14 PM

So I've migrated to FTX basically because my impression is that the counterparty risk is considerably less... ie SBF seems less sketchy than CZ. Not sure if my instincts are right about this, but I am willing to hear any opinions about the matter.

But I have to be honest, I MUCH prefer the Binance trading terminal layout, especially for margin trading. I have yet to do any margin trading on FTX, but it looks like you have to open an entirely new window to see your liquidation price. And what about the Repay feature? How does it work with FTX, do they just automatically repay when the trade hits your Take Profit?

Why choose one if you can trade on both platform? both of them is good exchange and for sure there are coins listed on FTX doesn't been listed on binance yet so maybe its good to explore on good markets. But if you like binance more than any other exchange then better stick on what you believe since its undeniable that binance is the top 1 exchange and we can really trust them in terms of technicalities and in security aspects.

smartaction

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Binance is much better for trading. I always use Binance for Spot and Furure trading. now a days FTX is also a better exchange and lot of people use FTX now, for trading and holding there crypto-currency. specially people use FTX for holding crypto-currency. Coz of FTX always charge low withdraw fees for all crypto-currency coin and token then another Exchanger like Binance, kucoin, gate.io and others

Snappycoco

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Well lots of issues are being thrown to Binance these days like locking of account without any prior warnings hence locking up funds. Personally, I haven't encountered these accusations but lots of proofs were available. Another thing to be considered in choosing between the two is volume. Binance is far ahead in terms of volume. Its 39B$ daily volume is far ahead to FTX 3.7B$. Nonetheless, im pretty comfortable with binance. I don't know but for me its far superior in terms of volume and activity. But, FTX CEO vision is much profound than Cz. His mission to help others and not to enrich himself is quite rare these days.

suryogandul

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ftx is more suitable only for transit because ftx exchange fees are very cheap compared to other exchanges. but for trading I still choose binance because the completeness, features and other binance is better than FTX. because FTX can be said to be one of the new exchanges that is currently experiencing popularity development

ashmodeus

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still binance , smooth , fast , mobile app also quick and easy , not like gate io or kucoin which a bit lagging when u trade, about fees, yep , some people on my group says fee on FTX is less cheaper, maybe later time,binance will change the fee because i am sure binance already heard that complaint.

adaseb

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Quote from: BitMaxz on November 01, 2021, 06:16:28 PM

You didn't mention what FTX is exactly you talking about there is FTX exchange and Blockfolio which is recently rebranded to FTX.

I actually only use their app Blockfolio for tracking but never use their investment function or trading function.
I won't trade on FTX if you compared them with Binance(Never heard FTX exchange before just now) so I will choose Binance for safety. I know Blockfolio is known safe but it doesn't mean that using their own trading platform will be also safe.

However, since there are few people here already given some reviews about this I will think a bit to use their trading platform.
Check the big review here https://bitcointalksearch.org/topic/--5350943
And it seems that they don't ask for a Bitcoin withdrawal fee according to some users?

You never heard of FTX before?

It was created by Sam B Fried the guy is worth like $20B or so. I first heard about him because it was Alamedao research which was a market maker in the day now they got their own exchange. It’s definitely legit .

They also sponsored and got their logo and name on many sporting areas. He is doing a great job in making people aware of crypto.

Tigerheart3026

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i have not used ftx exchange, i heard in this exchange cheap withdraw fees, then i created account btw i can not deposit without kyc.
i submitted kyc before 2 weeks ago btw it's reviewing till now.

Rikafip

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Quote from: BitMaxz on November 01, 2021, 06:16:28 PM

I actually only use their app Blockfolio for tracking but never use their investment function or trading function.
I won't trade on FTX if you compared them with Binance(Never heard FTX exchange before just now) so I will choose Binance for safety. I know Blockfolio is known safe but it doesn't mean that using their own trading platform will be also safe.

It's actually the other way around, as FTX exchange bought Blockfolio app back in may 2020 for $150M and then recently renamed it to FTX. Another interesting info; Binance was among early FTX investors but their CEO Sam Bankman-Fried decided to buyback the shares and distance himself from Binance. Smart move imho.

Quote from: mk4 on November 01, 2021, 11:48:48 PM

FTX simply because I think it's the exchange that is safer from the authorities compared to Binance which is pretty much always in the legally grey area. Not to mention the significantly lower(or sometimes free) withdrawal fees on FTX.

Yep, pretty much this. I still mostly use Binance though, but with all the current restrictions I am starting to have some doubts about them so I think it's a good idea to have contingency plan, which in my case is FTX.

Quote from: OcTradism on November 03, 2021, 09:35:11 AM

Really guys? FTX is quite famous even they are a young exchange and need to grow up more to catch up with Binance. Do you know Solana project and its blockchain?

I am also surprised that so many people here don't know about FTX. They remind me of Binance from those early days several years ago. On top of that, people keep forgetting that Binance is not that old as well.

OcTradism

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Quote from: mobtc on November 03, 2021, 08:52:18 AM

I’m sorry I haven’t heard of the FTX exchange

Really guys? FTX is quite famous even they are a young exchange and need to grow up more to catch up with Binance. Do you know Solana project and its blockchain?

FTX is one of backers of Solana project and they opt-in Solana for their exchange deposit and withdrawal. They are too generous with fee and you can check with FTX's Blockchain deposits and withdrawals

Quote

I have always used Binance Exchange,I am also using its Binance Chain to buy new altcoins every day.
Binance is still very convenient.

Binance is big and months ago, Binance Smart Chain was launched successfully and were favorite chain of people when Ethereum network was congested and had too high fees.

Now, fee on BSC is becoming to be expensive and Binance have yet resolved it. Will they be able to resolve it or fail like Ethereum? And it will be time for younger chains to show off, like Solana and FTX exchange?

mobtc

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I’m sorry I haven’t heard of the FTX exchange，I have always used Binance Exchange,I am also using its Binance Chain to buy new altcoins every day.
Binance is still very convenient.

GreatArkansas

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I am using both but I only most using Binance when I am more interacting with fiat currency like converting your fiat currency to cryptocurrency or converting your cryptocurrency to fiat. Because Binance supports different fiat countries from different country especially their P2P trading.

While on FTX, I'm thankful that Binance supports withdrawal from Tron Network and Solana Network on USDT, so I can easily transfer my funds to FTX and do some trading there.
User interface is good on Binance but the performance sometimes I really don't appreciate it, compare to FTX.

Quidat

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Quote from: DarkDays on November 02, 2021, 01:40:39 PM

Quote from: NeuroticFish on November 02, 2021, 02:31:51 AM

"If it's not broken, don't fix it". I am still fine with Binance. When this will change, I'll look for something else. I don't have FTX account yet and I'm not eager to do tests.

Agreed, FTX is huge but I still stick by Binance. Binance may not be the best due to all the local legal restrictions but at least it is obliging and in the long term I do not see a way out of this. Sooner or later there will be no way of evading this.

However, both exchanges are good with high volumes and trusted, and usually it is all about user preference!

Same here.Ive been a Binance user for years and im long time verified so i dont worry about that KYC thing that they had imposed recently to be mandatory.All of trading stuffs and features is already
here which i dont really see any reason on why would i leave out with this exchange and try something new.Its not that shit actually since it do came from in a known service but establishing reputation
is something that cant really be attained in short time but having this one is really still a good option to have.

Topic: FTX or Binance? - page 2. (Read 458 times)