FTX vs Coinbase Which is Better in 2023: Today we compare the cryptocurrency platforms FTX and Coinbase.
Coinbase has less attractive features for beginners and novices, while FTX offers more advanced products like crypto futures along with the NFT market at much better fees.
Certainly well established, Coinbase is one of the oldest and most respected crypto exchanges, as well as #2 in daily trading volume. FTX is often a “newcomer” with a youthful spirit and a wide range of products.
In this publication, we will evaluate the performance of both exchanges in terms of security and trustworthiness, fees, products, cryptocurrency access, customer support, deposits, and withdrawals.
Let’s get to a detailed review.
What is FTX?
Often second, FTX is one of the many new wild exchanges to launch in 2018. Headquarters were initially in Hong Kong; In 2021, they were included due to regulatory issues in the Bahamas and used their headquarters in Antigua Barbuda.
Bankman-Freud and Gary Wang founded FTX.
In July 2021, crypto platform FTX closed a $900 million investment circle of more than 60 investors. Some of the investors are Paul Tudor Jones, Coinbase Ventures, VanEck, and various VC firms such as Paradigm and Sequoia Capital. The estimate with circles is $18 billion. He also worked with Tom Brady, Gisele Bundchen, and Shark’s Shark Kevin O’Leary as official speakers.
Best FTX for:
- Advanced and active traders
- Trade fiat currencies.
FTX is definitely a crypto exchange with product upgrades for advanced users.
You can trade futures, margins, options, and anything else with leverage. Of course, regular training means the user interface becomes more complex as more functions and elements become available.
FTX NFT Pasar Market
With its own NFT exchange, FTX has other features available that Coinbase does not have. You can make your own dentures and buy NFT. You can hold an auction or maybe keep it in your own gallery. FXT charges buyers and sellers of transactions at 5%. FTX NFT Market supports NFT based on Ethereum and Solana.
Coinbase has announced the sale of NFT for 2022.
FTT token born FTX
Coinbase is still missing local tokens; FTX has it.
We currently have a total supply of 350,000,000 FTT tokens and 140,000,000 turnovers. You get better crypto trading fees when you stake your FTT tokens.
What is Coinbase?
Coinbase was founded in the United States in 2012.
Coinbase has around 73 million users in over 100 different countries. Coinbase is often a cryptocurrency exchange. You can transact with bitcoin and various cryptocurrencies using fiat dollars, euros, etc., with a Coinbase Visa credit card, or from your bank account. Coinbase is the most popular destination for buying and selling cryptocurrencies.
Brian Armstrong has been the CEO and President of your company since Coinbase was founded in 2012.
Armstrong is on the Forbes list of the “100 Most Influential People Living”. and is on the Forbes “Billionaires under 30” list.
Coinbase works with Civic, Ripple, and Bittrex.
Coinbase is best suited for:
- Crypto traders are trying to find comfort.
- Traders who want to easily convert their digital assets into alternatives.
The standard version of Coinbase is all about a simple and uncomplicated cryptocurrency exchange; Coinbase Pro exchange is more for advanced traders.
Coinbase is for beginners, you start spot trading, buying, selling, and holding cryptocurrencies.
Coinbase vs FTX – Debit Card
Both exchanges offer consumer debit cards in the United States.
Coinbase vs FTX Bet
In FTX you can bet your own FTT token, that’s a lot of advantages. For example, zinc increases the percentage of referred customers, you have a discount on your creator fee, and you don’t have to pay blockchain fees or fiat fees when withdrawing funds.
Besides FTT, you can also bet on Serum (SRM), Solana (SOL), and RAY.
You can bet on several different Coinbase coins.
Currently, you can bet on:
- Ethereum (ETH) 4.5% APR
- Algorand (ALGO) 4% JPY
- Outer Space (ATOM) 4% APY
- Thesis (XTZ) 4.63% APY
- DAI 2% APY
- USD Coin (USDC) 0.15%
APR (Annual Percentage Rate) vs. APY (Annual Percentage Rate). The main difference between the terms is mixing. Complications are individual visions that are paid for with interest. APR can be an annual rate while APY takes into account how often the interest rate is applied during a year.
No need to trade Coinbase or Coinbase Pro shares.
Alternatively, you can trade so-called token shares on FTX. The token share is not your share, but something on the blockchain that mimics the share.
FTX vs Coinbase: Fees
Coinbase is great to get started with, but the main fees are high. Coinbase Pro offers a better fee structure but cannot compete with FTX trading fees. This is actually not very relevant if you are a beginner and trade frequently; For a professional trader, the cost is definitely the enemy.
FTX offers a tiered fee structure for the spot and futures markets. Fees depend on your trading volume in the last 30 days. Women’s FTT Holders Discount, resulting from a 3% rebate when holding FTTs ranging from $100 to 60% off all FTT holders of $5,000,000 or more.
Let’s take a closer look at the costs.
- FTX vs. Coinbase: Transaction Fees, Comparative Trade Comparison
- FTX is the clear winner here as they offer less cost.
- If you join FTX via this link, you will receive a lifetime free 5% discount.
FTX vs. Coinbase: Supported Cryptocurrencies
Today FTX offers 337 coins, 180 perpetual, 20 futures, and 510 trading pairs.
Coinbase offers 158 coins and 444 pairs to trade.
A duration contract is a futures contract similar to a futures contract with no expiration or settlement date.
FTX rose as Maasai had a more significant supply, especially in perpetual and futures trading.
FTX vs Coinbase: Security and Trust
Both have excellent security measures.
FTX offers a 24-hour download key if the password is changed or two-factor authentication (2FA) is removed. You can even whitelist wallet addresses and IP addresses. If there is any suspicious activity, you will receive a notification.
You can also set your own download password and create sub-accounts with limited features.
FTX has partnered with Chain analysis on suspicious transaction activity. The FTX team manually reviews all suspicious or large deposits and withdrawals.
Coin based security
Coinbase is the second-largest exchange after Binance.
On Coinbase (Pro), whitelist addresses and use 2-Step Verification to protect your account.
Coinbase can also review the hiring associated with each employee, usually in the hiring process. Each device is protected with several different passwords and 2FA. All company hard drives are encrypted, employees must use strong passwords, and screen locks must be enabled.
Coinbase Vault is a safer option for storing cryptocurrencies. It offers deferred withdrawals which can actually be canceled within 48 hours.
Coinbase received its trading license from the Financial Conduct Authority (FCA) and has been audited by Deloitte.
99% discount on cryptocurrency funds on Coinbase stored in the fridge.
FTX vs Coinbase: Insurance
FTX Exchange has insurance funds in case, for example, the exchange is hacked, a security breach occurs, or another event occurs.
Coinbase insures about $250,000 is a reason for American consumers. These funds are insured by the Federal Deposit Insurance Corporation (FDIC). This is for individuals who can use Coinbase in conjunction with a Coinbase Pro account.
Funds from customers outside the United States will be held in separate and special deposit accounts. These funds are not usually collected for corporate purposes.
FTX vs Coinbase: Hacking and Security Breach
There were rumors that FTX was hacked in 2019 but again this has never been confirmed nor is it fake. FTX was never hacked.
However, Coinbase was hacked in 2021. Accounts worth $6,000 were affected. Attackers may have used phishing emails to access users’ email inboxes and used weaknesses in Coinbase’s two-factor SMS system to access user accounts. Affected consumers are reimbursed.
Both exchanges are considered safe.
FTX vs Coinbase: Signup and Ease of Use
Both exchanges require you to go through a KYC process.
Coinbase is more user-friendly as it has fewer features. The finished version of Coinbase can be very minimalistic and suitable for beginners.
Coinbase Pro and FTX trading designs can be very similar to other exchange or brokerage accounts.
FTX vs Coinbase: Customer Service
Support can make a difference to anyone facing a serious problem. That’s why we take a closer look here.
FTX Customer Support
FTX provides customer service via support tickets. Smooth against the universal help section, which is of course not exclusive these days. If you can’t solve the problem yourself, you can submit a ticket. The support email address is firstname.lastname@example.org. In fact, live chat is not available.
Keep in mind that neither Coinbase nor FTX endorse any reason to ask you for information.
Coinbase Customer Support
Users experiencing issues may need to apply to the Coinbase Help Center to resolve their issues. People who want to solve your long-term problem, you can message them here. Maintenance can be very slow with their replies. This is also because Coinbase is huge.
Coinbase doesn’t offer you live chat either.
Both customer support isn’t usually great, but it’s not bad either.
FTX vs Coinbase: value
Both exchanges are great and popular for other purposes. FTX has the advantage of being an advanced and serious trader because you may have more trading opportunities. Low fees are required for anyone trading cryptocurrencies and FTX is on top.
Coinbase and Coinbase Pro are good starting points and shouldn’t be too much of a hassle for anyone just starting out. The ease of use is great, professionals are still turning to better exchanges when cost matters the most as they delve deeper into the world of trading.
For trading derivatives or NFT, Coinbase does not need this option yet. Both elements have been announced and are expected to last until 2023.