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2022-08-09 12:17:53

FTX Vs. Crypto.com (2022) | Which is Better for Investment?

  • Crypto.com Vs. FTX – which one is better?
  • Can US citizens use Crypto.com or FTX?
  • Is FTX better than Crypto.com?

November 2022 update – FTX exchange falldown and is not recommended to use anymore.

Hey folks! It’s that time again when we see and enjoy the Clash of Titans. These Titans are the Top Exchanges in the crypto market, and CoinSutra helps you pick the best out of them.

Today the clash is between Crypto.com and FTX. Both are top-rated exchanges and have loads of features for their users. Hence, the fight would be a tough one.

So, fasten your seatbelts, and let’s roll up the curtain.

Round 1 – Establishment and Founders’ Background

Round 1Crypto.comFTX
Year of Establishment20162019
Head OfficeSingaporeThe Bahamas
FoundersKris Marszalek – CEORafael Melo – CFOSam Bankman-Fried – CEOGary Wang – CTO

Round 1 is regarding the founder’s background and years of business operations.

Crypto.com was established in 2016 in Singapore. Kris Marszalek, CEO of Crypto.com, has founded several successful businesses before jumping into the crypto exchange industry. Further, Rafael Melo, CFO of Crypto.com, had 15+ years of experience in Finance and Risk Compliance before joining the exchange.

FTX was established pretty recently in 2019. The exchange was founded in Antigua and Barbuda, the Caribbean and now has its head office in The Bahamas. FTX’s team background is pretty impressive.

Sam Bankman Fried, CEO of FTX, is a graduate of MIT with a degree in physics. Post that, he was a trader at a renowned International ETF desk. Before FTX, he founded Alameda Research with his CTO, Gary Wang. Alameda Research is a famous quant trading firm. Read FTX review to dive deep into the FTX exchange.

So, although Crypto.com has much more market experience than FTX, both exchanges’ foundation team is pretty solid. Therefore, this round is a TIE.

Now, let’s find out which platform has better features and a wide variety of tokens. 

Round 2 – Crypto Tokens and Exchange Features

Round 2Crypto.comFTX
Spot Market
Number of Token Pairs467420
24 Hours Trading Volume ($)$ 350 Million$ 2.2 Billion
Derivatives Market
Number of Token Pairs6343
24 Hours Trading Volume ($)$ 2.2 Billion$ 6.2 Billion
Other Features
Trading FeaturesSpot TradingMargin Trading (up to 50X)Derivatives TradingOTC TradingSpot TradingMargin Trading (up to 20X)Derivatives TradingLeveraged TokensOTC Trading
Other FeaturesFiat SupportCrypto.com payMetal Visa CardsStaking and Savings ProductsCrypto CreditDeFi IntegrationsPay for BusinessTax ServiceFiat supportFTX PayStakingNFT MarketplaceFTX Card
Availability in the USYesNoFTX.US is an alternative
Native TokenCROFTT
KYCYesYes

1. Crypto.com offers more than 450 token pairs for spot trading and has an average 24 hours trading volume of $ 350 Million.

FTX offers around 420 token pairs for spot trading and has an average 24-hour trading volume of $ 2.2 Billion. Thus, FTX’s volume is pretty significant compared to Crypto.com’s volume.

2. Crypto.com offers 60+ token pairs for derivatives trading and has an average 24 hours trading volume of $2.2 Billion.

FTX offers 40+ token pairs for derivatives trading and has an average 24 hours trading volume of $ 6.2 Billion. Here also, FTX’s share of the business is pretty significant.

3. Crypto.com provides margins up to 50 times. However, FTX provides margins up to 20 times.

4. Crypto.com has a few unique features, such as:

a. Crypto.com Pay – users can use this feature for shopping, paying merchants, recharging mobile, sending crypto to friends and family, etc.

b. Metal Visa Cards – These are debit cards that can be used for spending Crypto or Fiat money.

c. Pay for Business – Merchants can also use Crypto.com Pay to accept crypto payments from their customers.

d. Tax Service – The exchange provides tax support services to several jurisdictions

5. FTX also has a few unique features, such as:

a. Leveraged Tokens – Leveraged tokens are a unique product offered by FTX. This saves you from the hassles of maintaining margins and collateral for leveraged trading.

b. FTX Pay – It is a payment app that can be used to send and receive crypto and fiat payments in a fast and secure manner.

c. FTX Card – It is a Debit Card that can be used for spending cryptocurrencies at millions of merchants worldwide.

d. NFT Marketplace – This is a marketplace where users can list, buy or sell Non-Fungible Tokens (NFTs)

6. Crypto.com is available in most states in the United States. However, FTX is prohibited for citizens of the United States. For them, the exchange has a separate platform called FTX.US. 

7. Crypto.com has a native token called CRO. CRO can be used for Staking, availing discounts on transaction fees, and availing lower borrowing interest rates and better lending interest rates.

FTX also has a native token called FTT. FTT serves as the backbone of the FTX ecosystem. A part of the fee received by the FTX exchange is used to burn the FTT token. This helps control the circulating supply of the token, hence increasing its price. In addition, FTT can be used as collateral for margin trading, staking, and availing discounts on transaction fees.

Suppose you hold an FTT token (the native token of FTX Exchange). In that case, you are eligible for many benefits such as

  • Zero fees on Crypto withdrawals
  • Zero fees on Fiat Withdrawals
  • Discounts on trading fees, etc.

8. Finally, both the exchanges need their users to complete KYC formalities.

Based on the trading volume and use cases of the FTT token, the winner of Round 2 is FTX Exchange.

Round 3 – Fiat Support on Crypto.com Vs. FTX

Round 3Crypto.comFTX
Fiat Currency SupportedAUD (Australian Dollar)CAD (Canadian Dollar)EUR (Euro)GBP (Pound Sterling)USD (US Dollar)BRL (Brazilian Real)USD (US Dollar)EUR (Euro)GBP (Pound Sterling)AUD (Australian Dollar)CAD (Canadian Dollar)CHF (Swiss Franc)And many more
Deposit and Withdrawal MethodsBank TransferWallet Transfers (limited options)Wire Transfers

For fiat currency purchases, Crypto.com supports several currencies such as AUD, CAD, EUR, GBP, USD, and BRL. FTX has a few more options for fiat currencies.

Both the exchanges accept wire transfers. However, Crypto.com also accepts a few wallet transfers.

Based on the above, Round 3 is a TIE

Round 4 – Fee Structure

Round 4Crypto.comFTX
Trading Fee0.4%Maker Fee – 0.02%
Taker Fee – 0.07%
Deposit Fee
On Crypto
On Fiat Currency

Free
Free

Free
Free
Withdrawal Fee
On Crypto
On Fiat Currency

Variable Fee
25 USD

Variable Fee
25 USD

1. Crypto.com charges a base transaction fee of 0.4% of the transaction value. FTX charges a base trading fee of 0.02% and 0.07% from Market Makers and Market Takers, respectively.

2. Both exchanges do not charge any fee for the deposit of crypto or fiat currencies.

3. The fee for withdrawal of crypto assets is variable on both exchanges.

4. The base fee for withdrawing fiat currency on both exchanges is 25 USD.

Please note that in the case of deposit and withdrawal of cryptocurrencies, a network-specific gas fee is also chargeable in addition to the abovementioned fees.

Further, various discounts are available on the above fee structure if you hold the native token of the exchange (i.e., CRO or FTT).

So, because of a lower fee structure, Round 4 goes to FTX Exchange. 

Conclusion – Crypto.com Vs. FTX Exchange

With FTX exchange falling down, Crypto.com comes out as a clear winner. You should about FTX exchange at any cost.

Sign up for your FREE Crypto.com account here. 

I hope this comparison post between FTX Vs. Crypto.com was helpful to you. Please let us know if you have any feedback or comments. Please note that nothing written in this article is financial advice. Please consult your financial adviser before making any financial decision.

For further reading:

  • Crypto.com Review
  • FTX Review
  • Best Crypto Exchange Guide

News appeared first on: Coinsutra.com

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