FTX vs. Binance: Which cryptocurrency exchange has higher fees?

RAMA38.MY.ID -If you’re active in the cryptocurrency industry, chances are you’ve heard of the Binance exchange and the FTX token (FTX). 

If you’re currently on the fence about which platform to use, you might be wondering how the two stack up against each other. 

And if you’re curious about what makes each exchange unique, be sure to check out our comparison of Binance vs FTX! 

Keep reading to learn more about our favorite aspects of each platform and decide which one fits your needs best!

Fees differ between exchanges

Fees differ between different cryptocurrency exchanges, so it’s worth doing some research to find one with a trading fee that best fits your needs. 

As you’ll see below, not all exchanges have trading fees or offer trading pairs in all coins, so it’s worth taking a look at their websites before signing up and spending your money (see our previous articles on exchanges). 

One of our favorite exchanges is Coinbase, which allows users to buy Bitcoin, Ethereum and Litecoin directly from their bank accounts. 

The platform also provides an easy-to-use interface for experienced traders who want more control over how they trade cryptocurrencies. 

If you’re looking for a less technical experience, we recommend using an exchange like Robinhood Crypto—the app lets users buy Bitcoin and Ethereum without any account minimums or buying limits. 

But be aware that while Robinhood doesn’t charge transaction fees, it does charge a premium on each purchase made through its platform (100% of buying price) compared to other exchanges like GDAX and Gemini. 

In addition, Robinhood does not allow users to sell crypto back into their bank accounts. This can make tracking gains/losses difficult if you aren’t careful! 

For example, let’s say you bought 1 BTC for $6,000 USD on Coinbase and then transferred it to your Robinhood wallet. A week later, you decide to sell your BTC for $7,000 USD. 

On Coinbase, you would have had an unrealized gain of $1,000 ($7k-$6k = $1k), but because Robinhood is not integrated with banks, there’s no way to transfer that gain back into fiat currency. 

So, instead of receiving $7,000 USD in your bank account after selling 1 BTC on Robinhood, you would only receive $6,000 USD. 

That’s why it’s important to keep track of your trades manually if you plan on moving them off an exchange down the road. 

Also note that these examples assume you didn’t incur any trading fees; depending on your trading volume, these fees could eat into your profits substantially.

Trading Fees

One of FTX’s core features is its low trading fees. Its maker fee is 0%, meaning that you don’t pay anything to list a token for sale on FTX. 

The taker fee, however, is 0.25%. This makes it one of only two exchanges with free maker fees (the other being KuCoin). 

Meanwhile, Binance charges 0.1% for makers and takers, so there’s not much difference between these two exchanges in terms of trading fees—but RAMA38 FTX does have a clear advantage here. 

On top of that, Binance requires you to pay withdrawal fees for all coins, whereas RAMA38 FTX doesn’t. 

It should be noted, though, that some users have reported having issues getting their coins out of FTX at times; although withdrawals are said to be instantaneous when they go through properly (per user feedback), they can also get stuck in an endless loop if there are problems processing them at their end. 

There’s no way to know whether or not your withdrawal will be processed until it actually happens, which may be frustrating for some users. 

As such, we recommend using Binance if you want a simple experience without any hidden fees or potential headaches. 

That said, FTX is still worth considering as an alternative because of its high-quality customer service and overall ease of use. 

You can read more about how to start trading on both exchanges in our guides below Binance Review Guide: A Beginner’s Look At One Of The Largest Crypto Exchanges In The World [In-Depth] FTX Review Guide: A New Cryptocurrency Exchange With High Volume And Low Fees [In-Depth] Transfer Limits: Another thing to keep in mind when comparing these two exchanges is that FTX limits transfers by IP address. 

This means that you’ll need to set up additional accounts if you want to trade larger amounts of money than usual. 

If anonymity isn’t important to you, then this won’t matter much; but if privacy is important, then we suggest looking elsewhere—you might consider Binance instead.

Deposit/Withdrawal Fees

Some exchanges charge a small fee for each transaction you make to/from your account, while other exchanges are completely free. 

This is a trade-off between speed and cost since most exchanges with lower fees will also limit how quickly you can buy/sell – meaning it could take several days to buy or sell versus just a few minutes on an exchange with significantly higher trading and withdrawal limits. Fees vary widely from one exchange to another, so be sure to compare before opening an account. 

For example, GDAX charges 0% maker fees and 0% taker fees on all trades placed through its platform (note that Coinbase’s Global Digital Asset Exchange (GDAX) is different from GDAX (Global Digital Asset Exchange), which charges 0% maker fees but variable taker fees ranging from 0.1% to 0.2%). 

See what we mean? It pays to do your research! Again, always check multiple sources before choosing any given exchange over another. 

You might even find some better deals by searching online rather than going directly to exchanges’ websites. You never know! Again, see our comparison tool above for more information about each exchange we cover. 

If you don’t see an exchange listed there that interests you, then check out our list of cryptocurrency exchanges for additional options and research. Or if you have questions, feel free to ask them in the comments below. 

We’re happy to help! But remember: only invest money into cryptocurrencies or related products that you understand and trust. 

Don’t ever invest money into anything without fully understanding everything about it first. Cryptocurrencies are complicated and volatile; they move fast and prices can shift quickly too. 

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