Behind time 2022 has actually certainly not been actually type to the crypto area. The meltdown of the FTX trade, together with the high-profile collapses of numerous moneys, have a lot of financiers reconsidering approximately their settings in the ball.
FTX, the 3rd biggest of the centralized exchanges where individuals head to profession all of way of cryptocurrencies, has actually just lately declared insolvency. The aftereffects are actually anticipated to become prevalent.
Kellogg Understanding overtook Sarit Markovich, a scientific teacher of technique and fintech pro, to go over exactly just what took place, exactly just what our experts can easily gain from it, and where the sector might be actually going following.
The world of cryptocurrency is worth more than billion dollars currently. To trade crypto coins, we need a platform for exchange due to which the risk of scams and frauds are equally increasing. So, there are lot many of crypto exchange platforms enlisted in the coinmarketcap list out of which many are developed only with the aim of frauds and deceit.
Here, in this article, we are focusing on two of the best crypto exchange platforms and will throw light on their pros and cons on similar basis. The two most reliable and growing crypto exchanges, as ranked in the top 20 list of exchange platforms of coinmarketcap, are FTX and Crypto.com
After reading this post, you will be perceptive to choose the best platforms for your crypto exchanges as we have created this data after deep research and analysis. We will discuss the benefits as well as the backlogs of both exchanges which includes their security, fees, availability, and their public fame. So, without much delay of time, let’s get started.
FTX Vs Crypto.Com: Security Exchange: –
FTX as well as Crypto.com, both exchanges provide best level security to the stakeholder’s coins. Following are some of the exclusive features of both: –
- Strengthened password security
- Passwords availability for withdrawal process
- Whitelisting feature for IPs
- Two factor authorization requirements
FTX: FTX has proved to be the most secured and safe platform for crypto exchanged which is currently trusted by more than millions of users. It was launched in 2019 and is also known as the safest crypto exchange platform in the globe. For instance, FTX has never caught into any kind of false practices like scams or frauds by hacking, data loss, etc.
Crypto.com: Crypto.com is the first platform throughout the globe to have access to the ISO 22301:2019, ISO/IEC 27701:2019, ISO/IEC 27001:2013, and PCI-DSS v3.2.1 Level 1 security. But the backlog of Crypto.com’s security is that it got hijacked by some hackers recently.
According to the survey of Coin Gecko Exchange Trust, FTX stands 6th in the position of the most secured exchange platform whereas Cypto.com is at 12th.
Security Fees:
The major thing that should be taken into consideration before putting your money into any exchange is its fees. Many of the scammed or fake exchange platforms do not offer the fee structure and later charges on hidden security fees to steal money one way or other. However, FTX and Crypto.com, both provided us their fee structure for exchanges. Here’s it followed.
FTX Fees: Fees can also be reduced or differentiated if the holder is owning an FTX’s native coin i.e. FTT. Now, following is the fee schedule for FTT holders.
Crypto.com Fees: So far, on the basis of security, safety and fee schedule, FTX is taking over all the characteristics of Crypto.com.
Availability of coins for trading:
FTX as well as Crypto.com, both the platforms have availability of thousands of varieties of very famous and significant coins to trade and exchange. These include high diversification of tokens from categories such as Run to Earn, Play to Earn, MetaVerse, etc.
FTX: The total number of coins listed on FTX is currently 327 which includes all the popular and growing coins like BTC, BNB, ETH, USDT, etc. and other similar popular varieties such as NFTs, other crypto coins, Web3, etc.
Crypto.com: Similarly, Crypto.com also holds huge variations of coins considered very popular and emerging recently. At moment, Crypto.com has total 230 number of coins enlisted on the platform for trade and exchange which are comparatively lesser than that of FTX.
Lastly, on the basis of availability of diversity of coins, FTX holds a greater number of coins which are easily accessible to the beginners rather than Crypto.com.
Conclusion:
In the above article, we studied about the two most famous and expanding platforms of coin exchange, FTX and Crypto.com. As a conclusion, according to our data analysis, we came to know that FTX is better to choose over Crypto.com based on fees, safety, and availability of variety of coins. Therefore, FTX is a wiser as well as a better choice.
However, we are not accountable for any profit or loss in the investments. Please read and analyse the detailed information and data about the cryptocurrency or NFT collection you are interested to invest in.
FAQs:
Q- Is FTX a cryptocurrency?
A- FTX was a centralized cryptocurrency exchange specializing in derivatives and leveraged products that filed for bankruptcy protection in the U.S. in November 2022. FTX’s founder and former CEO was arrested in the Bahamas, extradited to the U.S. and released on a $250 bond in late December.
Q- Is FTX better than Coinbase?
A- Coinbase has fewer overwhelming features for beginners and newcomers, while FTX offers more advanced products, such as crypto futures and an NFT marketplace, and better fees. Coinbase is a very well-established and one of the oldest and most respected crypto exchanges and the number two in daily trading volume.
Q- Why is FTX collapsing?
A- FTX filed for bankruptcy on Nov. 11, 2022, after a surge of customer withdrawals earlier in the month. Then-CEO Sam Bankman-Fried admitted that the company didn’t have sufficient assets in reserve to meet customer demand.
Q- Why is FTX in trouble?
A- FTX and FTX.US crashed due to a lack of liquidity and mismanagement of funds, followed by a large volume of withdrawals from rattled investors. The value of FTT plummeted, taking other coins down with it including Ethereum and Bitcoin, which reached a two-year low as of Nov. 9.
Q- Why is FTX so popular?
A- Low fees. One of the main draws of FTX.US is its extremely low trading fees. The exchange uses a tiered fee structure based on your trading volume, and the highest fee amount is 0.20%. Overall, those rates are better than what many of the best cryptocurrency exchanges charge, so you can save money trading on FTX.US.
Q- Can FTX be trusted?
A- Is FTX Exchange Legit? Since 2019, FTX has been a legit crypto exchange platform. It is used by millions of users around the world. It is regulated by the Hong Kong financial authority.
Q- Is Binance better than FTX?
A- Of the two, Binance.US has the edge. Its trading fees range from 0% to 0.10%, and it offers zero-fee trading on some cryptocurrencies, including Bitcoin (BTC). Both exchanges have different fee tiers that determine how much you’re charged on each trade. They also use maker-taker models.
Q- Why is FTX so rich?
A- The rise of FTX and Bankman-Fried. FTX, an exchange that allows users to buy and sell cryptocurrency, generated revenue by charging customers trading fees and selling an FTX-created crypto token that allowed users to buy and sell on the platform at a discount.
Q- Is FTX Dead?
A- FTX is a now bankrupt company that was one of the world’s largest cryptocurrency exchanges.
Q- Who lost money with FTX?
A- Alameda was the only account on the platform that was allowed to have a negative balance, according to the CFTC. Bankman-Fried claims that the co-mingling of funds between Alameda and FTX was not purposeful but resulted from his and others’ misreading of “confusing internal labelling,” he told Reuters.
Q- Which country owns FTX?
A- FTX is incorporated in Antigua and Barbuda and headquartered in the Bahamas. FTX is closely associated with FTX.US, a separate exchange available to US residents. FTX Trading Ltd. Since November 11, 2022, FTX has been in Chapter 11 bankruptcy proceedings in the US court system.
Q- Is FTX beginner friendly?
A- Coinbase is more established, has more to offer, and is better for newbies. FTX is a good choice for seasoned crypto traders who buy and sell more on a daily and weekly basis thanks to lower trading fees.
Q- What celebrities lost in FTX?
A- Larry David, Tom Brady, Giselle Bündchen, Shaquille O’Neal, Stephen Curry, and others have been named in a class-action lawsuit accusing the exchange — which lost $32 billion in the crash.
Q- Who is bigger FTX or Coinbase?
A- If you’re an international customer, FTX.com has more crypto availability than Coinbase. But if you’re a U.S. investor, Coinbase has over five times the number of cryptos as FTX.US.
Q- What is better crypto or FTX?
A- 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 significant compared to Crypto.com’s volume.
Q- Why is FTX so cheap?
A- What happened to FTX? FTX and FTX.US crashed due to a lack of liquidity and mismanagement of funds, followed by a large volume of withdrawals from rattled investors. The value of FTT plummeted, taking other coins down with it including Ethereum and Bitcoin, which reached a two-year low as of Nov. 9.
Q- Is FTX fee high?
A- Low fees. One of the main draws of FTX.US is its extremely low trading fees. The exchange uses a tiered fee structure based on your trading volume, and the highest fee amount is 0.20%.
Q- Which crypto exchange is safest?
A- Coinbase – The Safest High-Volume Exchange. Coinbase has mandatory two-factor authentication (2FA) on your account, to ensure that your account remains secure. Coinbase is also a publicly traded company meaning it has undergone extra financial and security examinations to reach that status.
Q- What FTX means for crypto?
A- FTX Trading Ltd., commonly known as FTX (short for “Futures Exchange”), is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund.
Q- Is FTX same as Bitcoin?
A- FTX is a digital currency exchange, a platform where people could buy and sell digital assets like bitcoin, dogecoin and ether.
Q- Can I buy crypto from FTX?
A- It offers a web platform and mobile app where you can buy, sell, and trade crypto. In addition to cryptocurrency, FTX.US also offers NFTs and stocks.
