- Crypto.com Vs. FTX – which one is better?
- Can US citizens use Crypto.com or FTX?
- Is FTX better than Crypto.com?
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
|Year of Establishment||2016||2019|
|Head Office||Singapore||The Bahamas|
|Founders||Kris Marszalek – CEORafael Melo – CFO||Sam 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 from 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 deep dive into 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
|Number of Token Pairs||467||420|
|24 Hours Trading Volume ($)||$ 350 Million||$ 2.2 Billion|
|Number of Token Pairs||63||43|
|24 Hours Trading Volume ($)||$ 2.2 Billion||$ 6.2 Billion|
|Trading Features||Spot TradingMargin Trading (up to 50X)Derivatives TradingOTC Trading||Spot TradingMargin Trading (up to 20X)Derivatives TradingLeveraged TokensOTC Trading|
|Other Features||Fiat SupportCrypto.com payMetal Visa CardsStaking and Savings ProductsCrypto CreditDeFi IntegrationsPay for BusinessTax Service||Fiat supportFTX PayStakingNFT MarketplaceFTX Card|
|Availability in the US||Yes||NoFTX.US is an alternative|
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.
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
|Fiat Currency Supported||AUD (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 Methods||Bank 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
|Trading Fee||0.4%||Maker Fee – 0.02%|
Taker Fee – 0.07%
On Fiat Currency
On Fiat Currency
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 the 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
So, based on the above comparisons, the clear winner is the FTX Exchange exchange. It has more user adoption and significant trading volume. Further, the fee structure of the FTX exchange is more pocket friendly than Crypto.com.
However, Crypto.com has unique features and can be opted for these specific features. Further, because you should keep your eggs in different baskets for security purposes, you can opt for both exchanges.
I hope this comparison post between FTX Vs. Crypto.com was helpful for 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 advisor before making any financial decision.