Bitfinex and FTX both are among the top choices of crypto traders, standing in the top 15 exchanges in the world currently. There is a huge scope of profitability in crypto presently, and the trading volumes are at their peak.
So, in order to make the most out of the crypto market, it is very important to choose one exchange that will give you the best trading experience and fit all your trading strategies.
I will be comparing Bitfinex and FTX to the core so that you will be able to choose the best among them.
Let’s start with some background information about these platforms.
Bitfinex vs FTX: Introduction
FTX is a global cryptocurrency exchange based in the Bahamas. It emerged as the world’s leading crypto trading platform in a span of just 3 years; FTX was established in 2019. The exchange currently has an average 24-h trading volume of a whopping $10 billion.
With nominal fees and variable product offerings, FTX is among the top favourite lists of millions of users worldwide.
Bitfinex was founded in 2012 in the British Virgin Islands. The platform provides various trading tools and services for broad trading strategies. Bitfinex has always been at the forefront of technological innovation in digital asset trading.
With an average 24-h trading volume of around $7 billion, the platform also offers a demo trading option for new users, which is a tremendous advantage of Bitfinex.
Bitfinex vs FTX: Supported Cryptocurrencies
Bitfinex offers a diverse cryptocurrency collection of more than 270, including Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Monero, Ripple, etc.
Bitcoin offers overage trading with all the assets supported on the platform; the leverage is up to 10x with an ‘auto renew’ feature that automatically renews offers upon expiry.
FTX currently supports a vast range of crypto assets as well, with more than 260 of them, including all the famous ones like Bitcoin, Ethereum, Dogecoin, Solana, Ripple and many more.
With up to 101x leverage on a majority of the assets available on the platform. However, as a precaution, the maximum leveraged position is set to 10x.
Verdict: Both the platforms offer a similar collection of asset offerings therefore it’s a tie between them.
Bitfinex vs FTX: Product Offerings
- Lending and Staking
- Margin Trading and Margin Funding
- Derivatives Trading
- Over-the-counter services
- Leveraged Tokens
- MOVE Contracts
- Spot Markets
- Prediction Markets
Verdict: Both of these exchanges have similar product types as well and it’s a tie between them again.
Bitfinex vs FTX: Order Types
- Limit Order
- Market Order
- Stop Order
- Stop-Limit Order
- Trailing Stop Order
- Fill or Kill Order
- Immediate or Cancel order
- Scaled Order
- Stop-Loss Order
- Take Profit Order
- Trailing Stop Order
- Retry Until Filled Order
- Post Only Order
- Immediate or Cancel Order
- Reduce Only Order
- Market Order
- Limit Order
Verdict: Both of these exchanges have similar order types also, so it’s a tie between them again.
Bitfinex vs FTX: Fees Comparison
Bitfinex is equipped with 3 types of fees; let’s discuss them individually.
- Spot Trading
With a total of 16 tiers on FTX, users with 30 days of trading volume under $500k are subjected to the first tier, a market maker fee of 0.10%, and a taker fee of 0.20% and over $30 billion, in the final tier a fee of 0.00%/0.055% is charged.
- Derivatives Trading
There are seven tiers, users with under $2 million are in the first tier, and the fee is 0.02%/0.065%. Over $3 billion in the trading volume are in the final tier with a fee of 0.01%/0.035.
- Deposit and Withdrawal Fees
Additional fees for borrowing, margin trading funding, and the OTC desk are also charged on Bitfinex. However, there is no deposit fee but a 0.100% bank wire fee if you deposit crypto via bank wire.
There are also withdrawal fees, depending on the cryptocurrency.
FTX fee structure consists of two significant fees: trading fees and funding rates following the maker/taker model. Let’s discuss them in detail.
- Trading Fees
Trading Fees on FTX are applicable for spot and futures trading with similar values.
|Tier||30 day’s Volume (USD)||Maker Fees||Taker Fees|
- Funding Rates
Traders pay these rates based on the perpetual contract market price and the spot price. FTX also charges a network and mining fee on all blockchain network transactions.
Verdict: FTX has a comparatively more straightforward and affordable fee structure, making it the winner in this segment.
Bitfinex vs FTX: Account Funding Methods
- Method 1: You can fund your wallet using cryptocurrencies directly, readily available on the platform.
- Method 2: Bitfinex allows account funding through stablecoins as well.
- Method 3: Fiat currencies are also readily available on Bitfinex like USD, EUR, GBP, CNH and JPY.
- Method 4: You can easily fund your wallet through bank transfers and credit/debit cards.
Method 1: FTX allows direct token transfers, including BTC, ETH, USDC, LTC, Tether, TUSD, Bitcoin Cash and PX.
Method 2: Wire and ACH transfers are also readily available on the platform.
Method 3: You can also use your credit/debit cards
Method 4: Silvergate Exchange Network (SEN) and Signet can also be used for funding your account.
Verdict: Both of these exchanges have the same number of funding methods but slightly different options. It depends on your requirement and which one you choose.
Bitfinex vs FTX: Trading Platform Comparison
Bitfinex has clean, robust and feature-rich trading terminals equipped with a full-fledged charting system; you can access all the features like multiple timeframes, indicators, chart types and drawing tools.
Customizations are also available for its interface. On the left side of the terminal, you can see all the pairs available for trading.
Below is the order form, with the following order options: limit, market, stop limit, trailing stop, fill or kill and immediate or cancel. Other sections available on the terminal are Balances, Positions, Order History, Orders, Depth Chart, Liquidations and Order Book.
Bitfinex also has a mobile app for all your devices. With 32.7 MB for iOS and 23 MB for Android devices.
FTX has one of my favourite trading interfaces I have used so far. It is equipped with some unique features, which I will tell you about now.
- Mobile App
The mobile app is fast, powerful and doesn’t require much space, with just 88.9 MB for iOS and 35 MB for Android. It works seamlessly with any of your devices with all the functionalities and features in the desktop version.
- Trading View
The trading view chart of FTX is top-notch, providing insightful derivatives trading ecosystem for traders. It is clean and supports all chart types, and is also customizable.
Yes, you can set it according to your trading requirement and place the tools depending on your trading strategies which come really handy.
Additionally, you can also access various drawing tools and indicators to carry out technical analysis and trade with full control. It also has an order management panel where you can place all types of orders.
- Analysis Tools
FTX is also equipped with powerful analysis tools built in that support technical and fundamental analysis. With various indicators, screeners and drawing tools for in-depth technical analysis.
Additionally, you can also create and import your own indicators, EA and custom tools. EA or Expert Advisor lets you track the market and notifies you when the condition is apt through which you don’t miss out on any opportunity for profitability.
Verdict: FTX has a more clean, easy-to-use and efficient interface, which is more beginner-friendly making it the winner in this segment.
Bitfinex vs FTX: Account Types
|Trading and Lending|
|Deposits and Withdrawals|
|Tether tokens and other stable tokens||✔||✔|
|Bank wires (Fiat transfers)||✔||✔|
|No maximum withdrawal limit||✔||✔||✔||✔|
|Faster crypto deposits||✔||✔|
|Multipliers in Affiliate Program||✔||✔||✔|
|Participate in Competitions||✔||✔|
|UNUS SED LEO discounts||✔||✔|
|Earlier withdrawal hold lift||✔||✔|
Check for restricted jurisdictions
|No ability to trade, deposit, or withdraw; just to explore the site.|
Full Legal Name
Date of Birth
Country of residence and region/province
Check for restricted jurisdiction
|Crypto-only withdrawals: $2000 USD limit or equivalent per day.
No crypto deposit limit. No fiat deposit or withdrawal.
Enhanced diligence may be required.
|2||Full Legal Name
Date of birth
Proof of Address/phone jurisdiction
Description of source assets
Passport or other similar government-issued identification
|Unlimited crypto and fiat deposits & withdrawals.|
Bitfinex vs FTX: How To Get Started?
Registration and verification
- Visit the homepage and click on the ‘sign-up’ button. Now enter your email address and choose a secure password.
- Now, enter the verification code that you will receive in your email to activate your account.
- You will then be directed to the verification page; click ‘Verification’ and follow the instruction.
- Now, you’ll have to enter personal details and upload your government-issued identification documents. You’ll then be asked for additional documents like a bank or a signed statement.
- Click or tap the ‘Deposit’ button, which opens options where you can choose which currency to deposit using the methods I told you about in the ‘Account Funding Methods’ section.
Make a Trade
- Click on the ‘Trading’ button, which will take you to the main trading area.
- Now, select the trading pair to trade, enter the amount and choose the order type before you place your trade.
- Visit the homepage, and you can open a Tier 0 account using your email address.
- Fill in your details depending on the Tier level you want for your account.
- Following a similar process as for Bitfinex and choosing the supported depositing method. Make sure that you activate two-factor authentication using Google authenticator.
Make a Trade
- Click on the contract you want to trade, and an order book will pop up.
- Now, choose whether you want to go long or short. You can also choose from the advanced order types that FTX offers.
- Just enter the amount of crypto you want to buy. Once you’ve entered it, you can directly click the Buy or Sell button.
- To exit the trade, there are two ways supported on the platform. The first is by closing your position manually, and the second is to place a Stop Loss or Take Profit order.
Bitfinex vs FTX: Customer Support
Bitfinex has a dedicated customer support team available 24×7 to help you with all your queries.
It has a carefully compiled help centre section with answers to most of your questions. You can also use the live chat feature to seek additional help. You can also raise a ticket to contact them via email.
Customer Support is one of the USPs of FTX. With a skilled team of executives and additional support through social media platforms like Telegram and WeChat, the response time is pretty quick from an industrial average point of view.
FTX also has a resource centre comprising blogs and FAQs. It also has a presence on YouTube, where you can get solutions and knowledgeable content through video tutorials.
Bitfinex vs FTX: Security Features
- Two-factor authentication
- Universal 2nd Factor (UTF)
- Email encryption
- Multi-Signature cold storage wallets
- DDoS protection
- Multi-Signature cold storage wallets
- Two Factor Authentication
- FTX Insurance
- DDoS Protection
- IP Whitelisting
Is Bitfinex safe?
Bitfinex implements top-notch security features and is a safe and legit cryptocurrency exchange.
It offers a secure ecosystem for its users through mandatory KYC requirements to get complete access to the features available on the platform.
Is FTX safe?
Similarly, FTX has an impenetrable security system and is completely safe and legit, implementing various security features. The platform has never been hacked, or any other security malfunction has never been reported on the exchange.
Both exchanges project similarities in features and functionalities for trading. But when comparing them to their core, FTX proves to be a superior option. Particularly when it comes to pricing and trading experience, yes, FTX is definitely better.
Though it’s relatively new, the pace of acquiring market capital is phenomenal, projecting a promising future.
Therefore, considering FTX as your preference will be a better decision. So, get a first-hand experience of this excellent platform. I assure you that you won’t be disappointed at all.