Finding a crypto exchange has always been a challenge for new traders entering the market. There are close to 300 active crypto exchanges out there, all unique in their own way.
Today, let’s compare two crypto derivatives exchanges: FTX and Deribit.
If you follow the crypto space, you must’ve come across FTX. It is one of the most popular exchanges and offers a comprehensive range of trading products.
Deribit, on the other hand, is a lesser-known exchange, though it has been out there since 2016. The exchange primarily focuses on BTC and ETH derivatives.
So, which exchange is better to trade crypto derivatives? Let’s find out.
FTX vs. Deribit: Crypto Derivatives Product Offerings & Leverage
FTX is a comprehensive exchange that offers the following products:
- Futures: More than 150 perpetual swaps and quarterly futures contracts
- Leveraged Tokens: 45 different ERC-20 tokens to take leveraged positions
- Options: Bitcoin options settled in USD
- MOVE: Unique Bitcoin futures contracts with daily, weekly, and quarterly expiry
FTX has a daily derivatives trading volume of USD 6.99 billion, making it the seventh-largest crypto derivatives exchange in terms of daily volume.
FTX offers maximum leverage of 101x on all futures contracts; however, you can set the default leverage to 50x, 100x, and 101x as per your preferences.
On the other hand, Deribit supports only two futures trading pairs:
You can trade both perpetual futures contracts and traditional futures contracts with quarterly expiry. Deribit provides up to 100x leverage on futures trading on both BTCUSD and ETHUSD trading pairs.
Deribit has a daily derivatives trading volume of USD 869 million, making it the 17th-largest crypto derivatives exchange in terms of daily volume.
Verdict: FTX is the clear winner as it has more trading options than Deribit.
FTX vs. Deribit Trading Fees
FTX has a tiered fee structure, which is also deployed by other popular exchanges like Binance.
FTX has six tiers (Tier 1 – Tier 6) based on the last 30d trading volume. Traders with the last 30d trading volume of less than USD 2 million falls into Tier 1.
FTX charges 0.020% market maker fees and 0.070% market taker fees from Tier 1 traders.
Traders with the last 30d trading volume of more than USD 50 million fall into Tier 6. For Tier 6 traders, the market maker fee is 0.0% (no fees), and the market taker fee is 0.040%.
Deribit, on the other hand, has a flat fee structure. It provides a 0.025 rebate to market makers and charges a 0.075% fee from market takers. This is also the industry standard, and most exchanges like Bybit and Phemex implement the same fee structure.
Verdict: Deribit is the winner, as it has a lower and more straightforward fee structure.
FTX vs. Deribit Deposit & Withdrawal Fees
FTX doesn’t charge any deposit or withdrawal free. However, withdrawal fees apply for ETH, ERC-20 tokens, and Omni-withdrawals. A withdrawal fee also applies for BTC withdrawals lower than 0.01 BTC.
FTX has withdrawal limits depending on whether you have completed KYC or not (more about it later)
Deribit also doesn’t charge any deposit or withdrawal fee. However, the bitcoin network fee is payable.
Deribit has no withdrawal limits; however, the speed of processing withdrawal requests will depend on the availability of funds in the exchange’s hot wallet.
Verdict: It’s a tie, as both FTX and Deribit don’t charge any deposit or withdrawal fee.
FTX vs. Deribit Trading Platform Comparison
The trading platform plays a vital role in the overall trading experience. Therefore, it’s essential to get a clear idea of how the trading panel of each exchange looks and feels.
Here’s a head-to-head comparison of the trading platforms of the two exchanges.
FTX has an institutional-grade trading platform that many consider one of the best in the industry. It comes with all the essential tools and features needed for fundamental and technical analysis.
FTX supports all order types, including Market, Limit, Stop-Loss, Take-Profit, etc. It uses the TradingView charting platform, which offers the following features:
- Multiple chart types, including Line, Bar, Area, Candlesticks, Hollow Candlesticks, Heikin-Ashi, etc.
- Multiple timeframe analysis
- Hundreds of built-in indicators
- Drawing tools and additional features
On top of that, the FTX platform is user-friendly and easy to use. Whether you’re a beginner or a professional trader, trading on FTX will be easy for you.
Deribit’s platform may not be as robust as FTX, but it has all the features you’ll find in any other trading platform. It also has a TradingView charting system, and thus, has the same features as FTX.
These include various chart types, indicators, and timeframes. It also offers all the major order types, including Limit, Market, Stop-Loss, Take-Profit, etc.
Furthermore, Deribit has a testnet platform where you can practice trading using Deribit’s dummy currency – Dericoin. This is an excellent feature for beginner traders who aren’t yet confident in trading with real money.
Verdict: It’s a tie. While FTX’s platform is more robust and institutional-grade, Deribit has a simpler and more user-friendly platform.
FTX vs. Deribit Account Opening Process
Both FTX and Deribit offer a seamless account opening process. Let’s compare the registration procedure of the two exchanges.
FTX offers a simple account opening process, but you’ll need to fulfill KYC requirements if you want to enjoy unlimited benefits.
FTX has three tiers of KYC requirements:
- Requirements: Email and check for restricted jurisdictions
- Limits: No ability to trade
- Requirements: Email, name, country of residence, and check for restricted jurisdictions
- Limits: Withdrawal limits of USD 2,000 daily and USD 9,000 if the traded volume is higher than transfer volume
- Requirements: Full legal name, date of birth, proof of address, government-issued identity verification, facial verification, and description of source assets
- Limits: No limits on crypto and fiat withdrawals
To complete identity verification, you need to register an unverified account using your email and then go to your profile to verify your identity.
On the other hand, Deribit is a non-KYC crypto exchange and doesn’t require any identity verification. You can create an account with an email address, password, and country of residence.
You can visit the Deribit Registration page to get started.
Verdict: Deribit is the winner, as it has a simpler registration process.
FTX vs. Deribit Customer Support
Customer support is an essential factor to consider when reviewing cryptocurrency exchanges. Unlike traditional stock exchanges, crypto exchanges don’t generally offer phone support.
The support is limited to email and live chat, which could be a hassle for new traders who face platform-related issues.
Thankfully, both FTX and Deribit offer good-quality customer support that makes trading a seamless experience.
FTX provides customer support primarily through email. You can send them an email regarding your query, and their support team will return to you soon.
In addition, FTX has over ten Telegram communities where you can discuss your issues and queries. FTX also has a presence on social media platforms like Reddit and Instagram.
Deribit’s customer support is similar to FTX. You can write them an email with general questions and queries regarding the exchange. FTX also has a dedicated email for feedback collection.
Deribit has a Telegram group where you can interact with other members of the Deribit community.
Verdict: It’s a tie, as both the exchanges offer customer support via email and Telegram.
FTX vs. Deribit Security Features
Security is another crucial element to keep in mind when selecting a crypto exchange. Since crypto exchanges are not regulated, the exchanges are solely responsible for providing a safe and secure trading experience to users.
Let’s compare the security features of FTX and Deribit.
FTX implements best-in-class security features on its platform. These include:
- Multi-sig cold wallet system to store users’ funds
- Compulsory password strength with two-factor authentication
- Mandatory 2FA for withdrawing funds or changing password
- IP whitelisting, encryption, website traffic monitoring, etc.
Like FTX, Deribit also uses cold storage to secure approximately 95% of users’ funds. It has a mandatory password strength with recommended two-factor authentication.
Other security features implemented by Deribit include IP pinning, encryption, withdrawal monitoring, etc.
Verdict: It’s a tie. Both FTX and Deribit deploy industry-leading security features.
Both FTX and Deribit are good choices for trading cryptos.
They share a lot of common features. Both the exchanges offer similar customer support and deploy good security features.
However, FTX is more comprehensive. It offers more products to trade and has an advanced trading platform, appealing to professional traders.
On the other hand, Deribit only offers BTC and ETH derivatives. It has a user-friendly platform that can be ideal for beginners. Furthermore, its dummy trading (testnet) feature can be a big advantage for new traders.
FTX has a higher trading volume, and thus, liquidation won’t be a problem. On the downside, it has a complex trading fee structure and also requires KYC for unlimited withdrawals.
Deribit is a fully non-KYC exchange and has a straightforward flat-fee structure.
Overall, if you’re looking for a robust, comprehensive platform, go for FTX. If you need a simple, beginner-friendly platform, Deribit will be a better choice.
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