6 Best FTX Alternatives
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Since its inception to the market, FTX has rapidly become one of the premium exchanges in the crypto market. Undeniably, FTX was one of the best crypto platforms for margin trading due to its modern interface, unique trading pairs, and deep liquidity within its derivatives markets. However, given the exchange is now bankrupt, the team at HedgewithCrypto has put together a list of the best alternatives to FTX that can be considered for a like-for-like replacement to continue crypto trading.
List of the Best FTX Alternatives: 2023 Reviews
1. Binance - Best Overall Alternate Platform To FTX
Binance is the world's biggest and most popular cryptocurrency trading exchange in terms of the number of users and trading volume. Its ascension as a premium exchange in the market is due to its ever-expanding Binance ecosystem which brings rich and innovative products to its users. While predominately a crypto-to-crypto platform in the past, Binance has made a name for itself as an all-in-one crypto exchange with a variety of products which makes it our #1 alternative to FTX.
Binance is well-suited to various types of investors and traders alike. It features a larger range of features that are not available on FTX. These include a more developed Earn program for investors to earn a yield on their crypto through lending, borrowing, staking and DeFi farming. While FTX has slightly lower trading fees, Binance offers a much broader range of features and products that will suit a wider audience. Moreover, traders that move from FTX to Binance can claim up to $100 in bonuses using a Binance referral code.
For traders, Binance offers far more crypto and derivatives trading pairs for serious crypto traders. Moreover, the spot and margin exchange have deeper liquidity than FTX. There are over 600 crypto assets listed across over 1,600 trading pairs, which is far more than most crypto exchanges. Binance also has its Binance Futures platform that specializes in futures, margin, and derivatives crypto trading. At the time of writing, Binance Futures is the largest crypto derivatives platform in the world.
Overall, existing FTX traders will have no trouble moving across to Binance. Many of the features that make FTX unique can be accessed on Binance. Moreover, Binance is superior to FTX in many ways when it comes to earning interest on crypto or accessing better prices due to its deeper liquidity. Lastly, Binance has zero crypto fees on spot pairs which are unmatched on FTX.
Read our full Binance review and FTX vs Binance comparison.
2. ByBit - Great Alternative For Derivatives Trading
ByBit is another platform similar to FTX that is focused on derivatives trading. Founded in 2018, ByBit has grown in size and popularity with over 4 million traders worldwide. The exchange specializes in leverage crypto trading with a variety of markets such as inverse perpetual contracts, USDT perpetual, inverse futures and spot. ByBit is a superior option in a number of categories including user experience, charting, mobile app, crypto staking, and reputation. There's also a referral code for ByBit to start trading with a deposit bonus.
FTX traders that rely on an excellent charting and mobile app will find ByBit a superior choice. The user interface is modern and highly visual making it a breeze to enter positions. The charts, order entry window and asset overview to monitor open orders and positions are well laid out. The price charts, drawing tools, and technical crypto indicators are provided by TradingView which is renowned for its advanced tools for crypto traders. A major advantage of ByBit is the ability to set take-profit and stop-loss orders rapidly.
When it comes to fees, ByBit is very competitive with FTX. The fees are 0.06% (maker) and 0.01% (taker) which good value. Importantly, ByBit has removed all fees on its spot market which makes it one of the cheapest alternatives to FTX for buying and selling crypto.
Read our full ByBit review and FTX vs ByBit comparison.
3. Coinbase - Best FTX Alternative For US Investors
Coinbase is another top choice when looking for an alternate exchange to FTX. It is a safe and reputable crypto exchange that is trusted by thousands of customers worldwide. There are a few similarities between Coinbase and FTX in terms of features that include the ability to buy crypto with fiat, an advanced trading terminal (Coinbase Pro), and a mobile app. While Coinbase is not designed for serious crypto traders, it is a better option than FTX for buying crypto with multiple payment methods. Importantly, Coinbase is a regulated exchange in the United States, whereas FTX.US offers a comparable exchange for US citizens but is lacking in features.
For newer investors and traders, Coinbase is a better platform due to its ease of use and simplicity. There are 250+ coins that can be bought or sold on its exchange which is a close second in terms of trading volume and overall liquidity to Binance. This means reduced slippage and spreads. On the contrary, Coinbase doesn't offer a derivatives market like FTX, so traders will need to find another alternative for speculating on crypto with high leverage. There is Coinbase Pro, which is an advanced trading platform that is world-class in terms of trading volumes.
In terms of fees, Coinbase has a maximum trading fee of 0.5% which is more expensive than FTX. Therefore, users will need to take into consideration there is a small increase in fees which may not be suitable for day traders for example. Despite the higher fees, Coinbase is our top pick for beginners on FTX that are looking for an easy-to-use alternative platform.
Read our full Coinbase review and FTX vs Coinbase comparison.
4. Kraken - Best FTX Alternative For Margin Trading
Kraken is a premium cryptocurrency exchange in the United States and abroad. The platform was established in 2011 and is a long-serving exchange to buy, trade, and sell crypto. Since it was founded, Kraken has regularly held a top position for the largest exchange measures by trading volume and liquidity. At the time of writing, Kraken is the 4th biggest exchange behind Binance, FTX and Coinbase. For those looking for a different option to FTX and who reside in the US, then Kraken is a great pick for its spot and margin trading products.
While Kraken does offer derivatives and Futures markets like its competitor, FTX, it also has a very good spot platform for buying and selling crypto. Traders have the option of using the basic interface, or Kraken Pro which is designed for serious traders. Kraken Pro is a fully-customizable trading interface, allowing users to re-arrange the home screen as needed. Multiple markets can be opened in different tabs, and there are nearly unlimited combinations of windows that can be viewed.
When comparing Kraken Futures to FTX, the former falls behind well short of expectations. The liquidity on Kraken Futures is average at best and has 16 crypto assets that can be traded compared to the 100+ on FTX. The other limitation of Kraken is the basic user interface can be complicated for beginners without trading experience. For example, the process to enter trades is difficult to use and lacks a simple order form. Beyond these disadvantages, Kraken is a solid alternative to FTX, especially for US-based margin and spot traders.
Read our full Kraken review.
5. KuCoin - Good Alternative To FTX For Altcoins
KuCoin is a well-rounded crypto exchange that has a broad range of features, products, and services. It rivals FTX in terms of trading volumes and is a regular feature in the top exchanges for overall volume reported. The unique aspect of KuCoin compared to FTX is the abundance of altcoins to buy. There are a staggering 700+ cryptocurrency projects on KuCoin, making it a top place to buy altcoins on its spot exchange, or with leverage using futures contracts or leveraged tokens. The sheer number of altcoins is a major reason KuCoin makes this list of viable FTX alternatives.
Investors on FTX that are looking for ways to earn interest have ample choices on KuCoin. While this aspect is lacking on FTX, the advantage of KuCoin is the options available which include crypto lending, staking, liquidity pool mining, a lottery, and cloud mining. For this reason, long-term holders of coins will be better served on KuCoin than FTX to make the switch and earn rewards.
When it comes to buying crypto, KuCoin does not support direct fiat deposits but does have a Peer-to-Peer platform available. It is a major hub for cross-asset trading pairs with over 20+ payment methods. This includes a bank transfer, Payeer, AirTM, ADVCash, Zelle and TransferWise.
For serious crypto traders on FTX, the fees on KuCoin are extremely competitive. The trading fee uses a taker and maker model based on the 30-day trade volume (BTC) for all cryptocurrency pairs. The fee starts from 0.1% and gradually decreases with higher trading volumes. The fee is comparable to FTX. The margin trading fees of 0.2% and 0.6% are slightly cheaper compared to FTX. Overall, KuCoin is a great option to replace FTX to invest in altcoin projects, trade with leverage, or earn interest with its numerous yield products.
Read our full KuCoin review and FTX vs KuCoin comparison.
6. MEXC - FTX Alternative With Copy-Trading
MEXC is a recently launched exchange that is geared toward serious traders within the crypto industry. Like KuCoin, the exchange has an expansive list of altcoins on its platform and is a great alternative trading environment to FTX. There are 1,600 supported cryptocurrencies at the time of writing which can be traded on its spot or derivatives market. The rapid growth of MEXC has seen its trading volume surpass FTX on its derivatives platform and currently trades 9.2 billion per 24 hours at the time of writing.
In terms of markets to trade, MEXC exceeds the offering on FTX. Traders have access to a spot market, where they can buy and sell at live prices, or borrow funds to trade with margin. Moreover, the future platform has perpetual contracts settled in USDT and leveraged crypto EFTs to choose from. Where MEXC really stands out compared to FTX is the copy-trade platform. Traders on MEXC can search and find the most profitable crypto traders and copy their trades. While it isn't the best crypto copy-trade platform in the world, it's a developing feature that is not offered on FTX.
When it comes to fees, MEXC has followed suit and matched Binance and ByBit with no fees on the spot market. This is a promotion that applies to all spot trading pairs on MEXC which makes it another FTX alternative with lower fees. As for the futures fees, MEXC uses a similar pricing model to FTX based on a maker-and-taker model. The fees are 0.02% and 0.06% respectively for makers and takers, which is also more economic than trading on FTX.
In short, traders will find MEXC to be a great alternative to FTX Exchange with similar markets to trade and lower fees. Moreover, it features an intuitive demo account for crypto trading that is not offered on FTX.
Read our full MEXC review.
Top FTX Alternatives & Competitors
These alternate exchanges to FTX have been selected due to similarities in features, supported countries, accepted currencies, ease of use, trading fees, security and customer support.
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Binance | 600+ | 0% to 0.1% | Rating    | Up to $100 welcome bonus | Visit Binance | Binance Review |
 ByBit | 331 (608 trading pairs) | 0% (spot), 0.06% / 0.01% (futures) | Rating | Deposit bonus up to $30,000 USDT | Visit ByBit | ByBit Review |
 Coinbase | 250+ | 0.4% (maker), 0.6% (taker) | Rating | $5 BTC bonus (USA only) | Visit Coinbase | Coinbase Review |
 Kraken | 222 | 0.16% (maker) and 0.26% (taker) | Rating | None available at this time | Visit Kraken | Kraken Review |
 KuCoin | 806 | 0.1% | Rating | Up to 500 USDT in bonuses | Visit KuCoin | KuCoin Review |
 MEXC Global Exchange | 1521 | Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker) | Rating | 10% discount on trading fees | Visit MEXC Globa... | MEXC Global Exchange Review |
Frequently Asked Questions
Based on reputation, trading volumes, and markets to trade, ByBit is an equivalent alternative to FTX for derivatives trading. Another option with a larger trading base, lower fees, and a bigger selection of crypto assets to buy or sell is Binance.
Conclusion
Given FTX is now bankrupt, it makes sense to look for another alternative to FTX to continue to trade on the spot or in the derivatives markets. This list of alternatives is a good place to start and match (or exceed) the base features and benefits of FTX. Overall, our top pick for the best alternative for FTX traders is Binance and ByBit.
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