FTX.US vs Coinbase Pro: Which Exchange is Best for Americans?
Hey there, thanks for joining us. Today we are sharing our comparison of FTX.US (the US-only leg of FTX) and Coinbase Pro (the trading arm of the world’s most-used cryptocurrency broker).
Interestingly, these platform’s parent companies designed them as secondary businesses for a less complicated option. You’ll see what we mean. Stick with us as we look at fees, fiat currency deposits, advanced features, company reputation, and more.
Fees
FTX.US Fees
The table below shows the FTX fees for their US platform.
FTX.US Tiered Fee Structure
It’s important to explain that FTX.US and the FTX Exchange (global) offer different trading fee structures. FTX.US offers low fees for makers, at 0.10%, but relatively high fees for takers, at 0.40%. Of course, these figures are for low-volume traders, so if you stick with the platform and trade large amounts, you can unlock very decent fees.
Unfortunately, you cannot unlock further discounts by paying fees in FTT, the native utility token of FTX. FTT is not approved in the US and so will not be found on this site.
Coinbase Pro Fees
See the Coinbase Pro fee structure below:
In 2018, Coinbase acquired GDAX, a very popular crypto exchange at the time. They spent millions to get it and redevelop it into their trading platform, offering a sleek rebrand that would earn them hundreds of millions in revenue. As a result, it has become the second-largest crypto exchange globally by volume, catching the attention of experienced traders and Coinbase’s existing user base. However, fees start at 0.5% for beginner makers and takers, making this a costly choice for crypto traders.
FTX vs Coinbase Pro: FTX wins this round.
Sign Up & KYC Experience
FTX.US Onboarding
- Click ‘Register’ on the FTX.US website
- Add an email address and password, ‘Click to Verify’, accept their terms, and click ‘Sign Up’
- Set up 2FA with Authy or Google Authenticator as requested
- Provide your country or jurisdiction
- Your account is made, but it needs to be verified to interact with FTX.US services
- Click on your email address in the corner and then on ‘Wallet’
- Find ‘Increase Withdrawal Limits’
- Provide the requested details, like your name and date of birth, to get KYC level 1
- For KYC Tier 2 clearance (see the comparison table below), provide an identity document, a proof of address document, a selfie, and information about your source of funds
- Wait up to 3 days for approval
Joining Coinbase Pro
- Head to pro.coinbase.com and click ‘Sign Up’
- Give your name, email address, and a password
- Go to your email inbox and click the verification link
- Provide your phone number, wait for an SMS, and submit the code from the text
- Mandatory KYC checks will ask for your name, date of birth, address, source of funds, occupation, employer, and intent
- UK and US users must provide one identity document and one residence-proving financial document (a bank statement is ideal)
- Other nationalities must submit two forms of ID, either a passport, government-issued ID, or driving license
- Connect to your bank account
- Set up 2 Factor Authentication when requested
- Wait for approval
FTX vs Coinbase Pro: KYC is mandatory on both, and the process is almost identical.
Ease of Use & Feel of Website or App
FTX.US UX/UI
We won’t go too much into the details, but when we talk about the ease of use and the feel of the website, FTX is one of the most transparent crypto companies out there. You can read this blog (available in English, Turkish, and Portuguese) to see how introspectively they think about user experience (UX) and user interfaces (UI). Some of the most professional trading firms in the world would do well to communicate with their community like this.
This section is of particular interest:
We’ve come to take UI feedback very differently:
- UI matters; the website being attractive makes it a more pleasant experience
- UX probably matters more: there’s nothing worse than wanting to do something and not being able to
- A lot of UI feedback is secretly UX feedback: “the website is visually overwhelming” probably means, at least in part, that we put unimportant buttons on the homepage and hid important ones in settings menus that are never read
Using Coinbase Pro
Coinbase Pro is all about the simplistic cryptocurrency trading experience. There’s no brokerage, no coin staking, no futures trading, no leveraged tokens, and no derivatives for users to enjoy.
This cryptocurrency exchange may seem limited as a result, but with friendly colors and layouts, great visual data, and beginner-friendly navigation all built into an excellent user interface, it’s an excellent place for the newbie trader to begin.
The major downside would be how difficult it is for investors to get customer support, with email tickets being the only channel.
FTX vs Coinbase Pro: Both are great places for traders to exchange cryptocurrency.
Deposit Methods
Getting your funds into FTX.US
FTX.US offers a great payment method selection for fiat currency deposits of up to $10,000 per day to KYC-verified users:
- Wire transfers – 1% deposit fee – $5 minimum charge, $35 maximum charge (withdrawal fees are the same)
- ACH transfers – the first transfer is free, then it’s $0.50 per transaction
- Debit or Credit card – users typically play around 3%
- Silvergate Exchange Network (SEN) – variable charges
If you have some cryptocurrency already and wish to make a deposit, ensure each coin is compatible with FTX.US’s limited selection (22 cryptocurrencies).
Making fiat deposits on Coinbase Pro
There are two simple ways to get your capital into Coinbase Pro in the US:
- Bank wires ($10 fee)
- ACH bank transfer (variable fees)
Outside of the US, you can also use:
- SEPA bank transfer (Euros only – €0.15 per transaction)
- SWIFT deposits (GBP only – free)
If you’re already a Coinbase user, you can connect the accounts and access your Coinbase wallet holdings to trade with.
FTX vs Coinbase Pro: For US users, FTX.US offers investors a better selection for deposits.
Instant Buy Options (Buying with a Credit or Debit card)
Make purchases on FTX.US
Sorry, FTX.US isn’t a brokerage business, which means you won’t be able to make direct purchases from them. Instead, you’ll have to revert to the previous section and deposit your capital before trading it for another cryptocurrency on the exchange (if there’s sufficient liquidity).
For big spenders who want to purchase tens of thousands of dollars (or more), FTX.US runs an OTC service, which means they will buy/sell coins in bulk. Other exchanges offer the same service, and the average industry minimum spends around $25,000.
Purchasing cryptocurrency assets on Coinbase Pro
Coinbase Pro is not a brokerage business either, but it is owned by the world’s biggest seller of Bitcoin and other crypto tokens. Fees can be high, but purchases on Coinbase will be available to trade with on Coinbase Pro.
FTX.US vs Coinbase Pro: Coinbase Pro wins only because the account connects to Coinbase, making the wallets mutually accessible.
Trading Experience
Trading with FTX.US
The FTX Exchange is one of the top five places to trade crypto globally and is recognized as the best cryptocurrency derivatives exchange. Unfortunately, due to complicated regulations in the US surrounding blockchain technology and digital assets, several crypto exchanges now offer US-only mini-platforms. FTX.US is one of them.
As the US platform is not permitted to act as a crypto derivatives exchange, it sticks to crypto spot and margin trading basics. For the latter, there is a minimum asset threshold that you must meet to qualify for margin trading, and it’s no small amount, at $100,000.
Users can choose whether to enjoy the browser version or go for one of the two apps. FTX (formerly Blockfolio) and FTXUS PRO are available for Android and iOS devices, with the former receiving an impressive 4.8 rating.
Trading crypto here can be enjoyable, though there’s a comparatively small selection of just 22 supported coins and 46 trading pairs.
Trading with Coinbase Pro
Once you look behind the high trading fees, you’ll find over 100 coins and more than 300 trading pairs — more than most crypto exchanges that operate only in the US offer. Of course, you won’t find futures contracts, advanced trading products, or anything too fancy. Still, you will find Bitcoin, Ethereum, all the popular coins, and plenty of market volatility to enjoy — plus some great apps!
It’s important to remember that Coinbase Pro was designed by the same company with the world’s best customer journeys and more registered investors than any other crypto exchange.
FTX vs Coinbase Pro: Try them both and decide for yourself!
Reputation and Security
FTX Reputation
Let’s sum this up into some key points:
- No cryptocurrency assets have ever been hacked
- Customer support via ticket only
- $200m insurance fund in case of hacks
- Insportated in Antigua and Barbuda, with headquarters in Hong Kong
- Owned and run by highly-respected Sam Bankman-Fried
- A trusted quality platform built to satisfy US regulations
- Users can whitelist IPs and wallet addresses
The word on Coinbase Pro
- Never been hacked
- Second-biggest platform in the world
- Not limited to only the US market
- Seen as having high trading fees
- Loads of personal choice security features (see here)
- Insured up to $250,000 per account
FTX.US vs Coinbase Pro: Both have immaculate reputations.
FTX.US vs Coinbase Pro: Who is our winner?
This was incredibly close. Neither crypto exchange deserves to lose, however, Coinbase Pro edges it.
