Which one is better for beginners?

There are plenty of bigwigs swimming in the booming crypto sea, and two of the biggest exchanges are Coinbase and FTX.

The former was founded in 2012 by CEO Brian Armstrong and has since become the preferred place for many users to buy and sell virtual currencies. FTX, meanwhile, rose to its feet in 2020 and in May overtook Coinbase as the world’s second-largest centralized exchange by market share, behind Binance.

Note: The US branch of FTX, ftx.us, offers a stripped down version of what is available on FTX in other countries.

How do the two platforms compare? And which one should you choose if you are only now getting into the crypto waters? It depends on your level of experience and how willing you are to put up with the fees.

FTX does have NFT, but it only offers 27 different currencies. Coinbase has over 150.

coinbase ftx apps

Coinbase vs. FTX.US, which defaults to Night Mode.

coin base; FTX; Well-informed person

I used Coinbase before to buy crypto for the first time in March and finally ended up buying an NFT. But I had never used FTX.

After downloading the app, it connected very easily to my Gmail to create a new account.

I originally bought ethereum on Coinbase so I thought it would be good to trade it and buy bitcoin on FTX. Coinbase has established itself as a beginner crypto exchange, so I was curious to see if FTX was similar or more geared towards experienced users.

Immediately, I realized that FTX has the option to buy and sell NFTs in addition to cryptocurrencies. That is a bit of an anomaly among crypto exchanges, although Coinbase is preparing to launch its own NFT market later this year.

Additionally, FTX offers more types of trading, including margin lending, where you borrow money from the platform through an automated system so you can invest more, with significant risk.

ftx.es nfts

Some NFTs that are available to purchase on FTX.US.

FTX; Well-informed person

FTX offered me 27 coins to buy – Coinbase offers five times that amount, with over 150 cryptocurrencies available to trade. There were also some popular coins that Coinbase offers that FTX does not offer, including Cardano and Polkadot.

They both held bitcoin, of course, so I set out to diversify my portfolio.

I entered my legal name, birthday, address, social security number, phone number, and debit card information. It was painless.

There was a limit of $2,000 that I could deposit every 7 days, presumably since I was a new user. At Coinbase, there was a weekly limit of $7,500 when using a credit card and $300 with a debit card.

I deposited $60, which took a $2.04 card processing fee, and then quickly and easily bought $60 worth of bitcoin, or .00197 at the time.

And just to refresh my memory, and check for updates, I bought $20 more worth of Ethereum on Coinbase. When you take a screenshot of your assets on the Coinbase app, a banner appears asking if you want to share your portfolio on social media.

coinbase ftx apps

My holdings are shown in Coinbase on the left and FTX.US on the right.

coin base; FTX; Well-informed person

Coinbase is more established, has more to offer, and is better for newbies

FTX is a good option for experienced crypto traders who buy and sell more on a daily and weekly basis thanks to lower trading fees. To buy $1,000 worth of bitcoin, you’d pay just $4 on FTX versus $14.90 on Coinbase, The Motley Fool noted.

All in all, if you are looking for an exchange to simply satisfy your cryptocurrency curiosity and trade major currencies, Coinbase and its ease of use may be the best option.

It has more crypto available, including many FTX that it doesn’t, and is about eight years older than its competitor.

The crypto space is still trying to fix the fraud and security issues that have prevented some users from trusting it in the same way that they trust the traditional financial system. Those anxieties could be another reason to stick with the more established player of the two: Coinbase.

This article is intended to provide general information designed to educate a broad segment of the public; does not provide personalized investment, legal or other business and professional advice. Before taking any action, you should always consult with your own financial, legal, tax, investment or other professional for advice on matters affecting you and/or your business.

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