The once-giant cryptocurrency exchange FTX is facing an uncertain future following the current liquidity crisis and financial instability. The situation worsened after Binance pulled out of a non-binding agreement to buy FTX. According to sources familiar with the developments, Binance drops its intention to take over FTX after reviewing its financial books.
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of https://t.co/FQ3MIG381f. — Binance (@binance) November 9, 2022
The ongoing FTX crisis has prompted thousands of customers to withdraw their funds from the exchange in an attempt to avoid having funds locked in in the event it collapses. But where do you go after leaving FTX?
Best alternatives to FTX
Here are the top 5 alternatives to FTX that investors can choose from. In case you are looking for a specific cryptocurrency exchange that is not included in the list below, you can check out our full set of exchange reviews here on the site.
1. Binance
Binance had a strategic investment in FTX in 2019. In recent days, it has been involved in the FTX crisis and at some point offered to acquire FTX, although it backed out of the deal. Binance itself operates the largest cryptocurrency exchange by trading volume, making it a top choice for investors.
2. Coinbase
Coinbase offers a cryptocurrency trading and investment platform that allows users to buy, sell and exchange over 170 cryptocurrencies, including Bitcoin, Ethereum and Dogecoin. It is the largest US-based cryptocurrency exchange and also became the first publicly traded cryptocurrency exchange last year after listing directly on the Nasdaq exchange. It can be a good choice for active traders interested in trading and storing various cryptocurrencies.
3.Gemini
Gemini is a regulated cryptocurrency exchange based in New York and available in all US states. With industry-leading security features, its own hot wallet, a beginner-friendly platform, robust educational resources, and a comprehensive support center, Gemini can be a good choice for beginners and experienced traders alike.
4. Kraken
Kraken is a United States-based bank and cryptocurrency exchange founded in 2011. In September 2020, Kraken received a Special Purpose Escrow Institution (SPDI) letter in Wyoming, becoming the first cryptocurrency exchange to hold such a letter in the United States. It was one of the first bitcoin exchanges to be listed on the Bloomberg Terminal and was valued at $10.8 billion in mid-summer 2022. The exchange is quite established, making it a good choice for investors.
5. KuCoin
KuCoin is a secure cryptocurrency exchange that allows you to buy, sell and trade Bitcoin, Ethereum and over 700 altcoins. It is a Seychelles-based cryptocurrency exchange launched in 2017. Founded as “the people’s exchange”, KuCoin’s rich feature set and low fees make it an attractive choice for advanced cryptocurrency investors, particularly outside the US.
