The once cryptocurrency exchange giant FTX is facing an uncertain future following the current liquidity crunch and financial instability. The situation escalated after Binance backed out of a nonbinding agreement to buy out FTX.
According to sources familiar with the developments, Binance pulls out of its intent to take over FTX after going through 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 pushed thousands of customers to withdraw their funds from the exchange in a bid to avoid having funds locked in the exchange in the event that it collapses completely. But where do you go after leaving FTX?
Best FTX alternatives
Here are the top 5 FTX alternatives that investors can invest with. In case you are looking for a particular crypto exchange that is not included in the list below, you can check out our full suite of broker reviews here.
Binance had a strategic investment in FTX in 2019. In the past few days, it has been embroidered in the FTX crisis and at some point offered to takeover FTX although it has since backed out of the deal. Binance itself operates the largest cryptocurrency exchange by trading volume making it one of the top choices for investors.
Coinbase offers a cryptocurrency trading and investing platform enabling users to buy, sell, and exchange over 170 cryptocurrencies Including Bitcoin, Ethereum, and Dogecoin. It is the largest US-based crypto exchange and it also became the first publicly traded crypto exchange last year after direct listing on the Nasdaq exchange. It can be a good choice for active traders interested in trading and storing multiple cryptocurrencies.
Gemini is a regulated cryptocurrency exchange based in New York and available in all states in the US. With industry-leading security features, its own hot wallet, a beginner-friendly platform, robust educational resources, and a comprehensive support centre, Gemini can be a good choice for both beginners and experienced traders.
Kraken is a United States–based cryptocurrency exchange and bank, founded in 2011. In September 2020, Kraken was granted a special purpose depository institution (SPDI) charter in Wyoming, becoming the first crypto exchange to hold such a charter in the United States. It was one of the first bitcoin exchanges to be listed on Bloomberg Terminal and was valued at $10.8 billion USD by mid-summer 2022. The exchange is quite established making it a good choice for investors.
KuCoin is a secure cryptocurrency exchange that allows you to buy, sell, and trade Bitcoin, Ethereum, and 700+ altcoins. It is a Seychelles-based crypto exchange launched in 2017. Founded as “the people’s exchange,” KuCoin’s rich set of features and low fees make it a compelling choice for advanced crypto investors, particularly outside the US.