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Personal Finance · head to head

Apple Pay vs FTX

Apple Pay logo

Apple Pay

Personal Finance

The easier way to pay and send money

From
Free
Rated
-
Full reviewWebsite
F

FTX

Cryptocurrency & Blockchain

Cryptocurrency derivatives exchange

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Apple Pay apple Pay works only in countries and regions that support contactless payments and is not available in all markets; FTX the exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022
  • They diverge on capability: Apple Pay covers Digital wallet, FTX covers Futures Trading.

Where they differ

Only the attributes on which Apple Pay and FTX actually diverge.

Attributes where Apple Pay and FTX differ
AttributeApple PayFTX
Pricing modelfreefreemium
PlatformsIOS, WatchOS, MacOSWeb, Ios, Android
CategoryPersonal FinanceCryptocurrency & Blockchain
Founded20142019

Identical on both: starting price (Free), free tier (Yes), user rating (Not yet rated).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Apple Pay

  • Digital wallet
  • Secure payments
  • Contactless transactions
  • P2P money transfers
  • Credit cards
  • Debit cards
  • Bank accounts
  • IOS support

Only in FTX

  • Futures Trading
  • Options
  • Leveraged Tokens
  • Spot Trading
  • FTT Token
  • Serum DEX
  • Web support
  • Ios support

What people use each for

The jobs each tool is most often brought in to do.

Apple Pay

  • Contactless in store payment from iPhone and Apple Watchnot FTX
  • Paying in apps and on the web without entering card detailsnot FTX
  • Sending money between Apple users with Apple Cash and Tap to Cashnot FTX

FTX

  • Exchangesnot Apple Pay
  • Derivativesnot Apple Pay
  • Tradingnot Apple Pay

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Apple Pay

  • Apple Pay works only in countries and regions that support contactless payments and is not available in all markets
  • Apple Cash is available only in the 50 United States, the District of Columbia and Puerto Rico
  • Apple Cash Family accounts and Tap to Cash transactions are each capped at 2000 USD within a rolling seven day period
  • Mac support requires a Touch ID equipped model
  • A card works only if the issuing bank supports Apple Pay, and banks may charge their own overseas usage fees

FTX

  • The exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022
  • Around 130 affiliated companies including Alameda Research entered the same proceedings, with more than 100,000 creditors and assets and liabilities each between $10 billion and $50 billion
  • Founder Sam Bankman-Fried resigned as CEO on the filing and was replaced by John J. Ray III
  • It is not a service anyone can sign up for; the estate exists to repay creditors

Pricing, plan by plan

Apple Pay

Free
  • FreeFree
    • Secure payments
    • P2P transfers
    • Transit passes

FTX

Free
  • StandardFree
    • Spot trading
    • Futures
    • Options

Which should you pick?

Choose Apple Pay if

  • You need digital wallet.
  • You want to start without paying.
  • You work on IOS, WatchOS, MacOS.
  • You also want secure payments.
Apple Pay review

Choose FTX if

  • You need futures trading.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want options.
FTX review

Questions people ask

Is Apple Pay or FTX better?
Neither clearly leads. Apple Pay starts at Free and FTX at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Apple Pay or FTX?
Apple Pay starts at Free and FTX at Free.
Does Apple Pay or FTX run on more platforms?
Apple Pay runs on IOS, WatchOS, MacOS. FTX runs on Web, Ios, Android.
Can I use Apple Pay for free?
Both have a free tier, so you can try either at no cost before committing.
What is Apple Pay best used for?
Apple Pay is most often used for contactless in store payment from iphone and apple watch, paying in apps and on the web without entering card details, sending money between apple users with apple cash and tap to cash. Of those, contactless in store payment from iphone and apple watch and paying in apps and on the web without entering card details are not what FTX is typically brought in for.
What can Apple Pay do that FTX cannot?
Apple Pay covers Digital wallet, Secure payments, Contactless transactions, P2P money transfers. FTX covers Futures Trading, Options, Leveraged Tokens, Spot Trading.

Answered from the vendors’ own pages

FTX: What happened to FTX?

FTX filed for bankruptcy on November 11, 2022, after revelations about Alameda Research's massive holdings of FTX's token (FTT) triggered a liquidity crisis. The platform collapsed within days as a competing rescue deal fell through.

Source
FTX: Can I recover funds from FTX bankruptcy?

FTX has been in Chapter 11 bankruptcy proceedings since November 11, 2022. Customer funds have been subject to claims through the bankruptcy process, with asset recovery efforts ongoing.

Source
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