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Software · head to head

FTX vs Rainbow

F

FTX

Software

Cryptocurrency derivatives exchange

From
Free
Rated
-
Full reviewWebsite
Rainbow logo

Rainbow

Software

The fun, simple, and secure Ethereum wallet

From
Free
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: FTX the exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022; Rainbow free instant deposits and fee auto-compounding are gated behind the paid Rainbow Black tier; the vendor's own site states "Upgrade to Rainbow Black for free instant deposits, bigger rewards, and up to 100% of your trading fees auto-compounded", implying standard accounts pay deposit and trading fees
  • They diverge on capability: FTX covers Futures Trading, Rainbow covers Ethereum Wallet.

Where they differ

Only the attributes on which FTX and Rainbow actually diverge.

Attributes where FTX and Rainbow differ
AttributeFTXRainbow
Pricing modelfreemiumfree
PlatformsWeb, Ios, AndroidIos, Android, Chrome

Identical on both: starting price (Free), free tier (Yes), user rating (Not yet rated), category (Unknown), founded (2019).

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 FTX

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

Only in Rainbow

  • Ethereum Wallet
  • NFT Gallery
  • ENS Integration
  • Layer 2 Support
  • Swaps
  • Ethereum
  • Optimism
  • Arbitrum

Both cover

  • Ios support
  • Android support

What people use each for

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

FTX

  • Exchangesnot Rainbow
  • Derivativesnot Rainbow
  • Tradingnot Rainbow

Rainbow

  • Walletsnot FTX
  • Ethereumnot FTX
  • Mobilenot FTX

Where each one falls short

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

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

Rainbow

  • Free instant deposits and fee auto-compounding are gated behind the paid Rainbow Black tier; the vendor's own site states "Upgrade to Rainbow Black for free instant deposits, bigger rewards, and up to 100% of your trading fees auto-compounded", implying standard accounts pay deposit and trading fees

Pricing, plan by plan

FTX

Free
  • StandardFree
    • Spot trading
    • Futures
    • Options

Rainbow

Free
  • FreeFree
    • Ethereum wallet
    • NFTs
    • ENS

Which should you pick?

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

Choose Rainbow if

  • You need ethereum wallet.
  • You want to start without paying.
  • You work on Ios, Android, Chrome.
  • You also want nft gallery.
Rainbow review

Questions people ask

Is FTX or Rainbow better?
Neither clearly leads. FTX starts at Free and Rainbow at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, FTX or Rainbow?
FTX starts at Free and Rainbow at Free.
Does FTX or Rainbow run on more platforms?
FTX runs on Web, Ios, Android. Rainbow runs on Ios, Android, Chrome.
Can I use FTX for free?
Both have a free tier, so you can try either at no cost before committing.
What is FTX best used for?
FTX is most often used for exchanges, derivatives, trading. Of those, exchanges and derivatives are not what Rainbow is typically brought in for.
What can FTX do that Rainbow cannot?
FTX covers Futures Trading, Options, Leveraged Tokens, Spot Trading. Rainbow covers Ethereum Wallet, NFT Gallery, ENS Integration, Layer 2 Support. Both handle Ios support, Android support.

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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