Software · head to head
Rainbow vs FTX
The short version
- Each has a real cost: 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; FTX the exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022
- They diverge on capability: Rainbow covers Ethereum Wallet, FTX covers Futures Trading.
Where they differ
Only the attributes on which Rainbow and FTX actually diverge.
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 Rainbow
- Ethereum Wallet
- NFT Gallery
- ENS Integration
- Layer 2 Support
- Swaps
- Ethereum
- Optimism
- Arbitrum
Only in FTX
- Futures Trading
- Options
- Leveraged Tokens
- Spot Trading
- FTT Token
- Serum DEX
- Web support
Both cover
- Ios support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
Rainbow
- Walletsnot FTX
- Ethereumnot FTX
- Mobilenot FTX
FTX
- Exchangesnot Rainbow
- Derivativesnot Rainbow
- Tradingnot Rainbow
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
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
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
Rainbow
Free- FreeFree
- Ethereum wallet
- NFTs
- ENS
FTX
Free- StandardFree
- Spot trading
- Futures
- Options
Which should you pick?
Choose Rainbow if
- You need ethereum wallet.
- You want to start without paying.
- You work on Ios, Android, Chrome.
- You also want nft gallery.
Choose FTX if
- You need futures trading.
- You want to start without paying.
- You work on Web, Ios, Android.
- You also want options.
Questions people ask
- Is Rainbow or FTX better?
- Neither clearly leads. Rainbow 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, Rainbow or FTX?
- Rainbow starts at Free and FTX at Free.
- Does Rainbow or FTX run on more platforms?
- Rainbow runs on Ios, Android, Chrome. FTX runs on Web, Ios, Android.
- Can I use Rainbow for free?
- Both have a free tier, so you can try either at no cost before committing.
- What is Rainbow best used for?
- Rainbow is most often used for wallets, ethereum, mobile. Of those, wallets and ethereum are not what FTX is typically brought in for.
- What can Rainbow do that FTX cannot?
- Rainbow covers Ethereum Wallet, NFT Gallery, ENS Integration, Layer 2 Support. FTX covers Futures Trading, Options, Leveraged Tokens, Spot Trading. 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.
SourceFTX: 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