FTX is a cryptocurrency marketplace that swiftly positioned itself in a rapidly growing section of the cryptocurrency trading industry. The platform has received favorable feedback from the cryptocurrency trading industry and currently has substantial daily trading activity. This is pretty significant given the platform’s relatively young. Over the years, it has established itself as a platform open to both professionals and amateurs.
The upcoming FTX review will walk you over the items on hand, the compatible coins, the charges you may anticipate on the transactions, and the functions of the trading platform.
Table of Contents
Pros
Cons
| Website Homepage | https://ftx.com/ |
| Year Founded | 2019 |
| Headquarters | Hong Kong |
| Number of coins | 300+ |
| Number of coin pairings | 270+ |
| Native token availability | Yes |
| Exchange availability | Yes |
| Customer Service | Help Center, Submit a request, and mail supports |
| Mobile app | Yes |
| Minimum Deposit | N/A |
| Deposit Fee | N/A |
| Transaction Fee | Maker: 0.020% – 0%Taker: 0.070% – 0.040% |
| Withdrawal Fee | up to 0.10% |
| Supported Nations | 200+ |
FTX.com is present in over 200 nations worldwide; however, it is not accessible in the United States and Japan, plus a handful more big markets. Americans may only use FTX through its sibling firm, FTX.us.
FTX has a conventional UI and an advanced trading interface; however, both are intended for traders rather than novices. In addition, FTX provides comprehensive charting, several trade varieties, leverage and options trade, leveraging tokens, and equity trading.
On top of many trading capabilities, FTX boasts relatively cheap trading costs, maintaining expenses cheaper than several other cryptocurrency platforms.
FTX Exchange accepts a broad range of digital currencies; some of the other tokens or tokens listed beneath are:
| Bitcoin BTC | BNB BNB | FTX Token FTT | Solana SOL | Ethereum ETH |
| Polkadot DOT | Bitcoin Cash BCH | Chainlink LINK | Brazilian Digital Token BRZ | Dogecoin DOGE |
| Polygon MATIC | XRP | Litecoin LTC | Tether USDT | Terra ClassicUSD USTC |
| Axie Infinity AXS | Render Token RNDR | Serum SRM | Year finance YFI | Terra Classic LUNC |
| Tron TRX | Aave AAVE | THORChain RUNE | Celsius CEL | ApeCoin APE |
| Kilo Shiba Inu KSHIB | Shiba Inu SHIB | LooksRare LOOKS | Uniswap UNI | Decentraland MANA |
| SushiSwap SUSHI | Reserve Rights RSR | STEPN GMT | Compound COMP | Raydium RAY |
In addition, the FTX Exchange is also open to new and upcoming crypto projects that present potential. Therefore, if you’re an investor that capitalizes on upcoming projects, this platform will give you all the opportunities without having to open new accounts with different exchanges.
FTX has just launched a platform for purchasing and selling non-fungible tokens (NFTs). Users may also utilize the marketplace to create their original NFTs and sell those off to fellow users afterward.
Since around November 12, 2021, FTX officially stopped minting on its global domain; nonetheless, NFTs can still be minted at FTX.us, which is accessible to users within and out of the United States.
FTX is comparable to many other cryptocurrency platforms because it has created its native coin, which serves as the FTX environment’s foundation. Another resemblance between this coin, which goes by the symbol FTT, is that everyone has quickly risen to the 50 most significant digital currencies in market valuation. This is partly due to the token’s usefulness, which may help consumers save on exchange costs, but it’s also due to FTX’s plans to burn half of the coin allocation to generate a shortage.
FTT is also accessible for trading on other platforms. It is available on a few other exchanges.
In addition to being a marketable financial instrument, FTT is utilized on the FTX platform to provide a range of incentives to its owners. Reduced trading costs are one projected advantage. However, consumers can also profit from the FTT Insurance scheme through socialized earnings. The token may be staked for return and used as protection for FTX futures trading.
With its Over-the-Counter (OTC) trading business, FTX primarily serves corporate traders wishing to purchase or sell big chunks of cryptocurrency commodities. Although this is a standard business, FTX has refined the procedure to make it more user-friendly and cost-effective.
The OTC market website is at otc.ftx.com, and customers may sign in via the same passwords they use for the primary FTX console. This provides exposure to quick OTC quotations on the majority of popular cryptocurrencies. In addition, the OTC system has no fees, narrow margins, and lightning-quick payments.
Because the OTC portal is linked to the primary FTX wallet, investing and receiving funds is straightforward. Take advantage of high volume and no expenses beyond the range.
That would be a distinctive and intriguing feature provided by FTX that can add a shot to the arsenal of whatever made the FTX Platform one of the quickest increasing and most famous cryptocurrency exchanges accessible. A margin loan is a feature that allows users to lend their bitcoin to other customers on the FTX platform, allowing them to borrow cash for leverage trading and pay the lender’s interest in exchange.
Simply, customers on the FTX site may allow the balance to be taken by another user, receiving annual interest delivered by the hour for the life of the loan. When a balance is not presently being loaned, this feature can be activated and removed at any moment without interruption. However, if a balance is being borrowed, this could require up to 6 hours for the money to be repaid and restored to the account.
FTX Pay is just a tool that could be added to sites, e-commerce websites, or applications to allow consumers to receive or pay in cryptocurrency while simultaneously accepting fiat transactions. It is highly customizable and enables customers to receive transactions following their needs using FTX’s quick, safe, low-fee payment processing.
These sophisticated order books allow you to establish a position, specify all the selling requirements, and afterward forget about it until it’s completed. As a result, it’s pretty convenient not to continually check all your available opportunities.
However, before you opt for it, understand that high leverage is high-risk and should not be attempted by inexperienced or even expert investors. Therefore, only opt for such strategies if you’re a seasoned or trained professional.
Makers are compensated with lower costs to encourage them to offer liquidity. Market purchases that are completed promptly are subject to taker fees. As a result, large volume trades and those staking the platform’s native FTT token pay significantly reduced costs.
This makes it a perfect option for experimenting traders! Since they have more options to pick from, advanced traders have a better chance of diversifying their portfolios for maximum profits.
At FTX, you may bet multiple coins, one of which yields a 20% APY as of the time of writing. That’s a phenomenal rate of interest, particularly given that institutions are now paying 0.1% less than in return.
Users signing up for the FTX platform have access to only one particular type of account for all traders. However, the team has worked hard to create a platform open to traders of diverse skill levels. That is immediately apparent when you visit the FTX webpage.
The system includes a sleep layout set to bright, darkish, or black settings. As a result, most data regarding what FTX offers may be seen on the website without needing to join up.
FTX provides a comprehensive trading environment for options, swaps, and even equities. The “live” option at the center of the FTX webpage allows users to trade, acquire, or unload cryptocurrency. Candlestick graphs, a real-time trade book, as well as the capability to place a trade, limiting, and loss-preventing orders are all part of the system.
In the “Quant Zone,” clients may program trade algorithms and automation systems to execute automatically depending on predefined circumstances. In addition, FTX features an NFT marketplace where customers may mint, list, purchase, and trade NFTs via either the Solana or Ethereum networks.
FTX offers an Advanced trading option that allows users to construct bespoke trade screen displays. Customers may trade crypto contracts, leverage coins, fiat money, and volatility items in addition to sophisticated trading. In the Professional version, users may even trade famous US equities.
Overall, FTX provides an excellent trading experience for professional traders, but novices may struggle to understand how to conduct simple transactions on the website.
While trading at FTX, like with any other platform, there are many transaction charges to be aware of. The data and graphs will help you better comprehend these prices and charges.
FTX, unlike many other cryptocurrency platforms, has a tier-based pricing model for commodities in its live or futures contracts. As seen in the graph beneath, there are six levels, and costs are reduced depending on the customer’s 30-day trading activity.
| Trading volume in 30 days period | Maker Fee | Taker Fee |
| Less than 2,000,000 | 0.020% | 0.070% |
| More than 2,000,000 | 0.015% | 0.060% |
| More than 5,000,000 | 0.010% | 0.055% |
| More than 10,000,000 | 0.005% | 0.050% |
| More than 25,000,000 | 0.000% | 0.045% |
| More than 50,000,000 | 0.000% | 0.040% |
Level 1 dealers must pay a 0.07% taker and 0.020% maker charges. The greatest level, level 6, but on the other side, has a 0.040% taker charge and a 0% maker charge.
The maker prices are smaller, as you can see. This is frequently done to foster bigger order books and improved cash flow in the marketplace.
There are several small fees to mind while utilizing FTX as the crypto exchange and transaction fees. Thankfully, there have been no payment or payout charges unless users trade with little quantities of Bitcoin, Ethereum, or ERC-20 tokens. However, costs for Ethereum and ERC-20 assets could be eliminated for FTT holders.
| FTT Stalked | Count of ERC20 withdrawals with waived fees |
| 0 | 0 |
| 25 | 1 |
| 150 | 3 |
| 1,000 | 10 |
| 10,000 | 30 |
| 50,000 | 100 |
| 250,000 | 300 |
| 1,000,000 | 1000 |
Furthermore, there are no costs for future fulfillment at FTX. Leveraged tokens incur 0.10% issuance and redeeming costs and 0.03% everyday maintenance costs.
FTX provides the most up-to-date cryptocurrency exchange security, including two-factor authorization, profile locking, and the option to set up payment credentials.
FTX provides the following safety functionalities:
The registration procedure is simple and quick. FTX has kept the enrolment process as simple as possible, like so many other elements and functions.
Here’s a walkthrough of the different steps in the process:
Step 1: Once you visit the FTX Exchange website, there’s a ‘Sign up’ option, right at the upper right of the main website.
Step 2: Upon clicking, select the “Register” tab and enter your name and email id (don’t forget to use a strong password.)
Step 3: Accept the terms and conditions by clicking enter on the captcha and checking on the tick mark.
Step 4: Once inside the pop-up signup box, click “Sign Up” and refresh your email for a confirmation letter.
Step 5: Check the email account and choose Google Authenticator and otherwise SMS for verification under “Account Security.”
Note: Before KYC verification, you need to deposit money and obtain a $1,000 maximum payout limitation. If you want to increase the withdrawal limits, go to the “Settings” page and go through the KYC authentication procedure.
Customers have unfavorable things to say about FTX, as with numerous other crypto exchanges. The majority of user concerns are about FTX’s customer care. The length of period it takes consumer care to react to assistance inquiries was a recurring topic in the reviews.
As previously stated, FTX does not specify how long it takes to react to consumers that file these problems. Some consumers had grave concerns, including waiting weeks for any withdrawal applications to be authorized. Positive feedback highlights the FTX platform’s ease of use and cheap withdrawal costs.
Given the numerous trading and investment option that users have for themselves, it won’t be wrong to say that FTX Exchange does stand for new and seasoned traders. The platform provides a global-level trading experience while matching its operations with a competitive fee structure and complete safety & security of its users.
However, FTX Exchange also has its drawbacks. For example, the platform has long been faced criticism for lacking real-time customer support. Therefore, if you think that FTX Exchange is not your option, we have compared its performance with one of its primary competitors, Binance.
In the following section, we have tried to draw an overview of the difference between the two platforms.
FTX Exchange Vs. Binance:
Both FTX Exchange and Binance continue to be the leading crypto exchange platforms for the user base and market presence. In addition, both the platforms also offer multiple trading assets and futures for active traders.
Here’s a detailed comparison between the two platforms.
Looking at the short but insightful review, it’s evident that Binance has the lead over live chat support and higher coin acceptance over FTX Exchange. However, the latter gets a significant win due to its competitive fee structure, making it a better option for traders of all types. However, if you want to diversify your portfolio actively, Binance is your option. Read the full Binance exchange.
It’s simple enough for even total beginners to utilize, choose one token or coin (even fiat money) to transfer and which token to convert into. Then, to complete the transaction, choose the amount of the currency you wish to change from and select ‘Convert.’
This has almost 500,000 installations on Play Store and a 4.6-star score from 6,000 reviewers. The design is simple, and you can still access all of the derivatives marketplaces featured on the desktop version.
Besides, the platform is also known to introduce new and potential tokens to its exchange. So if you are seeking anything that is not now accessible on FTX, it might become accessible in the future.
However, users are at a chance of earning incentives on the platform, paid in the form of crypto tokens you staked (similar to bank interest on savings). When we stake RAY, for instance, we will earn 20% extra RAY tokens annually.
If you do not wish to stake the FTT, users may just keep it in the profile and enjoy reductions on their trading expenses as low as $100 US Dollars in FTT.
This is where FTX steps in as a reliable crypto exchange that allows its users to explore NFTs. Anyone may mint, acquire, trade, and hold the NFTs on the FTX platform.
They have already contributed approximately $14 million to organizations, including customer contributions, which they already match up to a specific amount.
With this, we come to the end of our comprehensive FTX Exchange review! To sum it up, FTX is a reliable exchange platform that allows users to access advanced trading and investing functionalities. Considering all the different features that the platform has for its users, it stands out as one of the most appealing options for fellow investors and traders. However, that does not mean the FTX Exchange is free of shortcomings!
Despite its cons, when we drew a rough comparison between the platform and other exchanges, it outweighed several other competitors. Therefore, if you plan to open an account with FTX, you can get started today.
However, if you want to explore some other options, ensure that you assess all your requirements and leverage relevant information to know what you’re signing up for. All the best!
In terms of its primary function, FTX is an exchange that allows users to leverage their funds and market strategy to make instant profits. Besides, the platform is also known for its future-forward approach as it has recently introduced BTC options for traders.
No, ever since its inception, there are no recorded events of the FTX Exchange being compromised. So far, the platform has experienced zero such instances of cyber-attack, and to keep up with its record, the platform has also switched to Google Cloud for managing most of its operations.
Well, it primarily depends on your way of use! You can never say whether or not the platform is right for you. Instead, if you take a brief overview of the platform and weigh the pros and cons, you’ll be in a better position to understand it yourself.
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