FTX Exchange // Condensed Review – Pros and Cons
FTX.com (FTX) was launched in 2019 with the goal of becoming the world’s leading platform for trading tokens. Now, just a few years after its founding, FTX is a top 5 cryptocurrency exchange that is valued at over $18 billion USD.
This platform offers a wide range of products including derivatives, options, volatility products, an NFT marketplace, leveraged tokens, and so much more. We will take a deep dive to discover all that FTX has to offer.
Register a free account at FTX
(5% off fees with this link!)
Restricted Countries/Regions
Is FTX a safe cryptocurrency exchange?
FTX uses several bank-like features to ensure the safety of a user’s personal information and security of funds. To date, there have been no reported hacks or incidents because this platform employs world-class security protocols including the following:
- A custom-built hot and cold wallet solution
- Full external backup of all hot wallet funds
- Two-factor authentication (2FA) for every account
- Funds password for cryptocurrency withdrawals
Available Cryptocurrencies at FTX
Over 300+ cryptocurrencies are supported on FTX.com, so whether you are a holder or a trader, you will definitely find something of value. The range of coins/tokens is growing weekly, as FTX keeps adding new assets to the marketplace. Check out some popular assets like:
BTC, ETH, SOL, DOGE, FTT, BNB, AVAX, LUNA, APE, LINK, DOT, MANA, UNI, and 300+ more!
Register a free account at FTX
(5% off fees with this link!)
FTX Services
Let’s take a look at what FTX offers to see why they have become such a popular cryptocurrency exchange around the world.
FTX Exchange
Via the FTX Exchange, users have the easy option to quickly swap their fiat currency (or cryptocurrency) to another coin. The interface is very intuitive, meaning that with just a few simple clicks, you will now be the owner of a certain coin/token.
FTX Leveraged Tokens
FTX has developed an innovative asset called Leveraged Tokens. These are ERC20 tokens that have leveraged exposure up to 3x applied to the trading pair. There is no margin requirement from the user’s account balance in order to start trading these leveraged assets. A few popular FTX leveraged tokens include:
- BULL/USD – 3x long Bitcoin token
- BEAR/USD – 3x short Bitcoin token
- ETHBULL/USD – 3x long Ethereum token
- ETHBEAR/USD – 3x short Ethereum token
FTX Advanced Markets
For more advanced traders, FTX’s derivative products will not disappoint. FTX users are able to access a huge range of markets that cannot be found on more basic crypto exchanges. Leverage can go up to 20x for these contracts. Some popular FTX Futures pairs, according to daily trading volume, include:
- BTC-PERP – Bitcoin Perpetual Futures
- ETH-PERP – Ethereum Perpetual Futures
- XRP-PERP – XRP Perpetual Futures
- LTC-PERP – Litecoin Perpetual Futures
- BCH-PERP – Bitcoin Cash Perpetual Futures
FTX Staking
Do not forget that you can always earn interest on your cryptocurrencies. FTX offers staking on a few coins such as FTT, SOL, RAY, and SRM. By staking the available cryptocurrencies, you are locking it up on the FTX exchange (you cannot sell or transfer it while it is staked) but in return you receive rewards. This is similar to earning interest at a bank. For example, if you stake RAY right now, you will receive 20% more RAY coins annually!
FTX NFT Marketplace
NFTs (non-fungible tokens) have become extremely popular recently, and FTX offers a fun marketplace for digital asset collectors. You can comfortably mint, buy, sell, and store your NFTs on FTX.com.
FTX Wallet]
FTX Mobile App – iOS and Android
FTX has a highly-rated and fully-functional app called FTX Pro that is available for Android and iOS devices. On the Google Play store, FTX Pro has over 750,000+ downloads and a 4.6-star rating! For both Android and iOS, the mobile interface is easy to navigate, and you will have access to all the services that are found on the desktop version.
FTX Token – FTT
Like many other major exchanges, FTX has its own coin/token called FTT that you can purchase. You obtain multiple benefits for staking FTT, including:
- Receiving trading fee discounts
- Obtaining waived blockchain fees (meaning free ERC20 and ETH withdrawals)
- Getting increased rewards
- and more!
FTX KYC Verification Requirements
FTX Trading Fees and Limits
For regular traders, FTX has a standard structure of 0.02% for Maker fees and 0.07% for Taker fees. However, as your trading volume increases, the Maker and Take fees will be reduced drastically. Check out the following table for the full fee structures.
| 30-Day Trading Volume (USD) | Maker Fee | Taker Fee |
|---|---|---|
| $0 - $2,000,000 | 0.020% | 0.070% |
| > $2,000,000 | 0.015% | 0.060% |
| > $5,000,000 | 0.010% | 0.055% |
| > $10,000,000 | 0.005% | 0.050% |
| > $25,000,000 | 0.000% | 0.045% |
| > $50,000,000 | 0.000% | 0.040% |
If you hold FTT tokens (FTX’s own coin), you also receive discounts on all trading fees. The discount you receive is based on how much FTT you possess, as shown in the table below:
| FTT Holdings (USD) | Discount on Trading Fees |
|---|---|
| $100 | 3% |
| $1,000 | 5% |
| $5,000 | 10% |
| $10,000 | 15% |
| $50,000 | 20% |
| $100,000 | 25% |
| $200,000 | 30% |
| $500,000 | 35% |
| $1,000,000 | 40% |
| $2,500,000 | 50% |
| $5,000,000 | 60% |
FTX Payment Methods and Fees
FTX is a major global cryptocurrency exchange, so their payment methods are reliable and convenient for almost all users around the globe. Let’s review the available deposit and withdrawal options.
Depositing at FTX and Fees
FTX supports fiat deposits in USD, EUR, GBP, AUD, CAD, CHF, HKD, SGD, and ZAR. Available deposit methods are:
Visa, Mastercard, Silvergate Exchange Network (SEN), Signature SIGNET, SEPA, international bank transfer
Note: Although FTX does not charge any deposit fees, the payment provider will charge per transaction (in the vicinity of 2% to 4%).
For users who wish to deposit cryptocurrencies into FTX from another wallet, there is no maximum deposit limit and no fees charged. Feel free to deposit as much as you like, whenever you like.
Withdrawing from FTX and Fees
When you withdrawal USD, there is a $75 fee for all withdrawals under $10,000. Withdrawing other currencies will not incur transaction costs, but the currency will depend on your local banking options.
When withdrawing cryptocurrency, here are the fees:
- BTC (< 0.01 BTC): One free withdrawal per day. Any additional withdrawal will require user to pay blockchain fees.
- BTC (> 0.01 BTC): Free
- ETH: User pays blockchain fees (unless FTT is staked)
- ERC-20 Tokens: User pays blockchain fees (unless FTT is staked)
- Other Cryptocurrencies: Free
FTX Customer Service
One major drawback of this platform is that FTX does not offer telephone support nor does it have a live chat feature. However, this is quite common for the top 5 exchanges in the world, because of the sheer size of the platform. Instead, FTX encourages customers to submit support tickets through the Help Center. You will usually receive a reply via email within 2-3 business days.
Conclusion – Should I use FTX?
Once again, FTX has done a great job building a platform with such a variety of investment products such as futures, volatility contracts, leveraged tokens, and even an NFT marketplace!
Register a free account at FTX
(5% off fees with this link!)
Up to 60% Discount on Fees
Join millions of investors and traders in the crypto revolution!
All it takes is 1 small step!