More advanced traders may gravitate toward the more sophisticated products offered by FTX, though some may be looking for a larger selection of cryptocurrencies.
A global crypto exchange with several useful features
FTX is a fast-growing cryptocurrency exchange that offers advanced trading options like margin and futures trading. While residents of the United States can’t use it due to strict regulations, a separate exchange—FTX.US—is available, but with fewer crypto offerings.
FTX is a centralized global cryptocurrency exchange that separates itself from its competitors by offering innovative products like derivatives, options, and leveraged tokens. It also supports more than 300 cryptocurrencies, which is a very large number compared with some competitors.
However, FTX comes with risks that are inherent in the cryptocurrency space, including token volatility and even losses due to hacks of exchanges. However, more people are becoming comfortable with crypto investing and trading as more companies have become active in the space.
To deposit or withdraw fiat, go to ftx.com/wallet and click 'deposit' under 'USD', 'AUD', 'EUR', 'GBP', 'HKD', 'SGD', 'CAD', 'CHF' or whatever fiat currency you'd like to deposit. You'll get an ID; if you're sending a USD deposit, please place that as a note/memo on your wire transfer. You can then send us the USD. They can also send via Silvergate SEN.
ACH deposits take up to 5 business days to clear and due to internal risk measures, we require a 7 business day hold after the funds clear. This means that you will not be able to withdraw the equivalent amount of your ACH deposit for at least 12 business days after initiating the deposit.
FTX offers more than 300 cryptocurrencies for spot trading.3 Here’s a partial list of assets available on this exchange:
FTX offers a wide variety of features, and it acknowledges that new users may find it hard to find them. To address this, the exchange provides an overview guide.
Crucial information is also stated clearly throughout the FTX website. For example, for those interested in staking FTX’s token, FTT, the exchange succinctly spells out the rules. It notes that unstaking takes 14 days, and that tokens slotted for unstaking won’t factor into staking rewards.
There is a bounty of articles posted under various subjects that explain FTX’s various offerings, terms, and rules. Take margin trading, for example. This is an important product for FTX. Given the complexities of margin trading, FTX does a solid job explaining its terms for these transactions. One of the most important things people who dabble in margin trading want to know is what triggers a margin call.
FTX makes it clear that a user’s account can be liquidated if their so-called Margin Fraction falls below their Maintenance Margin Fraction. FTX uses the example of a customer’s maintenance margin fraction being 6%. If the customer is 16.66x leveraged, liquidation will begin.
FTX describes itself as a crypto derivatives exchange. FTX offers products including derivatives, options, volatility products and leveraged tokens. The team reportedly comes from Wall Street quant firms and tech companies including Jane Street, Optiver, Susquehanna, Facebook, and Google.
FTX has a tiered maker/taker fee structure, and trading fees vary based on 30-day trade volumes. FTT token holders can receive discounts on their platform fees.
Here’s what users can expect in terms of maker/taker fees.
Fee chart from FTX.com.
FTT token holders can receive discounts on their platform fees. Tiered discounts are as follows:
Fee discount chart from FTX.com.
In addition to its trading fees, FTX users may also be subject to withdrawal fees and fees for trading or creating leveraged tokens.
FTX offers industry-standard security features, including the following:
FTX is a centralized cryptocurrency exchange. It offers a web platform and mobile app where you can buy, sell, and trade crypto. They can use its mobile app. The online dashboard offers a similar user experience to the FTX mobile app. Users can review markets; buy, sell, and trade crypto; check their holdings; and view their account information.
Opening an FTX account is simple. The exchange walks you through the process, step by step, from the beginning to the end.
In addition, Every hour from 10PM (SGT) Feb 8th to 10PM (SGT) Feb 15th traders on FTX are eligible to receive free Dogecoin!
Traders will receive 5 Dogecoins for every hour that they trade at least $500 (or equivalent) on any of the eligible market categories. They will see them added to their FTX account and labelled as 'DOGE campaign' in their deposit history.
FTX maintains an impressive library of educational resources. Want an easy-to-follow but thorough introduction to Bitcoin? A guide to the tax implications of cryptocurrency investing? FTX has you covered on these topics and many more.
TX does not offer 24/7 phone support, nor does it have live chat. It encourages customers who require assistance to submit support tickets through its platform. FTX does not specify the average amount of time it takes for a member of its team to respond to a request for support.
In addition to submitting a support ticket, you may also reach out to FTX via Telegram. FTX warns that its Telegram groups are public so users should be careful about sharing their information. Again, FTX has an extensive library of articles that address many of the questions new users may have about the exchange.
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This is the most user-friendly cryptocurrency platform on the web so far. But I feel there is ascope for improvement.