Whether you’re a beginner or an experienced trader, FTX is one of the most remarkable cryptocurrency exchanges for trading cryptos. The platform is advanced to trade cryptos and perform other activities like leveraging tokens, trading volatility products, futures, and foreign exchange trading 9FX).
In this discussion, we explore an in-depth FTX review, including how to open an account, features, products, services, trading instruments, and everything you need to know. Keep reading.
What is FTX Crypto Exchange?
FTX is a Bahamas-based cryptocurrency exchange founded in 2019. It was registered in Antigua with the main objective of enabling users to trade cryptos or digital assets easily.
The exchange has over 270 coins as well as ten fiat currencies, including USD, CAD, GDP, EURO, and AUD.
Some of the most popular coins found on this exchange include BTC, ETH, SOl.LTC, XRP, and DOGE. In addition, the exchange has a native token known as the FTT to manage payments in the exchanges.
Despite its popularity, it doesn’t trade in the U.S. However, a sister exchange in the U.S. known as FTX.US only supports spot trading.
The exchange is popular because it allows derivative FTX trading, which is prohibited in the US. In addition, it runs on the OTC to enable traders to make large purchases.
Security
FTX is a secure blockchain exchange and comes loaded with safety features to protect users’ digital assets. The exchange works with a reputable company Chainanalysis which monitors any suspicious activity on the platform.
In addition, the KYT (Know Your Transaction) process is fully activated so that everything you do on the platform is authenticated.
On top of that, the exchange has invested heavily in anti-money laundering tools to ensure full compliance. Another thing to note is that FTX conducts manual audits of any deposit that may seem suspicious.
FTX has invested heavily in anti-money laundering tools to ensure full compliance. As well, any withdrawal of cryptos follows multiple levels of added protection.
Further, the exchange is under the coverage of SSL security and uses 2FA to bolster data security.
Features of FTX
In 2020, the exchange introduced a couple of products and services. Some of the top products and services include;
- Bitcoin options
- MOVE
- Leverage tokens
- Futures trading
- Trade execution
- Predictive analytics
- Market prediction
A unique feature is the protection of credit card deposits through the highly advanced security system,
The FTX platform is highly intuitive and enables easy transfer of fiat currency. In addition, you can use the platform to convert your coins and issue settlements. Even better, with a single-margin wallet, you can exchange as well as trade multiple blockchain derivatives.
Another notable feature is institutional trading, whereby FTX activates deep trading, including protecting order books. Also, you can enjoy unlimited withdrawals and have access to the liquidation fund.
The FTX platform also has the OTC desk and support team that allows you to view the charts and make an FTX trading decision.
FTX has a payment wallet known as FTX PAY that enables you to receive, transfer and make payments. You can download the FTX Crypto Exchange App from Google Play or the App Store for trading on the go.
Customer Support
The technical team of FTX offers top-notch services to the users; for instance, they allow traders to use the available features and enjoy affordable fees. Additionally, you can take advantage of the tight spreads during FTX crypto trading and enjoy favorable bids even when the offer is small.
Trading Instruments
As earlier mentioned, the exchange has many features to help you trade effortlessly. On the website, you’ll find vital information on how to go about trading. You can also stake the FTX token and win rewards.
The FTX blog is a resource center where you can find articles on rules, products, offerings, and any other important information in the blog section. Other important sections include the Market Recap and Monthly Digest.
A vital rule of trading with FTX exchange is one that requires traders’ FTX accounts to be liquidated should the margins fraction go below the stipulated rate. Normally, a 6% margin is applied if your account is 16.66x leveraged.
How to Create an FTX Account
To commence trading in the FTX exchange, you must complete the registration process and create an FTX account. The process is easy, and you can do it yourself. However, you must meet several KYC requirements for institutional trading.
First, access the FTX website and follow the steps below;
- Click Register on the homepage
- Enter your name, email address and choose a unique password
- After entering your details, a verification link is sent to your email.
- The next step is to verify with 2FA by selecting account security, Google security authenticator, or choosing to be receiving a unique code via SMS.
- After verification, you can now start FTX crypto trading.
It’s important to note that there’s a withdrawal limit of up to $1000 before the KYC process verification.
However, if you want to withdraw more or increase your limit, you must set the KYC verification.
FTX Crypto Exchange Fees
The good thing about FTX exchange is that you don’t pay any fees when depositing or withdrawing your assets. However, depending on your mode of transfer, certain charges may apply.
In addition, for advanced FTX crypto trading, marker/taker fees will apply depending on the volume of trade. Other charges include 0.10% redemption fees and 0.30% daily management fees.
Payment Methods
The FTX exchange accepts multiple payment methods such as credit card transfers and online payments.
How to Deposit Money with FTX
You can deposit your fiat coins in any currency using the bank transfer option or PayPal. Charges may apply depending on the amount you want to move or the mode of transfer.
Pros
- The exchange is best for professional traders, including institutions.
- It records high levels of FTX trading volume, which shows a level of trust users have in the platform
- Has invested in high-level security for digital assets
Cons
- The platform is not available in the US
- Leveraged tokens are a risky option
Conclusion
FTX is one of the largest crypto exchanges best suited for blockchain derivatives trading. Its also popular thanks to advanced products and services such as MOVE, FUTURES, and Bitcoin Options. Despite the multiple advantages, it doesn’t trade in the US and is a risky investment option for leveraging altcoins.
