FTX Crypto Exchange Review (ENDED)

Founded in 2019, FTX is a popular exchange offering crypto trading plus complex financial products including NFTs, Futures, Options, volatility products and leveraged tokens.

FTX Review at a Glance

FTX is a modern crypto exchange that allows users to buy, sell, and hold cryptocurrencies. These are some key points of the FTX review:

√ Large and highly liquid cryptocurrency exchange.

√ Deposit via cards or deposit Bitcoin and other cryptocurrencies.

√ Take advantage of a wide variety of trading tools and derivatives (leveraged products, options, etc.).

√ Offering NFTs (buy, hold, sell, and withdraw Non-Fungible Tokens).

√ Paying low trading fees (reduced trading fees with FTT Token).

√ Trade a very wide cryptocurrency asset index.

√ institutional-grade services (OTC desk).

The Company (FTX Corporate Profile)

The FTX Exchange is owned by FTX Trading Limited, a company incorporated in Antigua and Barbuda. This is some basic information:

• Offices: Antigua and Barbuda (FTX Trading Limited)
• Foundation: in 2019 by Sam Bankman-Fried (CEO) and Gary Wang (CTO)
• Customer Support: Responsive customer support via Tickets and eMail
• Website Languages: Currently supports 12 languages (English, Spanish, Italian, Chinese, Portuguese, Korean, Russian, German, French, Turkish, Dutch, and Vietnamese)
• FIAT currencies: Supports USD, Euro, and some other FIAT currencies

Crypto Services

• Spot trading, margin trading, futures trading, options trading, prediction markets
• NFTs (buy, hold, and sell)
• Staking cryptos via the built-in token (FTT)

Software Wallet

• FTX provides its own software wallet.

Supported Countries by FTX

FTX exchange currently accepts traders from most countries, excluding the following countries: 

• The United States 
• Cuba
• North Korea 
• Iran 
• Syria
• Antigua & Barbuda 

Account Verification Requirements

You will need to provide the following to FTX in order to complete your verification:

• Country of residence, and residential address.
• 2 photos of your ID (front, back).
• Selfie to verify your identity.

 

FTX ACCOUNT TYPES

The FTX platform offers three account types:

• Tier 1 requires only the name, email, and residential country (withdrawal limit of $2,000, and in some cases, up to $9,000 dollars)
• Tier 2 requires a date and a place of birth, proof of address, a government-issued passport, and a photo of the client holding his ID (offering unlimited withdrawals) 
• Tier 3, all the above plus a recent bank statement (offering unlimited withdrawals and over-the-counter wire transfers)

OTC SERVICES:

• Institutional-grade services (a high level of liquidity, and an OTC desk)

 

FTX Review: Depositing & Withdrawing Funds

FTX users can deposit/withdraw funds in multiple ways. However, you need to enable two-factor authentication (2FA) on your trading account:

1. Bank deposits

Supports several FIAT currencies (USD, EUR, CAD, GBP, and AUD).

2. Credit/debit card deposits

Credit/debit card deposits (Visa and Mastercard).

3. Deposit Crypto

You may transfer your crypto to the built-in FTX compatible wallets.

4. Stable Coins

They support five (5) USD-backed stable coins:

• TrueUSD (TUSD)
• USD Coin (USDC)
• Paxos Standard (PAX)
• Binance USD (BUSD)
• HUSD

 

FTX Review: Fees, Expenses, and Staking Rewards

These are the basic fees charged by FTX.

Trading Fees:

FTX has a tiered-fee structure for all futures and spot markets. 

Tier	1-Month Volume (USD)	Maker Fees	Taker Fees
1	0	0.020%	0.070%
2	2,000,000	0.015%	0.060%
3	5,000,000	0.010%	0.055%
4	10,000,000	0.005%	0.050%
5	25,000,000	0.000%	0.045%
6	50,000,000	0.000%	0.040%

Depositing/Withdrawing & Other Fees:

• The FTX Exchange does not charge deposit or withdrawal fees.
• There are also no additional fees for OTC trading.
• No extra fees for using your Exchange wallet.

NFTs

• FTX charges a 5% fee to the buyer and the seller on each sale or trade.

The FFT Token

• FTT is the FTX exchange’s native cryptocurrency. FTT holders get reduced trading fees and other advantages.

 

FTX Trading Platform

FTX offers an easy-to-use trading platform suitable for beginners and professional crypto traders. The default user interface is based on a simple navigation bar, however, you can easily switch to derivatives trading products.

• There is also a mobile trading app for Android and iOS devices.

The FTX trading orders include:

• Market order
• Limit order
• Stop Market and stop-limit orders
• Trailing stop
• Take profit and take profit limit

 

Crypto Products

• Spot Crypto Markets:

Buy and sell cryptocurrencies using simple market orders or pending orders.

• Crypto Futures & Options:

FTX offers perpetual Futures on many cryptocurrency assets, plus Options contracts. Futures on over 20 cryptocurrencies such as BTC, ETH, and LINK.

• FTX Leveraged Tokens:

FTX offers leveraged exposure to cryptocurrency asset prices, in total, there are 45 different leveraged tokens.

-10x leverage is set as default, however, you can extend it up to 101x.

• Move Crypto Contracts:

Trading crypto based on simple price movement.

• Prediction Markets:

Trading on the prediction of an event’s outcome (for example, the next president of the United States).

• FTX's NFTs

-An NFT is a non-fungible token, which means it's a token you can buy, sell, and hold via the internet. Unlike most cryptocurrencies, there may be very few or only one of an NFT, and they might be indivisible.

-You can buy NFTs via the FTX exchange (FTX charges a 5% fee to the buyer and the seller on each sale).

-You can attempt to auction off an NFT that you own via the FTX exchange.

-You can hold NFTs on your FTX NFT gallery or withdraw NFTs to your personal wallet.

 

FTT Staking

FTT is the FTX exchange’s native cryptocurrency, FTT Staking provides the following benefits:

• Maker fee (override).
• Bonus votes: FTX stakers get bonus votes in their polls.
• Increased airdrop rewards: FTX stakers get increased SRM airdrops.
• Waived blockchain fees: FTX stakers get a number of free ERC20 and ETH withdrawals per day.
• IEO tickets: FTX stakers get tickets for IEOs.

Disclaimers:

• All users must pass at least KYC 1 to own and stake FTT and KYC 2 to be eligible for SRM rewards.
• When you unstake FTT, the tokens are locked up for two weeks before being released.
• To qualify for SRM airdrops, users will need to hold a minimum of 500 FTT on their FTX account.
• Take fees after all discounts and benefits cannot be lower than 0.015%.
• Locked FTT is not eligible for staking.

 

FTX Review Pros & Cons (Compared to Competition)

These are some pros and cons of the FTX review:

(√) FTX Crypto Exchange Service Pros

• Large and significantly liquid crypto exchange.
• Easy-to-use (buy and sell several cryptocurrencies in a few clicks).
• Low-fee crypto trading.
• Spot and derivatives trading (Futures, Options, etc.).
• NFTs (buy, hold, sell, and withdraw Non-Fungible Tokens).
• Institutional-grade services (OTC desk).
• FTX Insurance Fund (prevents customer losses because of a sudden market movement).

(X) FTX Crypto Exchange Service Cons

• Lack of full and transparent corporate regulation.

 

FTX Review Conclusions

FTX is a highly liquid and competitive crypto exchange offering spot crypto and derivatives trading. You can easily create and verify a trading account and fund it fast via FIAT money or cryptocurrencies. Users don’t need KYC to start trading with FTX, but KYC can significantly increase trading limits and unlock additional features in the exchange. FTX offers enhanced security to protect users from hacking but also the Insurance Fund which aims to prevent sudden customer losses because of a massive market movement.

As concerns crypto trading, the fees are very tight and can become even lower for FTT holders. The trading platform is easy-to-use and straightforward offering a great variety of crypto pairs and derivative products. There are also NFTs in the exchange. FTX offers the ability to buy, hold, sell, and withdraw Non-Fungible Tokens.

The only disadvantage of the FTX exchange is the lack of a fully transparent regulation. Unfortunately, the complex regulatory legislation scheme in the crypto industry forces crypto exchanges to partly operate in offshore countries.

Overall, FTX is one of the best choices for advanced crypto-traders who require low trading fees and professional crypto services.

 

 

■ FTX.com Crypto Exchange Review

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Cryptocurrency Warning: Please be careful with your money

When sending funds to an exchange or other counterparty you are trusting that the operator will not abscond with your bitcoins and that the operator maintains secure systems that protect against internal or external theft. It is recommended that you obtain the real-world identity of the operator and ensure that sufficient recourse is available. Exchanging or storing significant funds with exchanges is not recommended.