The Ultimate FTX Review (For 2022)

If you’re new to crypto trading, or you found your way to FTX by simply asking yourself, what is Defi? Here’s all you need to know about this exchange.

The FTX Exchange is one of the world’s most prominent crypto exchanges, with low trading fees. FTX.US, the company’s US-based market, has a lower cryptocurrency variety and low fees but still offers many services such as over-the-counter and margin trading.

FTX, which supports futures and leveraged tokens has been a top-five exchange in terms of daily volume.

You can determine if FTX the right platform for your cryptocurrency needs by reviewing our complete FTX exchange review. It will cover almost everything that you need to know regarding FTX. 

Overview

FTX was created by Sam Bankman Fried, the president, and Gary Wang, the CTO. Gary Wang is a former Google software engineer.

Alameda Research Ltd. was established by Alameda Research Ltd. in 2017. It serves as a key quantitative trading platform and liquidity provider. Alameda provides 24/7 OTC support to FTX and manages large order books.

FTX, a cryptocurrency derivatives platform that provides leveraged tokens as well as derivatives services, is referred to.

The FTX Marketplace offers many opportunities that both experienced investors and trading companies would appreciate, as well as simple spot-selling for those new to crypto.

There are two kinds of FTX platforms. The primary FTX platform is available to users outside the United States. You can access a greater number of cryptocurrency and other services such as derivatives trading. 

Users in every city except New York are able to get FTX.US. It is a simpler version of FTX.US.

Once you have created an account with FTX and verified your identity, deposits can be made via an ACH electronic transfer (or wire transfer) You can access the funds once they are available to you and use them for any of the cryptocurrencies that FTX offers via the mobile app or its web platform.

Both the mobile app as well as the website of this cryptocurrency exchange are easy to use and include many educational materials.

FTX is a centralized cryptocurrency exchange and offers advanced trading tools and features that professionals trading companies and traders can use. It also provides basic spot trading, which beginners to crypto trading will appreciate.

Features

FTX is attracting customers in unprecedented levels as a cryptocurrency derivative trading platform that offers a variety of cutting-edge trading tools.

FTX is the original cryptocurrency exchange that offered unique trading tools such as leveraged tokens and MOVE contracts. This has made the platform stand out.

These are the key points:

• Outstanding Customer Service: FTX has a wide range of tools and information that can be used to aid customers in navigating their site. There are also forums available in more than ten languages.
• Fiat Currency Transactions – Customers are able to send money in U.S. Dollars, Euros, Canadian dollars and British Pounds. You can also use the platform to send credit cards. 
• 101x leverage: FTX provides significant leveraging, up to 101x. This allows FTX users maximize their earning potential.
• Stablecoin Settlements/Easy Money Substitutions: With a single reserve account, customers can exchange any derivatives or change crypto currencies outside their wallets. 
• FTX offers commercial level services, including ample liquidity, order books, disbursements and liquidation capital. 

Trade of Products

Founded in 2009 by FTX founders, FTX aims to provide a unique trading platform that offers advanced options and trading tools. The following products are available:

 FTX also offers groundbreaking MOVE agreements, which serve as futures and expiration depending on the raw percentage of BTC that moves over a specific amount of time (daily, weekly or quarterly); this enables users to speculate on how much Bitcoin will rise and benefit in either direction.

The total unpredictability of BTC pricing over a specific timeframe is the primary factor of a contract’s value using MOVE contracts.

FTX moves contracts offer a great way for beginners and fundamental traders to trade future volatility.

Futures Trading

Futures FTX has both semiannual futures and infinite contracts that cover more than 20 of the most popular digital currencies and assets. You can trade futures for Bitcoins and Dogecoins as well as Binance and LINK. 

Index Futures can also be listed on the platform. This allows customers to easily trade different sections of crypto space. Examples of (SHITPERP) are large coins (ALTPERP), small coins (MIDPERP), or semi-coins (MID-PERP). 

FTX users have the ability to trade EXCH-PERP, personal data tokens and geo-baskets by choosing the optimum Index. FTX also lists Oil deals which expire at WTI oil’s market price.

• The tokens have been leveraged

FTX allows unlimited leverage of up to 101x and a protection measure that sets a maximum amount of 10x for all accounts.

Advanced traders can also access leveraged tokens from the exchange, which includes over 30 different options. To prevent them from liquidations, they can use the BEAR and BULL tokens to efficiently monitor their awareness and rebalance each day.

ERC20 tokens allow investors to trade 3x or 3x in multiple virtual currencies like Bitcoin, Ethereum and Links. Because leveraged trading involves high risk, it is best for experienced traders.

Spot markets allow users to buy and trade a range of popular digital currencies. You can spot trade on this platform with Bitcoin, Ethereum and Binance among other digital currencies. 

Currencies Accepted

FTX has a wide range of virtual and fiat cryptocurrencies that can be used for trading, depositing and withdrawing. Both experienced traders and novices are enthusiastic about FTX. Depositing and withdrawing fiat At the moment, you can do it in these currencies:

• Canadian dollars
• Australian dollars
• U.S. dollars etc. 

FTX allows cryptocurrency traders to trade with a variety of currencies. There are also crypto exchanges available for fifteen assets. Leverage trading is possible with more than 45 tokens. FTX also offers special altcoin options, Bitcoin options and MOVE contracts. It also provides spot trading, as well as cryptocurrency futures and spot trades. The following cryptocurrency are available to trade on FTX at the moment:

• Dogecoin (DOGE).
• UNUS SEED LEO (LEO).
• Bitcoin Satoshi’s Vision (BSV)
• BitMax Token (BTMX)
• Cardano (ADA)
• Algorand (ALGO).
• TomoChain [TOMO]
• OKB
• BiLira (TRYB)
• MATIC
• Cosmos (ATOM)
• Bitcoin (BTC).
• Ethereum (ETH)
• Litecoin LTC
• Binance Coin (BNB).
• Tether (USDT).
• FTX Token (FTT)
• Bitcoin Cash (BCH).
• XRP
• Tezos (XTZ)
• ChainLink (LINK).
• EOS
• Ethereum (ETC).
• PAX Gold (PAXG).
• Huobi Token (H.T.)
• Tron (TRX) 

Deposits and withdrawals

FTX allows fiat withdrawals and deposits in most currencies such as euros and the U.S. Dollar. These cryptocurrencies can all be deposited into the user’s account:

• Bitcoin
• Bitcoin cash
• Ethereum 
• Litecoin
• BiLira etc. 

FTX is responsible for the payment of any blockchain withdrawal fees. There are therefore no charges for deposits and withdrawals. Fiat withdrawals below $10,000 are subject to a $75 fee; other transactions, however, are completely free.

Except for Silvergate SEN transactions, FTX handles electronic payments only on weekday evenings. Dollar bank transfers can be completed in one working day, but non-USD transactions may require more time.

You can make a fiat withdrawal or deposit using your FTX account. Users can choose which fiat currency to use. One could also switch any fiat currencies to Dollars using your FTX wallet’s button for conversion, which will convert your preferred fiat currencies from your bank account into USD stablecoins and other digital assets.

This can be made easier with a wallet such as the CoinStats. CoinStats has been voted the number one Crypto portfolio tracker.

All fiat transactions will be processed by a third party OTC desk. Only Level 3 KYC-certified people can access fiat transactions. The FTX Team encourages fiat users to reach them after they have received or transferred their first currency. They also provide a detailed guide. 

Trade fees

As a cryptocurrency trading platform, FTX charges competitive trading fees. FTX is available to both retail and institutional traders. There are various commissions and fees.

Maker and Taker Fees

FTX has a tiered fee system for both its spot and future markets. To encourage large order books, trading platforms charge higher trading fees. Six tiers of fees are available based on trading volumes over a 30 day period.

Tier 1 traders are charged a 0.02% maker and a 0.07% taker fees by FTX. Tier 6, the most prestigious tier, has a 0% maker fee and 0.04 taker fee. The discount is based on higher trading volume which can be a benefit to high-volume traders.

Deposit fees and withdrawal

Deposit and withdrawal fees vary, FTX.US isn’t charging for withdrawals or wire deposits currently, but it reserves the right to charge a deposit fee of 1% on wire transfers( with a $35 maximum and $5 minimum)

FTX doesn’t charge any withdrawal or deposit fee for crypto trading transactions from and to your digital wallet. FTX will charge you a cryptocurrency trading fee if your withdraw or deposit exceeds the trading volume. 

FTX will notify you if you have to pay the fee. Fiat withdrawals below $10,000 are subject to a $75 charge. Low fees are another highlight of the FTX Exchange. 

A FTX account

For professional traders, a VIP program is offered that allows them to trade cryptocurrency. It includes many perks like:

• API Limits Flexible
• Trade fees are lower
• Access to top developers directly
• You have the option to give inputs about new FTX products
• Managers of accounts at a discount

Security

The exchange has managed to avoid malicious attacks and significant attacks by having been in operation since 2019; however, we have to assume they utilize all the established best security practices, as the team doesn’t give much away regarding their security protocols.

Full SSL encryption is used by the FTX team on their website. FTX customers are advised to use two-factor authentication. This allows them to gain access to funds to conduct cryptocurrency transactions or withdrawals.

The FTX team also discusses their unique liquidation engine and backstop liquidity provider system. This three-step solution handles drawbacks and limiting calls. 

The FTX liquidation engine employs intelligent and efficient values to manage liquidations and close negative positions.

The FTX insurance policy was created to protect customer losses from sudden market moves that could lead to several open positions being exposed to liquidation risk. The insurance fund pays out to traders who refuse to close positions.

Customer Support

FTX created a comprehensive set of guides and articles on all aspects of the exchange.

The FXT crypto exchange doesn’t offer phone or live chat customer support; customer service FTX prompts users to submit tickets online via its mobile app of the FTX website.

FTX offers several channels for customers to reach their support team, including support email and Telegram. Beginners can use the ‘Help’ link button at the bottom of the page to browse through the FAQ section on the website. You will find a wide range of topics covered in the extensive article list.

• KYC verification and account verification
• FTT Token
• Both deposits and withdrawals
• Events and Competitions for FTX Trades
• Gebühren
• Crypto Trading
• API
• Mobile App
• OTC 

Last Thoughts

FXT has been recognized as an authentic cryptocurrency exchange. FTX users have access to innovative trading tools in the futures and leveraged tokens spaces. There are over 100 trading options available to users, including leveraged tokens futures indexes and options.

FTX has been able to stand up in the face of market volatility and is still one of the most reliable centralized exchanges. FTX shines when other exchanges are down.

These opinions are not intended to be investment advice. Retail and institutional traders need independent financial advice before taking any decisions about financial products or engaging in crypto trading. 

The past performance does not guarantee future success.