Looking for some of the most reliable trading exchanges in the market? Well, FTX can be your answer. FTX has swiftly established itself as a reliable exchange and seems to be a fantastic option for trading crypto for both newbies and long-term crypto investors. With approximately 130+ cryptocurrencies as well as ten fiat cryptocurrencies, FTX has gained popularity all over the globe. In this FTX review, we are going to learn everything about it in detail.
Table of Contents
- FTX is a cryptocurrency exchange founded by Sam Bankman Fried.
- Binance, the world’s leading crypto exchange, made a significant investment in FTX in December 2019.
- It enables perpetual contracts on over 20 currencies, including BTC, BNB, LINK, and others.
- The FTX exchange has 45 different leverage tokens.
- These contracts enable you to invest depending on the volatility of the value of a particular cryptocurrency while only committing a limited amount of cash.
- It provides traders fair as well as volume-limited closure notices to progressively liquidate holdings that fall below the authorized 4.5 percent holding margin.
What is FTX?
FTX exchange debuted in May 2019 and offers its users a variety of unique trading opportunities including Bitcoin, approximately 45 leveraged tokens, 20 permanent swaps, MOVE agreements, and statistical arbitrage.
The exchange additionally offers regular spot trading and accepts deposits in fiat currency and a variety of cryptocurrencies like Bitcoin, Ethereum, Dogecoin, etc. FTX seeks to serve both retail and institutional dealers and offers a variety of goods and services to many more dealers. However, one should note that FTX is not available for US citizens.
FTX Review: Products
The FTX team has discovered a variety of gaps in the market and therefore aims to create its exchange by providing an innovative combination of trading goods. Futures, leveraged tokens, options, MOVE contracts, and prediction markets are examples of these.
Spot markets allow users to buy a variety of exciting cryptocurrencies and trade in many more traditional techniques. Popular digital currencies offered for spot transactions on the platform include Bitcoin, Ethereum, Binance, LINK, FTT, Bitcoin cash, Fiat currency, PAXG, XAUT, and BTMX.
Also read, Best Spot Trading Signals
2. Leveraged Token
Although the technology allows for close to 101x collateral, FTX defaults to maximum collateral of 10x on any and all customers as a precautionary measure.
The platform also offers over 45 distinct leveraged cryptocurrencies that give a reasonably simple interface for consumers to obtain leverage. For example, the BULL and BEAR cryptocurrencies autonomously monitor overall vulnerability and equalize daily to maintain their goal leverage and avoid liquidations. These functions, like ERC20 tokens, allow investors to go 3x long or 3x short in a range of significant digital assets.
Move Contracts are yet another type of contract offered on FTX. Move Contracts provide options that enable investors to trade depending upon the price fluctuations of a specific cryptocurrency, including Bitcoin. Also, note that Motion can occur in any direction.
4. Prediction Market
The present US Presidential Election cryptographic protocol enables users to speculate on the individuals running in the upcoming elections. In addition, futures contracts that expire at predetermined values when the outcome is known are now available for trading on the exchange.
FTX accepts Fiat deposits as well as withdrawals again for currencies. FTX has three primary account tiers, each with its own set of KYC requirements. It can transfer up to $9,000 per day without presenting any verification credentials. In contrast, Tier 2 account users have access to limitless crypto payouts, and Tier 3 bank customers have access to additional fiat transactions via an OTC counter.
Stake your FTT tokens to boost your benefits and incentives, such as more excellent referral rates; referrers who stake FTT receive a more significant percentage of their referees’ earnings.
Also read, Proof of Stake Explained
7. FTX Pay
FTX Pay is highly customizable, allowing users to accept funds based on their specifications and fulfill their payment demands. With our quick, secure, and low-fee payment service, you may get paid in cryptocurrency, fiat, or anything else.
FTX Review: Prediction
The prediction here means betting on election results. It has only two listings currently but has the potential to list more in the future depending on the popularity of the platform and betting. The analysis screen is complex and can intimidate new users.
Note: One of the Core Applications of Blockchain Technology could be Betting. Since betting is mainly regulated via cash or fiat currency. Cryptocurrencies and high technology can help regulate this field.
FTX Review: Fiat
As of now, only the Canadian Dollar and Euro are listed among Sovereign currencies contracts, with US Dollars acting as a medium of exchange. It interesting is to note that the Brazilian Digital Token and Tether are also listed as FIAT. Tether has both expiries as well as perpetual futures contracts listed as FIAT. The most-traded contract here is the tether coin, with an overwhelming stake.
FTX Review: Markets
Being a cryptocurrency platform, the Markets section is central to the website. It has sub-sections on Futures, Spot, Stocks, Leveraged Tokens, Volatility, FIat, Prediction, and Recent. The overall navigation appears to be easy and new users should not face many issues in navigating different sections or subsections.
Note: You will read the word “CONTRACT” often in this article. Contracts, here, mean an agreement between two persons, here unknown, who have agreed to pay each other if the direction of the underlying(crypto, future, or option) moves against their predicted direction.
1. Swing Trading (Crypto):
Swing Trading is a trading strategy in which traders take advantage of sudden movements in cryptocurrency prices. Cryptocurrency exchanges such as FTX, being open throughout the day, provide good opportunities for swing trading in cryptocurrencies.
2. Crypto Pair Trading:
Crypto Pair Trading is a trading strategy in which two cryptocurrencies are exchanged with each other when one of them seems cheaper than the other. When the reverse occurs, with the first cryptocurrency being relatively more expensive, an opposite pair trade is performed.
3. FTX Trading Bot
FTX provides free trading bots with full support for traders as integration on its platform. Click here to access trading bots.
4. FTX Futures:
The futures section is the core of the transactions in the FTX Exchange. It accounts for the bulk of the trade amount and just two futures: Bitcoin Perpetual and Ethereum Perpetual occupy a major chunk of the traded value. Many other cryptocurrency futures are also listed on the platform such as Solana, Terra, Matic, XRP, SAND, etc. The futures section lists both monthly expiry futures as well as the perpetual ones, with the latter being most popular due to a lack of expiry date.
The indicators are a few of the best indicators for crypto trading. The screen seems sophisticated even for seasoned investors.
Also read, 4 Best Free Open Source Trading Bots
5. FTX Spot
The spot is the place where the user can buy and sell cryptocurrencies using US Dollars, Brazilian Digital Token, Tether Coin, Euro, etc. The exchange rates are displayed as soon as one selects the base currency to trade. The screen displays Ticker, Name, past 24-hour volume, price, and daily change in percent.
Also read, Best Spot Trading Signals
FTX Review: Over The Counter (OTC)
Counter markets in cryptocurrencies are similar to the traditional finance ones. Here, two parties agree to exchange cryptocurrencies based on mutual agreement and the platform just plays a place for exchange. Platforms charge very minimal or zero fees for such exchanges. FTX has a separate portal for OTC exchanges.
What is FTT?
FTT seems to be the FTX Exchange’s original token. FTT is a coin that acts as the FTX ecosystem’s foundation. The currency is precisely constructed to boost network effects and token consumption while simultaneously assisting in reducing its circulating quantity.
FTX Non-Fungible Tokens (NFTs):
Non Fungible Tokens are digitally non-interchangeable (i.e., non-fungible) data stored in blockchains. These can range from a wide variety of Photos, videos, 3d Designs, Music, Artwork, etc. The past year has seen the rise of NFTs in leaps and bounds. These digital assets are being sold for thousands of dollars.
The platform, being a major cryptocurrency exchange ( 3% Market Share ) has a very well-developed NFT platform. It has a very wide range of collections from Clothing Art, Geometrical Figures, Bored Ape NFT, etc. The entire platform is quite rich in variety.
FTX Review: Fee Structure
There are no deposit and withdrawal fees while using FTX, and there are no costs for upcoming settlements. Trading over the counter (OTC) or from inside your wallet is likewise fee-free because all costs are factored into the amount you are offered. Below is the fee structure.
|Tier||30 D VOLUME||MAKER FEES||TAKER FEES|
How to get started with FTX?
The signup procedure is basic and identical to that of other cryptocurrency exchanges. You can begin by doing the following:
- Click on the “Register” option on the home page. Then, enter your email address and password in the pop-up signup box that appears.
- To sign up for an account and obtain an email confirmation, select the “Sign Up” button.
- By selecting the “Account Security” and selecting Google Authenticator, or Text messaging, you may now safeguard the account.
- Further, you can also transfer assets to trade; but, the profile has a maximum withdrawal restriction of $1,000 unless KYC verification is completed.
- To finish the KYC verification procedure and unlock more significant withdrawal limits, go to the “Settings” tab.
KYC for FTX Account
The Level 1 Verification for personal accounts requires a complete name, residing country, as well as state, province, or area.
You must complete the application and submit your proof of identification and proof of residence papers for Tier 2 KYC authentication. Further, Tier 3 KYC confirmation asks you to present the latest financial statement from the account you want to use for currency payments.
FTX Review: FTX Mobile App
The FTX App, formerly Blockfolio, is among the most popular cryptocurrency apps for consumers. Initially, the application was intended to be a simple method for traders to monitor and manage their cryptocurrency portfolio in one spot. However, since being acquired by FTX in 2020, they have decided to expand their feature set. It is available for both Android and iOS users.
FTX Review: Security
Unlike other exchanges, FTX has only been in operation since 2019, making it a relatively young exchange; sadly, there is very little information on the web regarding
- FTX’s back-end security standards are high.
- Proactive CEO
- FTX demands their users to use complicated passwords enough that hackers will struggle to crack them.
FTX Customer Support
The platform provides a positive customer experience. FTX’s trading resources and information resources assist customers in expanding overall trading abilities in the cryptocurrency market. In addition, investors hone their cryptocurrency derivatives trading abilities.
The FTX Help Center is mainly utilized to get trading guides. However, there are many essential sections and multiple FAQs with acceptable responses.
FTX Review: Pros and Cons
|The KYC procedure for this site is simple and aids in the expansion of trading limits.||On FTX, borrowed cryptocurrencies are dangerous bets.|
|The site focuses on exchanging crypto futures.||In the cryptocurrency realm, FTX is indeed a comparatively recent platform.|
|FTX also ensures stability for all of its consumers.|
|All of FTX’s tradable goods, as well as services, have modest costs.|
|The portal also accepts credit card payments for bitcoin purchases using the Simplex portal.|
FTX is becoming a popular venue for cryptocurrency traders wishing to engage in a variety of derivatives and leveraged trading. It’s elementary to market what the draw is whenever you realize that the platform offers Bitcoin futures and cryptocurrency futures connected to both renowned and neglected coins. Furthermore, the site provides 101x leverage and product offerings, including MOVE contracts, crypto indices, and prediction market currencies.
Frequently Asked Questions (FAQ)
Is FTX safe?
Unlike other exchanges, FTX has only been in operation since 2019, making it a relatively young exchange; sadly, there is very little information on the web regarding FTX’s back-end security standards.
Although FTX has already been functioning for over two years without having security concerns, we don’t know with certainty whether it can keep hackers at bay for extended periods.
Is FTX legal in the United States?
Citizens of the United States of America cannot engage in FTX’s marketplace.
Is FTX a reliable exchange?
FTX is a fantastic choice of crypto trading for both newbies to cryptocurrencies and seasoned traders.