FTX Exchange Review 2022: Is FTX the Best Crypto Exchange?

In today’s world, people are moving contantly. They are always on the go and need an easy way to trade their assets. That’s where FTX comes in. FTX is an online platform that allows people to trade their assets quickly and easily. It makes it easy for people to buy and sell assets, so they can easily move their money around. FTX is a great way for people to get their money moving and help them grow their wealth.

FTX Exchange Review 2022: Is FTX the Best Crypto Exchange?
FTX Exchange Review 2022: Is FTX the Best Crypto Exchange?

What is an FTX Exchange

FTX is a centralized global cryptocurrency exchange that differentiates itself from its competitors by offering innovative products such as derivatives, options and leveraged tokens. It also supports over 300 cryptocurrencies, which is a huge number compared to some of its competitors. However, FTX comes with inherent risks in the cryptocurrency space, including token volatility and even losses due to hacks on exchanges. However, more and more people are getting comfortable with crypto investing and trading as more companies become active in the space.

The Bahamas-based FTX made its way onto the cryptocurrency scene in 2019 with the goal of becoming the world’s leading platform for trading tokens. Now, just a few years after its founding, it is a top centralized crypto exchange with a value of over $18 billion. 1 FTX offers a number of products that can appeal to both crypto newcomers and sophisticated traders.

Minimum trade$1
Trading and transaction feesNo fees on mobile app, though there is a spread.
Number of cryptocurrencies21.
Crypto-to-crypto trading pairs27.
Website transparencySome information on the FTX website can be difficult to find.
Can use your own digital wallet?Yes.
Mobile appFTX’s app is available on iOS and Android, with an average rating of 4.3 stars.
Customer serviceFTX encourages users to use support tickets to ask for help.

FTX Exchange PROS & CONS

PROS

  • Supports Margin and FuturesTrading: FTX offers many advanced features like margin and futures trading. This can be attractive to sophisticated traders who can handle the risks.
  • Access to Advanced Markets: FTX offers a number of advanced features that are not common on other exchanges. This includes access to markets such as stocks, leveraged tokens, volatility and foreign exchange

CONS

  • US residents cannot trade on FTX’s global platform: Due to strict regulations for the crypto space in the United States, US residents have limited access to FTX. The exchange has a US partner, FTX.US, but its offering is more limited than that of the global platform.
  • NO LIVE CHAT SUPPORT OPTION: FTX does not provide live chat support. And while it offers a comprehensive help center, it can take time to find the information you need.

What are the benefits of using an FTX Exchange?

There are many benefits to using an FTX Exchange. One of the most significant benefits is that it provides a secure and efficient way to trade Forex. An FTX Exchange offers a variety of features that can make trading Forex more user-friendly, including live news and analysis, real-time market data, and powerful trading tools. FTX Exchanges also provide a platform for traders to share ideas and strategies, which can help them improve their skills.

FTX offers over 300 cryptocurrencies for spot trading. Here is a partial list of properties available on this exchange:

  • bitcoin (btc)
  • Ether (ETH)
  • sunshine (sun)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Dogecoin (DOGE)

How does an FTX Exchange work?

An FTX Exchange is a digital platform that allows investors to buy and sell foreign exchange (forex) contracts. These contracts allow you to speculate on the movement of the foreign exchange rate, and can be used to make speculative investments.

When you buy or sell a foreign exchange contract, you are agreeing to pay or receive a fixed amount of currency at a set point in time. The value of the contract will fluctuate based on the foreign exchange rate at that time.

The main difference between an FTX Exchange and a traditional forex exchange is that an FTX Exchange allows you to trade contracts that are not physically backed by a real asset.

FTX Trading Experience

FTX offers a wide variety of features, and recognize that new users may find them difficult to find. To address this, the exchange provides an overview guide. Important information is also clearly stated throughout the FTX website. For those interested in betting on FTT, the token of FTX, for example, the exchange summarizes the rules.

It notes that unstaking takes 14 days, and that tokens slotted for staking will not factor into staking rewards. It also mentioned that users who wish to place bets quickly can choose to pay a fee. There is a plethora of articles posted under various topics explaining FTX’s various offers, terms and conditions. Take margin trading for example. It is an important product for FTX. Given the complexities of margin trading, FTX does a solid job of clarifying its terms for these transactions.

One of the most important things people who are interested in margin trading want to know is what triggers a margin call. FTX makes it clear that if a User’s so-called Margin Share falls below their Maintenance Margin Share, their account may be terminated. FTX uses the example of the customer’s maintenance margin fraction being 6%. If the client is 16.66x leveraged, the liquidation will begin.

Trading and transaction fees

The FTX transaction fee for spot purchases of cryptocurrency varies depending on whether you are using its desktop or mobile platform. Its desktop product, called FTX.US, calculates fees based on how much you trade on its platform.

Casual users who trade less than $100,000 every 30 days will have to pay up to 0.4%. Heavy hitters trading over $50 million monthly on FTX.US can pay as little as 0%. FTX’s mobile app, formerly known as Blockfolio, does not charge any fees for transactions. Like some competitors such as Robinhood, it offers a spread, which can drive up consumer prices.

On both mobile and desktop, FTX offers customers one free wire withdrawal of cash per week, although all withdrawals above $5,000 are free. And it covers blockchain network fees on certain assets. Cash wire deposits are free. FTX gives customers a free ACH bank deposit over $10 per week. After that, the cost of the deposit is 50 cents. That fee can be waived for deposits of more than $100. Fees vary for more advanced trading products.

30-DAY TRADING VOLUMEMAKER/TAKER FEES
$00.10% / 0.40%
Over $100,0000.08% / 0.30%
Over $500,0000.06% / 0.20%
Over $1,000,0000.05% / 0.15%
Over $5,000,0000.04% / 0.10%
Over $10,000,0000.03% / 0.08%
Over $15,000,0000.02% / 0.07%
Over $30,000,0000.01% / 0.06%
Over $50,000,0000.00% / 0.05%

FTX Exchange Mobile App

The FTX mobile app has similar features to help retail and institutional traders with high liquidity levels. This ensures that clients do not face problems with deep order books or with unlimited trades and high volume withdrawals. OTC Desk at FTX is used to support iOS and Android users with their crypto account management round the clock.

FTX account opening and login process.

In this FTX Exchange review, the following steps provide a simple description of how to register and log into a user account on the platform. This registration process is straightforward and easy to follow. Similar to signing up, the platform has simplified its registration process as compared to other exchanges.

  • Click on the “Register” tab on the top right side of the home page.
  • Fill in name and email address.
  • Generate Password.
  • Complete these fields and click “Sign Up” in the pop-up registration window.
  • Check email inbox for confirmation email.
  • Verify email address with 2FA.
  • Click “Account Security” and select Google Authenticator or SMS for authentication.
  • Deposit funds before KYC verification and achieve a maximum withdrawal limit of $1,000.
  • Click on the “Settings” tab and complete the KYC verification process to get the higher withdrawal limit.

FTX Account KYC Process

For individual traders, the platform allows Level 1 KYC, which includes identity verification. This KYC form verifies the user’s full name, country of residence, as well as the state, province and region of business. With this KYC, the user gets another $2,000 extension in the daily withdrawal limit.

Tier-2 KYC verification is for institutions. In this form, users have to upload proof of identity and supporting documents as proof of address. This KYC verification also includes uploading recent account details from the bank account used to deposit fiat funds in FTX.

FAQ

Is FTX Exchange Legal?

As of 2019, FTX is the official crypto exchange platform. Used by millions of users worldwide. Regulated by the Hong Kong Financial Authority.

How does the FTX Exchange work?

FTX helps users to make quick profits with used tokens. It also empowers BTC options trading, which is a safe way for traders to make BTC market movements profitable.

How safe is FTX?

FTX is protected by the 2FA process. This verification is based on a multi-stage KYC process. Users will need to fill out a KYC to start trading.

Has FTX ever been hacked?

There have been zero incidents of cybercrime and loss of customers on the platform. Exchange currently has most of its functions in Google Cloud. All in all, the stadium offers great security features.

Conclusion

Simply put, FTX is a diverse cryptocurrency exchange. It is mainly used for crypto derivatives trading. FTX has gained popularity for its bitcoin options trading. With 45 or more FTX leveraged tokens, this platform captures the interest of hundreds of traders with a work-around. There are various benefits of crypto exchange, ranging from 101x leverage to 20+ perpetual swaps. However, the platform is not available to cryptocurrency traders in the United States. The platform is also considered risky to take advantage of altcoins. Despite this, FTX has a solid liquidity level. It can return trades worth millions of dollars. Despite the volatility in the market, the exchange has options for its users. All things considered, FTX has one of the best offerings for professional crypto traders around the world. However, this review does not constitute investment advice.

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