FTX Exchange Review 2022
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Launched in 2019, FTX is one of the most prominent cryptocurrency derivatives exchanges on the market. What are the FTX foundation’s main values, and which features and services contributed to the success of the FTX cryptocurrency and derivatives exchange? Moreover, what can crypto novices and professional traders expect in terms of trading options? Join us on our walk-through of the FTX exchange.
About the FTX Exchange
FTX is a centralised cryptocurrency exchange that focuses on derivatives and leveraged products. The FTX team is an all-star one, with experienced traders from Google, Jane Street, Facebook, Optiver, and Susquehanna. Both professional trading companies and beginners in crypto trading can rely on FTX since the platform is trustworthy, professionally built, rich with trading options, and user-friendly above all.
Sam Bankman-Fried, or simply SBF, is an American businessman who established the FXT exchange and the Alameda Research crypto trading firm. According to Forbes, the projects have turned him into one of the crypto world’s richest entrepreneurs.
Bankman-Fried is a firm believer in effective altruism. This philosophical and social movement promotes employing facts and reason to understand how to help others as much as possible and then acting on that premise. SBF has merged his noble activities into his crypto ventures following the principle of FTX CEO’s ethos of ‘earning to give back’.
This CEX supports multiple prominent cryptocurrencies, fiat currencies, as well as secure methods of payment. Moreover, FTX offers a vast array of trading products, including:
- Leveraged tokens trading (long and short positions available),
- Bitcoin options trading,
- Spot trading,
- Crypto derivatives trading,
- Tokenised stocks,
- Volatility products (the MOVE Contracts and the BVOL tokens),
- OTC trading,
- 101x leverage on order book trades,
- Perpetual futures trading,
- Low trading fees,
- The Quant Zone,
- Futures contracts for more than 80 digital currencies,
- Advanced trading market,
- Volume monitor tool,
- FTX statistics tool, etc.
On top of that, FTX offers a VIP program for skilled traders, a Backstop Liquidity Provider program for liquidity providers, and a referral scheme.
The Quant Zone Trading Feature
FTX has a Quantum Zone (QZ) feature for building and sharing trading strategies. Traders can create their own Quantum Zone rules to place orders using their FTX account. For illustration, a trader can program this trading algorithm to place 2x short BTC positions, when the BTC value climbs beyond $9,000.
Each Quantum Zone rule is divided into two components. One is the trigger, and the other is the action. When you create a rule, you define the conditions that will trigger a specific action. You can create a rule by employing arbitrary algorithms that use data from the FTX market or your trading account.
Please note that some trades require more than 15 seconds to execute, and you may suffer some financial losses due to the latency. In such cases, FTX does not take responsibility, so be forewarned.
FTX OTC Portal
A separate OTC gateway, located at otc.ftx.com, allows you to obtain quick, 24-hour-a-day OTC quotations for the most popular coins with zero fees. You must create a verified FTX account and then pass the AML/KYC protocol before you can begin using the OTC trading service.
The FTX OTC portal also offers a dedicated wallet through which you can safely deposit, withdraw or transfer funds from FTX OTC to FTX futures in just a click.
FTX Spot Markets
You can access numerous spot markets for over 100 trading pairings (including BTC/USDT, XRP/USDT, ETH/USDT, and FTT/USDT), thus increasing your exposure to some of the most liquid cryptocurrencies on the market.
FTX Leveraged Tokens
FTX supports ERC20-compliant tokens that enable crypto investors to leverage their position threefold against the underlying currency. The leveraged coins on FTX do not necessitate any margin.
The FTT Token
You can use the native FTX token, labelled as FTT, to trade and earn some benefits for your participation in the FTX ecosystem.
The FTX’s native token has a market cap of 9,535,673,145 USD. There’s a total supply of 350,000,000 FTT tokens, and 15,890,135 FTT tokens have been burned until 2022. This series will not be renewed after all the purchased tokens are burned.
FTT Staking Program
FTT can be used as collateral for trading on the FTX platform. FTT holders can also stake their tokens for additional trading benefits, such as higher referral bonuses, maker fee discounts, free withdrawals, and airdrop incentives. FTT token holders can vote on issues regarding the platform’s governance.
If you want to be spoiled for choice, this exchange with a selection of over 300 cryptocurrencies might be just the one for you. The platform offers Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), Dogecoin (DOGE), FTX Token (FTT), Ripple (XRP), Shiba Inu (SHIB), and a wide variety of other coins, tokens, stablecoins, and altcoins.
FTX accepts fiat deposits in several fiat currencies, with a plan of broadening this list with new additions. Some of the fiat currencies you can use to fund your account or make withdrawals from your FTX account include AUD, USD, EUR, GBP, HKD, CAD, and CHF.
This trading platform lets you deposit with a credit card, debit card, wire transfer, bank transfer, or through third-party payment providers, such as Silvergate SEN or Signature SIGNET.
FTX Trading Fees and Limits
FTX charges futures and spot market traders between 0.07% and 0.04%, according to the exchange’s maker and taker fee structure. On the other hand, the leveraged tokens cost a 0.10% creation and redemption fee and a 0.03% of daily maintenance fee. FTX provides fee discounts for traders with large trading volumes or FTT holdings.
For new users, FTX offers a 5% trading fee DISCOUNT for FREE when you sign up. Just use an FTX referral code, like ours here, and claim instantly.
Fiat deposits and crypto withdrawals are free of charge at FTX. Traders must pay a modest charge for deposits and withdrawals made in ETH, ERC-20 tokens, or small amounts of BTC unless they stake some FTT tokens. Also, if you withdraw less than $10,000 USD in fiat currency, you’ll be charged a $75 withdrawal fee.
Is FTX Safe to Use?
FTX Trading LTD is an Antigua and Barbuda-based company headquartered in Hong Kong, with offices in the Bahamas. It employs many safeguarding protocols and features to keep sensitive data and finances safe from fraud attempts and hacker assaults. Among the security solutions that support the FTX platform, we find:
- Two-factor authentication protocol (2FA),
- Whitelisting of IP addresses,
- Whitelisting of wallet addresses,
- An insurance fund to cover unforeseen losses;
- Active tracking and user notification for any unusual account activity,
- Locked funds withdrawal option after a change of password or 2FA deactivation,
- Real-time monitoring of the blockchain activities via Chainanalysis,
- Strict compliance with the KYC and AML regulations, and more.
If you encounter a problem with the platform or some of its financial instruments, you can contact the FTX customer support team by submitting a support ticket. You can also request a support-only link. If you select this option, the exchange will send you a link that allows you to sign in to your account only to receive and send assistance communications.
A Few Words Before You Go...
FTX is undeniably ahead of the curve when it comes to cryptocurrency trading, thanks to its innovative design and standout features. The platform is a safe haven where traders of all skill levels may find suitable financial services with low fees.
However, the emphasis is on professional trading, as the bulk of trading instruments require some trading expertise. FTX exchange offers explicit cautions concerning the volatility of several of its products to prevent less experienced crypto traders from delving into uncharted territory.
frequently asked questions
It is easy to track your crypto transactions, positions, balances with the FTX Pro mobile app. The FTX app enables the tracking of over 10,000 different digital assets to provide traders with the most current and reliable data. Moreover, this application provides statistical information from over 500 various market sources. The FTX mobile app is fully functional on all Android and iOS devices.
Even though FTX is a global crypto exchange, certain jurisdictions cannot use its financial services due to legal constraints and security restrictions. The United States, Cuba, Crimea, Iran, Iraq, and Syria have restricted access to the FTX platform.
Yes. Users may use FTX’s custodial wallet to hold and exchange cryptos. If you use a custodial wallet, you should know that the exchange has access to your wallet’s private keys.