FTX exchange review. FTX is a cryptocurrency derivatives exchange, which currently has a daily volume of 4 billion dollars. It is a cryptocurrency exchange that ranks third in Coinmarketcap’s top crypto exchange.
The first place is still held by Binance with a daily volume of 48 billion dollars, then Coinbase exchange with 9 billion dollars. The FTX site supports some language options allowing the user interface to customize the language used. English, Spanish, Italy, China, Portuguese, Korea, Russia, Germany, France, Turkey, Dutch, Vietnamese.
- 1 What is FTX exchange?
- 2 FTX exchange founder
- 3 FTX exchange launch date
- 4 Where is FTX exchange located?
- 5 FTX exchange in which country?
- 6 Is FTX exchange regulated?
- 7 Does FTX exchange need KYC?
- 8 FTX exchange fees
- 9 How to use FTX exchange
- 10 Supported currency
- 11 Is FTX exchange safe?
- 12 FTX review Trustpilot
- 13 Final thought
What is FTX exchange?
FTX Exchange is a Crypto trading exchange built by traders for traders. The FTX exchange offers crypto market products including derivatives, options, volatility products, and leveraged crypto tokens.
FTX Exchange is very easy to use and quite intuitive for beginners. The FTX exchange was shaped by themes from Wall Street Quant Firms and Several Tech Companies Jane Street, Optiver, Susquehanna, Facebook, and Google.
The FTX market is very broad, in addition to offering FTT staking programs with various benefits.
FTX exchange. is a Bahamian-based crypto exchange backed by Alameda Research, a leading cryptocurrency liquidity provider. The exchange successfully managed to become one of the top five derivatives exchanges by volume.
Binance, a leading cryptocurrency exchange, invested a large amount of money in FTX in December 2019. This shows that it is a promising and trustworthy platform.
What does FTX exchange stand for?
We can’t officially find the abbreviation FTX, but we suspect that the name FTX refers to a financial trading exchange. This is an exchange that is a market for buying and selling financial products, mainly cryptocurrencies.
Some possible abbreviations for FTX are Finance Trade Exchange, or perhaps Feminist Technology Exchange. To be sure of the FTX abbreviation, you may need to contact the inventor.
FTX exchange founder
The founders of FTX are Sam Bankman-Fried and Gary Wang. Sam Bankman is an MIT graduate. Prior to founding FTX, Bankman-Fried had experience in international ETF trading at Jane Street Capital. it is a trading company that founded Alameda Research, a quantitative trading company.
FTX acquired Blockfolio, in 2020, since launching in 2019 according to Wikipedia docs. FTX exchange managed to raise $900 million with a valuation of $18 billion from more than 60 investors in July 2021.
Those investors include Softbank, Sequoia Capital, Third Point Management, Paul Tudor Jones, and Alan Howard. Binance also invested in FTX in 2020, but they divested it in 2021.
Due to strict Chinese government regulations, FTX will move its headquarters from Hong Kong to the Bahamas in September 2021.
FTX exchange launch date
FTX was officially launched on 08 May 2019, and in just two years it has become one of the leading exchanges in the world. Currently, FTX is ranked third with a daily valuation of over 4 billion dollars.
In a recent report released by CNBC, FTX managed to raise $420 million in new round funding. That brings FTX’s valuation to $25 billion dollars.
The exchange has the backing of 69 investors including the Ontario Teachers’ Pension Plan Board, Singapore’s Temasek, BlackRock, and Sequoia.
Where is FTX exchange located?
At first FTX’s head office was in Hong Kong, but the following tightening of cryptocurrency regulations, finally FTX CEO Sam Bankman-Fried moved FTX to a new head office in the Bahamas located in Nassau, New Providence, Bahamas.
According to Coindesk FTX has received regulatory approval in the Bahamas as a digital assets business in September 2020 with Ryan Salame as lead the unit. Based interview Sam Bankman-Fried’s interview with Bloomberg tv, the Bahamas is very supportive of all crypto regulations to maintain the existence of FTX.
FTX exchange in which country?
Although FTX exchange is an exchange with daily volume reaching $4 billion in some countries, it is not included in the FTX service.
Companies or entities from the United States, Cuba, Crimea and Sevastopol, Iran, Afghanistan, Syria, or North Korea are not covered by FTX services. It is also not open to Antigua or Barbuda, Ontario, Japan, or non-professional investors from Hong Kong.
But there may be partial restrictions in other jurisdictions, possibly including Hong Kong, Thailand, Malaysia, and Canada.
In some jurisdictions, not all FTX services may be allowed. Stock tokens and other derivatives may not be permitted in some countries United States, Hong Kong, Singapore, Malaysia, Thailand.
For United States residents they can trade on FTX.US.
Is FTX exchange regulated?
FTX Trading Ltd is the parent company of FTX Digital Market Ltd and Zubr Exchange Limited. FTX exchange under the name FTX Digital Markets Ltd, is a company licensed under the Bahamas Digital Assets and Registered Exchange Act, 2020 and regulated by the Bahamas Securities Commission.
Meanwhile, Zubr Exchange Limited, crypto derivatives exchange licensed by the Gibraltar Financial Services Commission.
FTX also partners with CM-Equity and DAAG, using a German license in conjunction with FTX Trading GmbH.
For users from Australia via Hive Empire Trading Pty Ltd, a digital currency exchange provider registered with AUSTRAC, and IFS Markets Pty Ltd, an Australian Financial Services Licensee.
Does FTX exchange need KYC?
To start trading using the FTX exchange facility you must first verify your email. If the email is unverified then you can only explore the site but cannot use the service.
For tier 1 verification, there is a limit of up to 2000 USD, this requires verification of name, email, date of birth, province, and phone number. To get free to use unlimited crypto trading and withdrawals, must pass tier 2 verification with complete identity and selfie to comply with KYC.
Meanwhile, user verification from the Institution requires all company documents and all related information.
FTX exchange fees
FTX offers tiered fees for every transaction in cryptocurrency trading on their platform. The larger the trading volume in 30 days, the lower the fee for makers and takers.
FTT holders, which is a native token from FTX, will get a discount. The more you use FTT, the higher the discount will be.
- Volume 0, maker fee 0.020% and taker fee 0.070%.
- >$2 million USD maker fee 0.015%, taker fee 0.060%.
- >$5 million maker fee 0.010%, taker fee 0.055%.
- >$10 million, maker fee 0.05%, taker fee 0.050%.
- >$25 million, taker fee 0%, maker fee 0.045%.
- >$50 million, taker fee 0%, maker fee 0.040%.
FTT holder discount
For FTT holders get a discount structure and privileges for those who already meet the requirements.
- $100 discount FTX fee 3%.
- $1000 discount FTX fee 5%.
- $5000 discount FTX fee 10%.
- $10.000 discount FTX fee 15%.
- $50.000 discount FTX fee 20%.
- $100.000 discount FTX fee 25%.
- $200.000 discount FTX fee 30%.
- $500.000 discount FTX fee 35%.
- $1000.000 discount 40% get privileges become tier 4.
- $2.500.000 discount 50% get privileges become VIP 1.
- $5.000.000 discount 60% get privileges become VIP 2.
There is no deposit or withdrawal fee, except for ETH tokens, ERC-20, or small BTC withdrawals for blockchain fees, unless you have FTT at stake.
How to use FTX exchange
FTX cryptocurrency exchange is a derivative centralized exchange, where how to start using all the services the user must register first.
How to register an account on FTX
You must confirm your email via the link sent to your email. That will take you to 0 FTX level which allows withdrawals under $1000. Then you can proceed to the first and second-tier verification process by sending the required documents.
An increasing verification level is required to get unlimited service in the FTX exchange.
The funding you account on FTX crypto exchange
Before funding your FTX account, it may be important to enable 2FA for the security of your account. Login account and go to settings to add 2FA.
To fund your account, you have several options of payment methods in flat money or in cryptocurrency. You may need to obtain level two verification for eligible funding.
To fund from your wallet by clicking on deposit and selecting an available payment method. To deposit fiat money using bank transfers or with stablecoins such as USDT, USDC, and so on.
If funding with cryptocurrencies make sure that your wallet address is correct, miswriting the address may result in the loss of your funds.
Start trading on FTX exchange
Once you have funded your account, the next step is to trade or use FTX services for your purposes. You can start trading FTX OTC which allows you to trade coins 24/7 days a week. Please note that OTC wallets are different from futures wallets, you can transfer from futures wallets to OTC wallets.
To explore the FTX market more broadly go to the markets page. There you will find futures, spot, stock, leveraged token markets, volatility, flats, predictions, and the latest market for FTT/USD.
FTX crypto exchange also provides a platform for smartphones, you can download the application on the App Store for Apple users and Google Play store for Android users.
FTX supports hundreds of cryptocurrency coins on its platform. The products they offer consist of futures contracts, spot trades, leveraged tokens, stocks.
Support of a large selection of cryptocurrencies including major cryptos such as Bitcoin, Ethereum, Litecoin, and etc. For the stock market including TSLA, Google, Facebook, and many more.
Leveraged tokens are available such as BULL/USD, ETHBULL/USD, BULL/USDT, DOGEBULL/USDT, and so on. In the other product, they offer FTT/USD.
FTX exchange supports deposit and withdrawal payments with flat money including USD,EUR,GBP,AUD,HKD,SGD,ZAR,CAD,CHF,BRL,NGN.
Deposit and withdrawal using SEPA wire transfer for EUR, PayID for AUD, PIX for BRL. FTX also supported to use of credit cards.
Is FTX exchange safe?
FTX has been established in 2019 where the development team is trying to stay away from hackers and so far have not found any reports related to security.
According to a review, Blockonomi FTX is a secure platform with SSL support for their site encryption and with 2FA security providing a good layer of security support.
FTX Insurance Fund is also a feature developed for the security of customer funds when facing sudden losses, adverse movements that cause multiple closed positions on the exchange.
FTX review Trustpilot
Review FTX at the time of writing has only received 134 user reviews with a score of 2.2 stars. Of the overall reviews for Excellent value 24%, Great value 5%, Average value 3%, Poor 3%, and Bad 65%.
That’s not a great score for FTX, regardless of whether all the bad reviews are user experience or the reviewers have a purpose with their statements.
FTX crypto exchange is a derivatives exchange with a wide range of products allowing clients to choose how they invest in the crypto market.
The transaction fees are also low, making this exchange similar to Binance which also has a native BNB token that provides a discount if you use it. Meanwhile, FTX has an FTT token which also provides discounts for its holders.
Note: This article is only for information and personal opinion, this is not investment advice, the forex, crypto, and CFD markets are risky, each investor is responsible for their investment.
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