FTX exchange: review, reviews, commissions

FTX is a centralized cryptocurrency exchange that has its own FTX exchange token and is focused on derivatives trading. This site was created by a former Google programmer and began operating in 2019.

FTX EXCHANGE WEBSITE

Content:

• Features and review of the FTX exchange;
• FTX Exchange: registration;
• FTX Exchange: verification;
• FTX exchange: how to top up your account and how to withdraw money from the FTX exchange;
• Nuances of withdrawing money from the FTX exchange;
• Principles of trading on the FTX cryptocurrency exchange;
• FTX exchange: how to trade;
• FTX exchange: commissions;
• FTX exchange: bonus;
• Using the FTT token (FTX exchange coin) in trading;
• FTX exchange: reviews from traders;
• Conclusion: Is it worth trading on the FTX cryptocurrency exchange?

Features and review of FTX exchange

Despite its recent appearance, the FTX cryptocurrency exchange attracted the attention of traders almost immediately after entering the market. This happened largely due to the fact that the main investor in this project was the Binance exchange , one of the world's largest cryptocurrency exchanges.

The FTX cryptocurrency exchange has two main features that are not typical for most similar platforms:

1. centralized management;
2. specializing in derivatives trading.

The latter are a contract based on the future price of a certain asset (futures), which is:

• product;
• currency ;
• cryptocurrencies;
• promotion;
• bond.

Derivatives are also used in real life. For example, a person purchasing a car at a dealership enters into an agreement that specifies the exact price of the car. This contract is a derivative, since even if the cost of transport changes by the time of delivery, the buyer will pay the amount specified in the contract.

The FTX exchange is owned by FTX Trading LTD, registered in the offshore zone of Antigua and Barbuda. The exchange does not operate in a number of countries and regions, including the Republic of Crimea and the USA. That is, users living in these regions cannot register on the site and conduct transactions.

FTX cryptocurrency exchange has developed its own mobile applications for Android and iOS devices. However, the exchange only supports Chrome and Safari browsers:

You can top up the FTX cryptocurrency exchange for trading on the site using the following cryptocurrencies:

• BTC ;
• ETH ;
• BCH;
• BNB;
• LTC ;
• FTT (FTX exchange token);
• BTMX;
• BiLira.

The platform also accepts transfers in USD stablecoins (USDT, TUSD and others). When replenishing a deposit, the exchange does not charge additional commissions. In addition to these assets, users of the FTX exchange can trade tokenized shares on the platform.

As is the case with other similar platforms, all transactions on this exchange are carried out through orders. FTX cryptocurrency exchange supports 7 types of orders:

• market and limit trading;
• trailing stop order;
• limit and market stop loss;
• repeating the order until complete execution;
• accommodation only;
• immediate execution of the order or its cancellation;
• trade only for decrease.

The exchange supports a referral program. For inviting new users, traders receive a 5 percent discount on the FTX exchange commission. For market professionals, the exchange has prepared special VIP conditions and a liquidity reservation program.

FTX Exchange: registration

Registration on the FTX exchange is quite simple. To open a new account, users must provide an email address and create a unique password:

After completing this procedure, it is recommended to verify your account. This will not only increase the security of funds in the account, but will also open up additional trading opportunities.

After standard registration on the FTX exchange, users cannot deposit or withdraw cryptocurrency from their deposit. But if you indicate in your personal account the country and region of residence, as well as your full name, then the amount of this amount will increase to $2,000. And after providing a passport with a personal photo, restrictions on withdrawing money from the FTX exchange are lifted. We'll talk more about verification later.

Also, after you have registered on the official website of the FTX exchange, you should definitely go through two-factor authentication to increase security and to open the opportunity to replenish your deposit and withdraw funds. This will also make your account almost impossible to hack. You can do this via SMS, Google Authenticator or Authy:

FTX Exchange: verification

To open an account on the FTX cryptocurrency exchange, users simply need to register a new account and verify their phone number. After this, you can top up your account and start trading. However, you can fully use the opportunities and remove the $1,000 withdrawal limit if you pass verification on the FTX exchange.

The first step, as mentioned earlier, is to enable two-factor authentication. This will allow you to replenish your deposit. If you do not do this, you will not be able to deposit funds:

To remove the remaining withdrawal restrictions, you need to click on the profile icon, then click on “Settings”, and then go to the “Identity Verification” section in the left panel. Next, you need to indicate who you are - “Individual” or “Legal Entity”, and then fill in all the data, including phone number:

After specifying this data, namely the country, full name (full name), area of ​​residence and telephone number, the withdrawal limit increases to $2,000 per day:

After this, it is worth going through the second stage of verification of the FTX exchange. To do this, you need to take a photo, holding the unfolded passport next to your face, and also send the documents to the exchange. After verification, these restrictions are removed completely, and you can withdraw and deposit any amounts to your account in any currency.

It is important to note that the above limits do not apply to trading transactions. That is, users can immediately enter into transactions for any amount after enabling authentication. Moreover, after passing the second level of verification of the FTX exchange, traders have the opportunity to replenish their deposit not only with cryptocurrencies, but also with fiat money.

FTX exchange: how to top up your account and how to withdraw money from the FTX exchange

By default, one account is automatically opened on the exchange. But if other people use your account, you can open additional subaccounts:

To replenish the FTX exchange or withdraw earned money, you need to go to the “Wallet” section, then click on “Deposit” or “Withdraw”:

If you have not passed the second stage of verification, then you can only top up your account with cryptocurrency. Therefore, when you replenish the FTX exchange and click on the “Deposit” button, you will see a replenishment window where you can select the appropriate currency:

If the second stage of verification has been passed, then to replenish the FTX exchange with a credit card, you need to click on “Buy cryptocurrency using a credit card.” If you plan to trade using leverage, then you need to click on “Margin Lending”. When replenishing your balance from a card, the minimum deposit amount is $50.

To withdraw money from the FTX exchange, you need to click on the “Withdraw” button and select a cryptocurrency and a cryptocurrency wallet to which the funds will be sent. The restrictions in this case are determined only by the level of verification the trader has reached.

Nuances of withdrawing money from the FTX exchange

When working with the FTX cryptocurrency exchange, you need to take into account that a number of functions of the site open only after completing certain tasks. So, withdrawal of money is available after account verification. However, if the user sends a copy of a bank account statement made within the last three months, then additional options become available to the trader. In this case, you can top up your balance and withdraw money to:

• dollars;
• Euro;
• British pounds;
• Swiss francs;
• Canadian dollars;
• yuan and some other currencies (not in rubles).

If a trader withdraws money in real currency for an amount less than $10,000, then the exchange charges a fixed commission of $75. But such fees are provided only for transactions made with US dollars. Other currencies can be withdrawn without commission. Also, if the user holds FTT tokens on deposit, then the FTX exchange does not charge a commission for transactions with the specified assets upon withdrawal.

When withdrawing cryptocurrency to external wallets, you need to take into account that the exchange processes the transaction immediately. That is, information about this operation appears in the corresponding blockchain. The costs of FTX exchange commissions charged for such transactions are borne by the platform.

When placing a large amount of cryptocurrency for withdrawal on a weekend, this operation can only be completed within 24 hours. On weekdays, it takes up to six hours to transfer coins.

Principles of trading on the FTX cryptocurrency exchange

Trading on the official website of the FTX exchange can be carried out:

1. futures;
2. spot;
3. tokenized shares;
4. leveraged tokens;
5. volatility of cryptocurrencies ;
6. with the help of predictions;
7. fiat money;
8. using staking.

If necessary, traders can use leverage, which allows them to increase investment in a transaction. However, this tool carries a certain threat. Thus, using a leverage of 1:100, a trader can increase the profit from a transaction by 100 times. But if the price falls against the direction in which the order was placed, a complete loss of the deposit is possible.

For novice traders who have recently registered and want to understand how to trade on the FTX exchange and which cryptocurrencies to invest in , a leverage of 1:10 is available. In the future, this figure can be increased to 1:100. This limitation is due to the fact that the exchange seeks to protect inexperienced traders from risky transactions. The platform does not charge commission fees when trading perpetual contracts for Bitcoin (BTC-PERP) and Ethereum (ETH-PERP).

The spot market, accessed by the FTX exchange, supports trading of various cryptocurrency pairs. Moreover, the number of assets on this site is constantly increasing. Transaction fees charged by the FTX exchange are expressed in the currency in which the transaction was made. For example, when buying dollars with bitcoins, a trader must pay fees to the exchange in BTC. If a sale is made, then the commission is charged in USD.

By default, the FTX exchange fee charged to the maker is 0.02%. If a trader uses a leverage of 1:50 in trading, then this indicator increases by 0.02%; 1:100 – by 0.03%.

In addition to these assets, FTX exchange users can earn money on bitcoin volatility contracts (MOVE) and buy crypto coin hashrate futures (HASH).

FTX exchange: how to trade

Transactions for buying and selling cryptocurrency on the FTX exchange are available exclusively to registered users. After completing this procedure, you can proceed to selecting an asset and start trading on FTX. To do this, go to the “Markets” tab:

Here you can select a suitable cryptocurrency, after which the asset can be bought or sold. To trade, you need to click on the asset, after which the chart will open:

Below the chart is the trading panel:

Through this panel you can also select the type of order through which the transaction will be carried out:

On the cryptocurrency trading page, FTX exchange users have access to all the usual trading tools:

• graphics (several types available);
• timeframes ;
• indicators ;
• scaling;
• Depth of Market (on the FTX cryptocurrency exchange it is called the “Order Book”).

Those pairs with which the trader conducts most of his transactions can be saved in the “Favorites” section, which simplifies the execution of transactions. If necessary, additional settings are available to users:

• order execution notification function;
• order size;
• the amount of transactions displayed in dollars;
• mandatory transaction confirmation when placing each order.

For experienced traders, the exchange provides the opportunity to trade using leverage, which is selected on the trading panel to the right of the chart. Maximum leverage – 1:20:

The user's personal profile displays information about previously conducted transactions and the balance of all accounts.

FTX exchange: commissions

The amount of trading commissions of the FTX exchange, which are charged for transactions performed, depend on the level assigned to the trader (maker/taker):

1. Tier 1 . Assigned immediately after registration. Commission – 0.02%/0.07%.
2. Tier 2 Assigned to a trader who has reached a transaction volume of $2,000. Commission – 0.015%/0.06%.
3. Tier 3 Transaction volume – $5,000. Commission – 0.01%/0.055%.
4. Tier 4 Transaction volume – $10,000. Commission – 0.005%/0.05%.
5. Tier 5 Transaction volume – $25,000. Commission – 0%/0.045%.
6. Tier 6 Transaction volume – $50,000. Commission – 0%/0.040%.

The following trading conditions are available to traders working on the official website of the FTX exchange:

• when using leverage, the size of each FTX exchange commission increases by 2%;
• if the trader’s account has FTT tokens (FTX exchange coin), then the commission is subject to a discount of 3-60% depending on the size of the deposit (but not less than 0.015% for the taker and 0.003% for the maker);
• The FTX exchange does not charge any commission when converting cryptocurrency within one wallet;
• When replenishing the balance and withdrawing funds, a currency conversion fee is charged.

FTX exchange: bonus

The FTX cryptocurrency exchange offers bonuses and a number of bonus programs, the discount for which is determined depending on the trading volume and the type of cryptocurrencies used in trading. In particular, users who have FTT tokens (FTX exchange coin) stored in their wallet or who have received VIP status can count on such benefits. In addition, the exchange has a referral program.

When replenishing a deposit in the amount of $250 to $10,000, the trader is given a voucher for a commission from $25 to $1,000. The FTX exchange also rewards traders who have made transactions for a certain amount (in dollars) over the past 30 days:

• $250,000 – $50;
• $500,000 – $100;
• $1,000,000 – $250;
• $2,500,000 – $500;
• $5,000,000 – $1,000;
• $10,000,000 – $2,000;
• $25,000,000 – $5,000.

By purchasing FTT tokens (FTX exchange coin), traders also receive certain discounts on commission fees, the amount of which depends on the volume of FTX exchange token purchased (expressed in dollars):

• over $100 – 3%;
• over $1,000 – 5%;
• over $5,000 – 10%;
• over $10,000 – 15%;
• over $50,000 – 20%;
• over $100,000 – 25%;
• over $200,000 – 30%;
• over $500,000 – 35%;
• over $1,000,000 – 40%;
• over $2,500,000 – 50%;
• over $5,000,000 – 60%.

That is, for example, if a user purchased FTT tokens (FTX exchange coin) for more than $1,000 (the amount is calculated at the current rate), then the commission charged by the FTX exchange is reduced by 5%.

If a trader accumulates coins from the FTX exchange, he can receive VIP status. The latter is assigned if:

• on the account of FTT tokens in the equivalent of $2,500,000 – VIP status of the first level;
• on the account of tokens worth over $5,000,000 – second-level VIP status;
• If the trader’s trading volume exceeds 2.5% of the total turnover of the exchange, then third-level VIP status is assigned.

Thanks to this, users not only receive corresponding discounts on FTX exchange commissions, but also a personal manager. In addition, such traders can communicate with platform developers and influence the development of the platform. Also, users with VIP status can take part in specialized meetings held under the auspices of FTX.

In addition to these bonuses, the FTX exchange regularly launches competitions and competitions, the winners of which are recognized as the most active traders. Users who are able to win these competitions are given both money and expensive gifts:

Using the FTT token (FTX exchange coin) in trading

By holding FTT tokens on their balance, traders can save on exchange commissions. The amount of fees is usually determined by trading volumes over the last 30 days, as well as the type of transactions performed (purchase or sale). Maker traders are charged lower fees because these users provide liquidity to the assets being traded.

The fee for FTT token holders is 0.02% and 0.07% for makers and takers respectively. If the size of FTT tokens (FTX exchange coin) on the user’s balance exceeds $2,000,000 (the figure is calculated at the current rate), then the fees are reduced to 0.015% and 0.06%.

FTT holders gain several more benefits:

• FTT tokens are used as collateral for futures trading;
• users receive part of the income from the exchange’s insurance fund;
• increased airdrops;
• increased rates for the referral program;
• traders receive rebates from commission fees.

Rebate means part of the paid amount that is returned to the user:

In addition, FTT token holders can enjoy tighter spreads on OTC trades. That is, in such circumstances, the difference between the purchase price and the sale price decreases.

The advantage of holding FTT tokens on the balance sheet is that the exchange buys them back from users on a weekly basis and then “burns” them. This is done to eliminate inflation. The following are subject to “burning”:

• all tokens, multiples of 33% and taken from commissions on all transactions on the exchange;
• 10% of the volume of revenues to the exchange insurance fund;
• 5% of the volume of payments for using other services of the site.

“Burning” of tokens also contributes to an increase in the price of this asset, since due to a decrease in the number of FTT tokens, demand begins to increase.

The market capitalization of FTT tokens at the end of spring 2021 was $357,000,000. To date, the exchange has issued about 345,000,000 FTT, but only 94,000,000 FTT remain in circulation.

FTX exchange: reviews from traders

Traders had mixed reactions to the emergence of the FTX exchange. On the TrustPilot website, which collects reviews of various exchanges around the world, the platform rating is only 2.2 out of 5, and you can also find many negative reviews about the FTX exchange:

Revain, based on user voting, assigned FTX a rating of 3.1 out of 5, but here the reviews about the FTX exchange are much better and you can find many positive ones:

Most participants in their reviews of the FTX exchange noted small commissions and a normal spread level. Among other advantages in the reviews about the FTX exchange, which users paid attention to, are the high quality of the help center with an abundance of specialized literature and webinars. Also, the advantages of the site include a wide range of crypto assets and access to leverage.

The main drawback mentioned in reviews of the FTX exchange, according to users, is that the resource opened recently. Traders react with caution to such sites, fearing that the exchange could close at any time, and all money would be frozen in internal accounts.

Conclusion: Is it worth trading on the FTX cryptocurrency exchange?

Traders through the FTX exchange can trade futures and derivatives, including leverage, which reaches a size of 1:100. The FTT token issued by the platform allows you to save on the commission charged and provides access to additional bonuses.

You can top up your FTX exchange account with several types of cryptocurrencies. The exchange does not charge commissions for such transactions. You can also trade on the platform using tokenized shares. FTX, according to users, is considered a good exchange for trading. Most of the negative reviews stem from fears that the site will close at any moment.

OPEN AN ACCOUNT ON FTX EXCHANGE