FTX Exchange Review 2023: Fees, Platform, App, Safety & More

FTX Review Summary

FTX is a cryptocurrency exchange that offers a comprehensive range of products, including leveraged tokens, options, and volatile assets. The company focuses on providing a robust and user-friendly trading platform for both individual and institutional investors. With high trading volumes, the firm falls in the category of top ten derivative exchanges in the world. FTX works in collaboration with several big names in the crypto world, such as the Binance trading platform, Paxos, Bitfinex, etc. The organization also takes part in charities, offering a helping hand to the unprivileged humanity.

In this comprehensive guide, we’ll cover FTX fees, FTX-supported cryptocurrencies, verification, and trading experience. We’ll also go over online reviews, and their customer support and finally help you open an account.

Pros & Cons

Before jumping into more details, let us quickly enlist some pros and cons of using FTX;

Pros

Rich Product Portfolio – In addition to all basic range of products, FTX brings innovative classes of tradable assets, including futures, options, move contracts, and prediction markets.

Low Trading Fees – FTX employs low trading costs as compared to other crypto exchanges. Recently, the company announced that it will be charging no fee from makers for the rest of December 2020. Takers also pay a maximum of 0.07% fee.

Regional Restrictions – The exchange accepts deposits in nearly ten fiat currencies, making it easier for clients to start trading right away. We list all the supported fiat currencies in a dedicated section below.

High Liquidity Levels – Since FTX is amongst the top ten exchanges having high trading volumes, it offers increased liquidity. Clients can have their positions filled instantly.

Leveraged Tokens – Unlike most crypto exchanges, FTX allows its customers to trade leverage tokens without having to manage a leverage position. At present, the exchange offers 45 different leverage tokens with a leverage of up to 3x.

Cons

Complex User Interface – Despite offering innovative features and a variety of tradable products, the exchange lacks in offering a user-friendly trading interface. The user interface has multiple options to explore that could be confusing for newbies.

New Entrant – The exchange is relatively new to the industry. Many traders might refrain from opening an account with the exchange because of different concerns such as security of funds, liquidity level, and pricing factor, etc.

Increased risk exposure –Since the exchange offers high leverage that does not only increase your profit-making potential but also magnifies the associated risk of loss, therefore your investment with FTX exchange has a high-risk exposure.

US clients not accepted – FTX is a global exchange that accepts clients from nearly all parts of the world, but it does not offer services in some jurisdictions, including the United States. However, customers residing in the US can sign up with FTX US – an entity that operates under the brand name of FTX Ltd.

Not friendly for novice traders– Having multiple products and an advanced trading platform to offer, FTX is more suitable for veteran traders. Novice traders might take some time to get familiar with the exchange.

FTX Review Supported Countries

Regulations

Backed by Alameda Research, FTX is a regulated cryptocurrency exchange. The US domain of the company FTX.US is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). The company also abides by the best practices set by respective anti-money laundering agencies.

Offices

The FTX is owned and managed by FTX Trading Limited, a company registered in Antigua and Barbuda. With 35 employees on its payroll, the company has recently entered the US market with the brand name FTX.US. Operating through its mains office based in Antigua and Barbuda, the company also has a regional office in Sans Fransico, United States.

Supported Countries:

FTX supports almost all countries around the world except a few jurisdictions, including Cuba, Sevastopol, Crimea, Syria, Iran, North Korea, Antigua or Barbuda, and the United States.

FTX Review List of Coins and Crosses

FTX supports nine fiat currencies and more than seventy cryptocurrencies. Given below is the list of supported fiat currencies and a table reflecting all the coins that you can trade with the exchange.

Supported Fiat Currencies

1. Euro (EUR)
2. Pound (GBP)
3. Australian Dollar (AUD)
4. Hong Kong Dollar (HKD)
5. Singapore Dollar (SGD)
6. Turkish Lira (TRY)
7. South African Rand (ZAR)
8. Canadian Dollar (CAD)
9. Swiss Franc (CHF)

List of Coins

Given below table included all the coins supported at FTX.

List Of Crosses

Leveraged Tokens

Leverage tokens enable clients to open large positions with limited funds available. Leverage increases the earning potential of clients offering them enhanced market exposure. However, it does not suit everyone. Using leverage is specifically dangerous for novice traders because it also magnifies the risk of loss and could become a nightmare for newbies.

The exchange offers a leverage of up to 1:101 and classifies it into three categories, including 1X tokens (Hedge), 0.5X Long (Half), and 3X tokens (Bull/Bear). For the safety of clients, FTX limits default leverage as 1:10.

Hedge tokens come with the leverage level of a 1X token, which means if the price of the crypto (i-e LTC) increases by “x” percent, the LTCHEDGE decrease by the same percent.

Similarly, 0.5X Long are HALF tokens. Here, if LTC increases by 2x%, the LTCHEDGE decreases by x%.

Lastly, Bulls or Bears tokens come with a leverage of 3X. These tokens are also known as ERC20 tokens. Here, if the LTC perpetual increases by x%, the LTCBULL appreciates by 3x%, while the LTCBEAR rebalances the required leverage level by depreciating with 3x%, to avoid liquidation. Given below is the table listing all the leverage coins offered at FTX along with their associated leverage levels.

FTX Review Trading Fees

FTX has a tier-based mechanism for fee schedules in place. The tiers are classified depending on the trading activity level of clients. The exchange was charging a trading fee of up to 0.02% from makers. However, it has recently waived the trading fee for makers until the end of this year (December 31, 2020). On the other hand, takers are charged a 0.07% trading fee on even the lowest trading volumes.

Apart from the trading fee on futures and spot trading, FTX also applies a funding fee on perpetual contracts to facilitate holders of opposing contract. The company also offers discounts to high-volume traders. Clients can also earn referral rewards by participating in the company’s affiliate marketing campaigns. Similarly, professional traders can benefit from the exchange’s VIP program. On the other hand, the company’s liquidity provider program specifically targets market makers.

Because FTT is the native token of the platform, the holders of FTT tokens are entitled to receive special discounts based on their percentage of holdings. In addition to a 0.10% redemption and creation fee on leveraged tokens, a daily management fee of 0.03% also applies to the leverage tokens. Please note that the higher leverage levels carry an additional fee of up to 0.02% and 0.03% on 50x and 100x positions, respectively.

FTX does not charge any fee on deposits and withdrawals. Also, clients do not have to pay any fee on OTC trading or coin conversions. Usually, the quoted price over the counter includes all such fees.

Fees on VIP Program

FTX Review Trading Platforms, Account Opening & How to Buy Crypto:

FTX Desktop Trading Platform:

FTX trading interface is available to access online, or traders can download it on their mobile phones. The unique design of the trading platform appears a little sophisticated at first sight. After reaching the dashboard, traders can see multiple tabs and countless options to hit and explore. There are five tabs available on the navigation bar, including markets, wallets, OTC, FTT, and help.

Markets

The markets tab provides access to the marketplace where traders can find available financial instruments and perform different trading activities.

Wallets

Traders can access the wallet tab that appears next to the markets tab to view their account balances. The wallet tab also allows traders to deposit and withdraw funds to and from their trading accounts.

OTC

The OTC tab provides instant access to FTC quoted prices for major coins, involving hassle-free settlements without incurring any charges. The OTC stands for over-the-counter. Traders can use the same account to access both OTC and Futures portal.

FTT

FTT is the native token of the exchange and essentially the backbone of the FTT ecosystem. Traders can buy FTT tokens to receive special discounts across the platform.

Coming towards the sidebar, traders may see multiple options available here, including leveraged tokens, options, quant zone, volume monitor, leaderboard, staking, etc.

Quant Zone

The Quant Zone targets developers who can earn if other traders follow their customized trading strategies. In other terms, professional traders can monetize their trading strategies under this section.

Volume Monitor

The exchange claims to offer legitimate reporting on the trading volume of different cryptocurrency exchanges. According to the FTX’s volume monitor, almost 66% of crypto exchanges report fake trading volumes.

Leader Board

The leaderboard provides you insights on the top 20 traders having the highest monthly traded volumes. The leaderboard feature is useful for evaluating how much rebates or discounts might be available for you at FTX.

Staking

Besides offering discounts and bonuses on multiple tradable products, FTX also offers clients makers fee rebates on staking FTT tokens.

How to Open an Account with FTX on the desktop?

Signing up with the FTX exchange is quite a simple process as compared to other crypto exchanges. Traders only need to follow a few steps listed below.

Step 01: Visit the official webpage of the exchange. Click the register button available on the top right corner of the website. Enter your username and password, and checkmark the box to confirm your agreement to the terms and conditions that apply.

Step 02: Tap on the click to verify button and enter the captcha. After validating the email address and chosen password, the system generates a link and sends it to your registered email id.

Step 03: Open your email inbox and click the link received from FTX to verify your email id. Clicking on the link will also take you to the dashboard of your account. Alternatively, you can use your credentials to log in through the website.

How to Buy Cryptos and Place Trades with FTX on Desktop?

To buy cryptocurrency using a desktop trading platform, traders need to fund their account first. The exchange asks for Level III verification to allow traders to fund their accounts. After depositing funds in their trading accounts, clients can follow the simple instructions listed below.

Step 01: Sign in to your trading account using your login credentials.

Step 02: Click on the wallets tab available next to the market tab on your dashboard screen.

Step 03: Click on the fiat button and select the desired fiat currency you wish to use for depositing funds in your account.

Step 04: Enter the deposit amount and add bank details. The exchange accepts fiat deposits via ACH and Wire Transfers. To add bank details click on the button “add a bank account”, the system will redirect you to the bank’s page.

Step 05: Once you have added your bank details successfully, you then only need to enter the amount you wish to deposit in your account and click confirm.

How to Convert Cryptos with FTX on Desktop?

Conversion of cryptos is straightforward. You only need to follow the three steps listed below.

Step01: Login to your account using your account credentials.

Step02: Click on the wallet tab and select hover the cursor on the crypto asset you wish to convert.

Step 03: Select crypto assets from the drop-down list, enter the number of coins you wish to convert and then press convert.

FTX Mobile Trading App (Available on IOS & Google Play):

To facilitate on-the-go users, FTX also offers an in-house developed mobile app. Clients can download the supported version of the app from the respective app store on their mobile phones. The mobile app is more convenient to use as compared to the desktop trading interface. It has nearly all of the features available as offered through the desktop platform, with a few exceptions. Clients can buy, trade, and convert their cryptos using the mobile app. Traders can also sign up for a new account using the mobile-based user interface.

As soon as you log in to your account, a sleekly designed dashboard screen welcomes you. The mobile app user’s interface has four main tabs to navigate, including markets, trade, wallet, and user.

Markets

The market tabs allow you to access the tradable products offered at FTX. Trades can view the customized list of products using the upper navigation panel. Clients can also use the search feature to access their preferred financial instruments in no time.

Trade

Clicking the trade button takes you to the trading screen. You can start placing trades across different financial markets. Clients can also use the charting feature to view the performance of a specific asset. Charts are viewable in six-time frames.

Wallets

Under the wallets tab, clients can view their account balances and use this tab to deposit or withdraw funds.

User

You can use this tab to make changes to your profile. The user tab also allows traders to set their trading preferences.

How to Open an Account with FTX on FTX Mobile App?

Opening an account using the FTX mobile app is very simple. Just follow the steps given below.

STEP 01: Go to the official website of the exchange i-e www.ftx.com. Enter a username and choose a password. Check the agreement box to confirm that you have read the terms and conditions and agree to them.

STEP 02: Go to your email id, and click the link received from FTX to verify the email id.

STEP 03: User your login credentials to access the dashboard of your account. That’s all.

How to Buy, Trade, or Convert Coins on FTX Mobile App?

Clients need to use the website to deposit funds to their accounts since the mobile app doesn’t allow deposits. However, trading and converting crypto coins works the same way as through the desktop version of the FTX user interface. Clients can trade or convert their crypto assets to other coins using the steps listed below;

Step 01: Select the desired crypto asset from the drop-down list of available assets on the wallet tab. A popup option appears, asking clients to define the course of action.

Step02: Choose to trade or convert the coin. If you hold FTT, there will be three options available, including trade, convert, or stake.

Step 03: Select your preferred option. Conversion takes place instantly. However, to trade assets you need to define your trading preferences first, such as order types, amount to trade, etc.

FTX Review Payment Methods – Deposit and Withdrawals

FTX accepts deposits in both fiat and cryptocurrencies. The list of supported fiat and cryptocurrencies has already been shared in the designated section of this review. At present, the exchange supports three different methods that you can use to fund your account, including ACH transfers, Wire Transfers, and credit card payments.

The company does not charge any fee on deposits. Also, there is no restriction for depositing minimum funds in place. However, clients withdrawing funds less than $10,000 need to pay $75 as a funds withdrawal fee.

FTX Review Education

Besides other factors, the exchange also pays special attention to providing resources helpful to educate traders. Under the learn tab, clients can find detailed articles on complex tradeable asset types, such as leveraged tokens, move contracts, quant zone, and options. FTX features images and FAQs with the education content making it easy to digest for newbies. The company has also added video tutorials at the end of each subsection to help clients learn and understand different financial instruments effectively.

FTX ReviewCustomer Support

The company has a dedicated FAQs section available to help clients seek solutions to their issues. Clients type the question in the given field, and the bot displays the most relevant answers to their queries.  On the other hand, the company also offers live chat support during office hours five times a week. Clients can also follow the exchange over social media platforms, including telegram, WeChat, and Youtube. However, the company has not provided any email ID or phone number on its webpage. Therefore, clients need to rely on the mediums mentioned above.

FTX Review Reviews

What Do People Say About FTX on Reddit?

Because the exchange is relatively new to the industry, there is not enough information on Reddit about the FTX. Still, we managed to find a few threads with discussions on the useability of the exchange. We noticed that people had a mix of opinions of the crypto exchange. To some users, FTX is a promising exchange that offers an innovative product line of tradeable assets, while others seemed happy with its low costs crypto trading solutions.

However, we also found some negative reviews on the FTX exchange, where people talked about their bad experiences with the company. Most of the unhappy customers were the ones who didn’t like the user interface of the exchange. According to them, it was too complicated to navigate through different options.

What Do People Say About FTX on Quora?

We couldn’t find much information about the FTX exchange on quora as well. However, a couple of posts we came across include a query on how to use leveraged tokens on FTX, and what to do when the Binance trading platform delists FTX leveraged tokens. Rahul Basu was the person who replied to both queries. He explained how FTX leveraged tokens work and the alternative option to go for if some exchange delists your leveraged coin. Other than these two posts, quora lack any information on the FTX.

FTX Review Is FTX Safe?

Being a regulated exchange and employing world-class security protocols, FTX is a safe cryptocurrency exchange. The company has partnered with some highly trusted business entities in the crypto space, such as Bitfinex, Binance, and Paxos, which adds an extra layer to its credibility. To protect online data transmission, the company host secured SSL web encryption models with a two-step authentication factor preventing unidentified access to the company’s database. The company also offers funds insurance through the unique backstop liquidity provider program. Through this program, FTX enables clients to seek compensation for their losses if the crypto exchange goes into liquidation.

FTX Review FTX VS eToro

Comparing two exchanges side by side becomes handy when you have to select one of them. Crypto exchanges usually offer the same type of services. However, their product range and prices may vary adequately. Given below is a quick comparison of two crypto exchanges that might sound fit to your trading needs.

FTX: FTX is a crypto exchange founded in 2019. The company focuses on introducing crypto derivatives along with its wide range of product portfolio. Despite being new to the industry, it is one of the high-volume traded exchanges of 2019/20. The company claims to offer a robust and user-friendly trading experience to newbies. However, its sophisticated user interface with an innovative product line does not complement its claim. The exchange accepts deposits in multiple fiat currencies. The company also offers a live chat service to provide run-time customer support to its clients.

eToro: The eToro social trading platform is a leading multi-function crypto exchange that is being around for over ten years. Besides offering contracts for differences in forex and other financial instruments, the company also deals in crypto trading services. Clients who trade crypto assets at eToro can use the eToro-customized wallet to store their digital currencies. eToro social trading services suit both newbies and professional traders having a scarcity of time. The company’s competitive spreads, low deposit requirement, multiple payment options, and round-the-clock customer support make the exchange one of the best exchanges available around.

Trading Platforms: (FTX VS eToro)

FTX trading platform has more options to explore compared to other exchanges. The company’s product range consists of multiple tradeable assets, including crypto derivatives, leveraged tokens, perpetual contracts, and options. The trading interface of the company is available in dual modes, i-e light, and dark modes. The multiple buttons available on the user interface could be confusing for novice traders. However, the company tries its best to make the information easily understandable. Therefore, as soon as you hover the cursor on each button, the relevant description gets displayed. The exchange’s trading platform comes with standard charts by the trading view. The customizability of different functions and automation of trades through the rest API function make the trading platform one of the best options for veteran traders.

eToro offers a user-friendly trading platform with self-explanatory features. eToro’s platform is user-oriented, so both novice and skilled traders can easily explore around and navigate through different options available. Setting up an account, funding it and subsequent placement of trades is a seamless process with eToro. Clients can trade multiple assets in addition to cryptocurrencies, including stocks, commodities, indices, etc. Unique portfolio option with the ability to copy trades of other professional traders through the eToro’s social trading platform provides eToro’s trading platform an edge over the FTX exchange’s trading platform.

Trading Fees: (FTX VS eToro)

FTX offers a low-cost fee structure as compared to its competitors. The exchange charges no fee from makers, while takers pay a maximum of 0.07% trading fee. However, the exchange charge clients a management fee of 0.03% on leverage positions. A 0.10% fee is also applicable to the creation and redemption of leveraged tokens.

eToro also offers a competitive fee plan with no management or rollover fee. However, it does charge a fee on positions held over weekends. eToro’s fee on leveraged positions is higher as compared to the FTX and subject to change according to the market conditions. The company does not charge any commission on stock trading. But clients with dormant accounts need to pay $10 for being inactive for over twelve months.

Payment Methods (FTX VS eToro)

FTX offers multiple payment methods. Clients can deposit funds in their accounts using both fiat and cryptocurrencies. The exchange also supports bank transfers, SEPA transfers, and payments through credit cards. The available payment method could vary depending upon your selected fiat currency.

Also, the company charges $75 as a withdrawal fee on amounts less than 10,000 US Dollars. According to the exchange, this fee doesn’t belong to FTX but goes straight to its associated banks. There are no charges on deposits at FTX. Please note that you can deposit funds in your account after becoming a level 3 KYC verified client.

eToro also accepts payments through a wide range of available options, including debit cards, credit cards, bank transfers, and payments via electronic wallets (PayPal, Neteller, and Webmoney), etc. The company charges no fee on deposits. However, clients need to pay $5 on withdrawals.

The minimum amount you can withdraw at eToro is $30. The exchange also adheres to strict KYC compliance and requires its clients to complete the verification process before going live. However, the company does allow some grace period to its clients to get their accounts verified before closing their accounts. It is worth mentioning here that non-verified clients can still buy bitcoins from eToro for up to $2250. That’s why eToro is more popular amongst traders as compared to FTX.

Number of Coins: 20+

Margin Trading: YES

Minimum Deposit: $200

Invest In Cryptocurrency With $0 Commission

• Supports Multiple Languages
• Regulated by FCA, ASIC & CySEC
• Paypal, Debit & Credit Card Accepted

Visit eToro

eToro Full Review

Capital At Risk

FTX Review Other Services Offered at FTX:

Futures

Futures are a type of contract in which both selling and buying parties agree to exchange the asset on a predecided price in the future. Future contracts help clients to stay safe from the unexpected adverse price fluctuations of underlying assets. However, if the price depreciates over time, buyers still need to pay the agreed amount. Currently, FTX offers perpetual futures on more than 45 different crypto assets, including BTC, ETH, EOS, XRP, etc.

When you enter a perpetual futures contract, it means the future won’t have any expiry date. Instead, the holders of long term positions pay an hourly premium fee for going long. The fee compensates sellers for disposals of their opened positions. That’s how the price of perpetual futures stays in line with the underlying index price without needing to close down the opened positions.

FTX MOVE Contracts

Move contracts allow traders to speculate on the price movement of underlying assets. Usually, the risk involved with move contracts is low. The price of move contracts could move in any direction. It is another type of futures contract that expires depending upon the daily, weekly, or monthly raw value of BTC.

However, the main determinant includes the overall volatility levels of BTC over a certain period. Move contracts is a recent addition to the product portfolio of FTX exchange and seems to be getting popular amongst traders.

Options

Options contracts work the same way as Futures. Traders can enter into a contract with a counterparty to sell or buy an underlying asset on an agreed price and date. However, the main difference between futures and options is the obligation to execute the transaction.

In the futures contract, clients have to own the underlying asset even if the price is no more suitable, while options contracts are free to choose the due course of action. Clients can take it or leave it depending upon the situation arrives. Traders can long or short, using the leverage options.

Clients can define the strike price along with its expiration time. Once traders have fulfilled all the pre-requisites of entering an options contract, FTX quotes them to bid or generate an offer deal within 10 seconds of initializing. Options contracts are known to be highly customizable.

Spot Markets

Spot Markets enable traders to buy crypto assets and trade them using traditional methods. Traders often use match order for trading spot positions. The exchange offers a wide range of cryptocurrencies to trade under spot markets, including Bitcoin (BTC), Ethereum (ETC), Litecoin (LTC), FTX token (FTT), etc.

Prediction Markets

Prediction markets are another common type of markets that allow traders to either win the stake amount for the right guess or lose it for the wrong prediction. This type of trading is more common in binary options trading where clients bet an amount predicting the price level or direction of an underlying asset. If they prove true they win.

FTX OTC Desks

FTX OTC Desks are useful when traders buy assets in bulk quantities. Buying them over the counter would be more feasible for traders because the order book might not handle them efficiently. Usually, this option is available at most of the exchanges. However, FTX does not charge any fee except the spread charges on such purchases. That is why traders prefer FTX over other crypto exchanges for buying OTC assets. Also, the assets are available at preferential rates under this option.

FTX Review Conclusion

After a detailed review of the FTX exchange, we conclude it to be a legitimate crypto exchange. The company specializes in crypto derivatives products and offers increased liquidity. By listing leveraged futures on tokenized stocks, the crypto exchange anticipates offering tokens on currencies and ETFs. The company offers advanced security protocols making it a hack free exchange to date.

FTX’s native token FTT enables clients to receive discounts on trading fees. Supporting fiat deposits, the company makes it easy for users to buy crypto assets. The only drawback of using the FTX crypto exchange is the complexity of its trading interface. This limitation makes it unfavorable for newbies. The company could have kept it more simple. Lastly, the crypto derivatives exchange is an excellent option for seasoned traders looking for low-cost crypto solutions.