FTX (formerly known as Blockfolio) is an exchange platform where users can buy, sell, and trade cryptocurrencies as well as NFTs and stock at low-rate fees.
This platform was founded in 2019 by Sam Bankman-Fried (a very well-known and one of the richest crypto traders who is also the founder of Alameda Research trading firm) and Gary Wang.
It is divided into three platforms, FTX.com the main one, FTX Pro, and FTX.us which has fewer features but is regulated for the US.
It was founded in 2020 and is based in San Francisco while the main one is based in the Bahamas.
As stated on their website, FTX is a platform ‘Built by traders for traders’.
Lots of advanced trading features are offered on their main site such as Futures, Margin trading, Spot, Staking, and more than 250 crypto assets are supported too.
On the other hand, fewer trading options are supported on the FTX.us platform and fewer crypto assets are supported too.
With these platforms offering different options, all types of investors, novices, advanced, and professionals are welcomed and can use their tools.
They also help contribute to Charities and they work towards reducing Global Warming.
Is FXT Exchange Limited To Expert Traders?
As mentioned above, FTX is a well-known exchange for all its advanced trading features which is a high plus for professional traders.
They offer over 250 Futures Markets, over 100 Spot Markets, Leveraged Tokens (this means that your investment’s earnings or losses are multiplied), Staking, FTX Pay (where you can be paid in crypto and fiat), and Lending (you can place/ lock your assets on a lending pool to make extra earnings).
The platform is rather dark (although like on most exchanges you can change the setup to a light mode), the vocabulary, the tone used, and the proposed features are technical and advanced which makes it perfect for experienced traders.
However, novices may have a hard time navigating through their platform as there is little to no indication or orientation.
Investors with less experience can still refer to the help center, they’ll get access to various articles such as Getting Started, Account Verification and Security, Deposits & Withdrawals, NFTs, and more.
FXT Pros & Cons
|Lots of cryptocurrency assets supported (FTX.com)||A bit complex for beginners|
|Cold Wallet Storage||No Learning Section|
|Numerous Trading Options Supported (Futures, Borrowing, Lending, Margin Trading, Staking, and more)||FTX.us isn’t supported in New York|
|NFT Marketplace (you can buy and sell NFTs)||There are quite a few restrictions regarding some supported features depending on your location (i.e., stocks aren’t supported in the US)|
|Low trading fees (with discounts for increased trading volume and FTX Token (FTT) holders)||Limited customer support options (No 24/7 Live Phone Support Customer Service or Live Chat)|
Our Take On FXT
In the end, FTX seems to be quite complex for beginners, with its use of jargon, professional and technical terms, and tone, which makes it really complex to navigate through their platform.
The fact that there isn’t a proper learning section can prevent novices from investing in their exchange, they might want to go for something easier and less overwhelming.
On the other hand, experienced and advanced traders can only be happy with FTX, there are various interesting trading features, it is very technical, it goes straight to the point, there are quite a lot of fiat currencies available too, and you can even pay and get paid with FTX Pay.
Using their tools on a daily basis, holding, and staking their coin FTT (FTX Token) is rewarding as the benefits of this grant which is a bonus point.
FTX uses the terms ‘maker’ for buyer and ‘taker’ for the seller.
They explain that when traders buy on their platform, they pay lower fees than sellers (and the more traders are active the less they pay fees and the same goes for FTX Token (FTT) holders).
The applied fees will also depend on the different tiers.
All accounts are divided into 6 tiers, depending on how far a trader completed their KYC verifications.
The more the traders verify their accounts the lower the fees will be and the higher their limit will be.
- When you buy, the fees range between 0.00% and 0.10%, depending on your tier.
- The fees range between 0.05% and 0.40% when you sell, depending on your tier.
Regarding NFTs, if a trader mints and then makes a listing for sale, they will pay $3.
On the other hand, when they sell it, they will have to pay a 2% fee for selling or trading it.
With that being said, we can notice that fees are remarkably low compared to other exchanges.
Is FXT Safe?
FTX uses various security measures to store its users’ details and funds.
Traders are protected thanks to cold wallet storage, there is also an external backing of hot wallet funds.
Another way to protect their users is 2FA (2 Factor Authentication), which can be requested whenever a change is made to your account, for a withdrawal, or to complete a transaction.
In fact, after a change of password or if a setting of 2FA is amended, no withdrawal can be done for the following 24 hours.
There is also a system that allows you to whitelist wallet addresses (only the addresses of your choice can transfer funds).
Finally, funds held in fiat (in US dollars only) are insured by the FDIC (Federal Deposit Insurance Corporation).
As seen earlier, FTX offers numerous trading options.
However, this depends on which platform you will be using.
- With FTX.com being the main platform, more advanced options are available for traders, including Futures trading, Spot, and Staking (you can by the way stake FTT (FTX Token) to obtain benefits such as lower trading fees and one free withdrawal), Lending, Borrowing, Leveraged tokens, Margin trading and FTX pay. (FTX Pro is really similar to the main platform FTX.com, and it isn’t available to US citizens either).
- With FTX.us, there are advanced features too, you can use FTX Pay (you can own a FTX card and spend your money at different merchants worldwide at no fee). There is also a 24/7 OTC portal (Over the Counter – increased privacy with private deals for buying or selling crypto assets), Derivatives crypto with Options, Futures, and Swap. On this platform, NFTs are very highlighted compared to the main platform.
Banking At FXT
All deposit fees (for Fiat to FTX) will be displayed before you complete your transaction.
You can make a deposit by credit/ debit card or bank transfer, wire transfer, and by transferring coins to your account.
Regarding withdrawal fees, FTX mentioned on their platform that those over $5000 USD are free.
As seen before, if you stake FTT (FTX Token) you can get a free withdrawal too.
However, if the withdrawal amount is lower than $5000 USD and you do not qualify for a free withdrawal you may be charged the below:
They stated on their exchange ‘There are no other withdrawal feescharged by FTXon any other currencies. All other fees you may incur while withdrawing are charged by your receiving or intermediary bank’.
FXT App Experience
You can easily download their app FTX: Buy & Sell Crypto from their homepage on FTX.us, you’ll find a tab for App Store (IOS) and for Google Play (Android).
The mobile app is quite straightforward to use.
You can track your portfolio with your investments, and you also have access to crypto news (you can find news about different cryptocurrencies in the Signal Section).
On the main page, you’ll have access to your portfolio, at the very bottom of your screen you’ll find the menu, Invest, Track, and News.
There is also a Tradable Assets section with Crypto, NFTs, and Fiat. Investing within the app (deposit and withdrawal) is straightforward and quick.
Another good point is that whenever you make an investment of more than $10 you can get a free coin.
FXT Site Experience
Although the mobile app is quite direct and easy to use, the website operates slightly differently.
Traders will have access to the same content, with the news and portfolio.
However, more options are supported on the web version compared to the mobile app, which makes it more complex to understand if you have little to no crypto experience.
Depending on the platform you will be using, be it FTX.com, FTX Pro or FTX.us you will have access to various trading options as seen earlier.
The website being highly technical could, however, exclude beginners’ traders.
The registration process is straightforward and simple.
They state on their platform ‘Sign up in less than 3 minutes’. When you sign up, they currently offer a referral code worth 5% off fees.
You just need to follow the instructions and enter your details such as your full name, and email address, generate a password, etc.
You then have to set up a 2FA (2 Factor Authentication security measure) and verify your email address.
As explained before, you’ll have to go through a KYC check.
This will unlock the features of your account; the latter will depend on how far you go with your ID verifications.
Here are the different tiers and withdrawal limits depending on KYC requirements:
- Email-only: 1K USD lifetime
- Email, name, country of residence: 2K USD daily
- Full name, date of birth, place of birth, proof of address, description of the source, ID, picture of you holding your ID: Unlimited crypto-only
- Proof of address and bank statement: Unlimited crypto and fiat withdraw
FXT Global Restrictions
FTX platform is supported in most countries worldwide.
However, some restrictions apply depending on the proposed features and specific markets.
- As specified earlier, FTX.com, as well as FTX Pro, aren’t supported in the US. American citizens can trade cryptocurrency on FTX.us instead (However, it isn’t supported in New York).
- Trading prediction contracts aren’t allowed for the United States, Canada, The European Union, Hong Kong, the United Kingdom, Singapore, the UAE, Cambodia, and Turkey citizens.
- Stocks aren’t supported in the United States, Hong Kong, Singapore, Malaysia, and Thailand.
- Futures options aren’t supported in Hong Kong either.
FXT Customer Service
As mentioned earlier, FTX only offers very limited options for their customer support. They aren’t available by phone or by live chat.
When you click on the ‘support’ tab (on the FTX.com platform), it leads you to a page where you have to sign in if you weren’t signed in, or you can also request a support link that will be sent to your email address.
Traders can also email their support team depending on their request, they have an email address for Business development and for Compliance/Legal matters.