FTX is a cryptocurrency trade that lets customers purchase, promote, and commerce supported cash. FTX additionally supplies crypto loans and borrowing, in addition to entry to leveraged tokens and NFTs, in addition to buying and selling challenges and leaderboards.
FTX additionally helps over 300 cash, with extra being examined and added frequently.
To see if FTX is a strong various for crypto traders and merchants, we checked out their platform, charges, person expertise, buyer assist, accessible cash, and extra.
Professionals & Cons
Professionals:
- Leverage and different superior crypto merchandise can be found
- Low buying and selling commissions
- Low buying and selling commissions
- Constructed-in NFT market
- Availability all over the world
Cons:
- Buying and selling instruments and interface could also be too superior for brand spanking new traders
- Not accessible within the U.S. (nevertheless it does have a US primarily based model – FTX.us)
- There isn’t any stay chat assist choice
Tradable Property
For spot buying and selling, FTX supplies over 300 cash, a few of the belongings supported on the trade embrace:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Ripple (XRP)
- Cardano (ADA)
- Dogecoin (DOGE)
Buying and selling Options
FTX buying and selling options embrace spot buying and selling, plus choices and futures buying and selling with leverage, under are the options described intimately.
Spot Buying and selling:
You may commerce FTT, BTC, and different cryptocurrencies on FTX’s spot markets, which have an identical interface to futures. It gives roughly 100 distinct spot buying and selling pairs in complete.
In the meantime, its American subsidiary gives nearly 60 cryptocurrency and foreign money spot buying and selling pairings, in addition to choices contracts denominated in 0.01 Bitcoin and 0.1 Ether crypto swaps.
Bitcoin mini futures are additionally accessible on the platform.
Futures:
Merchants have entry to margin buying and selling with as much as 101x leverage. There are over 100 quarterly and perpetual futures pairings on the platform.
Choices:
Merchants can use quite a lot of name and put choices to invest on future worth course and hedge towards open positions.
Name and put choices present the holder the correct however not the duty to purchase or promote at a future strike worth.
Merchants can use leverage to lengthy or quick choices; at expiration, the futures contract settles to a greenback quantity equal to the expiration worth.
MOVE:
Merchants can use these contrasts to foretell how a lot the value of bitcoin will transfer over time. A margin primarily based on the value of the underlying index is required for every MOVE contract.
The upper the expected motion of a product, the extra risky it’s. The prices levied on MOVE contracts are corresponding to these levied on the underlying spot market.
Charges
The maker/taker charge construction at FTX is tiered, and buying and selling prices are depending on 30-day transaction volumes. Platform charges are decreased for holders of the FTT token.
Under is a desk detailing the maker/taker charges on the platform:
Platform charges are decreased for holders of the FTT token. The next are the totally different ranges of reductions:
FTX customers could also be charged withdrawal charges, in addition to prices for buying and selling or producing leveraged tokens, along with buying and selling charges.
Safety
FTX gives industry-standard safety features, together with the next:
- Two-factor authentication – Two-factor authentication (2FA) by an authenticator app resembling Google Authenticator is required by FTX. There’s additionally a 2FA hardway key accessible.
- Withdrawal lock – After massive account modifications, such because the removing of 2FA or a change in account password, FTX locks withdrawals on accounts for twenty-four hours.
- Third-party monitoring – Chainalysis works with FTX to observe suspicious behaviour and transactions on the trade, and Chainalysis sends alerts to the FTX safety employees instantly.
- Sub-accounts – Customers can create sub-accounts with restricted rights in FTX. Merchants can use this function to limit different folks from accessing their important account.
- Permitted handle whitelisting – FTX requires that each one withdrawal pockets addresses be whitelisted, limiting entry to permitted exterior pockets addresses.
Buyer Help
FTX solely gives buyer assist through an internet ticket system, e mail and Telegram chat. The typical time it takes for a member of FTX’s employees to react to a assist request is just not specified.
FTX vs Alternate options
Right here’s how FTX compares towards various cryptocurrency exchanges:
FTX vs Binance
Each FTX and Binance are cryptocurrency exchanges with low cost prices when in comparison with their opponents. Binance, like FTX, gives a accomplice trade for US residents known as Binance.US.
Nonetheless, there are some key distinctions between the 2 programs, resembling:
- Binance has a stay chat assist choice, while there isn’t a stay chat choice accessible at FTX.
- The charges charged by Binance are barely larger than these charged by FTX. Binance prices maker/taker prices starting from 0.02 p.c to 0.10 p.c, whereas FTX prices maker/taker charges starting from 0.00 p.c to 0.07 p.c.
- Over 400 cash are supported by Binance, while over 300 are supported by FTX.
FTX vs Coinbase
FTX and Coinbase are two of the most well-liked cryptocurrency exchanges on the earth (by quantity).
Each present entry to tons of of cryptocurrencies and place a robust emphasis on safety to guard customers’ funds from fraudsters.
Listed here are the variations between the 2:
- Whereas Coinbase doesn’t supply margin buying and selling, derivatives, shares, and even prediction investments, FTX does.
- Coinbase’s cellular apps present built-in person schooling instruments and information items, however FTX’s don’t.
- Coinbase prices a charge for crypto conversions, however FTX doesn’t.
- Coinbase is obtainable in the USA, however FTX isn’t (although its sister website is).
Conclusion
Superior crypto merchants who need entry to leverage, futures, and spinoff merchandise, in addition to very low buying and selling charges, ought to contemplate FTX.
FTX additionally gives a various vary of cryptocurrencies, with new ones added every month. Nonetheless, the buying and selling interface on FTX is just not for rookies, and new customers could really feel overwhelmed.
