Created for crypto traders, by crypto traders, FTX is a derivatives trading platform that has taken the cryptocurrency trading industry by storm.
The platform stands out from the crowd by offering its users a wide variety of indices and leveraged tokens to trade. In this FTX review, you’ll learn everything you need to know before you sign up as well as the platform’s strengths and weaknesses.
Is FTX Safe?
The FTX crypto exchange was built as a very powerful and versatile trading platform to suit the needs of both professionals and first-time traders. In this section of the FTX review, I will be taking a critical look at the security features, client protection, and the safety level users can expect when trading on the platform.
FTX Review On Security and Safety
FTX implements numerous security measures into its trading platform to ensure its website, trading platform, users and users’ funds are always safe, secured, and out of harm’s way. In this section of the FTX review, I will be listing some of these steps:
- The Use of Offline Cold Wallet Storage:
FTX makes use of a multi-signature offline cold wallet storage system to store 100% of the client’s funds. These cold storage wallets require the availability of all keys from the signatories in order to access the funds.
- Use of 2FA Security:
FTX offers its users the option to activate the 2-factor Authentication method on their new account. With this authentication method in place, you can easily get notified and informed of all financial transactions and major changes to the settings of your account.
And for an added layer of security, FTX carries out Manual Auditing of all transaction request in order to quickly spot any form of discrepancies and prevent fund theft. An added option to set a separate password for completing all withdrawal transactions as an added security layer is also available to you.
- Technologically Advanced Trading Platform:
The fact is that the FTX trading platform was created using the latest cutting-edge technology in web development and security. The platform is hosted on Azure FTX, a host that takes advantage of the Microsoft Security Framework to provide that added security to its servers and networks.
FTX Current Growth Rate And Future Plans
Since its inception, FTX has seen massive growth and rose to even more dominance and became a pacesetter in the crypto industry after it introduced numerous new trading features, options, asset classes likely crypto indices trading, and badly needed trading tools lacking in the crypto market and on other trading platforms.
FTX has also continued pushing forward in the development of all aspects of its derivatives trading business with a constant update to its trading platform and will continue to introduce new and better features and technology to its platforms with no cost spared in order to ensure their trading platform remains safe and secured for clients at all time.
How to Sign Up
The free registration process for creating your FTX trading account is quite easy to follow, you need to visit the FTX page and then click on the Register tab in the top right corner. There are different security clearance levels for your account. The higher your security clearance, the more withdrawals you can make from the FTX platform.
- Level 0
For this level, all you need is your Email and a strong password you can easily remember. On this level, you can deposit, trade, and carry out other transactions, but when it comes to withdrawal you are only allowed to make a maximum cumulative withdrawal of $1,000 from the account.
- Level 1
On the level one clearance, FTX allows you to withdraw up to $2,000 daily or $9,000 daily if you have a high trading volume. To get to this level of clearance you need to provide your name, country and verify your email address.
- Level 2
To upgrade your FTX trading account to the level two clearance, you need to complete KYC and submit the following document:
- Full legal name
- Place and date of Birth
- Country of residence and home address
- A valid government ID card
- A picture of you holding your ID and a piece of paper with today’s date and “FTX” written on it.
Once verified, you would be allowed to make unlimited crypto withdrawals from your trading account. However, to get unlimited fiat withdrawals, you need to complete the level three clearance.
- Level 3
To upgrade your account to the level three clearance, which is the highest level of clearance, you need to upload your proof of address and a valid bank statement. Once verified, you will be allowed to make an unlimited amount of both fiat and crypto withdrawals from your FTX trading account
FTX Review On Trading Products
FTX offers users numerous markets, crypto assets, and trading products to invest in and earn money from on its platform. In this section, we will be going over these trading products and their unique features.
FTX supports the trading of perpetual futures contracts on more than 20 cryptocurrencies on its platform. The perp list includes coins like BTC, BNB, LINK.
You can also trade Index Futures on the platform. These perp index Futures allows you to diversify risk by trading a basket of carefully selected coins. They are classified as large-cap, mid-cap, and small-cap coins depending on their market capitalization.
FTX is also one of the few crypto exchanges that offer users access to the crypto options market. These options contracts are available in European-style and give you the user the right to buy/sell an underlying asset at a predefined date and price, but it is not mandatory.
You can trade long or short with leverage and are highly customizable when it comes to setting your strike price and expiration time.
Spot Markets Derivatives
FTX also offers traders the option to speculate on the regular spot markets. You as a user can trade many popular digital cryptocurrencies such as BTC, ETH, LINK, FTT, BCH, BNB, USDT, BTMX, TRYB, PAXG, and XAUT on this market with leverage as high as 100X.
FTX Leveraged Tokens
Up to 45 different exchange tokens are available to trade on the FTX market. Although quite risky, these leveraged tokens offer you even more assets to speculate on with leverage as high as 101x and the option to either long/short the token of your choice.
FTX has also taken it a step further, providing users the opportunity to trade tokenized stocks on its platform. There are countless tokenized stocks available on the FTX platform and range from the top names to popular tech stocks. These leveraged tokens follow the price movement of the underlying stock it is named after.
You can also long/short these leveraged tokens and benefit from any small movement in price.
FTX OTC Desk For Institutional Traders
FTX OTC Desk option is available for professional traders looking to buy a very high volume of crypto assets. This way, the exchange provides the required liquidity to complete your transaction and does it at a zero fee except for the spreads.
High volume trading via the FTX OTC also ensures you get the best and reduced rate from the exchange.
FTX Review On Bonus
As of the time of writing this review, FTX does not offer any deposit bonus on its trading account. However, the exchange offers a 5% discount on all trading fees if you use a referral code during sign-up.
To get this 5% discount, follow the easy steps below.
- Go to the FTX sign-up page using the link here
- The referral code will appear automatically on the sign-up panel.
- Sign-up and get your 5% discount
- You can also share this link with your friends and family
Taking a critical look at the fee structure of any crypto trading platform is very important when it comes to choosing the right trading platform for all your crypto trading activities. FTX has one of the lowest fees in the industry and offers its traders numerous discounts that can help reduce these fees further. However, these fees range from one market type and asset class to another.
FTX implements the Makers and Takers fee structure on its platform. Offering a 0.02% for the makers fee and 0.05% for the takers fee on all futures contract. These fees are relatively tied to your trading volume, so the more you trade, the lesser fees you would have to pay.
VIP traders get an even better offer with upfront discounts of up to 50% on all fees. But in order to qualify as a VIP, your equity needs to cross a certain threshold.
|Tier||30D Volume(USD)||Maker Fees||Taker Fees|
The fee structure for leveraged token are a little different as FTX charges a creation and redemption fee of 0.10%. It also charges a daily maintenance fee of 0.03%.
Deposit and Withdrawal Fees
FTX charges its clients no deposit or withdrawal fees. However, the network and mining fees for each transaction still applies to all transactions but these fees only goes to the blockchain network you are using to carry out your deposit and withdrawal transactions.
FTX offers its users a discount of up to 30% on all fees for simply holding unto a certain amount of FTX native tokens by the name “FTT”. The higher your FTT holdings, the higher your discount value on all fees. Other exchanges offer different kinds of sign up bonuses. Phemex & Bybit, for example, offer free cash bonuses upon sign up.
Deposit and Withdrawal Methods
FTX has made the process of funding your trading account an easy and straightforward process you can easily take.
FTX supports a very wide variety of cryptocurrencies and deposit methods when it comes to funding your trading account. In order to deposit, all you need to do is to navigate to the “wallet” option on the website, click on it and then select the cryptocurrency or leveraged token you wish to deposit with. Once done, you can then follow the instructions to complete your transaction. Some of the deposit currency accepted includes: USDC, PAX, BITCOIN, BITCOIN CASH, TUSD, ETHERUM, LITECOIN, TETHER, SUPPORTED LEVERAGED TOKENS.
FTX does not support any fiat currency, so if you don’t already own one of the listed cryptocurrency, then you will first have to convert your fiat currency into one in order to complete your transaction.
The withdrawal method on FTX is pretty straightforward and stress-free. You need to decide on which crypto asset you want to withdraw your profit in and then follow the instructions to complete the transaction. You can also set a separate password requested once you make a withdrawal request.
FTX unlike other derivatives trading platform settles all crypto trades and has traders balance in Stable coins based on a USD value. This makes it easy for traders to know the USD value of their crypto assets at all times.
It is also very important to note that withdrawals above $1,000 USD require individuals to complete a KYC verification for security purposes. You will also be required to submit additional documents if you wish to increase your withdrawal limit further.
KYC documents required include your proof of address, ID documents, and a selfie with a piece of paper with the word ‘FTX’ and the ‘Present Date’. You can visit the FTX site for more information.
FTX Review On Supported Currency
FTX provides traders with the ability to speculate on a wide array of cryptocurrencies, stocks, tokens, fiat currencies, and crypto indices.
- Lite coin
Traders can also easily hedge their crypto exposure on FTX with a basket of crypto assets created in the form of a crypto index funds, the first in the crypto trading industry.
- Altcoin index
- Midcap index
- Shit Coin index
- Exchange Token index.
FTX Review On Leverage Trading
FTX remains one of the only crypto derivatives exchanges that offer leverage as high as 101x to its clients. With this leverage, traders can increase their position size, take on more risks and exposure in the crypto market and really make the most from every little move in the market. But it is also important you keep in mind that leverage is a double-edged sword. The higher your gains can be also means the larger your losses can become.
Due to the very high regulations put in place by the US authorities on all crypto derivatives trading, FTX does not offer its services to traders based in the US. The lack of anonymous accounts on the platform also makes circumnavigating this restriction impossible.
For a list of crypto exchanges that allow the creation of anonymous accounts, please read our Best Bitcoin Trading Platforms article.
FTX Review On Trading Platform
FTX has one of the most versatile and advanced trading platforms in the crypto industry. These platforms were designed with simplicity and efficiency in mind, making it an instant favorite for all types of traders. There is another exchange with very similar platform, it’s called PrimeXBT.
The FTX trading platform has numerous inbuilt features that makes it stand out from the crowd and makes it one of the best platform for your trading needs. These features include:
- Offering of The World’s First Ever Crypto Currency Index Futures:
FTX is the pioneer of the world’s first ever crypto currency index futures that offers traders the ability to speculate on the price movement of a basket of various crypto currencies and crypto currency funds. This crypto index can be traded directly from the FTX trading platform.
- Offering Wide Varieties of Leverage Tokens:
FTX also introduced the trading of leveraged Tokens on its trading platform, making them one of the first in the world that allows the trading of leveraged tokens. These tokens can also be traded on either the futures market or the options market, making FTX the most diversified and advanced crypto derivatives trading platform in the world.
- An Innovative Way That Makes Crypto Hedging Easier:
The FTX trading platform with the use of the crypto index futures and leverage Tokens also offers traders a better and easier way to hedge their risky positions and reduce their exposure to the market. This innovation is a much-needed development in the cryptocurrency trading industry as more and more crypto traders are looking for efficient ways to hedge their risks and crypto positions.
4. A Simplistic Interface That Is Easy to Navigate:
The FTX trading platform also comes with a simple and clean interface that allows traders easily carry out their technical analysis, pick crypto pairs they wish to trade, monitor their open positions and participate in the crypto market in the best way possible.
The platform also makes it easy to place and manage multiple types of advanced orders like:
- Limit order
- Market order
- Stop limit order
- Stop market order
- Trailing stop order
- Take profit limit order and
- Take profit market order
FTX also has a custom-made mobile app that suits the needs of its users who wish to manage their open positions while on the go. This app comes with a clean chart that allows users carry out technical analysis, it also has numerous inbuilt indicators and features. It also allows users to place trades, close trades and monitor or manage open positions.
The app is available for both Android and iOS users and can be found on the company’s website, the play store and the app store.
Trading Charts/Trading View
FTX makes use of trading view chart kit to offer charting features to its numerous customers. This charting tool kit comes with a clean charting interface that can be easily customized by the user, inbuilt indicators and drawing tools that can be of aid for carrying out technical analysis and an order monitoring panel that allows you monitor all your open trades from one single place. The chart also allows users to create and import their own custom made indicators, backtest their trading strategy as well as change the chart type being displayed.
FTX also allows placing of basic and advanced order types, making it possible for traders to properly position themselves for rapid market moves as well as for managing open positions through the use of Limit Orders, Stop Limit Orders, Trailing Stops and Take Profit orders.
FTX supports both technical analysis and fundamental analysis of all crypto pairs on its trading platform. Here are some of the inbuilt features of FTX that helps traders create a trading edge in the crypto markets.
- The platform comes with numerous built-in indicators and charting analysis tools users can utilize to carry out an in-depth technical analysis before taking a position.
- You can easily create and import your own custom tools, indicators, and EA on the platform
- FTX offers users the option to get different news services delivered directly to the platform
- FTX offers price alerts, conditional orders, and limit orders for you to use while making a trading decision
- You can also check your order history and the details of all your closed positions for your trading account in your data section.
FTX Review On Customer Support
Adequate customer support is very essential to traders and often overlooked by many in their search for the best crypto trading platform to use. FTX understands the importance of this service and offers its clients a team of highly skilled representatives. This team can be contacted in many easy and fast ways, helping users receive help in a timely fashion.
As of writing this review, FTX offers its clients two channels for contacting the customer support team, through Telegram and WeChat. The reply time for these channels is quite fast and the customer care unit is quite knowledgeable and qualified, so you can rest assured to find help and qualified guides no matter what your problem on the platform may be.
FTX also offers blog updates with cookies to help you easily navigate the site. Anyone can also gain access to the YouTube video training sessions that it constantly reviews and updates with useful information for new traders to read, watch, and learn from.
Although still relatively new, FTX has risen to be a trailblazer and a powerhouse in the crypto derivatives trading industry. Their trading portfolio is quite impressive as they offer traders the ability to trade a wide variety of crypto pairs. Their trading platform also stands out with its simplistic designs, security and efficiency for all types of users.
Not only that, FTX has also become a favorite among crypto enthusiast for their numerous new features, innovative trading approaches and implementations they have brought into the crypto market. FTX is making investing in cryptocurrency an easier, transparent and straight forward thing to do.
FTX has lower liquidity than BitMEX. But, if you are looking for a trading platform with low fees and a drive for innovation, a platform that is not afraid of trying out new things or implementing new approaches that would help you manage your risks better and become more profitable, then FTX is the best choice for you.
You can also check out our complete in-depth list of Best Bitcoin Trading Platforms for more crypto trading platform alternatives.