FTX Exchange is a great cryptocurrency exchange for both people who are new to crypto and those who have been trading for a long time. They did a great job building a platform for advanced trading, with so many different investment markets like futures, forex, volatility products, and leveraged tokens. The fees are very low, starting at just 0.02 percent for makers and 0.07 percent for takers. There are also discounts for trading a lot of FTT coins and even for just holding them.
FTX Exchange works in over 200 countries around the world, with over 275 coins and 10 fiat currencies. However, it is not available in the U.S., Japan, and a few other major markets. It’s too bad that it’s not available in the US, but the good news is that Americans can use the FTX.US site. The site is similar, but it only lets you trade in the spot market. This is because the rules in the US are much stricter, so trading in derivatives is not allowed.
What is FTX Exchange
FTX Exchange is a cryptocurrency exchange that focuses on trading. It has a wide range of products, such as derivatives, options, volatility, products, and leveraged tokens. The exchange is based in the Bahamas and has access to a wide range of cryptocurrencies and advanced trading tools.
The FTX Exchange platform has a lot of features that both experienced traders and professional trading firms will find useful. It is also easy to use for people who are new to the cryptocurrency market. People can find most of the coins they want to invest in on the FTX Exchange since it supports more than 285 of them.
How Does FTX Exchange Works
Retail and institutional traders both have access to the FTX platform, where they may buy and sell futures, options, leveraged tokens, fiat currency, cryptocurrencies, and non-fungible tokens (NFTs) (NFTs). Below are some of the amazing features FTX Users access:
FTX Futures and Perpetual Futures
No matter how long the future goes on, it will never end. Instead, a funding payment of [1-hour TWAP of Premium] / 24 is made to all perpetual contracts every hour. Perpetual futures may be kept in line with the underlying index without ever having to close out bets for expiry because of this.
BTC, ETH, EOS, XRP, and USDT are among the several cryptocurrencies with futures contracts available on the Futures Trading Exchange (FTX). This quarter’s contract, the contract for the following quarter, and the coin’s everlasting future are all tied to the same coin. The futures listed on FTX differ from other major cryptocurrency futures in the following ways:
- FTX futures are stablecoin settled, you deposit stablecoins as collateral for all of the futures, and your PNL is settled in stablecoins. This means that you get legitimate USD-based price exposure and settlement, without needing a bank account; you can also use the same base currency as collateral for all of the contracts, making it easy to shift your positions around.
- FTX futures have a unique backstop liquidity provider program that jumps in to provide to accounts in danger of bankruptcy, helping to avoid clawbacks.
- FTX futures have careful, measured margin calls to avoid large price dislocations.
FTX Spot Margin
The spot margin trading function of the FTX exchange enables users to trade various crypto pairings by allowing them to borrow additional funds in order to do so. This function is not yet accessible to all users; but, if you’ve been using the FTX exchange for a while, there’s a good chance you’ll be able to utilize it in the near future.
You don’t have to keep track of different spot margin requirements for your futures and spot holdings. In order to prevent liquidation, you need collateral with a total value that fulfills the margin requirements for each contract (initial margin fraction and maintenance margin fraction).
FTX Prediction Market
The FTX exchange prediction market mechanism is a tool that functions like a synthetic trading bot that allows users to predict the movement of a coin in a given period of time. currently, the FTX Prediction market only has the Bolsonaro 2022 and Trump 2024 available.
FTX Pay
FTX Pay is a widget that lets your site, app, or store accept both crypto and fiat payments. It is offered by FTX, which is one of the most trusted and well-known crypto derivatives exchanges in the world. Even though it came late to the market, Sam Bankman-Fried has led FTX to become one of the largest exchanges of its kind. Over a million people around the world now trust FTX.
FTX Pay is not available in the U.S. because of government rules, but it can be used in almost every other country in the world. It’s very easy to add FTX Pay to a website or app. It comes with code that makes a “Pay with FTX” widget that is easy to put on a website.
FTX NFTs
If you’re hearing this for the first time, it would be wise to check out our blog article that explains what NTFS is. Although everyone is aware of what NFTs are, this information may be new to you. The FTX Exchange has recently added an NFT platform to their feature so nft creators can list their nft projects on the platform.
FTX Staking
If you possess a cryptocurrency that supports staking on FTX, you may “stake” a portion of your holdings and receive a percentage-rate reward over time. This is commonly done via a “staking pool,” which is comparable to an interest-bearing savings account.
The blockchain puts your crypto to work, which is why it receives incentives when staked. Cryptocurrencies that support staking utilize a “consensus technique” known as Proof of Stake to guarantee that all transactions are validated and safe without the involvement of a bank or payment processor. If you choose to stake your cryptocurrency, it becomes a part of that process.
How to Set up FTX Account
- Start by visiting www.ftx.com.
- Click on “Register” located in the top right corner of the website.
- Enter your email address and a secure password.
- Agree with our Terms of Service.
- Click on “Create Account”.
- complete your Identity Verification and your Set.
What Coins Are Registered On FTX Exchange
FTX provides access to over 500 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Chainlink (LINK), and Avalanche (AVAX). New cryptocurrencies are being added regularly. A few notable cryptocurrencies are missing from FTX, including massively popular cryptocurrencies like Cardano (ADA).
FTX Deposit Fees:
Depositing cryptocurrency and fiat into FTX is free.
FTX Trading Fees:
FTX charges 0.02% for makers and 0.07% for takers, with discounts based on increased trading volume, as per the following table. If you hold FTT tokens (FTX’s own coin), you also receive discounts on FTX trading fees. The discount you receive is based on how much FTT you hold.
Support/Customer Service:
FTX exclusively offers online, email, and Telegram chat assistance. A team member will contact users who submit online tickets. FTX doesn’t offer phone or live chat assistance. It provides support articles and user education resources.
Pros and Key Features of FTX
Below are some reasons you should use FTX
- Quickly and easily swap one coin or currency for another
- Mobile app for iOS and Android
- Over 275+ different cryptocurrencies supported
- Low trading fees, with discounts available
- Staking available – earn interest on your cryptocurrency
- Hold and stake FTX’s token (FTT) for benefits
- NFT marketplace – buy and sell NFTs
- 1% of all net fees donated to charities
- FTX Pay – get paid in fiat or crypto
- Advanced markets – futures, stocks, leveraged tokens, volatility, forex
- Extremely secure exchange – suspicious activity is monitored
Cons and Disadvantages of FTX
Although FTX is an excellent trading platform, there are a few points where it could improve:
- It-Not is available in the USA due to strict regulations. However, there is a separate site called FTX.US that is supported in the States.
- Expensive USD withdrawal fees
- No Live Chat support
Conclusion
Its primary application is in the trading of cryptocurrency derivatives. The Bitcoin options trading offered by FTX has become increasingly popular. This platform attracts the attention of several hundred traders all over the world due to the presence of 45 or more FTX leveraged coins. The cryptocurrency exchange offers a variety of benefits, ranging from the leverage of 101x to eternal exchanges of 20+ coins.
Clients of FTX, much like customers of many other cryptocurrency exchanges, generally have unfavorable things to say about the company. The customer support department at FTX is the primary focus of most user complaints. The length of time it took for customer service to react to support tickets was a recurrent issue that was the subject of many of the complaints.
