HomeWallet and ExchangesFTX Exchange Review: Is FTX Exchange Legit and Safe

FTX Exchange Review: Is FTX Exchange Legit and Safe

Exchanges enable investors to trade on different currencies, and FTX is one of the many available.

FTX exchange is a centralized crypto exchange that specializes in leveraged products. The platform offers user-friendly access to multiple cryptocurrencies.

What is FTX Exchange?

FTX exchange is a cryptocurrency exchange platform that offers traders many trading opportunities, such as access to volatility products, derivatives, leverages tokens, and different trading options.

ftx exchange
Photo credit: Cointribune

Is FTX Exchange Safe?

FTX is relatively safe; it was developed and built by “traders-for-traders.” Alamanda research’s team behind its creation has been into trading extensively for some time and has been using other exchanges.

As far as we know, FTX has an excellent record and a strong reputation in the cryptocurrency market.

However, it is still hard to fully say or agree that it is safe given that they are new to the market and have only been around for a year.

We cannot say that it is safe until after going through the test of time like other exchange platforms.

FTX Exchange Ranking

FTX cryptocurrency exchange platform is ranked at No. 5 on the list of the top cryptocurrency exchanges by trust score spot. It deals on over 300 coins with a trading volume of $4,730,937,835, a visit of over 21,737,377, and has over 462 trading pairs.

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These fees are according to the type of activity performed on the platform. These fees are divided into:

  • FTX Deposit Fees

For all deposits of cryptocurrency and fiat into the platform, it is free with no charges.

  • FTX Trading Fees

FTX charges 0.02% for makers and 0.07% for takers, with discounts made available based on increased trading volume. Investors who hold FTT (The platform’s native coin) also receive discounts on FTX trading fees. The discount given is based on the amount of FTT you have.

  • FTX Fiat Withdrawal Fees

USD withdrawal on transactions less than $10,000: $75 fee

For BRL withdrawal: 0.3% + $10

Other fiat currencies: No fee charged

  • FTX Crypto Withdrawal Fees

For BTC transition less than 0.01 BTC: one free withdrawal daily, users pay for blockchain fees.

For BTC transactions greater than 0.01 BTC: free

ETH: Users pay blockchain fees unless they have staked FTT

ERC-20 token: Users pay blockchain fees unless FTT is staked  

All other cryptos: free

If you have FTT started, you will receive several free ETH or ERC-20 withdrawals each day.

How to Use FTX

Now that you have an idea of what the platform is all about, its fee, the level of safety, and what you can do on the platform. We are now looking at how an investor or trader can use this platform.

The usage of this platform is divided into three sections: how to open an account, deposit funds, and trade once your account is funded.

How to Open an Account on FTX

It would help if you went to the FTX registration page to select an email address you would like to use to create your account and password, validated the captcha, and accepted FTX terms and conditions. Then, your account is now ready for use.

Once you register, you will be on a zero level and can withdraw up to $1,000. To increase your withdrawal limit, you would be required to fill a KYC consisting of some personal information before moving to fund your account.

The last step here is to increase the security levels of your account by activating the 2FA.

How to Deposit Funds

Activating a 2FA is an essential step to funding your trading account. To do so, click on your email address on the FTX platform and then on the settings, and your account is activated.

Once this is complete, the next thing to do is fund your account; you have several options depending on your crypto wallet and your KYC level.

You can deposit using a favorable currency of your choice from BTC to ETH, but it would require a KYC level 1. The same goes for stable coins; it is possible to deposit USD, but you must meet the KYC level 3.

Watch the video below to know more about the FTX exchange:

How to Trade on FTX

Now that your account has funds, it is time to start your trading journey. Depending on what you intend to trade, you can go through the different interfaces.

For example, If you want to buy or sell on a BTC spot, you need to click on the market tab and click BTC/USDT or BTC/USD pair according to your choice or the currency used to fund your account.

Then you will be on “a trading view” interface where you can view the trading chart. You also have an order book that consists of past transactions and the trading interface, which has the buy and sells tab. Through this interface, you can confirm to either buy or sell.

FTX is a trading platform that seeks to give both professionals and newcomers access to various trading possibilities with its easy-to-open and trade options. Investors can use this platform as its fees are relatively low.

We hope this article will help explain the FTX exchange platform and how you can use it for your trading activities. You can make your views and opinions known in our comment section.

 

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