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.
Is FTX Exchange Safe?
FTX is a BIG SCAM as the owner or CEO Sam Bank-fried has been sentenced to jail lately for mismanaging investors funds and therefore filing for bankruptcy as a result of lack of liquidity.
The Pros and Cons of FTX Exchange
CONS
- Unlike most competitive platforms that offer live phone support to new investors, FTX advises investors to open a support ticket with their team using an online portal.
- While FTX’s selection of digital assets includes many of the most traded cryptocurrencies, its offerings, at 21, are lower than those offered by top-tier competitors.
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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5 Reasons Why You Should Avoid FTX Exchange
Below is our 5 reasons you should avoid the FTX exchange
- The official token of FTX exchange (FTT) has been delisted by most of the reputable crypto exchanges due to lack of liquidity.
- The CEO has been engaged in series of fraudulent activities in the past.
- The CEO have had several failed business which he ended up filing for bankruptcy to create a safe landing for himself and therefore enriching himself with investors funds.
- The CEO lacks good management of investors funds and was known to engage in serial giveaways on the internet.
- The platform couldn’t stand a test of time as 2022 was a critical year for the crypto market.
Conclusion
FTX Exchange was one of the leading centralized crypto exchange specializing in derivatives and leveraged products which offers an exciting range of derivative products that traders may find exciting and supports a growing list of fiat currencies.
Since the exchange has been closed, the FTX saga brought a big mistrust on other reputable exchanges because no one expected such from such a big crypto exchanging which made away with investors funds. The CEO (Sam Bank-Fried) has been put behind bars and to be bailed with the sum of $250M which is not even up to 5% of the stolen money.
The CEO is expected to rollup a similar business model with another name and identity which you all need to be careful in the future.
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