FTX.com Review

Rating: 4.5 / 5
31 Oct 2021

If you’re serious about cryptocurrency trading, FTX.com is an excellent choice. Their platform is ideal for intermediate to advanced traders. However, with a bit of practice, you can excel as a beginner.

 

Reviews

FTX.com review - Cryptocurrency derivativies exchange

FTX is among the newest cryptocurrency exchanges on the market, and it’s also one of the most popular. They offer a wide range of cryptocurrencies you can trade with, along with more advanced features like futures and leveraged trading.

As a result, experienced traders tend to gravitate towards FTX.com. Nevertheless, it’s a great platform for new users who are serious about becoming crypto traders.

In this guide, we’ll cover the most important things you need to know about using FTX.com so that you can determine if creating an account with them is the right fit for you.

FTX.com review - Cryptocurrency derivativies exchange

About FTX.com

FTX.com got its start in 2019. Despite being such a new cryptocurrency exchange, it’s become a popular and trusted platform for intermediate to experienced traders. In addition to providing standard crypto spot trading, they offer derivatives, options, and leveraged tokens.

That said, their team, which has a background in tech and Wall Street, designed their exchange so that beginners can try their hand at crypto trading. Nevertheless, it’ll take a crypto newbie more time to get familiar with the busy-looking nature of FTX.com’s charts and resources—something that’s invaluable to more experienced traders.

FTX also dips its toes into the charity world. They donate 1% of all their net fees to charities fighting against climate change.

FTX.com review - Cryptocurrency derivativies exchange

Top Features of FTX.com

Understanding the features and benefits of a crypto exchange is crucial when comparing platforms to use. Below are some of FTX.com’s most notable stand-out features.

11 Fiat Choices

FTX.com offers among the highest number of fiat options of any cryptocurrency exchange. Having fiat choices is essential for traders since you won’t have to pay fees to convert your money into a usable form to trade cryptocurrency.

FTX.com review - Cryptocurrency derivativies exchange

Some of the most popular fiats on FTX.com include:

  • Euro
  • British Pound
  • Canadian Dollar

They also offer Tether, which has ties to the U.S. dollar, and BiLira and the Brazilian Digital Token for Turkish and Brazilian users, respectively.

Furthermore, five of FTX.com’s eleven fiat choices are for futures trading. Of course, that’s not something a crypto newcomer should dip their toes in, but it’s nice to know it’s an option once you gain experience.

FTX.com review - Cryptocurrency derivativies exchange

Staking Rewards

Staking is the concept of holding specific cryptocurrency coins on an exchange for either a set or indefinite period. In exchange, you’ll receive rewards back in the form of that cryptocurrency.
So, staking is an excellent opportunity for people to earn more crypto that they already plan on holding for the long term.

FTX.com review - Cryptocurrency derivativies exchange

FTX.com currently offers four coins you can stake. They include:

  • FTT
  • SRM
  • SOL
  • RAY

Every coin has its own staking policies and reward payouts. For example, you can receive 20% annualized staking rewards for RAY, and you can choose to unstake at any time.

On the other hand, SRM offers a 4% yearly staking reward. Unlike RAY, you’ll receive 2% of the taking reward once per hour. The additional 2% of your staking bonus remains locked until you unstake.

While SOL’s staking rewards fall between RAY and SRM’s, staking FTT on FTX.com offers you an entirely different approach. That’s because FTT is FTX.com’s utility token.

You’ll receive referral rates, free swag NFTs, airdrop rewards, and more by staking your FTT.

FTX.com review - Cryptocurrency derivativies exchange

Over 100 Spot Markets

Having a substantial spot market is a priority for any crypto trader since it diversifies your holdings. FTX.com offers over 100 cryptocurrencies for its traders, and they constantly strive to add new ones.

You can trade big names like Bitcoin and Ethereum to promising Defi projects like Solana. FTX.com also has its share of meme coins, like Elon Musk-trending Dogecoin.

FTX.com review - Cryptocurrency derivativies exchange

The nice part about FTX is that although they offer over 100 cryptocurrencies for trading, they weed out the thousands of cryptocurrencies that are either scam coins or have poor fundamentals.

Of course, that’s not to say that the coins you trade on FTX will succeed—investing in cryptocurrency is a risk, and you should never spend more than you’re willing to lose.

For a complete list of the cryptocurrencies that you can trade on FTX.com, click here.

FTX.com review - Cryptocurrency derivativies exchange

Futures and Leveraged Trading

Futures and leveraged trading are advanced cryptocurrency trading techniques that many beginner-oriented exchanges fail to offer. So, these two features make FTX.com an excellent choice for experienced traders.

FTX.com review - Cryptocurrency derivativies exchange

At the top of FTX’s futures page, you can choose to trade futures for a specific month or select “perpetual.” They offer an extensive list of cryptocurrencies that you can trade with futures.

In contrast, FTX’s leveraged tokens list is even longer since you can choose to trade leverage on -1X to 3X.

As a word of warning, trading with leverage can fast track your account to growing or getting liquidated. Inexperienced traders will almost always experience the latter, so we recommend beginning your crypto journey with spot trading.

FTX.com review - Cryptocurrency derivativies exchange

Referral Program

FTX understands that word of mouth is one of the best (and cheapest) ways to gain new customers. So, they offer a generous rewards program for when the inevitable moment comes that your friends and family get curious about your crypto endeavors.

The rules for joining FTX’s referral program are simple—you can create an affiliate link from your account and send that link to those you know. If any of those people create an FTX account, you’ll receive an award of anywhere from 25% to 40% of their fees.

FTX.com review - Cryptocurrency derivativies exchange

Furthermore, the person who signs up will receive a 5% discount on their fees. The exact reward percentage will be dependent on the amount of FTT your friend staked.

To learn more about the ins and outs of FTX’s referral program, you can view their website for a step-by-step guide on how to get started.

FTX.com review - Cryptocurrency derivativies exchange

FTX’s Costs

As is the case with so many exchanges, FTX offers a tiered fee structure for their spot and future markets.

If you have experience working with other crypto exchanges, you might initially feel put off by FTX’s measly six tiers. However, the first tier starts very low—0.02% maker fees and 0.07% taker fees.

Unless you’re working with a large bankroll, don’t expect to move on to the second tier; it’ll take a 30-day trading volume of more than $2 million to reach a maker and taker fee of 0.015% and 0.06%, respectively.

FTX.com review - Cryptocurrency derivativies exchange

Should you be lucky enough to reach the sixth tier, where your 30-day trading volume is over $50 million, you’ll pay 0% in maker fees and 0.04% in taker fees. What a difference!

Nevertheless, even the first tier on FTX has among the most competitive levels on the market. So, if you’re working with a small bankroll and hate the thought of forfeiting much of your small earnings to fees, FTX is an excellent exchange to use.

Furthermore, you’ll receive a discount on FTX’s fees if you hold their FTT token. Even holding as little as $100 in FTT will earn you a 3% fee discount. The discount increases from there, with $5 million in holdings offers you a 60% fee discount.

FTX.com review - Cryptocurrency derivativies exchange

Customer Support

Like many cryptocurrency exchanges, getting in touch with FTX can take some time. Their contact page instructs current account holders to file an online ticket with their inquires or issues.

If you don’t have an account with them yet, they offer an email address where you can write them.

FTX.com review - Cryptocurrency derivativies exchange

One nice customer support feature that makes FTX stand out from other exchanges is its telegram community. They offer three telegram groups: Main Group, Trading Discussion, and Quant Zone Discussion.

While you should never share personal information on these groups since they’re public, they’re often an excellent resource for getting common questions answered quickly.

FTX’s Regulations

FTX strives to meet local and country-wide laws. Therefore, due to country-specific regulations, they created FTX International and FTX USA.

FTX.com review - Cryptocurrency derivativies exchange

The FTX.us website has fewer trading pairs and currently no derivative trading opportunities compared to the international FTX.com. However, this is the website that U.S. citizens must use.

So, if you’re American, make sure you’re using the correct website before signing up for FTX.

Final Thoughts

FTX.com review - Cryptocurrency derivativies exchange

If you’re serious about cryptocurrency trading, FTX.com is an excellent choice. Their platform is ideal for intermediate to advanced traders. However, with a bit of practice, you can excel as a beginner.

FTX balances a wide range of cryptocurrency pairs without getting too deep into the trenches of untrustworthy projects.

They also offer some of the lowest fees on the market and a rewards program to bring those fees down even more.

What are you waiting for? It’s free to sign up for FTX. So, you can play around with their platform to get a feel for if it’s the right fit for you.

FTX.com review - Cryptocurrency derivativies exchange
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