FTX US Review: Cryptocurrency Exchange Fees 2022 for USA
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FTX US Crypto Exchange Overview
Open Google and search for the top cryptocurrency exchanges based on trading volume. Were Binance, Coinbase, and Huobi the first three names that popped on your screen? Indeed, a fourth name—FTX, a crypto exchange that did not exist three years ago and is currently ranked among the top five exchanges in terms of volume—may be unfamiliar to many. Now, you might be wondering what has made FTX so successful and, more significantly, how it is different from other trading platforms.
Read on in this comprehensive FTX US review to find the answers to all of these questions and more. However, before getting to the nitty-gritty, let’s pay some attention to the eventful history of this new-yet popular crypto exchange.
(Not interested? Skip to the review)
The Evolution of FTX Exchange
COVID-19, which caused humankind to undergo a worldwide shift, has been in effect for more than two years. This shift brought a slew of possibilities, opening a whole new universe for rising industries such as cryptocurrencies. However, throughout 2021, the value of bitcoin skyrocketed, temporarily surpassing $60,000 in March. This meteoric increase in cryptocurrencies has resulted in the creation of billionaires who have become members of the Forbes 400 list—one of them is Sam Bankman-Fried, the founder of FTX.
After doing a Bachelor of Science in Physics from the Massachusetts Institute of Technology, Sam began working at New York-based Jane Street Capital. He gained experience trading several cryptocurrency exchange-traded funds (ETFs) and stocks and was responsible for developing the company’s over-the-counter trading system.
Later, Sam launched a trading business, Alameda Research, with Gary Wang in 2017. The name was derived from California’s Alameda County, which was the home county of Bankman-Fried. In 2019, Sam Bankman-Fried and Wang decided to launch a digital currency products exchange designed by traders for traders—FTX.
Binary, a cryptocurrency exchange platform that purchased FTX shares the same year, boasted a daily trading volume of about 0.5 billion USD across its products in the most recent quarter. Later on, FTX purchased Blockfolio, which allows its customers to manage their digital currency portfolios more easily. As a result of its rapid growth over the last three years, the company became one of the most popular and fastest-growing cryptocurrency exchanges, with annual average trading volumes exceeding 250 billion US dollars.
What is FTX US?
FTX is a cryptocurrency exchange established by traders for traders. Given its volume, FTX enables individuals to trade in cutting-edge goods such as derivatives that are first in the industry, leveraged tokens, and volatility products. The exchange platform, which includes both the web and the mobile app, strives to be intuitive and powerful enough for beginners and experienced traders alike.
One feature that makes the FTX US platform stand out is the no-cost approach associated with the deposit or withdrawal of cash on the platform. Suppose your profile has been validated via the most recent KYC procedure. In that case, the exchange will enable you to withdraw an unlimited amount of money in both fiat and cryptocurrency. To deposit and withdraw funds through wire transfers, you must use one of the ten fiat currencies supported by the FTX exchange. These currencies include EUR, USD, AUD, CAD, Pound Sterling, etc.
What Does FTX US Offer?
Bitcoin, Ethereum, and Tether are among the cryptocurrencies available as perpetual and quarterly futures on FTX US. Moreover, over 100 spot trading pairs are available for trade on the exchange in some of the most popular cryptocurrencies, such as Chainlink and Solana, via Coinbase. In addition to the items listed above, the exchange also provides leverage tokens, options, and MOVE contracts. One of the key features of the FTX US review.
If this is what you are looking for, follow this link for a free signup for FTX US and receive a 5% discount on all trades.
FTX provides a comprehensive trading experience in various markets, including spot, derivatives, futures, and even stocks. Users may buy, sell, and trade cryptocurrency by selecting it from the “spot” option at the top of the FTX US platform. Moreover, Candlestick charts, live order books, and the ability to execute market, limit, and stop-loss orders are available via the user interface.
On top of that, users may develop trading bots and automation in the “Quant Zone,” which allows for executing automated transactions depending on predefined parameters. Users may mint, list, purchase, and trade NFTs from both the Solana and Ethereum ecosystems on the FTX NFT marketplace, accessible via the FTX US exchange.
Tiered Maker/Taker Fee Structure
It’s hard to believe that FTX US has the most affordable trading costs, from maker and taker fees beginning at 0.00% to 0.40%, respectively, of the total trade value. The taker fee is contained on orders completed immediately. In contrast, the maker fee is levied on those not filled right away. That is already a significant discount from what many leading cryptocurrency exchanges charge as opening rates. Below is an overview of FTX’s trading fees and discounts for FTT holders.
FTX US Security
To protect users’ personal information and the security of money maintained on the exchange, FTX US provides the most up-to-date security features available in the crypto exchange industry. Security mechanisms like two-factor authentication, cold wallet storage, the option to freeze accounts, and even the ability to set up passwords for withdrawals have prevented any hacks or security breaches, resulting in a safe and secure trading environment for all participants in the cryptocurrency market.
Some build-in features in the FTX US include:
- Human Review
- Withdrawal Lock
- Backstop Liquidity
- Safelisting IPS and Wallets
- Login Functions For Subaccounts
- Suspicious Transactions Monitoring
Without a doubt, FTX US is giving other cryptocurrency exchanges a run for the money by offering the NFT minting option to its platforms. This approach is simple and safe, and it is used for both registering and minting NFTs. As a result of the efforts of FTX US, the digital artist community will continue to flourish. At the same time, crypto enthusiasts will be able to easily invest in NFTs and one-of-a-kind digital art on the same platforms where they trade cryptocurrency.
Up to this day, no users of FTX have reported any hacks, spam, or data breaches due to the company’s high-security measures to safeguard the information and assets of its clients on both basic and international platforms (FTX.us or FTX.com).
Opening an FTX US Account
You must first complete the procedures outlined below to register yourself on the exchange. This is especially important for beginners and those just starting in the market.
- Go to FTX.us and click on “Register” in the top right corner of the website.
- Enter an email, password, and check the “Terms & Conditions” box (It is recommended to read the terms before proceeding forward).
- After that, click on the sign-up button. However, note that your account has been created but has not yet been validated. To do so, you must go through a simple yet critical Know Your Customer (KYC) procedure.
- FTX’s Know Your Customer (KYC) procedure allows you to validate your account. Once you have completed the requisite KYC procedure, you will be able to begin trading on the exchange’s online trading platform.
Or Simply follow this link for your free account and get 5% off all trading fees.
Opening an FTX App Account
FTX enables you to trade using a variety of channels, including websites and mobile applications. This section will show you how to register for an account using the FTX application.
- Start by launching the FTX mobile application on your mobile device. You will be greeted with a welcome window that will prompt you to log in or register. If you are a first-time trader on the FTX, choose the “register” button.
- Following that, the platform will ask for your email address and password. If you have a referral code, you may enter it in the box. If you don’t, you may leave it blank.
- After agreeing to the terms and conditions by selecting the “I agree” box, the next step will be to construct your profile, and you’re done.
FTX US Drawbacks
Customers have complained about the Know Your Customer (KYC) procedure and the inability to access their monies. However, some traders had concerned with a lengthy wait while making a deposit or obtaining a withdrawal. Finally, users have also expressed dissatisfaction with the response times of FTX US customer support personnel since there is no phone number to contact or live chat function available. Overall, there have been a few complaints. Still, FTX US has around 1.2 million registered users, making it one of the most acclaimed cryptocurrency exchanges worldwide, with relatively low withdrawal fees and a user-friendly platform.
FTX US Review Conclusion
FTX is a reputable cryptocurrency exchange platform that enables you to trade in cryptocurrencies and cryptocurrency-related derivative products. The exchange accepts several different cryptocurrencies, including Bitcoin, Ethereum, Chainlink, Litecoin, Ripple, and many more types of digital assets. It doesn’t matter what degree of expertise you have in the crypto market; if you’re seeking a trading exchange that can supply you with variety, FTX US is the place for you. In addition, the exchange charges reasonable fees, allowing you to make the most of every transaction you make.
If you would like to know more, look over our article that compares FTX vs Coinbase.