The Ultimate FTX Review (For 2022)
The Ultimate FTX Review (For 2022)
FTX Pros
  • Exchange is highly safe, and questionable actions are monitored strictly.
  • Very easy to convert currencies from one type to another.
  • Users can purchase and invest in Non-fungible tokens(NFTs).
  • There are around 100 distinct cryptocurrencies that are allowed on the platform.
  • Investing/trading costs are inexpensive, and several discount deals are found.
  • Staking is offered, allowing users to profit from their cryptocurrency.
  • Users can gain rewards by retaining and investing in FTX’s token (FTT).
  • An FTX debit card is available.
  • It Is equipped with a very trustworthy and swift trading engine.
  • NFT marketplace
FTX Cons
  • Fees for withdrawing money in U.S. dollars are exorbitant.
  • There isn’t any Live Chat assistance available.
  • Residents of the United States will have a much more highly restricted platform.
  • Some prominent cryptocurrencies are absent on the platform.

If you’re new to crypto trading, or you found your way to FTX by simply asking yourself, what is Defi? Here’s all you need to know about this exchange.

The FTX Exchange is one of the world’s most prominent crypto exchanges, with low trading fees. FTX.US, the company’s US-based market, has a lower cryptocurrency variety and low fees but still offers many services such as over-the-counter and margin trading.

In terms of daily trading volume, FTX has since its launch established itself as one of the top five crypto derivatives exchanges, supporting leveraged tokens, stocks, and futures trading.

Determine if FTX is the right cryptocurrency platform for you by reading our complete FTX exchange review, which will teach you virtually everything you need to know about FTX. 


Two people created FTX, the current president Sam Bankman-Fried, who was previously a trader himself, and current CTO Gary Wang in 2019, a former Google software engineer.

In 2017, before founding FTX, the pair founded Alameda Research Ltd, a cryptocurrency liquidity provider and leading quantitative trading platform. Alameda assists FTX in 24/7 OTC services and maintains deep order books.

FTX is a cryptocurrency derivatives exchange that offers leveraged tokens and derivatives services.

The FTX marketplace has many options that skilled investors and commercial trading organizations would value, but it also provides simple spot selling for newbies to the crypto industry.

The FTX platform is divided into two types. Users outside of the United States can access the primary FTX platform. It has a wider range of cryptocurrencies and more services, such as cryptocurrency derivatives trading. 

Users across all cities save New York can get FTX.US, which is way more basic.

You may make deposits with an ACH electronic transfer or a wire transfer once you create an account for an FTX account and confirm your identification. Once the funds are accessible, you can use them to purchase any of the cryptocurrencies offered by FTX via its mobile app or web platform.

The mobile app and the web platform of this crypto exchange have an easy-to-use design that includes several educational contents.

As a centralized cryptocurrency exchange, FTX has several features and advanced trading products that professional trading firms and experienced traders will find invaluable; likewise, it offers basic spot trading that beginners new to trading crypto appreciate.


FTX has indeed been drawing customers at an unprecedented level as an upcoming cryptocurrency derivatives trading platform with a wide variety of innovative trading tools.

FTX was the first cryptocurrency exchange to provide different and novel trading tools, including leveraged tokens or MOVE contracts, which have distinguished the platform.

These key features are:

  • Outstanding Customer Assistance: FTX offers a variety of tools and information to assist customer accounts in navigating the site and forums that operate in nearly ten languages.
  • Fiat Currency Transactions: Customers can send money in U.S. dollars, euros, Canadian dollars, British pounds, and Australian dollars. Credit card transfers are also accepted on the platform. 
  • 101x leveraging: FTX offers significant leveraging of up to 101x, allowing FTX users to maximize their earning capacity.
  • Stablecoin Settlements/Easy Currency Substitutions: Customers can change cryptocurrencies outside their wallets and exchange all derivatives with a single reserve wallet. 
  • Commercial Level Services: Top-of-the-line products like ample liquidity and order books, available disbursements, a liquidation capital, and an OTC office to its clients are offered by FTX. 

Products Traded

The founders of FTX have recognized various investment deficiencies and are aiming to develop their platform by providing a unique set of trading goods and advanced trading options. These products include:

 FTX also offers groundbreaking MOVE agreements, which serve as futures and expiration depending on the raw percentage of BTC that moves over a specific amount of time (daily, weekly or quarterly); this enables users to speculate on how much Bitcoin will rise and benefit in either direction.

The total unpredictability of BTC pricing over a specific timeframe is the primary factor of a contract’s value using MOVE contracts.

FTX move contracts are excellent ways for fundamental and beginners traders to partake in markets by trading future volatility.

Futures Trading

Futures FTX offers semiannual and endless futures contracts on more than 20 popular digital assets and currencies. Users can trade futures on coins including Bitcoins, Dogecoin, Binance, and LINK. 

Index Futures are also listed on the platform, allowing customers to trade multiple sections of the crypto space more effortlessly. Huge coins (ALT-PERP), semi coins (MID-PERP), and tiny coins are examples (SHIT-PERP). 

By choosing the optimum index, FTX users can indeed trade transfer vouchers (EXCH-PERP), personal data tokens (PRIV-PERP), and geographic baskets (DRGN-PERP). Furthermore, FTX lists Oil deals that expire at the market price of WTI oil.

  • Tokens that have been leveraged

FTX sets an unlimited amount of 10x on all accounts as a protective measure; the platform allows for up to 101x leverage.

The exchange also offers over thirty different leveraged tokens, making it simpler for advanced traders to obtain leverage. The BULL and BEAR tokens, for example, efficiently handle their awareness and rebalance daily to keep their goal leverage and avoid liquidations.

These are ERC20 tokens that let investors go 3x long or 3x short in several major virtual currencies, such as Bitcoin, Ethereum, Links, Binance. Leveraged trading is more suited to experienced traders, as it comes with high risks., as leveraged tokens require a deep understanding of the crypto market and the underlying asset itself.

  • Spot Trading 

Users can buy a variety of major digital currencies on spot markets and exchange them in more conventional methods. Bitcoin, Ethereum, Binance, etc., are among the prominent digital products accessible for spot trading on the platform. 

Currencies Accepted

FTX offers an astounding range of fiat and virtual cryptocurrencies for depositing, selling, and withdrawals. Experienced traders and beginners enthusiastic about depositing and withdrawing fiat can do so in the below currencies at the moment:

  • Canadian dollars
  • Australian dollars
  • U.S. dollars etc. 

FTX also allows crypto traders to trade in various currencies, with cryptocurrency exchanges possible for Fifteen assets. Over 45 tokens are available for leverage trading. In addition, FTX offers special altcoin indexes, Bitcoin options, MOVE contracts, cryptocurrency futures, and spot trading. As a consequence, the following cryptocurrencies are currently available for trading on FTX:

  • Dogecoin (DOGE)
  • Bitcoin Satoshi’s Vision (BSV)
  • BitMax Token (BTMX)
  • Cardano (ADA)
  • Algorand (ALGO)
  • TomoChain (TOMO)
  • OKB
  • BiLira (TRYB)
  • Cosmos (ATOM)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Binance Coin (BNB)
  • Tether (USDT)
  • FTX Token (FTT)
  • Bitcoin Cash (BCH)
  • XRP
  • Tezos (XTZ)
  • ChainLink (LINK)
  • EOS
  • Ethereum Classic (ETC)
  • PAX Gold (PAXG)
  • Huobi Token (H.T.)
  • Tron (TRX) 

Deposits and Withdrawals

FTX accepts fiat deposits and withdrawals in the most popular currencies, such as the U.S. dollar and euros. These cryptocurrencies can all be deposited into the user’s account:

  • Bitcoin
  • Bitcoin cash
  • Ethereum 
  • Litecoin
  • BiLira etc. 

FTX covers the blockchain withdrawal fees, so there are no payments for cryptocurrency deposits or withdrawals. On the other hand, Fiat withdrawals under $10,000 incur a $75 fee, while other transactions are free.

Except for Silvergate SEN, FTX only handles electronic payments on weekday evenings, and Dollar bank transfers may take one workday to complete, while non-USD transactions can take more time.

One can use their FTX account to perform a fiat deposit or withdrawal, and users can also choose the fiat currency they want to use. One could also switch any fiat currencies to Dollars using your FTX wallet’s button for conversion, which will convert your preferred fiat currencies from your bank account into USD stablecoins and other digital assets.

A wallet like the CoinStats Wallets can help ease this process. CoinStats is among the best Crypto portfolio trackers.

A third-party OTC desk processes all fiat transactions, and fiat transactions are only accessible to Level 3 KYC-certified users. After transferring or receiving fiat for the first time, the FTX team encourages users to contact them and has also created a guide. 

Trading fees

FTX offers competitive trading fees to cryptocurrency traders as a cryptocurrency trading platform. Institutional and retail traders should know several commissions and trading fees are applicable when using FTX.

Maker and Taker Fees

FTX uses a tiered fee structure for its futures and spot markets. Trading platforms often charge lower trading fees to encourage larger order books on their exchange. Based on a 30-day trading volume, there are six tiers of FTX fees.

FTX trading fees charge tier 1 traders a maker fee of 0.02% and a taker fee of 0.07%. On the other hand, tier 6- the highest tier comes with 0% in maker fee and 0.04% in taker trading fee. Discounts are based on increased trading volume, which benefits high-volume traders.

Withdrawal and deposit fees

Deposit and withdrawal fees vary, FTX.US isn’t charging for withdrawals or wire deposits currently, but it reserves the right to charge a deposit fee of 1% on wire transfers( with a $35 maximum and $5 minimum)

FTX doesn’t charge any withdrawal or deposit fee for crypto trading transactions from and to your digital wallet. However, if your withdrawal or deposit surpasses your trading volume, FTX can charge you a crypto trading fee of up to 0.10%. 

If you are liable to pay this fee, FTX will contact you. A $75 fee is charged on fiat withdrawals on any amount below $10,000. The low fees are another feature that stands out on the FTX exchange. 

FTX Account

Professional traders are offered an exclusive VIP program to trade crypto, which includes several perks such as:

  • Flexible API Limits
  • Lower trading fees
  • Direct access to senior developers
  • Option to provide inputs on new FTX products
  • Discounted account managers


The exchange has managed to avoid malicious attacks and significant attacks by having been in operation since 2019; however, we have to assume they utilize all the established best security practices, as the team doesn’t give much away regarding their security protocols.

It is known that the FTX team uses full SSL encryption on their website. Users of FTX are also encouraged to secure their accounts by activating two-factor authentication- which requires a code to access funds for cryptocurrency transactions and withdrawals, using Google Authenticator, Sim Verification, or Authy.

The FTX team also elaborates on their backstop liquidity provider system and unique liquidation engine, which helps make up a three-step solution that handles limiting calls and drawbacks. 

The FTX liquidation engine uses efficient and intelligent values to close positions before they become negative and manage liquidations.

The FTX insurance fund has also been placed to prevent customer losses in the event of sudden adverse market movements, which could result in several open positions on the exchange facing liquidation risk. Traders who unwillingly close their positions are paid out of the insurance fund.

Customer Support

FTX has curated an extensive set of articles and guides on the different features of the exchange

The FXT crypto exchange doesn’t offer phone or live chat customer support; customer service FTX prompts users to submit tickets online via its mobile app of the FTX website.

FTX provides channels to contact their customer support teams, such as support email and Telegram. Beginners can use the ‘Help’ link button at the bottom of the page to browse through the FAQ section on the website. There is an extensive list of articles that cover a broad range of topics such as:

  • Account and KYC Verification
  • FTT Token
  • Deposit and withdrawals
  • FTX Trading Competitions and Events
  • Fees
  • Crypto Trading
  • API
  • Mobile App
  • OTC 

Final Thoughts

FXT stands out as a legitimate cryptocurrency exchange. Users of FTX are offered innovative trading products in the leveraged tokens and futures space. Users will not be short of trade opportunities with over 100 trading pairs to select across leveraged tokens, futures, indexes, and options.

FTX has proven itself and in times of market volatility as one of the only centralized exchanges to hold up. When other exchanges have suffered downtime, FTX has shined.

The opinions expressed in his review do not constitute investment advice; retail and institutional traders should seek independent financial advice before making any financial decisions on financial products and engaging in cryptocurrency trading. 

Past performance is no guarantee to future performance.

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