FTX is a controlled worldwide cryptocurrency exchange that sets itself apart from the competition by delivering cutting-edge products such as futures, options, and leveraged tokens. It also supports over 300 different cryptocurrencies, which is a lot more than some of its competitors.

However, there are dangers associated with FTX that are inherent in the cryptocurrency market, such as token volatility and even losses due to exchange hacks. However, as more companies enter the industry, more consumers are growing comfortable with crypto investing and trading.

Company overview

FTX, a Bahamas-based cryptocurrency exchange, entered the market in 2019 intending to become the world’s premier platform for trading tokens. It’s now a top centralized crypto exchange worth over $18 billion, just a few years after its creation.

FTX has many items that may appeal to both newbies to cryptocurrency and experienced traders. On its platform, FTX offers spot trading to new investors. FTX allows experienced traders to trade futures, equities, and leveraged tokens.

Cryptocurrencies available on FTX 

For spot trading, FTX provides over 300 coins. A partial list of assets accessible on this exchange is as follows:

• Bitcoin (BTC)
• Ether (ETH)
• Solana (SOL)
• Litecoin (LTC)
• Ripple (XRP)
• Dogecoin (DOGE)

Trading Experience

FTX has a lot of features, and it recognizes that new users can have trouble finding them. This is made easier by the exchange, which gives an overview guide.

On the FTX website, important information is also shown clearly. For individuals interested in staking FTX’s token, FTT, for example, the exchange lays out the regulations. It says that unstaking takes 14 days and that unstaking tokens won’t be counted for staking rewards. Users who want to unstake swiftly can pay a charge, according to the document.

There are many articles organized by topic that explain FTX’s many services, terms, and policies. Take, for example, margin trading. For FTX, this is a crucial product. Given how complicated margin trading is, FTX does a great job of explaining what its terms mean. What causes a margin call is one of the most common questions among those who engage in margin trading.

If a user’s so-called Margin Fraction falls below their Maintenance Margin Fraction, their account can be liquidated, according to FTX. The maintenance margin percentage of a customer is 6%, according to FTX. Liquidation will begin if the customer is 16.66x leveraged.

Fees

The maker/taker fee structure of FTX is tiered, and trading costs are dependent on 30-day transaction volumes. The People who own the FTT token pay less for platform fees.

FTX users may be charged withdrawal fees, as well as costs for trading or producing leveraged tokens, in addition to trading fees.

Security 

The following are some of the industry-standard security measures offered by FTX:

• A hot and cold wallet solution designed specifically for you
• All hot wallet funds have full external backing
• Each account requires two-factor authentication (2FA)
• For crypto withdrawals, 2FA and a password are optional
• Connections to industry-leading custodians

Opening an FTX Account

It’s straightforward to open an account with FTX. From start to finish, the exchange takes you through the process step by step.

To get started, you’ll need to double-enter your email address and establish a secure password.

After creating an account, FTX requires new clients to verify their identities before they can trade crypto or make deposits. Users who have not been verified can just log in to their accounts and browse the platform.

Those that supply some basic information, like complete name, birthday, and country of residence, gain limited access to the site and are subject to withdrawal limits. Entire platform access, as well as limitless deposits and withdrawals, are available to users who complete FTX’s full verification process, which includes providing proof of address, sharing a government-issued ID, and undergoing facial recognition.

Customer service 

FTX does not have live chat or phone assistance available 24 hours a day, 7 days a week. It encourages clients who need help to use its platform to submit support tickets. The average time it takes for a member of FTX’s staff to react to a support request is not specified.

You can contact FTX via Telegram in addition to submitting a support ticket.

Customer satisfaction 

Customers have primarily unfavorable things to say about FTX, as they do about many other bitcoin exchanges. Most of the complaints about FTX are about its customer service. The length of time it took customer service to react to support tickets was a frequent topic among the complaints.

As previously stated, FTX does not provide an estimate of how long it will take to react to consumers who submit these tickets. Some customers have expressed major concerns, such as waiting months for their withdrawal requests to be approved.

The FTX platform’s user-friendliness and comparatively modest withdrawal fees have received positive feedback.

Conclusion 

FTX has evolved to be one of the largest and most popular cryptocurrency exchanges in the world in just three years. This exchange has also been a strong proponent of cryptocurrency rules, with officials at FTX stating that they are committed to remaining in compliance with regulators. Furthermore, FTX has inexpensive trading fees and features that appeal to both novice and expert traders.

All of this makes FTX an excellent alternative for crypto traders looking for a high-quality, value-driven exchange.