Welcome to this post, where we are going to take a look at the FTX platform, with a complete analysis of this Exchange.
FTX is one of the most popular exchanges being a partner of the TSM e-sports team, with its own stadium in Miami, the FTX Arena, and with its founder, one of the best known people in the cryptocurrency world, Sam Bankman.
Like many exchanges, it has a wide variety of options within its platform, but we will focus on those aspects that almost everyone uses and are more relevant. Such as the commissions it has, the usability of the platform, its security and the ease of depositing and withdrawing our funds.
What is FTX?
So let’s start. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including derivatives, options, volatility products and leveraged tokens. With an effort to develop a platform robust enough for professional trading firms and intuitive enough for newer users. Although FTX is more focused on providing a good experience for professionals and firms looking to invest on a secure, intuitive platform. In addition to adding more and more new features that you hardly find on other exchanges, such as financial derivatives, quantitative trading, or fractional share tokens.
If you don’t have an account with FTX and want to use the platform, don’t forget to use the link in the description to create your account.
FTX commissions are quite low, with 0.02% when buying cryptocurrencies, and 0.07% when selling your cryptocurrencies. And they can be lower, as you trade larger amounts as you can see in the different levels. Also if you have FTT, the platform’s cryptocurrency in your account, the commissions are even lower. They are really very low commissions, where the standard for exchanges is 0.10%, here you have cryptocurrencies that you get to pay only 0.02% when you buy. For this reason, the commissions in FTX are among the lowest in the market for buying and selling cryptocurrencies.
Security is another very relevant factor when you have your money on the platform. This platform has a 3/3 on cybersecurity accredited by certified, which is very positive as it has the maximum number of stars. The team and workers are public, so it is another aspect to be able to trust the platform. Besides being the Exchange of one of the most well-known public figures in the world of cryptocurrencies, which also has other companies such as Alameda research using the platform. In terms of regulation, FTX is regulated by coinfirm and AMLT. In addition there are many large companies and institutions that use FTX and are behind supporting this Exchange.
Depositing and Withdrawing
Depositing and withdrawing funds from your account is also another important factor to look at. In FTX, to deposit, you must go to the wallet. Once there, to deposit by credit card, you will first have to verify your account. Otherwise, it will not let you deposit funds with your card, you will only be able to transfer stablecoins from another Exchange or wallet to FTX. If you have verified your account, you will be able to deposit dollars in your FTX account with your credit card to later exchange them for another cryptocurrency such as USDT (tether) or any other.
Another way you can use to save on commissions if they are high, is to buy cryptocurrencies in another Exchange, in my case I use Binance, which is very easy to deposit funds, and withdraw them from binance to deposit them in your FTX wallet. So you can also have the cryptocurrencies in FTX to buy and sell the one you want. To do this, simply go to the deposit of the cryptocurrency you want to move from binance to FTX and copy the address. Keep in mind the network you use, the best option is to use the TRC-20 tron network in case of USDT because of the low commission it has.
To withdraw funds, FTX works in the same way as all platforms, and with no extra fees. Go to the cryptocurrency you want and click withdraw. Here you can select the network you prefer depending on the cryptocurrency and withdraw to your metmask wallet or to another platform.
Regarding the usability of the platform, it has a different interface than usual, and somewhat complex at the beginning. It has many options and different aspects that can be done within the platform, which makes it more complicated to be simple as other exchanges. In the case of FTX you have your cryptocurrencies usually in your wallet, and to use them and to be able to buy and sell, simply go to market, spot and select the pair you want to trade. You will see the classic buy and sell panel, the different trading options, limit, market and stop. Indicate the amount you want to use, market if you want it to be executed instantly and click on buy. Just like that you will have the cryptocurrency you want to buy. You can go back to your wallet to see your purchase. To sell it, it works the same way, but instead of buy click on sell.
There are other aspects in FTX that are not so relevant for a beginner user, but you can also explore all the financial derivatives they have such as futures, margin, leveraged tokens and much more. Staking options mostly focused on the solana network, quantitative trading or future predictions, but I’ll leave this for you to explore for yourself.
Is the platform worth it?
As we have seen, the platform has very low commissions, high security and reliability, and a somewhat complex use for beginners. Still, I think there is a better alternative if you are looking for the best Exchange to buy and sell cryptocurrencies in a simple but useful way. Before we look at the best alternative, though, let’s look at when FTX is worth using. On coingecko, the platform has received a 9 out of 10 trust score.
When to use FTX?
From my point of view, FTX is a great option for advanced traders or if you are looking for financial products with some complexity to trade cryptocurrencies. I don’t find it an Exchange for beginners, as there are other better options. Also if you are interested in the solana ecosystem, FTX is one of the main companies behind this blockchain, and where you can find many advantages if you have solana or any cryptocurrency of its ecosystem, for staking or other uses in FTX. So if you are looking for a more professional Exchange with complex products, or you are interested in investing in the Solana network, FTX can be a good Exchange for you.
Remember that below you will find a link to create an account in FTX.
The best alternative if you are looking for the best cryptocurrency exchange is Binance. With commissions of 0.10%, in case you have their cryptocurrency in your account (Binance coin), they are reduced to 0.075% and a great amount of cryptocurrencies that you can’t find in other exchanges.
Plus a really easy deposit and withdrawal using your credit card for instant balance. And a great variety of options to earn money with your cryptocurrencies by staking with them. The number 1 Exchange, with more customers and volume of cryptocurrencies. If you do not have an account with Binance, in the description you will also find a link to create your account.