FTX is a cryptocurrency exchange platform designed for traders by traders.
Founded in 2018 by former Jane Street and Google employees, Sam Bankman-Fried (CEO) and Gary Wang (CTO), the company has grown to become the world’s largest derivatives crypto exchange platform, with a market valuation (net worth) of $25 billion as of October 2021.
The exchange platform offers innovative products such as:
- Industry-first derivatives
- Options
- Volatility products
- Leveraged tokens
with the goal of developing a platform that is both robust enough for professional trading firms and intuitive enough for first-time users.
The platform also offers spot markets in over 100 different trading pairs, including:
- BTC/USDT
- ETH/USDT
- XRP/USDT
- FTT/USDT
* FTT is the exchange’s native token
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SEE ALSO: FTX Acquires Ledger X Sending $FTT Token Price to All-Time Highs
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FTX Exchange Fundamentals
FTX’s diverse product offering and user-friendly desktop and mobile trading apps make it suitable for crypto investors of all skill levels, from novices to seasoned professionals, or, in crypto jargon, from whales to newbies.
The FTX trading platform supports a wide variety of order types, ranging from simple market orders to more complex trailing stop orders.
Here are some features of the exchange:
- As of Q3, 2021, competitive trading fees for futures and spot markets range from 0.07% – 0.04%, based on the maker and taker model
- Meanwhile, leveraged tokens have a 0.1% creation and redemption fee as well as a 0.03% daily management fee
- FTX accepts ten fiat currencies for deposits and withdrawals via wire transfer: USD, EUR, GBP, AUD, HKD, SGD, ZAR, CAD, CHF, and BRL
- FTX does not charge deposit or withdrawal fees for crypto assets, however, fiat withdrawals of less than $10,000 are subject to a $75 fee
In terms of why you should trade with FTX, the exchange offers a number of benefits.
Top Perks
- Fees are low
One of the most appealing aspects of FTX is its low trading fees.
Fees for makers and takers begin at 0.10% – 0.40% respectively.
Taker fees are applied to orders that are filled immediately while maker fees are applied to orders that are not filled immediately.
These starting rates are already lower than those charged by many of the best cryptocurrency exchanges.
With FTX, high-volume traders can also qualify for lower fees.
- Wide range of cryptocurrencies
Unlike most of its competitors, FTX offers over 275 cryptocurrencies, which is far more than most exchanges out there offer.
However, FTX US is more limited, with only 22 cryptocurrencies, but this is still a reasonable number given that it includes bitcoin, a number of altcoins, and some notable stablecoins.
- Earn up to 8% on your investments
With the platform’s crypto staking, traders can earn rewards based on the amount staked. Staking rewards vary but can reach up to 8%.
FTX has low fees and a wide range of assets to trade. If you’re looking for a one-stop-shop for most types of cryptocurrency investing, lending, and derivatives trading, this exchange might be for you. Both experienced and inexperienced crypto traders will be able to benefit from the services provided, thanks to the extensive customization options available.
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RECOMMENDED READING: Zimbabwe Finance Minister Identifies Crypto Solutions for Cheaper Diaspora Remittance Transactions
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