FTX Review: IMPORTANT – Read Before Using Exchange

FTX is a leading crypto derivatives platform that has partnered with the largest crypto exchange in the world, Binance. In this FTX exchange review, we will provide an overview of the exchange and how it differentiates itself from other platforms by assessing its features, user interface, products, trading fees and more. 

While we aim to provide you with accurate and the latest information in this FTX review, it's always best that you regularly visit the site to keep updated with any changes that may occur afterward.

Key  Features:

  • Futures, options, volatility, spot and leveraged tokens
  • Up to 101 times leverage
  • Competitive trading fees
  • World's first crypto index futures (e.g. shitcoin index)
  • Settlement in stablecoins
  • Long or short 3x leveraged tokens with no margin
  • Fee discounts using FTX token (FTT)

overall 

4.6/5

Ease of use

User interface

Fees

Security

Before getting started, we recommend using a Bitcoin hardware wallet such as the Ledger Nano X when trading crypto derivatives. If you don't have a wallet, read our guide on best cryptocurrency hardware wallets to buy. 

ftx

What Is FTX?

FTX is a cryptocurrency derivatives exchange that has been built by traders and designed to offer a powerful platform for professional trading firms, intermediate traders and beginners. Users on the platform have access to innovative cutting-edge trading markets such as derivatives, options, volatility products and leveraged tokens.

5% discount on all trading fees

FTX Compared

Advanced features, intuitive user interface and a mobile trading app are important features on FTX. This comparison table lists other top rated cryptocurrency derivatives exchanges like FTX that offer world-class features. 

Exchange

Fees

Rating

Our Review

Promotion

Website

binance

0.1%

4.8 / 5

None available at this time

bybit

-0.025% / 0.075%

4.7 / 5

$50 for first time deposit >0.2BTC

FTX Exchange

0.07%*

4.6 / 5

5% off trading fees

bitmex

-0.025% / 0.075%

4.1 / 5

10% off trading fees (6 months)

* FTX has removed maker fees temporarily. For more information, visit the website.

Products, Features & Benefits

FTX offers a beginner-friendly and easy to use trading platform with innovative products to buy or sell. The crypto exchange primarily focusses on providing a stable and secure derivatives market for cryptocurrency trading, in addition to the following pros and cons:

  • Professional user-interface for trading on desktop or mobile app
  • Start trading without KYC and withdraw up to $2,000USD daily
  • Low fees and tight spreads due to deep order books and liquidity
  • Up to 101x leverage on cryptocurrency trading pairs
  • Leveraged tokens to SHORT or LONG with up to 3X leverage with no margin
  • Stablecoin Settlement using a single margin wallet
  • MOVE Contracts that settle to the absolute change in price of a coin over time
  • VIP trading fee discounts with larger volume amounts and using the FTT token
  • FTX Trading competitions and events
  • 24/7 quotes for cryptocurrencies using OTC desk
  • Comprehensive guides, FAQ section and responsive customer support team

Is FTX Regulated?

FTX.com is a cryptocurrency trading exchange based in Antigua and Barbuda that is currently not regulated. US customers that want to trade can use FTX.US, a partner entity serving the United States citizens and is a regulated company. For more legal information, users can read here: Legal – FTX Exchange.

Is FTX Exchange Safe?

FTX uses several bank-like security features to ensure the safety of user's personal information and security of funds stored on the crypto exchange. To date, there have been no reported hacks or security incidents which can be attributed to a high standard of security such as cold wallet storage and two factor authentication to provide a safe and secure trading environment.

Account Registration & Login

To create an account with FTX, users will need to go through a registration process to setup a derivatives trading login. Users can start trading on the crypto exchange and withdraw up to $2,000 USD per day with email verification only.

Tier 2 and 3 account holders that complete KYC can withdraw unlimited amounts of cryptocurrency to a hardware wallet such as the Ledger X, or cash out fiat directly to a bank account using a wire transfer. FTX account holders that complete the AML/KYC process can use the OTC desk as well.

Tier

KYC Requirement

Withdrawal Limit

0

Email 

1000 USD lifetime 

1

Email, Name, Country of residence and region/province

2000 USD daily

2

Full Legal name, DOB, Place of birth, Proof of Address, Description of source assets, Passport/Drivers Licence, Picture holding your ID

Unlimited (crypto only)

3

Proof of address, Bank statement

Unlimited (crypto and fiat)

Deposit Methods

FTX allows a wide range of deposit methods for traders on the platform to fund an account. These include cryptocurrency, stablecoins or fiat currency. There is the option to use a credit card to purchase crypto directly through the FTX platform the fiat/crypto market leader, Simplex. The company has pioneered the fiat onramps using a traditional bank card (e.g. VISA and Mastercard).

Alternatively, traders can transfer stablecoins to the platform such as USD, USDC, TUSD, PAX, BUSD and HUSD. FTX will credit the user's wallet using a 1:1 ratio. 

User Interface

FTX has been designed for beginners and professional cryptocurrency traders on the platform by offering a simple, easy to navigate and intuitive user interface. The default arrangement has a side navigation bar for quick access to FTX derivatives trading products, positions, wallet to view FTX account funds, pending orders and to view trade history. 

ftx interface

The centre of the user interface features the trading chart which are integrated with TradingView and well-known for its advanced trading features, indicators and drawing tools and chart pattern overlays. Users can right-click the chart to place limit and stop orders at a selected price level.

Below the charting window, users can view the order book to examine the volume against the bid and ask prices. To enter a position with FTX, the order window is located in the middle. It is simple in appearance and can populate entry prices by clicking on the order book. Trade volume can be adjusted using the slider which will automatically calculate and display the liquidation price. 

ftx orders

FTX allows traders to manage their positions by offering several order methods to enter a position and exit the trade. Compared to other leveraged trading platforms, the selection of order types on FTX is excellent and will suit a variety of traders. The available orders include:

  • Limit order
  • Market Order
  • Stop Market
  • Stop limit
  • Trailing stop
  • Take profit
  • Take profit limit

Overall, the FTX user interface is robust and suited to various types of traders and skill level. The charting window is responsive and includes advanced charting tools and software to trade crypto products on FTX.

Trading Derivatives

FTX offers a number of cryptocurrency derivatives products that can be traded on the exchange using a single margin wallet. The trading products offered include:

  • Futures – users on the platform can trade futures on coins such as BTC, ETH, EOS, XRP, and USDT. Each coin has three futures: a contract that expire this quarter, a contract that expires next quarter and a perpetual future.
  • Leveraged Tokens – tokens that can be bought and sold with up to 3X leverage that requires no margin requirements.
  • Options – contracts that gives the holder the right but not the obligation to buy or sell at a future strike prices. Often referred to as 'calls' and 'puts'. Advanced traders can use options to hedge their position against price volatility.
  • MOVE – contracts that represent the absolute value of the amount the price of a coin moves over a time period. 
  • Spot – trades that follow the underlining price of the asset without margin or collateral

Futures

FTX has over 100 futures pairs that can be traded using a stablecoin such as USD or USDT as collateral. This means that profits and losses are based on USD prices without needing a bank account. There is also the option to use the same fiat currency as collateral for all of the contracts. The popular FTX Futures pairs by daily trading volume include:

  • BTC-PERP - Bitcoin Perpetual Futures
  • ETH-PERP - Ethereum Perpetual Futures
  • XRP-PERP - XRP Perpetual Futures
  • LTC-PERP - Litecoin Perpetual Futures
  • BCH-PERP - Bitcoin Cash Perpetual Futures

Users can trade the futures pairs with margin up to 101x and benefit from taking advantage of comparatively small price movements. It also provides flexibility of a portfolio for greater exposure and make the capital go further than the user would be able to fund on their own. 

Each position on the futures exchange is backed by the FTX Insurance Fund which activates when an account is at risk of liquidation and to mitigate the risk of clawbacks. 

ftx exchange futures

Leveraged Tokens

FTX has developed an innovative asset for cryptocurrency traders, called Leveraged Tokens. These are ERC20 tokens that have leveraged exposure up to 3x applied to the trading pair. There is no margin requirement from the user's FTX account balance to start trading leveraged coins. There are even EFTs that have leveraged exposure to numerous existing and popular cryptocurrency assets.

A few examples of FTX leveraged tokens include:

  • BULL/USD - 3x long Bitcoin token
  • BEAR/USD - 3x short Bitcoin token
  • ETHBULL/USD - 3x long Ethereum token
  • ETHBEAR/USD - 3x short Ethereum token

Using FTX leveraged tokens can help a trader with risk management. The derivatives exchange automatically reinvests any trade profits back into the underlying asset being traded. This means if your leveraged token position is sitting on a profit, the tokens will automatically put on 3x leveraged positions to it. On the flip side, leveraged tokens will automatically reduce risk if the position is negative. 

ftx exchange tokens

As an example, if the user traded a 3x long ETH position and the ETH price fell over 33%, the position would be liquidated. However, a position on the ETHBULL asset would have automatically sold a portion of the position as the price of ETH started to fall. This would have mitigated the liquidation risk even after a 33% down drop in price.

To start trading leveraged tokens on FTX, click on 'Token' at the top menu on the to find the asset list. The tokens are constructed in a way that enables traders to get leveraged exposure to a particular crypto asset (on both the long and short side), without risking liquidation. 

Options

FTX provides a feature to trade crypto options long or short using leverage. The process is similar to futures trading on FTX, or binary options. At the expiration time, the contract is settled to an amount in US Dollars equal to the expiration price.  Traders can speculate and opt to go long or short with a leveraged position.

FTX options

MOVE Contracts

MOVE is a contract that allows users to trade market volatility. It represents the absolute value of the amount the price of a coin moves in US Dollars over a time period such as the DAILY. The direction of the trade is irrelevant in the trade. All that matters is the total dollar amount that moves in either direction. FTX MOVE contracts are a great way for beginners and fundamental traders to participate in the markets by trading future volatility.

For more information, watch the beginners guide to MOVE trading on FTX below. 

Spot Markets

Traditional traders can purchase a number of popular digital assets on the exchange similar to a spot trading exchange. FTX currently lists over 100 trading pairs that be swapped using USD or USDT such as BTC, ETH, LINK, FTT token, PAXG and XRP.

FTX Trading Fees

FTX offers a low trading fee starting from 0.07% to 0.04% for its futures and spot markets which is based on maker and taker model. FTX fees use a tiered structure that benefits high volume traders with lower trading fees. FTX has also removed the maker fee temporarily.

30D Volume

Taker Fees

0

0.07%

>1,000,000

0.06%

>5,000,000

0.055%

>10,000,000

0.05%

>15,000,000

0.045%

>35,000,000

0.045%

For leveraged tokens, there is a creation and redemption fees of 0.10% and a daily management fee of 0.03%. If you decide to use leverage of of 50x or higher, the trading fee increases by 0.05% in which half of FTX fees are allocated to the Insurance Fund. 

For all markets except BTC-PERP and ETH-PERP, using leverage of 50x  increases trading fees by 0.02%, and 100x or higher trading fees increases by 0.03%, which is paid to the FTX insurance fund. Please note the BTC-PERP and ETH-PERP do not incur additional fees for utilizing higher leverage. 

Create a FREE account with FTX.

FTX users are rewarded with a trading fee discount up to 30% by simply holding a certain amount of the FTX native token (FTT) which is valued in USD. The discount amount is dependent on your currents FTT token holdings as per the table below: 

FTX Fees discount

Deposit And Withdrawal Fees

There are no deposit or withdrawal fees for cryptocurrency coins and tokens using FTX.

Withdrawal of cryptocurrency assets from the trading exchange does incur the standard blockchain network fee which is unavoidable and adjusted automatically based on market conditions.

Supported Currencies

Users on FTX can fund a trading account by depositing either cryptocurrency, stablecoins or fiat currency. The exchange supports 10 fiat currencies which can be deposited and withdrawn using a wire transfer such as USD, EUR, GBP, AUD, HKD, SGD, ZAR, CAD, CHF and BRL. 

Mobile Trading App

FTX also offers a mobile trading app that is supported by Android and iOS devices. FTX Pro allows users to monitor the markets and trade at anytime and any place. The app has a 4.7 star rating and been downloaded by over 10,000 users. 

ftx app

FTX's app includes full screen chart functionality, orders, positions and basic chart indicators. The functionality on the FTX app is similar to the desktop version. Traders can edit orders, check trade history and view market information.

FTX Exchange Reviews & Customer Support

FTX provides a number of channels to get in touch with their customer support team such as Telegram and Support Email. Beginners can browse through the FAQ section on the website by navigating to the 'Help' link at the bottom of the page. There is an extensive list of articles that cover a broad range of topics such as:

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

User's can also read FTX Exchange review website online such as from TrustPilot to understand the feedback from existing traders on the platform. Currently, there are only 14 reviews with an average star rating of 3.2/5. Although the comments appear to be from spam accounts.

Frequently Asked Questions

Who Owns FTX Exchange?

FTX exchange is owned by the Sam Bankman-Fried, the CEO and co-founder of Alameda Research which is a top cryptocurrency liquidity provider that gives FTX to access industry-leading order books. Alameda manages over $100 million of digital assets and trades $600 million to $1.5 billion per day across thousands of products such as derivatives through FTX exchange.

Is FTX Legit?

FTX appears to be a legitimate cryptocurrency exchange that specializes in derivatives, index, Futures and leveraged tokens that can be traded with margin. The exchange is backed by top cryptocurrency liquidity provider Alamada Research which manages hundreds of millions of digital assets per day. FTX has seen a surge in growth in recent years and is currently ranked #6 based on trading volumes according to coinmarketcap. 

Does FTX Have An Affiliate Program?

FTX has a referral program to reward its users with promoting FTX services to new members. When you sign up with FTX, a unique affiliate link will be assigned to you automatically. When a new user signs up with your referral code, you will receive 30% of their trading fees and they will get 5% discount on their own trading fees.

Can You Demo Trade Using FTX?

FTX does not have a demo account or testnet for new traders to trade Bitcoin without making a deposit. Traders can make a small deposit to the platform to try out the exchange features and products offered.

What Countries Does FTX Support?

FTX exchange is a cryptocurrency service for customers all around the world with translation support for English, Simplified and Traditional Chinese, Korean, and Japanese. There are a number of countries that are banned from trading on FTX due to regulatory reasons that include:

  • Québec (Canada)
  • Cuba
  • Crimea
  • Sevastopol
  • Iran
  • Syria
  • North Korea
  • Sudan
  • Singapore
  • United States

Does FTX Allow Credit Card Purchases?

Customers can top up their trading account and purchase digital assets directly from FTX exchange using a credit card. This feature is provided by third party provider Simplex, which accepts Mastercard and VISA credit/debit cards. There is a minimum transaction of $50 and a daily limit of $20,000 USD per user which is reasonable for beginners and intermediate crypto investors.

FTX Alternatives

BYBIT

Bybit

ByBit is a derivatives cryptocurrency trading platform with an emphasis on leverage trading with up to 100x leverage on Bitcoin and Etherium trading pairs. Bybit has become one of the best crypto exchanges in the world. 

plus500

Plus500

Plus500 is a CFD providers that offers its massive customer base to trade the world's most popular crypto assets with up to 30x leverage such as Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Neo, Ripple XRP, EOS, Cardano, Tron and Monero.

Disclaimer: your capital is at risk

binance

Binance

Binance is the largest cryptocurrency exchange by trade volume and one of the fastest trading services providers for blockchain ecosystem. The exchange has seen an astronomical growth and is a premium crypto trading platform. 

Conclusion

To conclude this FTX exchange review, the platform has separated itself from other crypto trading exchanges by offering new and innovative futures trading products in the futures and leveraged tokens space. With over 100 crypto trading pairs to select across spot, futures, options, index and leveraged tokens, users will not be short of finding trade opportunities. 

If you want to make the switch and trade on a platform with futures index futures and leverage tokens, then we recommend that you sign up for a free account with FTX and take advantage of the low fees and advanced charting user-interface.

You Might Also Be Interested In:


Risk management tools and platform features are very important for any prospective cryptocurrency investor. The following cryptocurrency trading exchanges - in addition to the above exchange - provide advanced trading features, technical indicators and a smooth, mobile-responsive charting interface that will be suited to beginners and professional crypto traders. 

  1. Gate.io
  2. PrimeXBT
  3. BitMEX
  4. OKEx
  5. Plus500
  6. BaseFEX
  7. PrimeBit
  8. BitMart
  9. BitForex
  10. Digifinex

FTX Exchange

4.6

Ease of use

4.3/5

User interface

4.5/5

Fees

4.5/5

Security

4.8/5

Customer support

5.0/5

Pros

  • Innovative markets
  • Leveraged tokens
  • Competitive fees
  • Partnership with Binance
  • Tradingview charts

Cons

  • Takes a while to get used to
Default image
Kevin
Kevin is the founder of hedgewithcrypto and is passionate about blockchain technology. He has been involved with Bitcoin since 2016 after discovering it's potential as an alternative to fiat currency. He is also a trader with over 8 years of experience and is now trading crypto using various platforms. Now, he is focussed on helping others learn about cryptocurrencies via hedgewithcrypto.