What is FTX crypto exchange?
FTX is one of the top-rated crypto exchanges in the world. It was founded by renowned entrepreneurs and investors Sam Bankman Fried and Gary Wang. The exchange launched in 2019, with its headquarters in the Bahamas.
It offers a range of services in the crypto space. In the last few years, the platform has become increasingly popular. Now, it is only behind Binance and Coinbase, according to CoinMarketCap rankings.
Are you interested in learning more about what FTX exchange is and what services it offers? Here are all the details!
What does FTX offer?
It is a centralised cryptocurrency exchange that offers various services and products. Here are a few of them!
- Various leveraged coin pairs on the exchange offer up to 3x returns.
- Its futures trading allows short-term and long-term bets. You can trade assets at a set future price and date.
- With Spot, you can trade in over 100 pairs.
- Its options feature gives you call-and-put options so that you can speculate and hedge future prices by mitigating risks.
- It allows trading in 11 different fiat currencies, including USD, GBP, CAD, AUD, EUR, etc.
- Its MOVE contracts enable you to wager the change in price over time. The price change can be in either direction, and you can make a profit from it.
- It has its native token, FTT, that you can stake to make profits.
- The exchange also offers a range of advanced, basic, and reduce-only order types.
What is the FTX exchange fee?
The platform does not have a withdrawal or deposit fee. However, you have to pay for withdrawing BTC, ETH, and other ERC-20 tokens. Bitcoin withdrawals of less than 0.01 would be charged 0.1% trading fees. But your first withdrawals and withdrawals over 0.01 BTC will be free.
On the other hand, for fiat currencies, the trading fees range from 0.02-0.07% if the amount is smaller than $5000. However, trades over this amount will be free. Moreover, if you have staked the FTTs, you would not have to pay this fee.
Regulation and security
Regulation and security can be one of the main concerns of investors. However, FTX can be a safe option as it is looking to register in different parts of the world, including the UK and the US. Currently, it is regulated by the Bahamas Securities Commission. Also, FTX US is held by the US’s FinCEN bureau.
Moreover, the company rebranded LedgerX as a crypto derivatives platform, FTX US Derivatives, in the US. This platform is regulated by the Commodity Futures Trading Commission (CFTC).
To ensure the security of the transactions, FTX uses the 2-factor authentication method. You might get an SMS or a notification from Google to log in on the exchange. Moreover, it also seeks help from cybersecurity firms like FBG Capital, True USD, and Circle. They audit the security and maintain transparency.
What is FTX token, FTT?
The exchange has also introduced its token, FTT. The token can be quite beneficial for investors for various reasons. For one, it can be staked to generate a passive income. Moreover, it allows you to pay the exchange’s trading fee. Also, it helps in futures trading by working as collateral.
FTX is a highly reputable crypto derivatives exchange. It caters to all digital asset investors regardless of their investing exposure. The array of crypto trading services it offers allows you to make comprehensive profits.
The firm ensures commendable security and transparency, making it a reliable choice for investors. Apart from that, as it is seeking a green signal from numerous regulators and partnering with reputable crypto exchanges like Reddit, FTX might become a global leader in future.
Author: Wasay Ali
I'm a content writer with adequate SEO knowledge. My hobby is to exercise, read and write. My writing experience currently expands to 2 years and I’ve worked on multiple niches, including finance. My versatility and research skills make me the best at what I do: content & SEO writing. I love writing because it pitches in and helps me learn new things daily.