FTX Pros
  • High-security standards
  • Large selection of supported markets and assets to trade and easily convert
  • Low fees, VIP trading fee discounts, and competitions
  • Advanced trading features, i.e., spot and leverage trading
  • High trading volume and liquidity
  • The FTX debit card (the US only)
  • Reliable and fast trading engine with TradingView charts
  • An NFT marketplace
FTX Cons
  • There is no live chat support option
  • A limited platform for US customers
  • Some major coins aren’t listed

If you’re new to crypto trading, or you found your way to FTX by simply asking yourself, what is Defi? Here’s all you need to know about this exchange.

The FTX Exchange ranks among the world’s most prominent centralized crypto exchanges and top five crypto derivatives exchanges in terms of the daily trading volume. FTX offers competitive trading fees, innovative features like derivatives, options, futures trading, leveraged tokens, and more than 300 cryptocurrencies. FTX.US, the company’s exchange for US customers, has a smaller crypto variety but still provides many features such as access to low trading fees, NFTs, over-the-counter, derivatives, and margin trading.

Choosing the exchange to suit your needs among a  staggering number of cryptocurrency exchanges out there might not seem easy. Our ultimate FTX exchange review will reveal everything you need to know about the exchange, its features, services, trading fees, etc., to help you decide if it’s a suitable exchange for you.

Let’s take a closer look at what you can expect from the FTX trading platform!

Overview of FTX Exchange

Sam Bankman-Fried and Gary Wang created FTX in 2019. Sam Bankman-Fried, the current president, was previously a trader, and Gary Wang, the current CTO, was a Google software engineer. In 2017, before founding FTX, the pair founded Alameda Research Ltd, a cryptocurrency liquidity provider and leading quantitative trading platform. Alameda assists FTX in 24/7 OTC services and maintains deep order books.

FTX is a cryptocurrency derivatives exchange based in the Bahamas that offers leveraged tokens and derivatives services. The FTX marketplace provides many advanced options to skilled investors and commercial trading organizations and also simple spot trading for newbies to the crypto industry. The FTX platform is an extensive international FTX crypto derivatives exchange, offering a wide range of cryptocurrencies and services. Residents of the US have limited access to FTX due to strict regulations; however, they can access the US division of the international FTX exchange FTX.US, which has limited offerings compared to the global platform.

To register an FTX account, you need an email address and a strong password. Users need to verify their identities by providing information, including full name, birthday, country of residence, proof of address, a government-issued ID, and facial recognition to trade crypto. Verified users can trade futures and make unlimited deposits and withdrawals with an ACH electronic transfer or a wire transfer. They can purchase any of the cryptocurrencies offered by FTX via its mobile app or web platform. The mobile app and the FTX crypto exchange web platform have an easy-to-use interface and provide educational content.

The FTX centralized cryptocurrency exchange offers several advanced trading products to professional trading firms and experienced traders and basic spot trading to beginners interested in trading crypto.

Key Features

FTX was the first cryptocurrency exchange and derivatives trading platform to offer various innovative trading tools, including leveraged tokens or MOVE contracts, etc.

Let’s look into FTX’s key features:

  • Outstanding User Experience: FTX offers several tools and customization options to assist customers in navigating the site. All the information is accessible from the homepage and forums operating in nearly ten languages.
  • Fiat Currency Transactions: Customers can send money in US dollars, euros, Canadian dollars, British pounds, and Australian dollars. Credit card transfers are also accepted on the platform. 
  • 101x leveraging: FTX offers significant leveraging of up to 101x, allowing FTX users to maximize their earning capacity.
  • Stablecoin Settlements/Easy Currency Substitutions: Customers can exchange cryptocurrencies and all derivatives with a single reserve wallet. 
  • Commercial Level Services: Top-of-the-line products like ample liquidity and order books, available disbursements, a liquidation capital, and an OTC office are offered by FTX to its clients.

Products Traded on FTX

The FTX founders constantly develop their platform by adding innovative trading products and advanced trading options, including: 

  • MOVE

FTX offers groundbreaking MOVE contracts, which serve as futures that expire according to the raw amount BTC moves within a specific period (daily, weekly or quarterly). FTX MOVE contracts enable users to trade on the amount Bitcoin will move and profit regardless of the direction. With MOVE contracts, the overall volatility of the BTC price over a set period acts as the main determinant of a contract’s value.

  • Futures Trading

FTX offers quarterly and perpetual futures contracts on more than 20 popular currencies, including Bitcoins, Dogecoin, Binance, and LINK. Index Futures allows users to trade multiple segments of the crypto space effortlessly. These include large-cap coins (ALT-PERP), mid-caps (MID-PERP), and small-cap coins (SHIT-PERP).

FTX users can also trade exchange tokens (EXCH-PERP), privacy tokens (PRIV-PERP), and regional baskets (DRGN-PERP) by choosing the appropriate index. Furthermore, FTX lists Oil contracts that expire to the spot price of WTI oil.

  • Leveraged Tokens

FTX allows for up to 101x leverage, although it sets maximum leverage of 10x on all accounts as a safety measure.

The exchange also offers over thirty different leveraged tokens, making it simple for advanced traders to get leverage. The BULL and BEAR tokens, for example, automatically manage their exposure and rebalance daily to keep their target leverage and avoid liquidation risk. These act as ERC20 tokens that let investors go 3x long or 3x short in several major cryptocurrencies, such as Bitcoin, Ethereum, Links, Binance, etc. Leveraged trading is more suited to experienced traders, as it comes with high risks. Trading leveraged tokens requires a deep understanding of the crypto market and the underlying asset itself.

  • Spot Trading 

Users can buy several major digital currencies on spot markets and trade them in more traditional ways. Bitcoin, Ethereum, Binance, etc., are among the popular digital assets available for spot trading on the platform.

Currencies Accepted on the FTX Exchange

FTX supports a rich suite of fiat and virtual currencies for deposits and withdrawals. Experienced traders and beginners can benefit from fiat deposits and withdrawals in the following currencies:

  • Canadian dollars
  • Australian dollars
  • US dollars, etc. 

FTX offers several currencies, over 45 tokens for leverage trading, special altcoin indexes, Bitcoin options, MOVE contracts, cryptocurrency futures, and spot trading to crypto traders. The following cryptocurrencies are currently available for trading on FTX:

  • Dogecoin (DOGE)
  • Bitcoin Satoshi’s Vision (BSV)
  • BitMax Token (BTMX)
  • Cardano (ADA)
  • Algorand (ALGO)
  • TomoChain (TOMO)
  • OKB
  • BiLira (TRYB)
  • Cosmos (ATOM)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Binance Coin (BNB)
  • Tether (USDT)
  • FTX Token (FTT)
  • Bitcoin Cash (BCH)
  • XRP
  • Tezos (XTZ)
  • ChainLink (LINK)
  • EOS
  • Ethereum Classic (ETC)
  • PAX Gold (PAXG)
  • Huobi Token (HT.)
  • Tron (TRX)

Deposits and Withdrawals

FTX accepts fiat deposits in the most popular currencies, such as US dollars and euros, and cryptocurrency deposits in:

  • Bitcoin
  • Bitcoin cash
  • Ethereum 
  • Litecoin
  • BiLira, etc. 

FTX covers the blockchain withdrawal fees, so there are no fees for cryptocurrency deposits or withdrawals. On the other hand, fiat withdrawals under $10,000 incur a $75 fee.  FTX can only process wire transfers on weekdays (except for Silvergate SEN) and only in the evening UTC. USD Wire transfers can take up to one workday to complete, while non-USD transactions can take more time.

You can use your FTX account for fiat deposits and choose your fiat currency. You can also exchange any fiat currencies from your bank account into dollars or other digital assets using your FTX wallet’s conversion button.  A third-party OTC desk processes all fiat transactions accessible to Level 3 KYC-certified users. The FTX team encourages first-time users to follow the guide and contact them after transferring or receiving fiat. CoinStats is among the best crypto portfolio trackers, and the CoinStats Wallet can help you ease this process.

Trading Fees

The FTX cryptocurrency trading platform offers competitive trading fees to cryptocurrency traders.

Maker and Taker Fees

Trading platforms often charge lower maker fees to encourage a larger order book on the exchange. FTX uses a tiered fee structure for its futures and spot markets. There are six tiers of FTX fees based on trading volume. FTX charges tier 1 traders a maker fee of 0.02% and a taker fee of 0.07%. On the other hand, tier 6, the highest tier, comes with a 0% maker fee and 0.04% taker trading fee. Discounts are based on increased trading volume, benefiting high-volume traders.

Withdrawal and Deposit Fees

When using FTX, there are no deposit or withdrawal fees, and there are also no fees on futures settlements or OTC trading. FTX.US doesn’t charge for withdrawals or wire deposits, but it reserves the right to charge a deposit fee of 1% on wire transfers (with a $35 maximum and $5 minimum).

FTX doesn’t charge any withdrawal or deposit fee for crypto trading using your digital wallet. However, if your withdrawal or deposit surpasses your trading volume, the exchange can charge you FTX trading fees of up to 0.10%. If you are liable to pay this fee, FTX will contact you. A $75 fee is charged on fiat withdrawals on any amount below $10,000.

FTX Account

Professional traders or VIPs are offered exclusive benefits, including:

  • Higher API Limits
  • Lower trading fees
  • A direct line with a senior developer for API questions
  • Option to provide input to the new FTX products
  • Account manager.


The exchange has only been in operation since 2019; therefore, it has managed to avoid malicious attacks and significant hacks. As the team doesn’t give much away regarding their security protocols, we can only assume they utilize all the established security best practices.

FTX has partnered with Chainalysis to monitor suspicious cryptocurrency transaction alerts in the Chainalysis Know Your Transaction (KYT) product, the real-time anti-money laundering (AML) compliance solution for monitoring cryptocurrency transactions.

It’s known that the FTX team uses full SSL encryption and two-factor authentication (2FA) on their website. FTX users are encouraged to secure their accounts using Google Authenticator, SMS Verification, or Authy. The team also elaborates on their backstop liquidity provider system and unique liquidation engine, which help make up a three-step solution for handling margin calls and drawbacks. The FTX liquidation engine uses efficient and intelligent values to close positions before they become negative and manage liquidations.

The FTX Insurance Fund is also used to prevent customer losses in the event of sudden, adverse market movements, which could result in the swift liquidations of multiple open positions on the exchange.

Customer Support

FTX has curated an extensive set of articles and guides on the exchange’s features. The FXT crypto exchange doesn’t offer 24/7 phone customer support or live chat. The customer service FTX prompts users to submit support tickets online via its mobile app or the FTX website. The exchange provides channels to contact their customer support teams, such as support email and Telegram. Beginners can use the ‘Help’ link button at the bottom of the page to browse through the FAQ section on the website and find answers to a broad range of topics such as:

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

Customer Support

FTX has curated an extensive set of articles and guides on the different features of the exchange

The FXT crypto exchange doesn’t offer phone or live chat customer support; customer service FTX prompts users to submit tickets online via its mobile app of the FTX website.

FTX provides channels to contact their customer support teams, such as support email and Telegram. Beginners can use the ‘Help’ link button at the bottom of the page to browse through the FAQ section on the website. There is an extensive list of articles that cover a broad range of topics such as:

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

Final Thoughts

FXT is a legitimate cryptocurrency exchange that offers its users innovative trading products such as leveraged tokens and futures trading. Users will not be short of trading opportunities with over 100 trading pairs to select leveraged tokens, futures, indexes, and options.

The opinions expressed in this review do not constitute investment advice; retail and institutional traders should seek independent financial advice before making any financial decisions on financial products and engaging in cryptocurrency trading. Past performance is no guarantee of future performance.

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