FTX Is Launching a Spot Crypto Exchange in the United States

Key highlights:

• FTX is entering the spot exchange market by launching a US-based spot exchange
• The exchange will support fiat currency, margin trading, as well as automated trading features
• FTX US will be going up against Coinbase Pro, Kraken, Gemini, Binance.US and other in the crowded US market

FTX, which has gained prominence in the cryptocurrency community as a crypto derivatives exchange with innovative products, is in the process of launching a United States-based spot trading exchange. Their webpage, which is yet to be finalized, says that the exchange currently lists Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Paxos Standard Token and Tether USD. It’s certainly interesting to note that FTT, the token that grants benefits to users of the FTX derivatives exchange, is not currently listed on the FTX US spot exchange.

Of course, fiat currency support is a must for any exchange looking to compete in the United States market - FTX US exchange supports fiat currency deposits and withdrawals through »industry leading banking on-ramps«.

FTX US will feature an automated trading product

FTX aims to gain a foothold in the United States cryptocurrency exchange market by offering features such as »Quant Zone«, a tool that allows users to design automated trading strategies. The website also teases a feature that would allow users to monetize their automated strategies by offering them to other traders.

FTX US also offers a »convert« feature, which allows traders to bypass the exchange’s order book and convert between different crypto assets. The most interesting part about this feature is that it doesn’t come with any extra fees.

Qualified users will also be able to access margin trading on FTX US, with the leverage being capped at 10x. In order to qualify for margin trading, users have to hold a pre-determined amount of assets on the exchange.

As a United States-based spot exchange, FTX US will be going up against the likes of Coinbase Pro, Kraken, Gemini and Binance.US.