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FTX Review

FTX Review

Karen Tren
Fact Checked
Jan 8, 2023

Summary: This is a detailed review of the cryptocurrency exchange, FTX, which has since become insolvent. FTX is no longer operating and is not accepting new users.

Table of Contents

FTX Review Highlights

Platform Highlights

  • FTX is insolvent and is no longer operating in any country.
FTX Review
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Audited Proof of Reserves
Audited Proof of Reserves

FTX Overview

FTX is a cryptocurrency exchange that offers a comprehensive trading platform with a wide range of features and services. The exchange has a variety of features that make it an attractive option for traders, including low fees, deep liquidity, and a wide range of assets.

FTX Review
Trading Fees 0.02% Maker and 0.07% Taker
Platform Features 20x Leverage, Futures, Spot Markets, Options, Stocks, Staking, Crypto Lending
Available Cryptos 300+
Year Founded 2019
Available for USA Yes
Deposit Methods Crypto, Bank Transfer, Bank Wire, Debit/Credit Card, PayPal and more
Ability to Long or Short Crypto Image
Mobile Friendly Image
Overall Rating Image
Visit Website FTX Review

Is FTX Legit?

For a short answer, no, they are not considered a secure platform. In 2022 it was uncovered that the CEO and founder, Sam Bankman-Fried (Also CEO of Alameda Research), has been siphoning users funds from the exchange to Alameda. FTX became insolvent and resulted in 8.5 billion USD of customer funds being stolen from them, no funds have been returned at the time of writing.

Available Markets

The FTX exchange offers a very wide range of markets including spot & derivatives trading (up to 20x leverage), options, stocks and much more. The deepest and most traded market on their platform are the Perpetual Futures contracts.

FTX Markets Review
Available Markets on the FTX Exchange.


What is the difference between FTX and FTX.US?

FTX and FTX.US are virtually the exact same exchange, except FTX.US is only available to US residents. US residents cannot access the global FTX platform for regulatory reasons.

This review is applicable for both FTX and FTX.US because the same features are available on both trading platforms.


FTX Fees

The FTX.US platform charges 0.02% Maker Fees and 0.07% Taker Fees for all futures and spot markets. FTX also has a VIP Program where you can get 0% Maker Fees if you stake 25 FTT tokens on their platform.


What is FTX US Pro?

FTX US Pro is the FTX exchange's Android and iOS mobile application. It enables to trade anywhere, at any time through their powerful and sleek mobile trading application. In our view, the FTX US Pro app is the best mobile trading app for advanced investors.


FTX Staking

As at time of writing, you can stake FTT, Serum (SRM), Raydium (RAY) and Solana on the FTX platform. There are no other cryptocurrencies available to stake on the FTX exchange like Ethereum, or AVAX.

The selection of coins to stake on FTX is relatively limited and is definitely a weak point in this exchange. You can compare FTX vs Bybit as an example of another futures exchange with more staking options.


Deposit Methods on FTX and FTX US

There are a wide variety of ways to deposit fiat currency on the FTX and FTX US platforms. As at time of writing, FTX currently supports fiat currency deposits by bank transfer, bank wire, or debit card and credit card. You can also deposit cryptocurrency assets like Bitcoin, Ethereum or stablecoins directly into your FTX account to start trading.


FTX Leveraged Tokens

The Leveraged Token is an innovative asset developed by FTX for its users which are ERC20 tokens that already have leveraged exposure applied to the assets of the cryptocurrency, this helps the traders with risk management.

The leveraged tokens of the FTX can be purchased on the spot market like normal ERC20 tokens since they are actually ERC20 tokens. And unlike margin positions on other exchanges, a user can withdraw them from their account. All a user has to do is go to their wallet and send the token to any ETH wallet.

FTX Leveraged Tokens
FTX Leverage Token trading page.

FTX Card

FTX offers a FTX Debit Card for users in the United States that is powered by Swipe. This account lets you access your cryptocurrency from your FTX account to pay for day-to-day bills with an easy to use Debit Card. This makes using your cryptocurrency in real life incredibly easy, and completely reduces the friction of having to swap out your digital assets.


Final Thoughts

FTX has not been operational since November 2022, it is involvent. If you are interested in buying cryptocurrencies, we recommend using a secure exchange that provides proof-of-reserves like Uphold, Bybit and OKX.

Karen Tren

Full-time writer and cryptocurrency newbie! Learning about NFTs, DeFi and GameFi with my research and writing for BuyBitcoinBank.

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