In the crypto trading market, FTX has emerged as a leading cryptocurrency derivatives exchange. In fact, cryptocurrencies have become increasingly popular among people in the past few years. However, there is sufficient reason for that. Along with the growing popularity of cryptocurrencies, various crypto trading platforms and websites have also emerged. In fact, some of these trading platforms offer really profitable options. However, FTX’s climb to popularity has been a quick one.
This cryptocurrency derivatives exchange appeared in May 2019 and within this short span of three years, it ascended the throne of popularity. In fact, it has received largely positive reviews from the crypto trading community. Moreover, it records high daily trading volumes. This is quite a stunning feat for so young a platform. Moreover, anyone based in the US does not have access to FTX. In spite of all these, the growth achieved by this crypto platform is stunning. There are various reasons behind this.
It provides a wide range of innovative trading products including Bitcoin options, along with more than 45 leverage tokens, MOVE contracts, prediction markers and 20 perpetual swaps. Isn’t that interesting? If you wish to learn more about this unique cryptocurrency derivatives exchange, keep reading this article.
The Brain Behind the Birth of FTX
The present CEO Sam Bankman-Fried and Gary Wang, the present CTO, founded FTX in 2018. Sam was a trader on Jane Street Capital’s international ETF desk. On the other Wang previously worked as a software engineer at Google. However, these two also worked together to establish Alameda Research Ltd.
This is one of the leading providers of quantitative trading and cryptocurrency liquidity. In fact, Alameda also supports FTX in maintaining deep order books and 24/7 OTC services. Moreover, Alameda is also a leading force behind incubating and developing FTX. It also helped the platform to raise $8m through three rounds of funding. The first two rounds that took place in 2019, are the Seed and Corporate rounds. The next round of funding, the Series B round took concluded on March 2, 2020.
In fact, this final round brought in investments from Liquid Value Capital. The Seed round witnessed investments by One Block Capital, FBG Capital, Kenetic, Proof of Capital and Greylock Partners. On the other hand, Binance has been the Lead Investor in the Corporate round.
Therefore, it is understandable that this particular cryptocurrency derivatives exchange has a strong network. FTX Trading LTD owns the platform. FTX Trading LTD has offices in Antigua and Barbuda. In addition, it also has offices in Hong Kong.
Also read: How Much Does The Ethereum Code Cost?
Interesting Features of FTX
FTX is an emerging crypto derivatives trading platform. However, even within such a short period, it has drawn users at a really impressive rate. One important reason behind its growing popularity is that they provide an array of advanced trading options to its users. In fact, the platform has also launched a number of innovative trading products such as MOVE contracts and leveraged tokens. All these have made FTX a stand-out performer.
In fact, both retail and institutional traders will find this platform catering to their needs. It also has a number of great features like an OTC desk, low fees, right spread, extensive customer support, mobile applications for both iOS and Android and TradingView Charts. Some other features are:
- Leverage up to 101x.
- Flat currency transfer including currencies like EUR, GBP, AUD, USD and CAD.
- Easy conversion of currency and trading all derivatives with one margin wallet.
- Extensive customer support services in 10 languages.
- Unlimited withdrawals, liquidation fund, an OTC desk, deep liquidity and order books and much more.
Supported Tradable Products
There are a number of gaps in the crypto trading market. The developers of FTX are working towards identifying these gaps. In fact, they are aiming to offer a wide and innovative range of tradable products including the likes of MOVE contracts, leveraged tokens, options, prediction markets and futures.
At present, users can trade on over 20 assets. In addition, they can trade over 45 tokens on leverage. However, they are looking to expand their tradable products.
Account Types
There are three main tiers of account. These various tiers have different KYC requirements. In fact, you can easily withdraw up to $9,000 in a day and for that, you need not submit any verification documents.
However, only Tier 2 account holders can have access to unlimited withdrawal. Tier 3 account holders have access to unlimited fiat withdrawals via an OTC desk.
Opening an FTX Account
Opening an account on FTX is similar to registering for any other crypto exchange. Follow the following steps to start an account:
- Click on the “Register” tap that you will find on the top right corner of the home page.
- Put your email id and password in the registration window.
- Tap on “Sign Up” to register your account.
- Secure your account by setting up 2FA. To do that click on “Account Security” and choose Authy, Google Authenticator, or SMS.
- Now your account is ready for deposit.
- Visit the “Settings” option to complete KYC verification.
For doing a tier 1 KYC verification you need to fill up your full name, country of residence, province, state or region. This will give you a daily withdrawal limit of $2k. Tier 2 KYC verification requires filling out the form and uploading identity and address proofs. You have to upload a recent bank statement from the bank for performing tier 3 KYC verification.
Currencies Supported
Both digital and flat currencies are accepted in FTX. The platform supports the following flat currencies:
- EUR
- USD
- AUD
- GBP
- CHF
- CAD
- HKD
- ZAR
- SGD
In addition, FTX also allows trading through various cryptocurrencies. You may use the following cryptocurrencies for trading on the platform:
- Ethereum
- Binance Coin
- Litecoin
- Bitcoin
- FTX Token
- Tether
- XRP
- Bitcoin Cash
- Tezos
- EOS
- ChainLink
- PAX Gold
- Ethereum Classic
- Tron
- Huobi Token
- UNUS SED LEO
- Bitcoin Satoshi’s Vision
- BitMax Token
- Cardano
- Algorand
- TomoChain
- OKB
- BiLira
- MATIC
- Cosmos
Concluding Lines
FTX is emerging as a popular destination for crypto traders. The platform offers multiple benefits. In fact, it does not charge any withdrawal or deposit fees. However, creation and redemption fees of 0.10% and daily management fees of 0.03% will apply for leveraged tokens. In addition, fee discounts for FTT holders are also provided here.
However, this platform is not meant for beginners. Moreover, since its arrival in 2019, the platform has never been hacked. Therefore, it seems to be quite safe and secure. Moreover, with such great features and offerings, FTX is definitely aiming at capturing the market.
Also read: How Much Can You Earn Through Bitcoin Fast Profit?
