FTX is a cryptocurrency derivatives exchange that has been built by traders and designed to offer a powerful platform for professional trading firms, intermediate traders, and beginners. Users on the platform have access to innovative cutting-edge trading markets such as derivatives, options, volatility products, and leveraged tokens.
Who Owns FTX?
FTX exchange is owned by Sam Bankman-Fried, the CEO and co-founder of Alameda Research which is a top cryptocurrency liquidity provider that gives FTX to access industry-leading order books. Alameda manages over $100 million of digital assets and trades $600 million to $1.5 billion per day across thousands of products such as derivatives through FTX exchange.
Products & Features
FTX offers a beginner-friendly and easy to use trading platform with innovative products to buy or sell. The crypto exchange primarily focusses on providing a stable and secure derivatives market for cryptocurrency trading, in addition to the following pros and cons:
- Professional user-interface for trading on desktop or mobile app
- Start trading without KYC and withdraw up to $2,000USD daily
- Low fees and tight spreads due to deep order books and liquidity
- Up to 101x leverage on cryptocurrency trading pairs
- Leveraged tokens to SHORT or LONG with up to 3X leverage with no margin
- Stablecoin Settlement using a single margin wallet
- MOVE Contract that settles to the absolute change in price of a coin over time
- VIP trading fee discounts with larger volume amounts and using the FTT token
- FTX Trading competitions and events
- 24/7 quotes for cryptocurrencies using OTC desk
- Comprehensive guides, FAQ section and responsive customer support team
Is FTX Regulated?
FTX.com is a cryptocurrency trading exchange that is incorporated in Antigua and Barbuda with its headquarters in Hong Kong. The trading platform is currently not regulated and US customers are not allowed to use the services. Residents in the States can use FTX.US, a partner entity serving the United States citizens and is a regulated company. For more legal information, users can read here: Legal – FTX Exchange.
Is FTX Exchange Safe?
FTX uses several bank-like security features to ensure the safety of user’s personal information and security of funds stored on the crypto exchange. To date, there have been no reported hacks or security incidents that can be attributed to a high standard of security such as cold wallet storage and two factor authentication to provide a safe and secure trading environment.
Deposit Methods
FTX allows a wide range of deposit methods for traders on the platform to fund an account. These include cryptocurrency, stablecoins or fiat currency. There is the option to use a credit card to purchase crypto directly through the FTX platform the fiat/crypto market leader, Simplex. The company has pioneered fiat onramps using a traditional bank card (e.g. VISA and Mastercard).
Alternatively, traders can transfer stablecoins to the platform such as USD, USDC, TUSD, PAX, BUSD and HUSD. FTX will credit the user’s wallet using a 1:1 ratio.
Can I Use FTX In The United States?
FTX currently does not allow cryptocurrency traders that reside in the USA to trade on the platform. The services are restricted to US citizens due to regulations within the country. Users will need to trade using a crypto exchange in the USA.
