In the event you’re into crypto, you’ve most likely heard of FTX. Heck, even when you understand nothing about crypto, you’ve most likely heard of FTX. With a large superstar endorsement by Tom Brady, the larger-than-life story of its founder, and an NBA enviornment carrying its namesake (FTX Area in Miami), FTX has made headlines over the previous few years.
However whereas FTX is likely one of the largest crypto exchanges by quantity worldwide, it has not had an enormous presence within the U.S., till the discharge of the FTX.us change.
FTX.us is a cryptocurrency buying and selling platform that’s constructed “for merchants, by merchants” in accordance with Sam Bankman-Fried, its billionaire founder. It presents a small choice of crypto to commerce, however a wide array of buying and selling instruments and options to fulfill probably the most superior crypto merchants. Whereas the cell app presents a barely less complicated technique to buy and commerce crypto, the platform will overwhelm most freshmen, and is only aimed toward skilled crypto traders.
(Not skilled but? Try our newbie’s information to investing in crypto.)
Right here’s the whole lot it’s good to know to determine if FTX.us is for you.
What’s FTX.us?
FTX.us is a U.S.-based cryptocurrency change that’s obtainable in 49 states (except New York). It was based in 2018 by crypto billionaire Sam Bankman-Fried, a complicated crypto dealer who made billions buying and selling Bitcoin in the course of the 2017-2018 crypto bull run. He designed FTX as a crypto buying and selling platform “for merchants, by merchants,” providing an enormous choice of superior buying and selling instruments and cryptocurrency, in addition to rock-bottom buying and selling charges.
Whereas the FTX change loved huge adoption throughout the globe, it hasn’t been obtainable to U.S. residents. FTX launched the FTX.us change to supply providers to these residing within the U.S., however has restricted the cryptocurrency choice and buying and selling options.
That’s to not say the FTX.us is a restricted platform general, because it presents extra buying and selling instruments and cryptocurrency options than most different exchanges. With margin and futures buying and selling, superior buying and selling, and a quant zone (programmatic crypto buying and selling), in addition to an NFT market, FTX.us has greater than sufficient options to maintain even probably the most superior crypto investor busy.
How does FTX.us work?
You’ll be able to join an FTX.us account utilizing an electronic mail handle and a password. You’ll want to pick out your location, together with nation and state (sorry, New Yorkers, you’re not allowed but).
![Create your account login screen](https://www.moneyunder30.com/wp-content/uploads/2022/04/ftx_create_account.png)
(Screenshot of FTX US)
After verifying your electronic mail handle, you may be requested to confirm your identification to start utilizing the platform. Id verification entails offering private info (title, handle, Social Safety quantity), much like signing up for a checking account. You might also want to supply an image of a photograph ID (like your driver’s license) and take a selfie of your face.
There are two main tiers of identity verification:
Tier 1: This tier entails submitting your title, birthdate, nation, cellphone quantity, and avenue handle. Tier 1 accounts are topic to every day withdrawal and deposit limits.
Tier 2: Along with the tier 1 information, you will want to supply an image of a photograph ID (like your driver’s license) and take a selfie of your face. Tier 2 accounts don’t have any every day withdrawal limits, and an elevated every day deposit restrict.
![Complete your profile access screen](https://www.moneyunder30.com/wp-content/uploads/2022/04/ftx_complete_profile.png)
(Screenshot of FTX US)
As soon as your identification is verified, you may fund your account to start buying and selling. To fund your account, you may deposit fiat foreign money, akin to U.S. {Dollars} (USD), or ship cryptocurrency out of your digital pockets to the platform.
To deposit fiat foreign money, you will want to open your FTX pockets, and choose which foreign money you want to deposit. The supported currencies are:
- U.S. greenback (USD)
- Euro (EUR)
- Pound (GBP)
- Australian greenback (AUD)
- Canadian greenback (CAD)
- Swiss franc (CHF)
As soon as you choose the foreign money you need to deposit, you may fund your account in quite a lot of methods, together with wire switch, ACH deposit, debit or bank card, SEN, and Signet (relying on the foreign money chosen).
![Deposit US dollars screen](https://www.moneyunder30.com/wp-content/uploads/2022/04/ftx_deposit_usd.png)
(Screenshot of FTX US)
If you wish to deposit crypto, you’ll use the identical steps above, going to your FTX.us pockets and choosing which cryptocurrency you’d prefer to deposit. You will have to switch the crypto out of your digital pockets on to the FTX.us pockets handle listed.
![Deposit Bitcoin screen](https://www.moneyunder30.com/wp-content/uploads/2022/04/ftx_deposit_btc.png)
(Screenshot of FTX US)
Warning: The FTX.us pockets handle shall be totally different for every crypto. Make sure that to deposit solely that foreign money, as sending the improper crypto to the improper handle will lose it endlessly.
As soon as your account is funded, you may start buying and selling. FTX presents customary and superior buying and selling, a derivatives platform, and even margin buying and selling. Every platform presents a singular strategy to cryptocurrency buying and selling, and permits customers to purchase, promote, and change supported cryptocurrencies.
![Trading dashboard](https://www.moneyunder30.com/wp-content/uploads/2022/04/ftx_dashboard.png)
(Screenshot of FTX US)
FTX.us charges
FTX.us is thought for its low buying and selling charges, and it additionally costs only a few charges for deposits and withdrawals. This makes it a horny possibility for superior merchants trying to hold charges low whereas executing a excessive crypto buying and selling quantity.
Right here’s a fast breakdown of the fees on FTX.us:
Funding charges (USD deposits)
Transaction sort | Minimal deposit | Charge |
---|---|---|
Wire deposit | $0 | $0 |
ACH deposit | $0 | $0.50 (for transfers beneath $100). |
Signet (Signature Financial institution) | $0 | $0 |
SEN (Silvergate Financial institution) | $0 | $0 |
Credit score/debit card | $0 | $0.30 + 0.29% per transaction.
Different charges could also be charged. |
Deposit crypto | $0 | $0 |
There could also be extra charges charged by banking establishments when depositing or withdrawing from the FTX.us platform.
Withdrawal charges (USD withdrawals)
Transaction sort | Minimal withdrawal | Charge |
---|---|---|
ACH | $0 | $0.50 |
Wire switch | $0 | One free switch per week.
$25 per extra switch (beneath $5,000). $5,000 and above transfers are free. |
Signet (Signature Financial institution) | $0 | $0 |
SEN (Silvergate Financial institution) | $0 | $0 |
Credit score/debit card | $0 | $0.30 + 0.29% per transaction.
Different charges could also be charged. |
Withdraw crypto | Varies by coin | $0 for non-ERC20 and OMNI.
ERC20 and OMNI coin charges range by foreign money. |
Maker and taker charges for crypto buying and selling
Maker charges are charged when your commerce order will not be matched instantly however as a substitute positioned within the order e book, which provides liquidity to the market. Taker charges are charged when your order is matched towards an order already on the order e book, which takes liquidity from the market.
30-day quantity (USD) | Maker charge | Taker charge |
---|---|---|
$0 – $100,000 | 0.10% | 0.40% |
$100,001 – $500,000 | 0.08% | 0.30% |
$500,001 – $1,000,000 | 0.06% | 0.20% |
$1,000,001 – $5,000,000 | 0.05% | 0.15% |
$5,000,001 – $10,000,000 | 0.04% | 0.10% |
$10,000,001 – $15,000,000 | 0.03% | 0.08% |
$15,000,001 – $30,000,000 | 0.02% | 0.07% |
$30,000,001 – $50,000,000 | 0.01% | 0.06% |
$50,000,000+ | 0.00% | 0.05% |
NFT charges
FTX.us costs a 2% vendor’s charge when promoting an NFT of their NFT market. There’s additionally a $3 charge assessed to customers that mint/listing their NFT on {the marketplace}. There are Ethereum community charges (often called “fuel charges”) when withdrawing an NFT from FTX.us to your digital pockets, although FTX subsidizes a portion of these charges.
FTX.us options
FTX.us is really a one-stop store to your cryptocurrency wants and continues to develop its providers to cowl a variety of options. From superior buying and selling instruments to an NFT market and even an interest-bearing crypto deposit account, FTX.us appears to supply all of it. Listed here are a number of of the standout options of the platform:
FTX Pay (crypto debit card)
FTX.us partnered with Visa to supply a crypto debit card, permitting customers to swipe the cardboard wherever Visa is accepted and the acquisition is made with their FTX.us account stability. You’ll be able to choose which crypto you need to promote when purchases are made, and customers aren’t charged charges.
The FTX Visa card has a every day spending restrict of $10,000 and a complete month-to-month spending restrict of $50,000. Customers are additionally restricted to $1,000/day for ATM withdrawals.
Learn extra: Greatest crypto bank cards
Margin buying and selling
FTX.us is likely one of the few U.S.-based crypto exchanges that supply margin buying and selling with as much as 10x leverage. This implies that you could make a commerce by solely posting 10% of the entire commerce quantity as collateral, and the remainder of the funds are borrowed. Margin buying and selling lets you make bigger trades and doubtlessly web greater income — however carries the danger of amplifying your losses.
Margin buying and selling additionally carries the danger of liquidation if the worth of your commerce drops too drastically. Because of this FTX.us can promote your collateral to cowl the loss on the commerce, even whereas the place remains to be open. The excessive danger of margin buying and selling means it must be reserved for superior crypto merchants solely.
To qualify for margin buying and selling, customers will want at the very least $100,000 in assets on FTX.us, and may have to supply documentation to help this declare.
Choices and futures buying and selling
FTX is thought for its derivatives platform, and FTX.us presents choices contracts, swaps, and futures buying and selling on choose cryptocurrencies. This is likely one of the solely regulated U.S. crypto derivatives buying and selling platforms. FTX.us at present solely presents derivatives buying and selling for Bitcoin and Ethereum.
Crypto choices enable customers to commerce name or put choices contracts, with each providing lengthy and brief place contracts. That is a complicated buying and selling technique that can allow you to invest available on the market’s course and primarily place a guess on which approach you suppose it can go.
Crypto swap features much like choices contracts, permitting you to purchase or promote crypto inside a selected time-frame. The FTX.us swap function solely presents short-term contracts that enable customers to position an order which executes at 4pm EST every day. The revenue (or loss) is the value distinction between when the order is positioned and executed. These swap contracts may also be traded.
Crypto futures contracts are an settlement to purchase or promote crypto at a selected worth on a future date. These contracts are additionally tradeable.
Total, FTX.us derivatives are a complicated buying and selling product best for skilled crypto traders {and professional} merchants.
NFT market
FTX.us launched an NFT market to permit customers to purchase, promote, and mint NFTs immediately on the FTX.us platform. Each Solana and Ethereum NFT collections are supported, in addition to FTX-minted NFTs which might be listed on {the marketplace}.
You’ll be able to place bids on desired NFTs and mint your individual assortment and launch it immediately on FTX.us. A 2% vendor’s charge is charged on the time of sale, and a $3 minting charge to create a brand new NFT on the platform.
Learn extra: Information to purchasing your first NFT.
Crypto lending
Customers that need to earn curiosity on their crypto or USD can turn into a lender for margin merchants on the FTX.us platform. To lend your belongings, it’s essential to have them deposited on the platform after which choose which one you need to lend, in addition to a minimal rate of interest to cost. If the borrowing charges find yourself above your minimal, your crypto or USD shall be lent to a borrower, and curiosity shall be paid out hourly. To withdraw your lent belongings, you may select to take away them from the lending pool, however they won’t be obtainable till the shut of the hour.
Lending accounts are accredited on a per-customer foundation, and FTX.us has the suitable to find out in case you are a professional lender earlier than approval.
Learn extra: Crypto lending defined (and learn how to spend money on it)
Superior buying and selling and quant zone
As a complicated buying and selling platform, even the usual buying and selling interface presents an honest choice of buying and selling instruments. FTX.us additionally has a complicated buying and selling platform and a quant zone for programmatic buying and selling.
The superior buying and selling platform permits customers to create a personalized buying and selling dashboard with a drag-and-drop interface and the flexibility to save lots of personalized layouts to your desire. The quant zone will allow you to program your individual buying and selling bot, utilizing rules-based packages to create a set off occasion and an motion occasion. This lets you create guidelines round when a commerce will execute. For instance;
- Set off: when Bitcoin drops under $40,000 worth.
- Motion: execute $10,000 restrict buy.
Guidelines will be layered, and particular guidelines can cancel out others. The quant zone is likely one of the most superior buying and selling platforms obtainable on any crypto change and is reserved for probably the most skilled crypto merchants.
My expertise with FTX.us
FTX.us is a complicated crypto dealer’s dream platform. That being stated, I’m not a complicated crypto dealer, and elements of the platform had been too sophisticated for me. The buying and selling interface was intuitive and acquainted to me, much like platforms like Coinbase and Kraken. The sign-up and account verification course of was pretty easy as nicely.
The low buying and selling charges are engaging, particularly should you commerce in excessive volumes. As somebody who would primarily use the platform to purchase and promote in smaller quantities, the charge construction was much like different exchanges and nothing too spectacular.
The derivatives buying and selling platform was overwhelming, however there have been studying movies front-and-center on the web page, which might be nice for customers new to that sort of buying and selling. I might like to have seen a check buying and selling account for that platform, permitting me to make a number of check trades to know the product higher.
Total, FTX.us presents a restricted choice in comparison with different crypto exchanges I’ve explored, however I can see why superior merchants would get pleasure from utilizing this platform.
Who’s FTX.us finest for?
Skilled crypto merchants
FTX.us, like its dad or mum platform, is designed for superior merchants by and thru. With an unlimited choice of customizable buying and selling instruments, low buying and selling charges, entry to margin and derivatives buying and selling, and even a bot programming platform, skilled crypto merchants will really feel proper at residence on this platform.
NFT Artists
FTX.us makes it straightforward to mint new NFTs, and with a low 2% vendor’s charge and solely $3 to mint an NFT, artists trying to launch a digital assortment can profit from this platform.
Who shouldn’t use FTX.us?
New crypto traders
Whereas FTX.us has gone mainstream in its promoting, it isn’t designed for newcomers to crypto investing. Even its customary buying and selling platform might really feel mind-numbingly sophisticated to customers who’ve by no means bought crypto earlier than.
In the event you’re new to crypto, a platform like Coinbase, and even Robinhood, presents a a lot less complicated person expertise, permitting you to rapidly buy crypto with no need to know charting or superior order varieties.
Execs & cons
Execs
- Superior crypto buying and selling instruments. Candlestick charting, stay order books, and a number of order varieties give skilled merchants the instruments to actively commerce crypto.
- Entry to margin and crypto derivatives buying and selling. Not many U.S.-based crypto exchanges provide margin and derivatives buying and selling, so FTX.us is a superb possibility for customers trying to commerce these merchandise.
- NFT market. WIth low charges and entry to each Solana and Ethereum NFT collections, FTX.us makes it straightforward to purchase and promote NFTs.
- Meager charges. With customary buying and selling charges round 0.40% and charges a lot decrease for high-volume merchants, FTX.us is a superb place to save lots of on crypto buying and selling prices.
Cons
- A small choice of cryptocurrency. There are solely 25 cryptocurrencies obtainable on the platform, even much less for margin buying and selling. This choice is nicely under most exchanges, which usually have 100+ cryptocurrencies.
- Too superior for freshmen. The buying and selling interface is overwhelming in case you are new to crypto, interval. There isn’t a “straightforward button” to commerce on FTX.
FTX.us vs. opponents
FTX.us | Coinbase | Kraken | |
---|---|---|---|
Charges (maker/taker) | As much as 0.00%/0.40%, relying on 30-day commerce quantity. | $0.99–$2.99, for orders under $200.
1.49% – 3.99% for trades over $200. Superior: As much as 0.60%/0.60%, relying on 30-day commerce quantity. |
As much as 0.16%/0.26%, relying on 30-day commerce quantity.
0.90% – 3.49% for fast purchases. |
Buying and selling choices | Purchase/promote, margin, futures/derivatives, lending, NFTs, curiosity accounts. | Purchase/promote, staking. | Purchase/promote, margin, futures, staking. |
Funding choices | Wire switch, ACH, debit card, bank card, SEN, Signet, crypto deposit. | Wire switch, ACH, debit card, PayPal, crypto deposit. | Wire switch, crypto deposit. |
Forex choice | 25 crypto, 1 fiat. | 160+ crypto, 5 fiat. | 90+ crypto, 3 stablecoins, 7 fiat. |
Verification course of | Immediate. | 2–3 minutes. | Immediate. |
Coinbase
Coinbase is the most well-liked U.S. crypto change. It presents entry to over 160 cryptocurrencies and has a easy person interface that’s best for freshmen. The Coinbase cell app might be the best approach to purchase crypto, and customers can rapidly deposit U.S. {dollars} and buy crypto.
Coinbase does cost greater charges than FTX.us, with smaller transactions costing upward of 9%, however extra vital transactions cost about 1.49%, the value paid for simplicity. Coinbase additionally presents a Visa debit card, much like FTX.us, permitting you to make purchases together with your crypto stability.
Coinbase presents a singular technique to earn crypto, providing easy academic movies and quizzes on particular crypto tasks, and rewarding customers with the cryptocurrency to study.
Open an account with Coinbase or learn our full evaluate.
Kraken
Kraken is much like FTX.us in that it presents a complicated buying and selling platform and entry to margin and futures buying and selling. It additionally presents very low buying and selling charges and entry to over 90 cryptocurrencies, best for superior merchants.
The charges on their “prompt purchase” platform aimed toward freshmen are very excessive, charging as much as 3.49% for credit score and debit card customers. The order type is tremendous easy to make use of, and the cell app presents extra of the identical. Total, Kraken is a well-liked change for freshmen and superior merchants alike.
Open an account with Kraken or learn our full evaluate.
Abstract
FTX has one heck of a advertising and marketing price range. With superstar endorsements and even an expert sports activities enviornment named after them, there are plenty of eyeballs on the FTX model. That being stated, the FTX major platform will not be obtainable within the U.S., so the FTX.us platform is our solely possibility. With solely 25 cryptocurrencies to select from and no easy order type for freshmen, the platform falls brief in a number of areas.
However what it lacks in choice and ease, it makes up for in buying and selling instruments. Margin and derivatives buying and selling on widespread cryptocurrencies, customizable buying and selling dashboards, and even a programmable buying and selling device is right for probably the most skilled crypto merchants. Add the cheap charges, and FTX.us is a top quality platform for energetic crypto merchants.
Featured picture: photo_gonzo/Shutterstock.com