FTX is a good exchange overall, albeit unproven.
- 270+ cryptos on FTX.com
- 20+ cryptos on FTX US
- Lowest trading fees in the industry
- Automated trading bots
- Customer service needs improvement
- Not suitable for crypto beginners
FTX Review Overview
FTX is one of the newer exchanges. However it is quickly gaining traction and rising up the ranks to compete with the largest and best exchanges. Find out the good and the bad about this trading platform in this FTX review.
FTX launched in 2019 and so is not as well established as other exchanges. As a result it does not offer all the bells and whistles as its competitors. However it has several things that are in its favour which is why it is growing so fast so quickly.
Why FTX is Growing Quickly
FTX was established by Sam Bankman-Fried who is an experienced Wall Street trader. He took his knowledge on trading platforms and trading in general and applied it to the exchange. The FTX website is very good from a product point of view.
FTX has some hefty institutional backing. For example Blackrock and the Ontario Teachers Pension Plan. In fact the exchange hit a $32 billion valuation.
FTX is spending quite a bit of money on marketing to create brand awareness. They have branded arenas like for example the FTX arena in Miami and have various deals. So far the effort looks like it is paying off.
FTX Review: User Experience
At times the FTX platform does not have the refined feel you would get from more established exchanges. However overall the platform is pretty good and works as expected.
If you are a beginner the exchange interface will look overwhelming and confusing. FTX does not really have a simplified exchange interface. Additionally it is not where you would expect it to be. Hence why we listed this exchange under platforms on our site. FTX is built for trading.
If you would like the simplified exchange you can find this on the wallet page.
The good thing about this is that conversions are fee free. However the drawback of using this is that you are limited on which cryptos you can convert. You can only convert FTT, USD, USDT, BTC, ETH, BCH, LTC and leveraged tokens.
We suggest you stay away from leveraged tokens unless you have experience trading derivatives. Otherwise this stuff is dangerous and you can lose your funds very easily. If you are new to trading you should stick to spot trading.
FTX Review: Services
FTX already offers several services. They have done their utmost to also buy up companies and services that they can add to their portfolio. In fact since they got so much investment backing, it was a smart thing to do on their part.
The services they have are:
- Simplified conversion area
- Trading; leveraged tokens, spot, futures, volatility, fiat and prediction markets
- FTX crypto backed card
- API trading bot to automate your trades
- NFT marketplace
FTX Review: Supported Countries
FTX supports most countries and regions worldwide bar a small hand full.
It supports the US, but not on FTX.com. US residents can use FTX US instead which is in compliance with SEC regulations. As a result this means there are less services and cryptocurrencies available for US residents.
Countries and Regions Not Supported by FTX
- North Korea
- Antigua and Barbuda
Additionally for personal accounts there are partial restrictions in:
- Hong Kong
For corporate accounts FTX does not onboard investors from:
- Hong Kong
At times FTX may restrict particular services or trade to a broader range of countries. For example stock tokens, stock margin and certain prediction contracts.
Supported Fiat Currencies
Unfortunately the only currency that is supported for credit cards at the moment are USD based. By time FTX should include more support for other currencies.
On the other hand with bank transfers you have more of a selection.
You can use bank transfer to deposit and withdraw:
FTX supports 270+ cryptocurrencies. On the other hand FTX US supports 20+ cryptocurrencies.
FTX is a full Know Your Customer (KYC) exchange. As a result you cannot deposit, trade or withdraw without going through KYC.
KYC means you have to submit documents and information to verify your account. So they would need to collect your email, full name, date of birth and country of residence.
They have a tiered system of verification. That is to say, you can increase your deposit and withdrawal limits. To do this you will need to submit more documents. To clarify KYC and deposit and withdrawal limits are different for FTX and FTX US.
FTX Deposit and Withdrawal Limits
|Tier||Deposit limits||Withdrawal limits|
|Unverified||Crypto and fiat: N/A||Crypto and fiat: N/A|
|1||Crypto: no limit. Fiat: N/A||Crypto: $2,000 / day. Fiat: N/A|
FTX US Deposit and Withdrawal Limits
|Tier||US Individual||US Corporate|
|1||10,000 / day. $300,000 lifetime||N/A|
|2||Full access||Full access|
However Automated Clearing House Network (ACH) for direct payments have other limits:
|Tier||Deposit limits||Withdrawal limits|
|1||$500 over 10days||300k lifetime|
|1 with SSN||$2,000 over 10 days||300k lifetime|
|2 (new account)||$2,000 over 10 days||Unlimited. $25,000 per withdrawal with rolling limit. Up to $100,000 pending limit.|
|2||$5,000 over 10 days||Unlimited. $25,000 per withdrawal with rolling limit. Up to $100,000 pending limit.|
|2 (strong positive history)||$50,000 over 10 days||Unlimited. $25,000 per withdrawal with rolling limit. Up to $100,000 pending limit.|
FTX Trading Fees
As I mentioned earlier in this FTX review, FTX has the lowest trading fees out of all the cryptocurrency exchanges. In fact FTX is quite appealing for most people for this reason.
FTX have a tiered fee system and not a flat rate. So the more you trade the more you will save on fees.
Spot and Futures Trading Fees
|30 Day volume||Maker / Taker|
|0 USD||0.02% / 0.07%|
|Over 2,000,000 USD||0.015% / 0.06%|
|Over 5,000,000 USD||0.01% / 0.055%|
|Over 10,000,000 USD||0.005% / 0.05%|
|Over 25,000,000 USD||0% / 0.045%|
|Over 50,000,000 USD||0% / 0.04%|
Additionally you can bring down the cost of fees even more if you hold FTT tokens. These are the tokens issued by FTX themselves. The discount you get ranges from 3-60%. However as you can imagine you would need to hold more FTT to get the larger discount.
Fee Discount for FTT Holders
To clarify this is based on the amount of FTT tokens you hold in your account.
|FTT holding||Fee discount|
You should note that taker fees using the discounted rates cannot go below 0.015%. Additionally if you reach $1,000,000 USD worth of trades you should get in touch with FTX. They will give you a tier upgrade.
Moreover if you stake 25 FTT tokens you will not get charged fees as a maker.
FTX Deposit Fees
FTX charge low fees for depositing into your account using a bank transfer. However if you use a credit card it is more expensive. As a result we always recommend that you use bank transfer because that is the cheapest method.
Fees are charged only on Ethereum (ETH), ERC-20 tokens, or small Bitcoin withdrawals. However with FTX US you also get charged fees for Omni.
FTX Withdrawal Fees
Withdrawal over $5,000 USD are free. However every week you have 1 fiat withdrawal that is under $5,000 USD for free. With 25 or more FTT staked you get another fiat withdrawal below $5,000 every week that is free.
For FTX US you have a $0.50 fee for ACH. However you will not get charged if:
- It is your first deposit,
- The deposit is over $100 or
- Over $10, but you deposited via ACH within the past week
Likewise there are withdrawal fees on Ethereum (ETH), ERC-20 tokens, or small Bitcoin withdrawals. Additionally with FTX US you also get charged fees for Omni.
However withdrawal fees will get waved if you hold FTT tokens. To clarify you will get a certain amount of withdrawals for free per day.
|FTT staked||No. of free daily ERC-20 withdrawals|
How to Deposit and Withdraw Crypto and Fiat
Here is a short video that is under 4 minutes long on how to deposit and withdraw.
FTX Review: Customer Service
One thing that is important for any service is customer service. FTX do have a poor rating on Trustpilot.
To put this in perspective; most cryptocurrency exchanges have a poor customer rating on Trustpilot. Except for a very small minority like for example Coinmama and CEX.io. However even top exchanges like Coinbase, Binance and Kraken have poor and bad ratings.
Customer service is a really important aspect with a service. That is to say most will appreciate it when they really need to rely on it.
The main complaint from most FTX customers is that customer service is taking long to respond. Most exchanges do take some time to get back to their clients, but with FTX it takes longer.
FTX customer service is not the worst we have seen, but they do have a lot to improve.
In fairness they do not have many customer complaints overall. However if customer service is an issue for you then you could have a look at some other exchanges. One of the most responsive customer support teams is at Kraken. They have a great live chat feature where you can quickly get in touch with them.
FTX Review: Security
FTX does not provide much information on how they secure their platform and systems. However they do mention that they are working with Chainalysis. Chainalysis are monitoring the platform for suspicious crypto transactions.
Chainalysis is currently doing millions of dollars-worth of business per year with the U.S. government. Having become its leading crypto analysis contractor in terms of the value of contracts.CoinDesk
Chainalysis were instrumental with several high profile cases of stolen funds from crypto exchanges. Like for example with finding the infamous Mt Gox Bitcoin’s and helping Kucoin track down stolen crypto. Thanks to Chainalysis law enforcement and other crypto businesses worked together to retrieve stolen funds.
Chainalysis are monitoring transactions in the Know Your Transaction (KYT) method on FTX. This is a real-time Anti Money Laundering (AML) compliance solution. Additionally they manually monitor large or suspicious deposits and withdrawals.
So if you are going to leave funds on the exchange to trade this arrangement gives you some additional security.
User Side Security
On the other hand FTX do mention security features that you can implement yourself for your account.
Naturally you have the standard password and 2-Factor Authentication (2FA) set up which is standard on any exchange. Unfortunately at the moment they do not have support for security keys which are a form of enhanced 2FA. However they do have some other security features which are pretty rock solid.
One thing that you can set up is separate 2FA and a password specifically for withdrawals. This we think is fantastic.
This is a unique feature among cryptocurrency exchanges. However it is a simple solution that adds an additional barrier just in case hackers try to steal funds.
If you or anyone else removes your 2FA or changes the password, withdrawals are restricted for 24hours. If FTX notices any unusual activity they will send you a notification alert.
Additionally you are able to whitelist any IP’s or wallet addresses that you use. To save these details you will need to input your password and the 2FA code.
FTX Review: FTX Wallet
The wallet area has a pretty standard look and feel for a trading platform. In other words it features all the supported cryptocurrencies in a list that you can click to withdraw and deposit. Additionally in this case you can also use ‘convert’.
FTX Review: Crypto Card
FTX like many other exchanges are also offering crypto backed cards. The FTX card is a Visa card. So you can spend your crypto anywhere around the world that accepts credit card payments. The card will automatically exchange crypto to fiat for you to make the payment in fiat.
One of the nice things about the card is that FTX does not charge any fees. There are no processing or administrative fees. However third party fees could still apply.
FTX Review: Staking
FTX has a very small amount of cryptocurrencies you are able to stake at this stage. In comparison to other exchanges their list is tiny. However we are sure that by time they will support other additional coins.
Cryptos you can stake and the rewards you can get
You can stake FTX’s own token FTT. As a result based on the amount of FTT you will get:
- market fee discount,
- bonus votes,
- relative airdrop increases and
- free daily ERC20/ETH withdrawals
However you have a choice of other cryptos you can stake
*Annual Percentage Rate (APR)
FTX Review Conclusion
To sum up this FTX review even though FTX is still new it is considered a main player. It has quickly grown because of several factors and the wind is truly in its sails. Hence why it tends to get high scores and is rated amongst the top 10 exchanges by many organisations.
That also includes a 3rd place score on CoinMarketCap.
FTX is not well suited for beginners. However you can hop on YouTube and learn how to use the FTX trading platform.
The negatives of this exchange are customer service which takes quite long to get back to customers. Additionally this exchange has not been around for a long time. So it is still relatively ‘unproven’ so to say.
Although it seems to have goodish security, we do not know all the details of what the team have implemented. We will only know by time. That is to say if and when they get hacked.
In fact one thing they do not have is a form of insurance to cover client funds. If they had this it would help us feel more at ease with FTX. However they do have large institutional backing and they might just help prop up the exchange if needed.
On the other hand FTX have a lot of positives. They have a good team backing the product that have made some strategic and smart decisions. As a result FTX has had some great results so far.
FTX also has fantastically low fees which is one of their biggest selling points. Additionally they have millions of clients trading weekly and trading over $2billion daily.