Most of the current cryptocurrency exchanges are established by providers with the common goal of making profits. Therefore, they may not fully understand what investors want and need. With the desire to create an investment platform prioritizing user interests, FTX Exchange was born. So, what is FTX Exchange? Who owns it? All these details will be revealed in the sharing below.
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What is FTX Exchange? Is it reputable and safe?
Similar to most exchanges worldwide today, FTX is a platform supporting users in cryptocurrency trading. With features like OTC, Margin, Futures contracts, etc., FTX promises to be a reputable, safe, and worthy investment platform.
Behind all the success of FTX is one of the most famous investors in the crypto world, Sam Bankman-Fried – a member of the world’s largest investment fund, Alameda Research. Therefore, FTX is always built on the basis of generating profit for investors, with features such as: quickly and thoroughly handling issues that customers encounter when using the service, continuously improving and developing assets and trading products on the platform, etc.
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Some information about FTX
Founded only in April 2019 in Hong Kong, FTX Exchange is gradually affirming its position in the market. It receives many positive reviews and feedback from users.
To provide customers with the most effective and optimized trading environment, FTX offers various supporting services such as:
- Spot Trading: Standard coin trading service on the crypto market.
- FTX Futures: Considered a premium service of FTX with futures contracts created quarterly or permanently. FTX also built its own Backstop trading platform to execute FTX Futures trades. Creating such a utility makes it easier for users to handle and place orders for key cryptocurrencies like USDT, BNB, LEO, etc.
- Move Contracts Leveraged Tokens: Also called Move contracts, which are a type of futures contract with a set expiration date involving Bitcoin over a certain period, allowing users to trade BTC without knowing the coin’s future direction.
- Other trading services include: Bitcoin Options, Leveraged Tokens, OTC, etc.
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Reviews of FTX Exchange
Known for its favorable user reviews, what features does the FTX exchange have? Let’s go over some objective and comprehensive reviews of FTX!
Advantages:
- The first advantage is the transaction fee. Depositing and withdrawing money on the platform are completely free of charge.
- Built to benefit investors, FTX has a quite attractive and user-friendly interface. Whether you are experienced or a beginner, you can use the platform services.
- The platform supports multiple languages, including Vietnamese. So, users need not worry about language barriers when using the platform.
- Although newly launched, FTX is highly rated for safety, credibility, and strong customer data protection. To date, it has never been hacked.
- Despite being new in the market, the number of coins supported on FTX is quite large, comparable to any major exchange.
- In addition to existing market coins, FTX also introduced a platform token called FTT. Holding FTT offers many benefits to users.
- To facilitate the use of trading tools, FTX provides full API Keys to users.
- The support team is enthusiastic and dedicated, always listening and constantly improving the platform to create the best investment environment for users.
Disadvantages:
- Probably due to its recent establishment, FTX has a relatively low trading volume. Therefore, its statistics on CoinMarketCap are still limited.
- It has not yet developed a mobile app. However, the design team is working to complete all utilities on the system. Hopefully, the FTX app will be launched soon.
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Transaction fees on FTX
Deposit and withdrawal fees:
As mentioned, FTX completely waives all deposit and withdrawal fees. Possibly, being a new platform aiming to attract investors, FTX offers full fee waivers for deposits and withdrawals. However, I think they may set reasonable fees after some operation time.
Trading fees:
Since deposits and withdrawals are free, users will need to pay a small fee for other transactions. The fee varies depending on the user’s level, and the following table illustrates the fee structure:
Additionally, to benefit FTT holders, FTX introduces a new fee level for FTT owners with four tiers.
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Conclusion
These are some shared insights about the FTX exchange. With this information, do you think FTX is a platform worth investing in? I hope this review helps users gain an objective and overall perspective on FTX. From there, investors can make crucial decisions to profit for themselves. Best of luck and success!
See more: Kucoin Exchange
