One of the most well-known bitcoin derivatives exchanges in the industry, FTX was introduced in 2019. What are the core principles of the FTX foundation, and what qualities and services made the FTX cryptocurrency and derivatives exchange successful? What trading alternatives may cryptocurrency newcomers and experienced traders anticipate, in addition? Let’s follow us to find out FTX Exchange Review right now!
What is FTX Exchange?
FTX was introduced in May 2019 with the support of the famous quantitative cryptocurrency trading company Alameda Research. It has distinguished itself in the trading world by providing derivatives that were the first in the sector and a wide range of volatility products. Additionally, FTX was able to acquire investment from Binance in December 2019, solidifying its position as a major player in the cryptocurrency trading market. FTX, which was created by traders for traders, aims to offer a platform that is both simple to use for new users and robust enough for seasoned traders.
FTX Exchange Review: Key Features
By offering a broad selection of cutting-edge trading products, FTX, an up-and-coming platform for trading crypto derivatives, has been rapidly gaining customers. Additionally, the exchange was the first to provide a variety of distinctive and cutting-edge trading products, such as leveraged tokens and MOVE contracts, which have helped to distinguish FTX.
The team provides excellent trading tools for both retail and institutional traders, including cheap fees, narrow spreads, an OTC desk, comprehensive customer support, TradingView charts, and mobile applications for iOS and Android.
What services is FTX able to provide?
Let’s look at what FTX has to offer and why it has grown to be such a well-known cryptocurrency exchange globally. Change one coin or money for another quickly and easily: For people who wish to swiftly exchange their fiat cash or cryptocurrency for another coin, FTX provides a simple solution. Once you have entered your account, it is conveniently located on the home page and is easy enough for even total beginners to utilize. Choose the coin you want to convert to and the coin you want to convert from (including fiat currencies). To complete the conversion, choose the quantity of the source coin and click Convert.
A broad variety of over 275+ cryptocurrencies are supported by FTX, which is a respectable quantity for the majority of investors and traders. Additionally, they frequently introduce new currencies, so if there is something you’re looking for but it isn’t now accessible on FTX, it could do so in the future.
Earn interest in your cryptocurrency with staking. FTX provides staking on a few currencies, including SOL, RAY, and SRM. Your cryptocurrency is locked up on the FTX market when you stake it (you cannot sell or move it during this time), but in exchange, you earn incentives paid in the cryptocurrency that you staked, much like interest from a bank.
Hold and stake the FTX token (FTT) to reap the rewards. You may buy the FTX coin (FTT) on their platform as well as on some other cryptocurrency exchanges. Benefits of staking FTT include reduced trading costs, eliminated blockchain fees (you may withdraw an unlimited amount of free ERC20 and ETH per day), and higher airdrop payouts. If you don’t want to stake your FTT, you may just keep it in your account. With as little as $100 USD worth of FTT, you’ll instantly get reductions on your trading expenses.
FTX security levels
The exchange has escaped any big hacks and malicious attempts because of its recent establishment in 2019 and limited operating history. However, the team doesn’t disclose anything about its security procedures, so we must trust that it follows all recognized security best practices.
We do know that the FTX team uses two-factor authentication (2FA) to assist consumers to safeguard their accounts by using Authy, Google Authenticator, or SMS verification, as well as complete SSL encryption on their website.
The team goes into further detail about their special liquidation engine and backup liquidity provider system, which together form a three-step approach for dealing with margin calls and preventing clawbacks. The FTX liquidation engine manages liquidations and closes positions before they turn negative by using intelligent and effective values.
FTX Exchange Review: Futures
Futures are derivative financial products that bind the parties involved to exchange an asset at a defined price and date. Leverage advantages are also available when trading bitcoin futures. On FTX, the majority of the platform’s derivatives contracts allow for leverage of up to 101x.
The interesting thing about this is that FTX provides futures for obscure cryptocurrencies with small market sizes. Most of these digital assets, which is important, cannot be traded via commodity futures on any other exchanges. As a result, the FTX platform has drawn a distinctive group of traders and speculators.
More than 80 coins are now supported by FTX for future contracts. In sharp contrast, just 13 distinct digital currencies have futures contracts accessible on BitMEX, one of the top crypto exchanges for derivatives trading.
Both expert and novice traders should use FTX as their bitcoin exchange of choice. A platform for sophisticated trading has been built incredibly well, with a wide range of investment markets, including futures, currency, volatility products, and leveraged tokens. With reductions for high trading volumes and simply merely keeping FTT coins, the costs are quite competitive, starting at only 0.02% for producers and 0.07% for takers.