What Is FTX?
FTX is a centralized crypto exchange that's gaining popularity with its low fees and advanced trading features. It's key features are advanced trading, derivatives, 190+ cryptocurrencies, and low trading fees. They also have unique features such as free crypto on every $10 trade and more.
The platform was founded in 2019 by Sam Bankman-Fried. Despite being relatively new, it has over 5 million active users and was the fastest growing crypto exchange in 2021. FTX has billions in daily trading volume and is becoming one of the biggest exchanges in the world. On some days, it already has more trading volume than Coinbase which was founded 7 years earlier in 2012.
🇨🇦 FTX in Canada
Does FTX Work In Canada? Yes, FTX is available throughout Canada but it does not onboard residents from Ontario. Canadians can trade 190+ coins, deposit CAD, and use most of the features. A few features like the FTX Card and tokenized stocks are still restricted in the Canadian market.
Can I Use FTX In Ontario? Yes, Ontario residents can still download the FTX app and create an account, but you cannot deposit funds or make trades. You can only use it to view coins, follow breaking news, and invite friends.
Is FTX Ever Coming To Ontario? In summer 2022, FTX acquired a Canadian cryptocurrency exchange called Bitvo. If the acquisition goes through, FTX will likely improve their services in the Canadian market. Things they could improve are CAD deposit and withdrawals and opening up in Ontario. We'll have to wait and see what happens.
What Can You Do On FTX Canada?
FTX markets themselves as "built by traders for traders" so when you make an account you will see lots of sophisticated features. But the user-interface is still easy to navigate, especially on the Pro App. Canadians have access to most of FTX however, some features like tokenized stocks, the FTX card, and more are not available in the Canadian market. Here are FTX's key features:
FTX has lots of features that advanced traders will find useful. This includes everything from charting tools and a customizable dashboard to margin and futures trading. You'll find many order types as well like limit orders, take profit orders, trailing stop orders, take profit limit orders, and more.
Canadians can trade around 190+ cryptocurrencies on FTX, which is a good selection compared to local Canadian platforms. However, there are no CAD/crypto trading pairs. The majority of the trading pairs are in USDT or USD. You will find most of the popular coins like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), DogeCoin (DOGE), and lesser known coins as well.
FTX Mobile App
FTX has two apps, the regular mobile app which is beginner-approved and FTX Pro which has all the same advanced features as the web app. Both are well designed, easy to navigate, and have positive reviews overall. FTX Pro has a perfect 5.0 rating on Google Play from 17k reviews but 3.8 stars on iOS with 180 reviews. The FTX app has 4.0 stars with 172k reviews on Google Play and 4.8 stars with 55k reviews on iOS.
Free Tokens for Trading
For every trade you make over $10, FTX will credit you with a random coin. Obviously, it wont be worth a lot but it’s a cool incentive for traders and they will have crypto deposited directly in their FTX wallet.
Users can opt-in to earn 8% APY on assets up to $10,000 and then 5% on everything above $10,000 (max $10M). Interestingly, you can earn on any cryptocurrency or fiat currency that is supported on FTX. Yield is accrued and paid hourly. Funds are still available and tradable while earning. Official details can be found here.
FTX launched a marketplace that supports both ETH and SOL NFTs. In Canada and around the world, users can display, buy, sell, and mint NFTs without incurring gas fees.
Other FTX Features
- Referral program
- Create subaccounts
- Customize your news feed and filter articles from 20+ media outlets
- Recurring buys are available for users who want to dollar cost average into the market.
- Portfolio tracking feature where you can connect other exchanges like Binance, Coinbase, and KuCoin
FTX Token (FTT)
FTT is the native token for the FTX crypto exchange and a top 50 coin on CoinMarketCap. It is an ERC-20 token and it can offer various benefits to holders. Holders can earn staking rewards, get discounts on trading fees, get free ERC-20 withdrawals, and more. The total supply for FTT is 350,000,000 and at least half of all tokens will be burned over time. Here are some official links where you can learn more:
- Official Whitepaper
- Etherscan: 0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9
- FTT Transparency Page
- FTT FAQ
Deposits & Withdrawals
FTX is not a good fiat on/off ramp if you’re using Canadian Dollars. First, international wire transfer and credit/debit are the only choices. And second, there is only 1 CAD trading pair on the entire platform which is CAD/USD. So if you fund your account with CAD, you’ll need to trade it for USD to access crypto trading pairs where you might lose a little in fees just to use the platform.
When it comes to CAD withdrawals, there is a fixed $100 fee via wire transfer.
The cheapest way to fund your FTX account in Canada is to deposit crypto using a local, Canadian exchange. You can buy one of the top coins and transfer it to FTX for free if you’re using Newton or VirgoCX. Using a local exchange would also be the best way to cash out.
FTX Fees & Spread
FTX has a tiered trading fee system. It starts at 0.02% and 0.07% Maker/Taker fees which is lower than the industry average. Binance for example, has 0.10% trading fees, and that is one of the cheapest platforms in the industry. FTX also has high trading volume which means you won't pay high fees in the spread like some other platforms. FTX averages billions in daily trading volume and is starting surpass Coinbase.
All fiat deposits are free, although your bank might charge fees for wire transfers. CAD withdrawals have a flat $100 fee which is very high. Many crypto withdrawals like Bitcoin are free and others like ERC-20 coins have dynamic network fees.
Users who stake the FTX token can also get additional fee rebates, free ERC-20 withdrawals, and more. You can also get 5% off trading fees with the promo code RankFi when you sign up. Overall, FTX is competitive when it comes to fees, it just needs better support for Canadian Dollars.
Is FTX Safe?
With FTX, you'll be sure you're using a secure and compliant crypto exchange. FTX is based in the Bahamas, but it operates legally in Canada. In my research, FTX is a registered Money Service Business and FINTRAC licensed in Canada. These are the same requirements that popular Canadian platforms like Shakepay, Newton and Wealthsimple Crypto have.
There are also many ways to secure your account. You can set up many security features like 2 factor authentication, a 4-digit pin, address whitelisting, create withdrawal passwords, and more.
So FTX is safe but the main risks to look out for is your assets are not insured. And, if we’ve learned anything in the crazy world of crypto, you should not keep large balances on exchanges. Many platforms in the past have been hacked, done bank runs, or halted withdrawals. If you haven’t already, level up your security with a popular hardware wallet like the Ledger Nano S.
Opening An Account
FTX advertises a smooth registration process where you can start trading in under 3 minutes. It is a compliant platform in Canada so it requires Know Your Customer (KYC) information. To sign up, you'll need to verify your identity just like any other Canadian exchange and then you can start trading right away. You can sign up here or use code RankFi for a 5% discount on your trading fees.
Sign Up Requirements
- Legal Name
- Date of Birth
- Phone Number
- Source of funds description
- Government-Issued ID
- Facial verification
Who Is Eligible?
- Must be 18 years old or the age of majority in your province
- Canadian residents excluding Ontario
- 180+ countries are supported on FTX International
The Bottom Line
FTX is a good platform for advanced traders. It's a fast growing exchange with 190+ coins, low fees and spreads, and lots of features. On the downside, it's not available in Ontario and does not have good deposit/withdrawal options for CAD.
If you're in Canada, you'll still need a local exchange like Newton or NDAX as a fiat on/off ramp. But FTX can be a good addition if you want extra advanced features that you won't find on Canadian platforms. FTX is also secure and compliant in Canada, so you know you're dealing with a reputable platform.
Pros & Cons
Can You Use Canadian Dollars on FTX?
FTX supports Canadian dollars but it's not a great option. You can only fund with international wire transfer or credit/debit which might have fees from your bank. And there is only one Canadian trading pair which is CAD/USD. So if you deposit CAD you'll have to immediately trade it for USD which is what most of the popular trading pairs are in. There are no CAD/crypto trading pairs on FTX.
FTX International vs. FTX.US, What's the Difference?
FTX International is supported in 180+ countries whereas FTX.US is a separate entity for the USA only. Luckily, FTX International has more coins and features overall.