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FTX Review

Last Updated: Nov 10, 2022  |  Published: Apr 5, 2022


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In this review, we'll be breaking down FTX, which was the fastest growing crypto exchange of 2021. This young exchange is even starting to pass Coinbase in daily trading volume. We'll see why FTX is gaining traction and if the hype is worth it.

At RankFi, we've reviewed over 50 crypto exchanges. We looked at FTX from top to bottom on fees, coins offered, security, funding methods, and more. So, let's jump in.

Overview

Coins Offered

190+

Trading Fee

0.02% Maker

0.07% Taker

Fiat Wallets

10+ (USD, EUR, GBP, AUD, TRY, ZAR, CAD, CHF, MXN, ARS, JPY)

BTC Withdrawal Fee

Dynamic (Mining fees)

Free if withdrawing  >0.01 BTC

Notable Features

Many advanced features, low trading fees, low crypto withdrawal fees

Who Can Use FTX?

180+ Countries (See Restricted Locations)

What Is FTX?

  • Desktop

  • App

FTX is a centralized crypto exchange that's gaining popularity with its low fees and advanced trading features. It's key features are advanced tradingderivatives190+ 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.

If you just want the bottom line, here is our overall review:

Our Review

FTX has professional features like advanced trading, futures, leveraged tokens, tokenized stocks, and much more. It offers 190+ coins, 0.02% and 0.07% maker/taker fees, and is one of the largest crypto exchanges in the world according to trading volume.

Pros & Cons

  • Low trading fees and high trading volume (one of the biggest exchanges in the world) 
  • Earn free crypto on every $10 trade or above
  • Highly reviewed mobile apps
  • Offers endless advanced trading features
  • Many features overall: Credit cards, lending, staking, NFTs and more
  • Fiat Trading Pairs: Although FTX offers 10+ fiat wallets, most trading pairs are in USD or USDT
  • There are easier platforms for beginners
  • US citizens must use FTX.us which is more limited

Platform & Features

This platform has a lot of features. 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. Some features like tokenized stocks, the FTX card, and more are not available in every country, so keep this in mind. Here are FTX's key features:

Trading Dashboard

Trading View

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.

Cryptocurrency Selection

Users can trade around 190+ cryptocurrencies on FTX. 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.

What Else Can You Trade?

  • Tokenized Stocks
  • Margin (up to 20x leverage)
  • Prediction Markets
  • Options
  • Futures

Mobile Apps

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.

Earn Yield

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 Card

FTX Card

NFT Marketplace

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
  • FTX Quant Zone
  • FTX Pay
  • IEOs (Initial Exchange Offerings)
  • Trading competitions and events
  • PnL History 
  • Create Subaccounts
  • API Keys Management
  • FTX Foundation (1% of all net fees are donated to charity)
  • Portfolio tracking feature where you can connect other exchanges like Binance, Coinbase, and KuCoin
  • Recurring buys are available for users who want to dollar cost average into the market. 
  • Customize your news feed and filter articles from 20+ media outlets
  • Institutional Accounts

FTX Token (FTT)

FTX FTT Token

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:

Customer Support

FTX offers a help desk with articles and FAQs. If you need to contact someone, you can submit a ticket on their support page. Their customer support team is available 24/7 but there is no live chat or phone support available.

FTX Customer Support

Company Background

FTX is a young company founded in 2019 and is already one of the biggest cryptocurrency exchanges in the world according to trading volume. The company says they are "built by traders, for traders with some of the lowest fees in industry."

Some Stats:

  • Founded in 2019
  • Headquarters in the Bahamas 🇧🇸
  • Fastest growing crypto exchange in 2021
  • Over 5 million active users
  • 290+ employees according to LinkedIn

Who Can Use FTX?

FTX International is available in 180+ countries. You can view the restricted locations on their official website. USA customers can use FTX.US, which is an entirely separate platform.

Fees

Trading Fee Discounts

FTX Dynamic Trading Fees

Deposit & Withdrawals

FTX supports over 10 fiat currencies that you can deposit and withdraw from the platform. However, there are limited fiat trading pairs. Keep in mind, most trading pairs are in USD or USDT. Credit card deposits are also supported however, fees can range from 5%-10% since it is through a third-party called Simplex.

If you want to use FTX as a fiat on-ramp/off-ramp, it's best to check your local currency to see what the deposit options are for it.

Fiat Currencies

Fiat Wallets

(Deposit/Withdrawals supported)

USD - United States Dollar

EUR - Euro

GBP - Pound Sterling

AUD - Australian Dollar

TRY - Turkish Lira

ZAR - South African Rand

CAD - Canadian Dollar

CHF - Swiss Franc

MXN - Mexican Peso

ARS - Argentinian Peso

JPY - Japanese Yen

Credit/Debit Card

Yes, via Simplex, an expensive third-party service with 5%-10% in fees

P2P Exchange

No

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

Dynamic (Mining fees)

Free if withdrawing  >0.01 BTC

None

Ethereum

Dynamic (gas fees)

Free if you're staking 25 FTT or more

None

USDT

Dynamic

Free if you're staking 25 FTT or more

None

Crypto withdrawals are either dynamic or free. FTX says that even when you pay a withdrawal fee, they cover about half of the blockchain fees on average

In addition, users who stake FTT can get free withdrawals for Ethereum and ERC-20 tokens:

FTT Staking Crypto Withdrawals

Security

FTX is a safe cryptocurrency exchange with a great track record so far. They offer 2FA, many security features and have never had any hacks or incidents (founded in 2019). They are also one of the largest exchanges in the world by trading volume which adds more legitimacy.

⚠️ Although FTX is considered safe, 44% of platforms we tested have had hacks or incidents in the past. We strongly recommend storing and protecting your crypto on a non-custodial wallet where you own the private keys. Preferably, a reputable hardware wallet like the Ledger Nano X.

Company Security Features

  • Never had any hacks or incidents (founded in 2019)
  • Exchange has an insurance fund
  • KYC Required
  • Has licenses in many markets
  • Partnered with Chainalysis to monitor for suspicious transactions
  • Completed various audits for leveraged tokens, financials and security
  • View FTXs Responsible disclosure guidelines
  • No info on their cold storage practices

User Security Features

  • 2FA for login and withdrawals (SMS, security key or authenticator app)
  • Security notifications via email (eg. password reset)
  • Withdrawal password
  • Withdrawal address whitelisting
  • Email approval for new devices
  • Whitelisting for IP addresses
  • Withdrawal lock after 2FA removal or password change
  • View website status in real-time

Compared

Compare the world's most popular cryptocurrency exchanges:

Name

Coins

# of Features

Standard Trading Fee

Supported Countries

Fiat Wallets?

BTC Withdrawal Fee

Website

240+

15+

0.10%

190+

No

0.0005 BTC

Binance

Binance ðŸ†(#1 overall)

600+

30+

0.10%

100+

Yes

0.0005 BTC

150+

15+

0.20%

?

Yes

0.0004 BTC

750+

10+

0.25%

180+

No

0.0005 BTC

50+

5+

0.50%

?

Yes

0.0005 BTC

300+

5+

0.75%

100+

Yes

0.0003 BTC

140+

15+

0.10%

180+

No

0.0005 BTC

170+

10+

3.99%

100+

Yes

Dynamic

110+

5+

0.60%

100+

Yes

Dynamic

30+

10+

0.10%

150+

Yes

0.15%

250+

20+

0.40%

90+

Yes

0.0006 BTC

40+

10+

0%

50+

Yes

0.50%

190+

20+

0.07%

180+

Yes

Free/Dynamic

1000+

30+

0.195%

190+

No

0.001 BTC

60+

15+

1.49%+

60+

Yes

0.001 BTC

60+

10+

0%

100+

Yes

0.0005 BTC

500+

20+

0.20%

130+

Yes

0.0005 BTC

190+

10+

0.26%

190+

Yes

0.00002 BTC

500+

20+

0.10%

190+

No

0.0005 BTC

350+

25+

0.10%

100+

No

0.0002 BTC*

300+

10+

0.155%

100+

No

0.0005 BTC

130+

10+

0%

180+

Yes

0.0003 BTC + $2.99

Best Alternatives

Here are the best crypto exchanges around the world that are supported in many countries. We assessed 21 platforms across 40+ variables and 950+ data points.  

Binance
  • 600+ cryptocurrencies
  • Lowest spreads and fees in the industry
  • Most features in the industry
  • Not beginner friendly
Kucoin
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Crypto.com
  • Best crypto credit cards
  • Earn interest on 40+ coins
  • Lots of fiat currencies supported
  • High spreads
  • User interface
Coinbase
  • Best reputation, publicly traded company
  • Best for beginners
  • Beginner + Advanced trading
  • Very high fees overall
FTX
  • Low trading fees and low overall fees
  • Lots of features
  • Hard for beginners
RankFinance

Find the best crypto exchanges with our free comparison tool

Opening An Account

FTX advertises a smooth registration process where you can start trading in under 3 minutes. It is a compliant platform so it requires Know Your Customer (KYC) information. To sign up, you'll need to verify your identity just like any other  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
  • Address
  • Date of Birth
  • Phone Number
  • Source of funds description
  • Government-Issued ID
  • Facial verification

Who Is Eligible?


FTX

FTX

Earn Crypto on Every Trade and Save 5% On Trading Fees 

Best Altcoin Exchanges

Binance

Best Overall

Binance

Kucoin Exchange

No KYC

KuCoin

OKX

Top Runner Up

OKX