Alert: FTX has collapsed in 2022. We will add it to RankFi's exchange graveyard.
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?
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.
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
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
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
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)
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
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.
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
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:
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
User Security Features
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 🏆(#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% | ||
1400+ | 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+ | 0.00002 BTC | |||
700+ | 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 |
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.
