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.
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:
FTX is one of the best places for 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
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:
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.
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?
Margin (up to 20x leverage)
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:
FTX Quant Zone
IEOs (Initial Exchange Offerings)
Trading competitions and events
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
Customize your news feed and filter articles from 20+ media outlets
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:
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 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."
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.
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.
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
Yes, via Simplex, an expensive third-party service with 5%-10% in fees
Crypto Withdrawal Fees
Dynamic (Mining fees)
Free if withdrawing >0.01 BTC
Dynamic (gas fees)
Free if you're staking 25 FTT or more
Free if you're staking 25 FTT or more
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:
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)
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.