Home Technology FTX cryptocurrency trading 101 – quick overview

FTX cryptocurrency trading 101 – quick overview

FTX cryptocurrency trading

The more advanced traders could prefer the more advanced services provided by FTX although some may prefer a wider range of cryptocurrencies.

The place where FTX shines

Fees that are low: The charges to trading with FTX are among the lowest of exchanges analyzed. The mobile application, for example have no transaction costs in any way (though FTX does take a markup, which is in the form of spread). The platform also charges crypto withdrawal fees for a variety of transactions.

Innovative trading: FTX promotes itself as being created “by traders for traders,” and provides a range of options that are likely to be appealing to the market. It, for instance provides the option of margin trading and derivatives like futures.

Where FTX does not meet its expectations

Customer support: Unlike competitors, FTX offers live phone assistance to all new customers, FTX advises customers to start a support ticket by contacting their support team through an online platform.

The FTX assortment of digital assets include some of the most frequently traded cryptos However, its offerings, which are 21 are less than those offered by top-of-the-line competitors, as evaluated.

FTX is ideal for:

  • Advanced traders.
  • Regular withdrawals.
  • The trading of fiat currencies.

More details about FTXs ratings

Minimum trade

For purchases that are basic in nature of Bitcoin the minimum amount is around $1, the company claims.

Transaction and trading fees

FTXs charges for transactions and the purchase of bitcoin in a spot manner differ according to whether you’re using its mobile or desktop platform. Its desktop application, FTX.US calculates fees on the basis of the amount you trade on its platform. People who make less than $100,000 each 30 days are charged up to 0.4 percent. Heavy-hitters who trade over $50 million a month on FTX.US will pay as low as zero percent.

The mobile application of FTX, which was previously known as Blockfolio, is a service that charges the user no fee for transactions. As with other competitors, like Robinhood but it also introduces an interest rate, which can increase prices for consumers.

Both on desktops and mobiles, FTX offers customers one free wire withdrawal per week. However, all withdrawals over $5,000 are free. It also covers blockchain network charges on certain assets. Deposits of cash via wire are absolutely free.

FTX offers customers a free ACH bank transfer of more than $10,000 per week. After that, the deposit will costs 50 cents. The fee can be exempt for deposits greater than $100.

The fees vary for more sophisticated trading products.

The number of cryptocurrency

FTX provides trading in 21 different cryptocurrencies.

Crypto-to-crypto trading pairs

FTX offers 27 trading pairs that deal with cryptocurrency. However, it also has other options for those looking to trading in a variety of traditional or fiat currencies. For example, FTX has markets for Bitcoin with currencies that include those of the U.S. Dollar, the Australian dollar as well as the Euro.

Options for digital wallets and security

FTX lets users utilize their digital wallets in order to move crypto onto and off its platform.

FTX affirms that it has taken standard security measures to safeguard the information of customers and assets on its platform. It also states that it provides “full external backing” of assets stored in hot wallets that are linked via the Internet. Additionally, it offers the ability to create different passwords when withdrawing funds.

Mobile app

FTX offers mobile apps for iOS with an average review of 4.8 stars and Android with the ratings at 4.1 stars.

Customer support options

FTX is encouraging users experiencing difficulties to utilize their support ticketing system. There’s no number readily available for support via phone.

Other things you should be aware of

The latest trading: FTX offers products that include margin trading and over-the-counter trading and derivatives. Some of these could be appealing to traders with high tolerance to risk. Margin trading is one example. It requires borrowing to increase the possibility of earning returns as well as the possible loss. Derivatives are products like futures, which are linked to the value of an asset.

The NFT token: FTX operates a marketplace for non-fungible tokens. NFTs provide users to prove ownership over digital media such as music, images and videos.

Reward: FTX offers up to 8percent in interest on fiat currency as well as crypto stored on its mobile application. The company will also offer customers a tiny amount of free crypto to use for certain transactions.

Is FTX suitable for you?

On the other on the other hand, the relatively affordable fees may be appealing to those just starting out. The more experienced traders could prefer the more advanced services provided by FTX however, some might prefer a wider variety of cryptocurrency.

Conclusion

FTX has low costs for cryptocurrency trading It also has a good range of digital assets to choose from. It also offers some options that are geared towards advanced traders, such as the capability to trade between cryptocurrencies as well as multiple currencies.

Reference: Nerd Wallet