FTX Review – Is it Legit? (May 2024)

This is an essential area for any exchange or broker in the industry. Being relatively new since 2019, FTX is not yet regulated. With that said, they are incorporated in Antigua and headquartered in Hong Kong with a very strong and reputable founding team with an extensively positive record. They have also been trusted enough to quickly establish a large trader base so far.

Related to trading security, the exchange has full SSL encryption on its website and makes use of two-factor authentication within your account. This is in addition to completing the relevant KYC checks they put in place. They also use intelligent systems and a unique “liquidation engine” to manage positions, margin calls, and in other areas of risk management that can assist you as a trader. 

The exchange also has an insurance fund in place to protect traders if anything untoward were to happen such as malicious attacks or hacking though no major breaches have been reported since the inception of the company.

You will find a wide range of products available to trade through FTX. These are primarily aimed at areas the company considers to be underserved within the industry and the focus remains on derivative and other leveraged products. Futures, options, and unique types of smart contracts are available alongside some spot trading markets and leveraged cryptocurrency trading. 

Presently, futures trading is available on more than 20 popular cryptocurrencies paired with other cryptocurrencies and tokens for an extensive selection as well as other futures like the WTI Crude spot price. Uniquely, FTX MOVE smart contracts allow another type of future to be traded where the expiration is set by the number of moves in raw Bitcoin based on specific time periods. 

Options contracts can also be traded and high leverage of up to 101:1 is available through FTX which is much more than traditionally offered by many exchanges though the limit is automatically set at 10:1 when opening any type of account.

FTX runs a tiered system for trading fees based on your volume of trading within the previous 30-day period. This tiered system starts at very competitive fee levels with the highest fee being 0.07% taker fee on spot and futures markets along with a 0.02% maker fee on the same. These fees can reduce to a low point of 0% maker, and 0.045% taker fee at the top level of the tier for high volume traders.

If you are trading leveraged tokens then there is a redemption fee of 0.1%along with a daily management fee of 0.03% to be accounted for. Should you be using leverage of 50:1 or above, then trading fees will increase by 0.05% with 50% of this fee being allocated to the FTX insurance fund. 

There are no deposit or withdrawal fees from the exchange side other than the standard blockchain costs that apply to any cryptocurrency transfers, and any charge from your financial provider when transferring fiat currency. The company supports several fiat currencies including the USD, EUR, GBP, AUD, HKD, SGD, ZAR, CAD, CHF, and BRL.

FTX offers both a web-based trading platform that is accessible through your browser and integrated with TradingView to provide a very comprehensive, yet easy-to-navigate trading experience, and a mobile platform that is accessible on both iOS and Android devices offering the same depth of trading experience. 

As mentioned, the web-based platform is extremely intuitive and offers a visually appealing experience for all traders. It is well laid out so simple for new users to understand and get to grips with, but still offers an excellent level of customizability and more advanced features that will be appreciated by more experienced traders. Full charting views can be accessed right at the center of the platform as well as having a variety of order types that can be instantly used in trading. 

Overall, it is a quick and highly responsive platform that is very relatable at all skill levels. The mobile app has many of the same great features and does not miss any functionality in terms of your ability to view charts and place a wide range of order types. It is a popular choice among traders with tens of thousands of users already.

The FTX support team is extremely knowledgeable and available through a variety of the exchanges’ social media channels. These include Telegram, Twitter, Facebook, and others with several languages supported. They also provide their own dedicated live chat service and host a very useful range of blog articles that is frequently updated. 

If you do not want to reach out to the team directly, then you can check out their FAQ section. Here you will find the answer to many of your most common trading questions without the need for further contact. The team is very responsive through all channels, and works to provide a detailed and helpful answer.

In all, FTX is a very comprehensive and popular offering in a section of the market that is continuing to grow. They are relatively new in the space but have continued to expand at a good pace. This is testament to their reputation and the secure trading environment they offer. 

The FTX trading experience is also detailed, suitable for new or experienced traders, and very competitive in terms of fees. The exchange seems to have everything in place to continue growing at the top of the sector in the years to come.

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