FTX broker review (2022) Review
FTX is a cryptocurrency exchange focusing on trading, launched in May 2019. FTX’s platform has a lot of features that professional traders and professional trading firms will find valuable. A beginner will also be able to trade with FTX though. One of the main draws of FTX is its low trading fees and over 275 cryptocurrencies available, which is more than others offer. FTX is proud to have partnered and collaborated with many leading cryptocurrency firms, such as Paxos, Fenwick & West etc.
One of the tools they offer is an easy option for those that want to quickly swap their fiat or cryptocurrency to another coin. Also, they have a fully featured app called FTX Pro that is available for mobile devices and you still have access to all the derivatives markets that are found on the desktop site. They have staking available on a few coins such as SOL, RAY and SRM, Hold and stake FTX’s token and they also donate 1% of all net fees to charities. Trade Futures, Options, Leveraged tokens and MOVE contracts, which is one of their TOP products.
Regulation and security
This information is nowhere to be found on their website. I looked for it on the internet, which led me to their help page anyway, all the information is clear and transparent. This is what I found out, quoting some of their words:
- FTX Trading Ltd is incorporated in Antigua and Barbuda.
- FTX Digital Markets Ltd, a subsidiary of FTX Trading Ltd, is licensed under The Bahamas’ Digital Assets and Registered Exchange Act, 2020 and regulated by the Securities Commission of the Bahamas.
- FTX offers tokenized stock trading in partnership with CM-Equity and DAAG, utilizing a German license in concert with FTX Trading GmbH.
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners. Looking through the web, I found no information about this option. Which is a shame, because that’s the best educational tool for me.
FTX charges deposit or withdrawal fees and there are also no additional fees for OTC trading or converting in your Exchange wallet; a funding fee will be applied for perpetual contracts and 0.10% is charged for creating or redeeming leveraged tokens. They offer some discounts and a VIP program.
Broker fees can vary and change, there may be additional fees that are not mentioned in this review.
To apply for an account, you need to register. The register button is in the top right corner. A small form pops up and you need to fill in your email address and password. Then you are through to the verification page.
The registration is simple, quick and functional. I didn’t get through to the end, because as I have mentioned earlier, I`m looking for a demo account and FTX isn’t an online crypto exchange that offers one. I haven’t received any emails, maybe because I haven’t finished the registration.
FTX trading app
They have Mobile apps for iOS and Android, and you can trade on your PC. This exchange has an easy-to-use design on both its web platform and mobile app, they say it’s intuitive enough for first-time users and powerful enough for seasoned traders, but as a beginner, I`d look for something simpler and with a demo account. I need to feel the app before I go for it.
FTX website is a standard website. Once you get the griff, it seems simple to navigate through it. All buttons were functional and there was no wait. They chose the black and blue color, which I find professional and I like the design.
The top of the page shows marketing banners with their offers and so on. There’s a banner with statistics the whole time and on the left-hand side of the page you can view an overview for Futures, Spots or others.
The main page holds a coin converter and an overview of their tools. No extra marketing blabber, no extra colors or flashing text.
Navigating for a beginner is a bit difficult to start with. A lot of information and abbreviations.
In the top menu pane, under DOC, you`ll find extra information about fees, regulation and so on. Everything opens in a new tab. Under Support, you`ll find a contact form for your question, and there’s a Help button, which takes you to the DOC page. Customer service is lacking. There is no contact number, email and no live chat. In the footer of the page I found their Blog. This could be highlighted a bit more, I think.
As I have mentioned before, they offer a Blog, where you can go through their articles, it’s tricky to find, so look at the very bottom, in the footer of the page. There you will find their Twitter account, Telegram, WeChat, Communities and the support page I talked about earlier too. No contact number, email address, no chat and no Facebook account, YouTube account. That I also find disappointing. These days, you`d think the standard is to have a Facebook account or at least Instagram.
Advantages and disadvantages of FTX
FTX is an excellent choice of cryptocurrency exchange for experienced traders. Beginners can get lost and as I found no educational support, and some stuff a bit overwhelming, I`d say, it’s not really beginner friendly. They have a platform for advanced trading, with such a variety of investment markets. The fees are very competitive, starting at just 0.02% for makers and 0.07% for takers. The customer support is weak and social networks are weak too. Because of their strict regulation, they are not allowed to trade in the USA.
- Fiat Support
- Wide Range of Trading Products
- No record of hacks
- Excellent liquidity
- Regional restrictions without providing alternatives
- Weak customer service
- Complex Range of Trading Products
- No educational support
Pros / Cons