FTX Review

Donny Gamble
March 7, 2022
4.0
Personalincome rating

FTX offers plenty of financial products for you to get started with and build your portfolio, but it’s not an end-all be-all solution. They have fast transactions and low withdrawal fees, but they also have a serious problem when it comes to customer service.

FTX logo
onFTX's website
FTX
FEES
0%-0.4%
per trade
Minimum DEPOSIT
$0
PROMOTION

5% off trading fees

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The information provided on this page does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual.

Key Takeaways

  • Brilliant Liquidity: FTX offers some of the highest liquidity in the world when it comes to crypto exchanges, and that’s something to jump for joy about
  • NFT Trading Options: NFTs are the next step in cryptocurrency, and alongside spot trading with BTC and ETH, they also offer one of the best NFT marketplaces out there
  • Regulated: While this can reflect negatively on the user, FTX is one of the best-regulated exchanges, which says something good for its longevity

Pros & Cons

Pros
  • Low Withdrawal Fees
  • Fast Transactions
  • You can access futures, stocks, NFTs, advanced markets like forex, and of course cryptocurrency.
Cons
  • Domestic Access Only
  • Minimal Support

Hailed as one of the best places to buy crypto, FTX has become one of, if not the biggest crypto exchange that you can access. It’s massively profitable and constantly evolving, which is why we were surprised to find out some of their current practices.

For traders new and seasoned alike, FTX offers a level of benefits that you don't find on other exchanges. They’ve really put in the work to make sure their features and accessibility outclass the competition.

Does this crypto exchange really live up to the hype, or is it overblown like so many other exchanges? We funded, traded, and used our FTX account to explore every aspect of their features and customer service, and this is what we found to share with you.

About FTX Exchange

FTX is a fairly straightforward, cut-and-dry business. They have a mission statement, sure, but the main point is that they’re good at providing secure, lovable financial products for cryptocurrency traders, and they’re good at their job.

It’s difficult to believe some companies when they say that they want to make global banking accessible, but at the end of the day, FTX is transparent and they’re genuine in their goals.

They’re also intelligent when it comes to designing financial crypto products, which is why they’re one of the biggest exchanges across the globe.

Product Offerings

  • NFT Exchange: Buy and sell NFTs to either turn a profit, hold onto some amazing artwork, or just watch your portfolio grow
  • FTX Card (Not for US): The FTX card is a crypto credit card that lets you earn crypto for using it
  • OTC Trading: Yes, not just the big coins, but you can have OTC trading to get your hands on the assets you want with short spread times
  • Derivatives: Cryptocurrency futures with covered calls, selling puts, basically a crypto-stock exchange hybrid that puts you in control

FTX Fees

FTX has to make money somewhere, and fees are one of those areas. Their fee structuring system is pretty simple to understand, you just have to know where you stand for trades before you get started.

Their maker fees begin at 0.020%, which is respectable enough, and it can drop down to 0.000% with enough volume (though this isn’t for your average investor).

Additionally, taker fees will cap off at 0.070%, and can be lowered down to 0.040% if you have that high-roller status.

With enough FTT holding, you can experience discounts on FTX fees up to 60% off of their usual percentages and prices, although this is when you hit VIP 2 status with $5,000,000 in FTT holding.

Who is FTX Best for?

Because of how complex it can get, FTX is definitely a platform that’s designed for more savvy investors and less likely to be used by beginners. While they try to make their platform excellent for all to use, it’s a rather difficult thing to get used to when you’re still bewildered with the world of investing through cryptocurrency.

However, the fees are agreeable, so if you don’t mind learning in an overwhelming UI, then FTX could be right for anyone. If you’re someone who can take advantage of all the financial services they offer, the more power to you: FTX is scalable depending on your budget and financial goals/interests.

FTX FAQ's

Is FTX.com safe and legit?

Yes, FTX is one of the most legitimate cryptocurrency exchanges on the market today. It’s a safe exchange with excellent security, and from our experience, has some of the best customer service that you could ever hope to have when you’re in need.

Between high security standards and the ability and willingness to help you with all of your problems, it’s the gold standard for cryptocurrency exchanges.

How do you withdraw money from FTX.com?

When you go to FTX on your desktop PC, go to FTX.com/wallet, and you’ll have access to your on-site crypto wallet. From there, there’s an option to click on the USD row (or whatever your local currency is).

Withdraw via SEN, and you will be sent a 2FA code, which you will use to finalize the transaction. If you run into any issues along the way, FTX customer service is extremely helpful.

Should you use FTX.com to buy crypto?

Surprisingly, FTX has a smaller crypto selection than you would expect from one of the world’s top exchanges, but it’s still a fantastic place to buy crypto from. 

Because of the way their fees are structured and their overall beginner-friendly UI/UX design, it’s great for beginners as well as seasoned crypto traders. Transactions post rather quickly, and the total market for FTX is extremely healthy.

Overall, they’re a fantastic exchange to start on.

How does FTX.com make money?

FTX is one of the largest and most profitable exchanges out there, and it makes money in a multitude of ways. First and foremost, it makes money off of transaction fees when you buy or sell crypto, referred to as a maker and taker fee.

Additionally, they offer institutional loans, which they collect interest on. FTX has also moved to selling NFTs, which they collect profits on through sales commissions, and margin borrower interest.

It’s unclear whether or not FTX will increase their financial products, but if they do, they'll be profitable.

Does FTX.com sell any of my personal information?

It is believed that FTX may sell your personal information as outlined in their lengthy privacy policy. They mention that they share your information with third-parties, which doesn’t specify if they sell your information or simply share it, but either way, you can imagine that it’s being done for profit.

It is a business after all. FTX also doesn’t honor DNTs or “Do Not Track” orders, so you will be tracked while using FTX throughout the entire process of selling and buying on their platform.

Compare to Other Exchanges

Coinbase logo
TRADING FEES
1.49%
MINIMUM DEPOSIT
$0
PROMOTION
Offers $5 free bitcoin to new users
Binance logo
TRADING FEES
.1%
MINIMUM DEPOSIT
$0
PROMOTION
$100 bonus on qualifying deposit
Gemini logo
TRADING FEES
Varies depending on amount
MINIMUM DEPOSIT
$0
PROMOTION
No deposit or withdrawal fees

FTX

FTX is an easy to use crypto exchange where you can buy, sell, and store Bitcoin, Ethereum and other cryptocurrencies and digital assets such as NFTs.

  • FTX
  • Rating: 4
  • Reviewed by:
  • On March 7, 2022
  • Last modified:March 7, 2022

Review Summary:

FTX is an easy to use crypto exchange where you can buy, sell, and store Bitcoin, Ethereum and other cryptocurrencies and digital assets such as NFTs.

Review of: FTX

Reviewed by:
Rating:
4
On March 7, 2022
Last modified:March 7, 2022

Summary:

FTX is an easy to use crypto exchange where you can buy, sell, and store Bitcoin, Ethereum and other cryptocurrencies and digital assets such as NFTs.

About the author 

Donny Gamble

I’m Donny. I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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