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Why FTX Exchange holds its position as the 4th crypto derivative exchange in the world
FTX Exchange is a relatively new crypto trading platform. Even though FTX Exchange was released in 2019, it has now become the fourth largest crypto exchange in the world in terms of trading volume. If you are impressed by this success, you will come across the need to deep dive and learn reasons behind it. Continue to read, and we will share all the information that you need to know.
What is FTX?
What does FTX stand for? FTX stands for Futures Trading Exchange. This crypto trading platform was launched back in the month of May 2019. The headquarters of FTX Exchange is located within Bahamas. There are regional offices of FTX Exchange all around the world. Sam Bankman-Fried is the founder of FTX Exchange. He is currently working as the CEO, along with Garry Wang, who acts as the CTO. FTX Exchange receives funding from Alameda Research.
What are the best features of FTX Exchange?
Let’s take a quick look at some of the best features that you can find in FTX trading platform. You will be impressed by these reasons as well.
- Low fees
- Dedicated mobile app for Android and iOS
- Advanced security features
- Staking
- Depositor insurance fund
- Innovative products
- High liquidity
- Availability of multiple cryptocurrencies
- User-friendly interface
What are the products available to you with FTX Exchange?
According to the statistics of 2nd November 2021, FTX Exchange is ranked at the 4th position of Top 100 Cryptocurrency Derivative Exchanges. This list was prepared by Coin Market Cap. This is quite impressive for a crypto platform, which was just launched few years ago. The collection of products available through it for the traders and investors are the main reason behind the popularity. They include:
- Market
- Futures
- Spots
- Leveraged tokens
- Volatility
- Fiats
- Prediction
- OTC
- Wallet
- FTX Pay
- NFT
- Stocks
- Quant Zone
- Lending and Staking
You have the freedom to work with any of these products after signing up with the crypto platform. Therefore, you shouldn’t worry too much before you create an account. It will offer a great opportunity for you to increase your wealth with cryptocurrencies.
FTX Native Token
FTX Exchange offers a native token as well. This native token is named as FTT. The availability of a native token would enhance overall utility of FTX. Moreover, it will also provide numerous other benefits to all the FTX traders out there.
For example, people who trade using the FTX crypto exchange will be able to receive a transaction discount ranging from 3% to 60%. This amount would vary depending on the FTT holding that you have. Moreover, FTX and FTT can deliver multiple benefits to you with staking as well. They include maker fee rebate, better referral rate, airdrop rewards, and free swag NFTs. You will also be able to gain access to an excellent collateral in order to continue with trading futures.
Supported countries and currencies
FTX trading platform supports multiple countries and currencies as well. As of now, it is offering support to over 300 cryptocurrencies, tokenized assets, volatility tokens, and leveraged tokens. ftx fees of the most popular cryptocurrencies supported by FTX include CRO, BNB, BTC, AAVE, SOL, ETH, DOGE, and MATIC.
The fiat currencies supported by FTX Exchange include USD, AUD GBP, CHF, CAD, SGD, JPY, HDK, and BRL. People in all parts of the world can access this crypto exchange. In other words, you may call it as a global exchange. However, FTX Exchange USA has restricted access. You should keep this in mind before you sign up for an account FTX Exchange. Otherwise, you might notice that it doesn’t match with your expectations.
Payment methods and transaction fees
As the very first thing, let’s take a look at the trading fees. FTX fees for trading include spots and futures fees, leveraged tokens fees, and fees associated with MOVE contracts. For cryptocurrencies, there is a fee for deposits and withdrawals. You will also be able to find a fee for all the deposits and withdrawals that you initiate via fiat or stable coins. It is important not to ignore OTC fees as well. However, this fee is not clearly visible, as it is included in the FTC OTC rates.
You can use different methods to place a deposit to FTX Exchange. They include credit cards and wire transfer. If you want to deposit using a crypto wallet, you will be able to proceed with it as well. However, it is also important to keep in mind that all the wire transfers you do will take more than one day to process. While keeping this in mind, you should carefully proceed with wire transfers.
Verification Requirements and limits
All people and institutions who sign up with FTX Exchange will need to go through the FTX KYC process. In fact, two different account types are there on this crypto trading platform. They include personal accounts and company accounts, which are known as individual accounts and institutional accounts.
To verify your individual account, you will need to provide the full legal name, email, country of residence, date of birth, phone number, and address. Once your personal account is verified, you can extend the deposit and withdrawal limits.
On the other hand, you can sign up for an institutional account. For this, you will have to enter some additional information. They include your full name, jurisdiction of organization, place of business, description for source of assets, taxpayer identification number, list of executive directors and officers, entity information document, bank name, and bank statement. This would also increase your deposit and withdrawal limits.
Final words
Now you know all impressive things about FTX Exchange. Based on this, you can clearly see why this crypto platform is holding fourth position in the world. You can also go ahead and create an account to join the community.
Homepage: https://www.coinbureau.com/review/ftx-exchange/