Notes

Basics to know before getting started with FTX Exchange
Do you have any plans to start using FTX Exchange as a crypto trading platform? Then there are some important factors you need to be aware of. The understanding you have about them will eventually help you to get the maximum experience out of this platform. Continue to read and ftx exchange will share all the basics you need to be aware of.
Registering for an account
Let’s start off from the process of registering for an account in FTX Exchange. You will only have to go through a relatively straightforward process to register for an account in FTX Exchange. Even if this is the very first time that you register for an account, FTX Exchange will never make you feel confused. You can easily go through the sign-up process as you create an account in another website.
After visiting the website of FTX Exchange, you should initially click on the Register tab. You can see this tab located on the top right hand corner of the FTX Exchange home page. Then you should enter the email and name and generate a password. You will receive a confirmation email to your inbox. You need to verify the email. Then you should add two-factor authentication to the account. This is where you need to get to “Account Security” and then add your phone number for SMS authentication. You can simply click on the Settings tab, and then proceed to complete KYC verification. This will not just ensure the overall security of your account but will also provide you with a better withdrawal limit.
The KYC Process of FTX Exchange
As you sign up for an account, you will need to go through the FTX KYC process as well. If you signed up as an individual trader, you would only need to go through Level 1 KYC. This will verify your identity on the cryptocurrency exchange. This will verify the name, state, province, country of residence, and region. Once you complete the KYC process, you can extend your withdrawal limits by $2,000.
Institutional users who sign up with FTX Exchange will have to go through a tier-2 KYC process. You will need to upload documents that support the proof of address and proof of identity. You will also need to upload recent bank accounts that you used to deposit fiat currency to FTX Exchange during the KYC verification process. There is no need to think twice before you upload your personal and confidential records to FTX Exchange. That’s because it is a legit and a secure cryptocurrency platform.
Fees of FTX Exchange
You will prefer to know FTX fees before you sign up with the cryptocurrency exchange as well. The best thing about FTX Exchange is that it doesn’t have any withdrawal or deposit fees. On the other hand, it will not charge a fee based on futures settlements as well.
All the OTC trading services that you do on this platform will be executed along with the FTX wallet. Therefore, you will not be able to find any fee on FTX. However, you will have to pay maker fees and taker fees. Maker fees would start at 0.02% and taker fees would start at 0.07%. Both marker fees and taker fees vary depending on your trading volume. If your trading volume is high, you can expect to pay lower fees.
As per what is mentioned on the FTX Exchange, all leveraged tokens within the crypto platform will be charged with a 0.1% redemption and execution fee. On top of that, the platform is charging a daily management fee of 0.03%.
When you leverage 50x, the trading fee would be 0.02%. But if you leverage 100x, the trading fee will go up to 0.03%. You can still recoup this out of your FTX insurance fund. Moreover, all the traders who hold FTT tokens will be able to secure discounts as well. It would define a lower trading fee for all the users who are trading at a high trading volume.
What are the accepted payment methods of FTX Exchange?
As of now, FTX Exchange is offering support for credit card fund transfers. The crypto platform has an integration with Simplex, which serves as the online payment gateway. You can use it for all the credit card deposits. The convenience of this deposit method has received a lot of positive attention under the crypto exchange reviews that you can find out there on the internet. You should also keep in mind that FTX Exchange supports only GBP, USD, CAD, AUD, and EUR as of now. You will not be able to place a deposit with any other cryptocurrency.
The FTT Native Token
FTX Exchange offers a token as well. It is known as the FTT Native Token, or FTT. Based on this, you might come across the need to understand what does FTX mean. FTX refers to Futures Trading Exchange, and it is the brand name of the coin and the cryptocurrency trading platform.
You will be able to discover a unique ecosystem on its own within FTX. This is backed up by the FTT Utility Token. Along with the help of FTT token, you can expect to receive multiple benefits out of FTX Exchange. For example, you can experience a low trading fee. Moreover, you can also gain access to the FTX insurance fund. This platform offers much-needed assistance to you during the weekly buy-backs. Some of the key benefits that you can expect to receive out of the FTT native token include 33% cut on the trading fees, 10% additions to the insurance fund, and 5% of fee getting remitted to FTT token payments.
Final words
As per this FTX Review, you know that it is a diversified exchange that you can use for cryptocurrency trading. You will mainly be able to use this for trading derivatives of cryptocurrencies. This platform has been able to receive lots of attention for Bitcoin options trading. Based on these details, you can proceed to sign up for an account on FTX Exchange.
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