What Do You Know About FTX Exchange?

There are many interesting cryptocurrency exchanges in Europe, Asia, North America, and other parts of the world. However, it is impossible to discuss all of them in one article. So, let’s focus on the FTX exchange.

It is a leading centralized cryptocurrency exchange specializing in derivatives as well as leveraged products.

FTX was founded in 2018 by MIT graduate Sam Bankman-Fried. It offers a range of trading products, including derivatives, options, volatility products, and leveraged tokens. The above-mentioned cryptocurrency exchange also provides spot markets in over 100 cryptocurrency trading pairs such as BTC/USDT, ETH/USDT, as well as its native token, FTT/USDT.

It is worth mentioning that Bahamas-based FTX and its FTX US affiliate have overlapping management teams but separate capital structures. However, U.S. residents can only trade through FTX US.

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FTX and its business empire

The cryptocurrency exchange’s wide range of products and easy-to-use desktop and mobile trading apps draw crypto investors of all skill levels.

Its platform offers a comprehensive range of order types, from basic market orders to more complex trailing stop orders.

As a reminder, FTX competitive futures, as well as spot markets trading fees, ranged from 0.04% to 0.07% for market takers, based on the maker and taker model, as of June 2022. In the meantime, leveraged tokens carried a creation and redemption fee of 0.10% and a daily management fee of 0.03%.

What’s important, FTX supports nine fiat currencies that investors can deposit and withdraw via a wire transfer: the U.S. dollar, euro, Australian dollar, British pound, Hong Kong dollar, Canadian dollar, Swiss franc, Brazilian real, and Argentinian peso.

Furthermore, it doesn’t charge deposit or withdrawal fees for most crypto assets. Interestingly, all bitcoin withdrawals greater than 0.01 bitcoin are free, as is one withdrawal of less than 0.01 bitcoin per day. However, additional small bitcoin withdrawals are charged a 0.1% fee.

It is desirable to remember that fiat currency withdrawals valued at more than $5,000 are free of charge, as is one withdrawal per week below $5,000.

Moreover, FTX US trading fees for market takers ranged from 0.05% to 0.2% as of June 2022. 

Furthermore, fiat currency deposits can be made via wire transfer, ACH, debit or credit card, as well as Silvergate Exchange Network, all of which (except for debit and credit cards) can be used to withdraw fiat currency. One pleasant fact: Wire transfer withdrawals over $5000 USD are free. Hopefully, one withdrawal per week below that amount is also free, but subsequent wires incur a $25 fee.

However, there are no deposit fees for blockchain transfers. Lastly, FTX US pays the withdrawal blockchain fees for all tokens except ERC20/ETH and small bitcoin withdrawals.

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