The FTX exchange is one of the crypto platforms you are likely to come across when you step into the crypto space. Even though it is one of the popular ones in the crypto market, you should be careful before you start using it, especially if you are a beginner. There are several aspects of an exchange you need to be familiar with before you choose it to buy or trade crypto assets.
Some of the aspects you need to know about include customer support, user interface, fee structure and safety systems.
Therefore, as a beginner, if you want to use the FTX crypto exchange then here are a few details you need to know beforehand so you can determine whether this is a suitable exchange for you or not.
What to Know About the FTX Exchange?
FTX is one of the topmost exchanges that is known for several reasons that just the features and services it offers to the users. One of the outstanding aspects about this platform is that it was created for crypto traders by crypto traders.
It is a derivatives trading platform that was founded in 2019. It is known to be a powerful and versatile trading platform, which is one of several reasons why it is well-known among crypto traders all around the world.
If you are interested in using the platform then here are more details in this brief FTX exchange review you should know about.
Trading Products Available
One of the most prominent features of the exchange is that it supports a variety of trading products. Such a platform grabs the attention of a wider audience as compared to a platform that supports limited trading products.
If you are interested in using the FTX exchange then you should know the trading products available on the platform, as are mentioned below.
- Futures market
- Leveraged tokens
- Options market
- Spot markets derivatives
- Tokenized stocks
Safety Offered by the Platform
As a beginner, one of the topmost factors you need to consider while choosing an exchange is the safety it offers to the users. Choosing a secure exchange is essential so you can remain clear of cyber threats and failures of any kind and can have a good experience of buying or selling crypto with minimum risks.
As mentioned above, the FTX crypto exchange is a versatile and powerful trading platform that aims to make crypto investing and trading suitable for beginners and experts alike.
Therefore, this platform makes use of high-endsecurity systemsto offer utmost safety to the users. Here are some of the security features available on the exchange.
- Cold wallet storage
- Leading-edge technology in web development
- Two-factor authentication
Suitable for Institutional Traders
As mentioned above, the FTX exchange has been built by crypto traders. This exchange aims to make crypto trading simple and easy for everyone, therefore, it is also compatible with institutional traders.
There is an OTC Desk Option specifically for people who want to trade cryptoat high volumes without paying any fee. The exchange provides the liquidity that is required to complete the transactions by the professional traders.
How Much Fees do the Users Have to Pay?
The FTX exchange fees is one of the most important factors that needs to be considered by every new user. As a beginner, you should take a look at every platform’s feestructure as some platforms include hidden and additional charges that are not disclosed beforehand.
Therefore, if you want to use the FTX exchange then you should know about its fee structure, which is known to be one of the lowest in the market. It also offers several discounts to the users that reduce the fees more.
Here are the fee charges mentioned in detail.
- Deposit fee: none
- Maintenance fee: 0.03%
- Market makers fee: 0.02%
- Market takers fee: 0.05%
- Redemption and creation fee (for leveraged tokens): 0.10%
- Withdrawal fee: none
Supported Currencies
The FTX crypto exchange supports a variety of fiat and digital currencies, indices, tokens, stocks and a lot more. If you know what you are interested in you can look for an exchange that supports it. One of the benefits of using the FTX exchange is that it supports a variety of assets, which grabs the attention of a large audience.
Therefore, if you are interested in using this exchange then you should know the currencies and other assets available on the platform.
Some of the digital assets supportedby the platform include:
- Ethereum
- Ripple
- Bitcoin
- Litecoin
Some of the indices available on the platform include:
- Midcap index
- Altcoin index
- Exchange token index
Conclusion!
The FTX exchange is a well-known platform as it supports beginners and experienced traders alike and offers several impressive features. As a potential user of the platform you should know the details mentioned above.
