11

Fiat currencies

268

Cryptocurrencies

Details

NameFTX Cryptocurrency Exchange
Deposit methodsBank transfer, Card, Wire transfer
Supported CryptocurrenciesBTC, BCH, BRZ, CHZ, CLV, CRV, TRX, MKR, XRP, ADA
Trading FeeMaker: 0–0.02%
Taker: 0.04–0.07%
Withdrawal FeesFiat withdrawals below $10,000 in value will have a $75 fee.

ETH, ERC-20 tokens or small BTC withdrawals: FTX users will pay the blockchain fees for all ETH, ERC-20 tokens unless they have FTT staked.

Small BTC withdrawal fees: BTC withdrawals > 0.01 BTC are free. BTC withdrawals < 0.01 BTC are charged withdrawal fees after your first free one per day.

Fiat CurrenciesUSD, EUR, GBP, AUD, SGD, TRY, ZAR, CAD, CHF, BRZ, MXN
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Overview of FTX

FTX is one of many companies getting into the lucrative business of offering a crypto exchange. FTX is a top tier exchange by way of the features provided and its security track record. Features include a smooth user interface (UI), and all the leading edge features in trading, non-fungible tokens (NFTs), multiple supported fiat currencies and a low fee structure.

What FTX exchange does not have that other exchanges may offer is a yield farming service, as it only caters to its own native FTT token and a few less popular coins. Finder’s FTX review will share the details of the features provided, and the gaps in its service that you may want to be aware of.

  • If this is your first exchange: FTX likely has what you’re looking for, unless you’re in search of borrowing and lending, or yield farming.
  • If you’re switching exchanges: FTX would be a good exchange to switch to if you’re looking to stay on top of leading edge technology in crypto exchanges.

Pros and cons of FTX

Pros

  • “Low” fees (< 0.1%)
  • Slick user interface and experience (UI/UX)
  • Insurance fund

Cons

  • Multiple levels of Know Your Customer (KYC) required to deposit any fiat currency
  • Limited decentralized finance (DeFi) services
Go to FTX's website

Verdict: Is FTX any good?

As far as centralized exchanges go, FTX exchange has all the features one could hope for, and the security to back it up. With almost 300 coins and tokens available, and both futures and spot trading, there are lots of options for users. Its drawback is that it is somewhat new so its security hasn’t been tested, despite a clean track record so far. Staking its FTT token gives pretty great benefits, especially for users with lots of Ethereum ecosystem assets in their portfolio.

What to know about FTX

FTX supports more than enough cryptocurrencies to satisfy almost anyone. Depositing and withdrawing crypto is fast and easy, but 2 levels of KYC are necessary to deposit fiat. User KYC is minimal if you are crypto-native and will not be withdrawing more than an equivalent of US$2,000 per day. Fiat deposit and withdrawal times are unclear. The fee structure is reasonable and cheap. Costs can only accrue if you are making Ethereum transactions, but the cost can be cut if you stake FTX’s native token, FTT. Otherwise, FTX has a simple to use UI/UX, relatively quick and effective customer service, and enough features for any crypto enthusiast. Its main drawbacks are that you can only stake its native token and some small tokens.

Finder ratings for FTX

Supported cryptocurrenciescheckmarkcheckmarkcheckmarkcheckmarkcheckmark
Transferring money or assetscheckmarkcheckmarkcheckmarkcheckmarkcheckmark
Fees and costscheckmarkcheckmarkcheckmarkcheckmark
Ease of usecheckmarkcheckmarkcheckmarkcheckmarkcheckmark
Customer servicecheckmarkcheckmarkcheckmarkcheckmark
Staking/earn rating?checkmarkcheckmark
Trustworthiness/securitycheckmarkcheckmarkcheckmarkcheckmarkcheckmark
Overall scorecheckmarkcheckmark

FTX supported cryptocurrencies

The FTX exchange offers over 250 of the most popular cryptocurrencies for trading. The only major missing asset is Terra (LUNA), which is only available as a futures contract. Here are some of the coins and tokens available on FTX:

Visit the markets section of FTX exchange to see all supported cryptos.

Transferring fiat and cryptocurrency

Transferring crypto is as fast and reliable as with any other exchange in the crypto space. Deposits are confirmed with just 1 confirmation for many assets. Withdrawals of crypto are processed within minutes. Fiat deposits and withdrawals require KYC, and anywhere from a day to a week to transfer.

FTX Fees and costs

There are no fees on deposits. Fiat withdrawals below US$10,000 in value will have a US$75 fee.

FTX will pay the blockchain fees for all ETH, ERC-20 tokens as long as users have an appropriate amount of FTT staked. Otherwise, users pay the network fee. All other crypto withdrawals are free.

FTX fees

Small BTC withdrawal fees: BTC withdrawals > 0.01 BTC are free. BTC withdrawals < 0.01 BTC are charged withdrawal fees after your first free one per day.

Trading

See the table below for FTX’s trading fee structure:

FTX trading fees

Fiat withdraw and deposit fees
DepositWithdrawal
0%Fiat withdrawals below US$10,000 in value will have a US$75 fee
Crypto withdraw and deposit fees
DepositWithdrawal
0%No fee unless ERC-20 asset or small BTC withdrawal

What is it like to use FTX?

FTX has a very streamlined interface that shouldn’t be too much for the average user to wrap their head around. That being said, FTX does offer a few more advanced features so the beginner crypto investor may want to opt for a more basic exchange.

Getting started and KYC

For the beginner investor, the KYC required is minimal. Your name, date of birth and where you live is the only information requested to be able to start trading and make up to US$2,000 in withdrawals per day. More withdrawals require “level 2” KYC.

FTX identity verification

Trading terminal/markets

The FTX trading interface provides a clean layout, with the option to customize. You will find most, if not all, of the features one would expect for a trading terminal on any other exchange.

FTX trading terminal

Mobile app

The mobile app for FTX makes it convenient to trade from your phone. The mobile layout is clean and intuitive.

FTX mobile app

UI/UX

The FTX UI is clean and provides a pleasant colour scheme. The layout of the exchange’s features is simple and makes for a top tier experience.

FTX UI/UX

FTX VISA debit/credit card

FTX has joined the trend set by other exchanges whereby a Visa debit/credit card is offered with a suite of services tailored to crypto. There are no fees, and you can spend your crypto.

FTX card

Does FTX have good customer support?

There are 2 means of customer support on FTX:

  1. Email ticket system
  2. Help center (articles)

To access the email ticket system, locate the “Contact us” section. For the articles in the help center, find the help center section.

FTX’s articles are usually helpful, but its support team responds to tickets in about a day.

Support offeredWait times
Email ticket systemAbout a day
Live chat🅧🅧
Help centre (articles)N/A

List of services on FTX

Earning on FTX

Earning by staking is available by staking FTX’s native FTT token, Solana and a few small coins. It is also possible to earn interest by lending out your crypto as collateral. The interest rate for this is unclear.

FTX staking

FTX Visa debit/credit

The FTX Visa card is waitlist only, at this point. With its card, you can spend crypto wherever Visa is accepted, and the card is free to use.

FTX card benefits

Borrowing on FTX

Borrowing and lending on FTX is limited to margin borrowing and lending. Enabling margin borrowing and lending requires you have at least level 2 KYC completed. Margin borrowing and lending is not for beginners.

Promotions on FTX

FTX doesn’t have much in the way of promotions except for the benefits that come with its native token staking program. It also hosts a series of trading competitions.

FTX promotions

FTX trust rating

FTX has a high trust rating in part because it has never been hacked. The exchange has undergone multiple security audits and funds its own insurance program.

Past hacks

No hacks have ever been reported on FTX.

Security audits

Third parties that FTX receives audits from are Blockchain Consilium and the US GAAP financial audit. Any major issues have been addressed.

Insurance

10% of FTX profits go into its insurance fund. Therefore, it is self-insured. In the event of a hack the fund would be used to reimburse affected users.

Signing up on FTX

Compare FTX against other exchanges

1 - 3 of 28
Name Product Deposit methods Fiat Currencies Cryptocurrencies
Netcoins Trading Platform
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD, USD

11
cryptocurrencies

Buy Bitcoin and 10 other cryptocurrencies instantly using this straightforward broker.
Coinmama Cryptocurrency Marketplace
Fedwire, SEPA, Google Pay, SWIFT, Bank card
USD, EUR, AUD, CAD, GBP, JPY

16
cryptocurrencies

Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

24
cryptocurrencies

Limited time only: Free $40* when you sign up and fund your Bitbuy account. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
loading

Compare up to 4 providers

Frequently asked questions

What is FTX?

FTX is a cryptocurrency exchange. It offers spot, futures and margin trading. There are also staking and NFTs on the platform.

Is FTX allowed in the US?

Yes, but only through its separate website FTX.us.

Is FTX a legit exchange?

Yes, FTX is a legitimate exchange with regulatory oversight.

Is FTX in Canada?

All Canadians have access to FTX, except people from Ontario.

Who founded FTX?

FTX was founded by Sam Bankman-Fried.

Which countries are supported by FTX?

FTX is not available in the United States and other restricted countries. US residents can use the much more limited FTX US exchange instead.

Is there an FTX app?

Yes, the FTX app can be downloaded on the Apple App Store or Google Play.

What’s the verification process for FTX?

The verification process involves providing proof of identity, address and other details.

What customer support does FTX offer?

FTX has an extensive Help section, while support can be contacted by email, social media or via Telegram channels.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Ask an expert

You must be logged in to post a comment.

Go to site