FTX US Review – Is FTX US Scam or Legit?
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FTX US Review
Throughout the years, Cryptocurrency has grown into a pretty unstable commodity that is desired by both major financial institutions and individual traders alike. Now that everyone wants to dabble in cryptocurrencies, finding a reputable platform is crucial. This FTX US exchange review is designed to help you reach educated decisions on your cryptocurrency exchange adventure.
When it comes to cryptocurrencies, more trustworthy exchanges are needed. Coins are now easier to purchase, sell, keep, and exchange as a result of continuous advances in the technology. For instance, to make a Bitcoin investment, you must first open a cryptocurrency exchange account.
Not enough emphasis can be placed on the necessity of joining up with an accredited cryptocurrency exchange. Safety precautions must be in place for an exchange, and in addition, it should supply its clients with adequate care up to a specific adequate degree.
A crypto exchange’s security and privacy are the most sought-after characteristics in the industry. Transaction costs, simplicity of use, volume, volatility, and service are some key qualities to be expected from an exchange. All of these factors must be considered while evaluating an exchange.
Even if a buyer or trader has a great plan, the exchange they use may make or break their performance. In this review, we’ll go over everything you need to understand about the FTX US exchange, so keep reading. Undoubtedly, FTX US is one of the best exchanges for getting started in the crypto realm.
|Exchange platform||FTX US|
|Trading Platform||Web-based and Smart Phone Application|
|Payment Method||Wire Transfer, ACH, Debit or Credit Card, Silvergate Exchange Network (SEN), Cryptocurrency.|
|Withdrawal Method||Wire Transfer, ACH, Silvergate Exchange Network (SEN), Cryptocurrency|
|Customer Support||Email, Telegram, Phone|
What is FTX US?
Cryptocurrency exchange FTX US is an exchange developed by traders for traders. FTX offers a wide range of special products, such as derivatives options, volatility products, and leveraged tokens that are market firsts.
It’s a completely new digital currency exchange in the United States, developed from scratch. In the next two years, they want FTX US to develop the digital currency ecosystem, provide American investors with a platform that drives their devotion, and become a market leader in the US cryptocurrency industry. In comparison to other major US platforms, FTX US provides BTC, LTC, ETH, Bitcoin Cash (BCH), PAXG, and USDT.
Hot wallet funds are fully backed by FTX US’s connections with industry-leading custodian banks, and a manufacturer hot and cold wallet solution is also available. In the past, they had provided the industry’s best fluid derivatives order books, thanks to some of the industry’s best market makers. So, FTX US has been able to establish itself as a leader in the business from the very beginning.
Depositing and withdrawing fiat is quick and easy with FTX US. Stablecoins and USD have also been effortlessly incorporated into FTX US’s platform to increase liquidity and simplicity of usage. Since its inception, the mission of FTX US has been to donate to some of the world’s most effective organizations. Its workers and associates have raised nearly $10 million to help save lives, reduce misery, and secure a prosperous future.
FTX US Trading Services
FTX US services vary from Margin trading to Advance Order types when it comes to trading on the exchange platform. As soon as money has been placed into a wallet, transactions on the platform are carried out with lightning speed.
- Margin Trading
Margin trading requires a minimum amount of assets. The spot rate on FTX US allows qualified customers to leverage up to 10x. It is possible to allow margin trading on your profile if your account is Margin Qualified (MQ). Your account will have enough Margin if you’ve completed this step and can place orders that demand more tokens than you have. Any negative amount you accumulate will result in you obtaining a loan and paying interest on that loan instantly and automatically. The loan will also be required for any pending requests over $300,000 per account that is over the account’s holdings
It is possible to immediately convert one spot asset into another without needing to utilize the trade book by using the conversion feature of the trading platform. Convert your tokens to fiat currency or vice versa with just a few clicks. Transforming is free. In addition, there is a spread and the price stated will vary depending on market circumstances USD, USDT, BTC, ETH, BCH, LTC, and PAXG may be converted.
A Subaccount lets you trade only with funds that have been transferred to it. There are no other options for trading or converting except to use the monies in the Subaccount. It’s helpful to have subaccounts if you’d want to split distinct tactics, traders, or positions from the rest of your portfolio.
- Order Limits and Price Bands
If the order is greater than 25%, it can’t be forwarded to the other side of the book. Price caps are applied to orders placed too deep into the order book. This implies that a market order can only be partially completed if liquidity is poor compared to the order’s size. There is a limit to the number of pending requests per side of the coin.
- Advance Order Types
In addition, FTX US supports Stop-Loss Limit, Stop-Loss Market, Trailing Stop and Take Profit Limit orders, as well as Take Profit Limit. Market price falls below the trigger price of a Stop-Loss sell order, and the order is dispatched. Orders to buy are issued when the market price falls below their trigger price, and orders to sell are sent when the market price rises above their trigger price.
They are similar to Stop-Losses, but their trigger prices vary as the market moves, thus they are called trailing stop orders. There are two types of orders: IOC orders that only accept, and Post-Only orders that only supply.
Limit, IOC, and Post-Only orders may not be completed if certain requirements aren’t satisfied. (Normal, Stop, Trailing Stop, Take Profit) Limit Orders may be executed at a price that is higher than your limit price. As a result, the actual size of a transaction is solely determined by the quantity of currency that you are transferring.
Use “Retry Until Filled” only after you’ve read and understood the material on it. An order’s fulfillment and pricing will rely on the equations and the sequence on FTX US, and by making an order, you take responsibility for its outcomes. FTX US has the right to refuse or cancel any order for any reason.
FTX US Fees
Transaction costs are a vital indicator of a reputable exchange. No one wants to pay a hefty cost for a transaction that yields less than the fee. Consequently, an exchange should be able to provide its consumers cheap transaction fees. Users should always be able to afford the costs they pay.
As a way to help users ramp up their trading, FTX US refunds any costs you spent beyond what your new volume tier would have caused. No referral fee is included. A fee is charged for margin lending. There is a difference in fees for makers and takers. For example, a market buys order on BTC/USD would cost USD, whereas a cap buys request that implements the maker would cost BTC. Note FTX US charges a 5% fee to the buyer and the seller on each sale or trade. FTX US charges $10 to mint/list your own NFTs.
- Wire Fees
When using USD wire transfers to deposit/withdraw funds, FTX US reserves the right to levy a fee of up to 5.1 percent (currently fixed at $35). In other words, there is a 1% charge on USD deposits and withdrawals, although it cannot exceed $35 or go below $5. That said, Stablecoin deposits/withdrawals or ACH transfers are free. For the time being, they do not charge for wire transfers.
- ACH Fees
The typical charge for ACH transactions is $0.50. ACH fees are waived for first-time ACH depositors. There is no charge if you haven’t made an ACH deposit for at least a week. If you’ve deposited by ACH in the past week, FTX US will waive the charge if it’s more than $100 in value.
- Crypto Fees
Using the blockchain as a payment method is free of charge. While FTX US does not pay the transaction blockchain costs for ERC20/ETH and Omni token transactions, it does pay the fees for all other tokens.
As long as the new user registers with your referral code and uses it to sign up, you’ll get 30% of their fees and they’ll get 5% back. Referrals cannot be applied retrospectively if any trading has occurred. Everyone has their affiliate link. Affiliate links have seven-digit numbers at the end that represent your referral code. You’ll find this code on the Settings tab. As soon as your referee registers via your affiliate link, the reference code will be added instantly. As time goes on, they will reassess the conditions of the referral fees.
It should be noted that a consumer cannot recommend himself or herself. Our referral program may be halted if we find that a specific user violates our rules. If you bid on a brand, your referral income return to zero.
VIPs at FTX US enjoy a variety of perks, including the following: In addition, VIP1 and VIP2 have a 0.04 percent taker charge, while VIP3 has a 0.025% taker fee. There is also a dedicated account manager and flexible API limitations, as well as direct access to a senior developer for API queries, as well as FTX US-branded VIP gear and VIP meet-up opportunities. There are no referral fees for VIPs, but they may still suggest other traders and get commissions for doing so.
Vip1 status requires either a 30-day turnover of at least $150m, or 30 days’ worth of production of at least $40 million. If you want to be eligible for VIP2, you must have at least 5% of the 30-day trading volume.
FTX US Portfolios
As we said before, the provision of numerous trade choices is a distinguishing aspect of every finance service company. As a result, investors will have a wealth of info and understanding to make educated investing judgments. The availability of such adjustable options has a significant influence on the customer’s trading decisions.
FTX US, like the other leading exchanges, does not trail behind when it comes to portfolios. As a result, consumers have the choice of distributing their assets over several distinct portfolios. Funds can be divided up into several portfolios based on your investment approach as well as risk analysis goals and profit ambitions.
To be clear, this is mainly for skilled traders, since novices and ordinary customers may not find this option to be very useful. This type of technology allows the user to take control of his or her money and spend it the way they see appropriate. Additionally, portfolios may be quite useful for risk analysis in addition to enhancing market knowledge.
Cryptocurrencies Available on FTX US
Good trade frequency is typically a sign of a strong balance sheet for any financial planning and analysis site. In turn, this enables dealers to trade quicker and at the cheapest rate. Highly liquid monetary markets are efficient and low-risk.
As a starting point for digital currencies, the exchange provides a long range of fiat currencies, such as the GBP, USD, and EUR. A few of the more prominent digital currencies that may be traded on the site are Bitcoin, Ethereum, Ripple, Dogecoin, and Litecoin.
The firm also allows the exchange of crypto pairings with the Stablecoin USDC. Since its price is connected to another asset like the U.S. Dollar, a digital currency or a unit sold on the exchange, a Stablecoin’s movement is kept to an absolute minimum. FTX US enables the exchange of digital currencies like BTC, ETH, DOGE against the USDC.
Because FTX US is offered in many nations, the regulations in each location will vary. A lot depends on the local regulators when it comes to purchasing digital currency pairings. So, some nations only allow the trading of a few currency pairings.
Due to this, it is advised that you keep an eye on the accessible pairings that are permitted in your area. FTX US account holders may check the order book for any trading pair they are interested in. FTX US, on the other hand, is recognized in different nations.
FTX US Interface
Users need to be able to browse exchange systems quickly in order to get the greatest potential investment experience possible. As a result, if it is not done effectively, it may dissuade investors from joining. FTX US delivers simple, extremely straightforward, and user-friendly technologies for both novices and professional virtual currency traders, regardless of their competence level.
In the center of the UI, you can view the transaction graphs that are included within TradingView, and several other statistics about the market. By right-clicking on the image, a user may set trading restrictions and cancel out trades. FTX US supports investors in retaining complete authority over their investments by offering a range of categories for entering and leaving transactions. In contrast to certain other high-volume trading exchanges, FTX US offers a broad selection of order classifications that will appeal to a diverse range of investors. For instance, limit orders, market orders, stop market orders, trailing stop orders, take profit orders, and market orders are all accessible.
The interface is sturdy and appropriate for a broad variety of clients, independent of the degree of experience. The trading interface on FTX US is interactive, and it provides trustworthy tools and software for trading all types of commodities.
For those who want to operate while on the move, FTX offers a mobile trading app for both Android & Apple smart phones. With the aid of “FTX US Pro,” clients may keep a close check on the markets and do transactions at any time and from any location with simplicity. There are over 10,000 people that have downloaded and utilized the app, which has a 4.7-star review on Google Play.
The FTX US app offers a full graph, trades, levels, and fundamental chart indicators, all of which are accessible for free. The FTX US app delivers the same functionality as the desktop software. It gives traders the chance to stay on top of market data and change their orders accordingly. Looking at your transaction history is another something you could do.
Security and Safety
Your first goal when doing crypto exchanges should be data integrity. The security of Cryptocurrency exchanges profiles depends entirely on the protections in place. So you should make sure you take advantage of all of the security features your exchange has to offer.
FTX US offers a range of security measures (reminiscent of the traditional banking sector) to protect personal information and funds of its customers. So far, no security breaches or problems have arisen, which is due to adopting two-factor authentication, keeping cold wallets, and similar measures to create a secure trading system.
FTX US provides several customer support communication options, including email and Telegram, among other more methods. The “Help” link, situated at the bottom of each page, is a helpful tool for beginners to get answers to common questions quickly. In addition to the issues with transaction input and transfers, account and KYC verification, cryptocurrency trading, FTT Token, FTX Trading Competitions, fees, and OTC, other concerns such API and API have been answered on the platform.
Also, TrustPilot is a site where users may browse FTX US Exchange reviews to get a better sense of what investors actually think about the exchange. So far, they have only gotten a few comments, averaging 3.2/5 stars. It’s upsetting that people are posting false names, and unfortunately, it appears this is happening with some of the comments.
As a crypto-exchange platform, FTX US has differentiated itself by offering new and creative products in a variety of sectors, including the derivatives and matched currency markets, among other categories. As a result, when it comes to choosing between cryptocurrency trading combinations, consumers will be presented with a plethora of alternatives to consider.
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