Cryptocurrencies are a trending way of investment and eCommerce in contemporary life. Today the total worth of all coins is about $200BN, and its value is predicted to surpass a trillion dollars by 2030. There are over 300 cryptocurrency exchange companies. These exchange applications offer different services at different prices; thus, it would be helpful to know the pros and cons of each exchange web application. Consequently, our goal is to provide you with an extensive article in the FTX Review so you can decide if FTX is a suitable web application for you and your business regarding crypto coin trades and investments.
About the FTX Review
FTX is a popular cryptocurrency exchange application that supports many fiat currencies and tokens. To provide a comprehensive overview of the app and what it offers, we have to discuss the essential features of a trading platform in the FTX Review. First, we have introduced FTX briefly. Second, the fiat currencies that FTX supports are mentioned in the FTX Review. Third, we have evaluated the crypto assets available for trade on FTX. Then, we discuss the top features that you can enjoy when using the FTX application as your trader. Next, we discuss the costs and transaction fees that FTX charges on trades and withdrawals. Afterward, the top trade applications of 2021 are put against FTX to see which one would be better for you. Finally, we summarize the FTX review by highlighting the advantages and disadvantages of the crypto platform and give it a rating out of 10.
What is FTX?
The first step when entering the crypto sphere is buying some coins or other crypto assets. Therefore, you need an Exchange media such as FTX to turn your dollars into coins and trade those coins later. FTX is a cryptocurrency exchange platform that allows secure transactions and coin exchanges. The Crypto derivatives exchange application was founded in 2019 by Alameda Research. The company is based in Antigua and Barbuda in the Bahamas and trades over $2BN daily. They also have introduced the FTT coin or FTX Token as their sponsored cryptocurrency.
Supported foreign currencies in FTX
You can exchange your domestic fiat to USD and other common fiats in currency exchanges from wherever you are. However, it would require more money and more effort to turn your cash into USD. Therefore, people would prefer if they could use their national currency for buying coins. In this part of the FTX Review, we enlist the fiat money that you can use to buy crypto coins on FTX.
The fiat currency list and fiat emblems
FTX supports ten different fiats that you can use for buying crypto assets or trade your coins for cash in these fiats:
The crypto exchange realm extends to all continents and countries. Therefore, it would have been better if they also had supported RUB, INR, CNY, and other Asian currencies.
What coins can I trade on FTX?
There are over 6000 different cryptocurrencies available in 2021, and the numbers are growing every day. Therefore, although most crypto exchange platforms support coins such as Bitcoin, some other less renowned currencies are limited to specific crypto exchange applications. In this FTX review, we only refer to the highest traded well-known coins.
The most-traded coins on FTX Review
The top 10 coins traded on FTX are listed below:
Those were the top traded coins in September 2021. Of course, that list is constantly changing, but what we can learn from this list is what FTX mainstream users were interested in at that time.
You can also exchange 46 different coins using the trader.
FTX Review: What are the best features of FTX?
This section of the FTX Review discusses the most critical features to traders, except for transaction fees under another separate section. The items assessed in this article include FTX crypto user experience, FTT Token, Futures, mobile application, FTX OTC Portal, NFTs, and APIs.
User Experience: FTX Review
One of the significant aspects of a reliable cryptocurrency exchange app is user-friendliness. So let’s talk about the user interface and functionality of the web application in the first place.
The home page expresses a professional and sharp performance by using high contrast and simple fonts. At the top of the page, there is a carousel that shows different features of the application. Then you can slide down the home page to find the most common tools used in the crypto platform.
We will discuss these features later in the article. However, the environment is generally easy to use. FTT, BTC, and ETH tokens are on the top menu to give you instant access to those coins and their information.
When you click on a specific coin, you can view the perpetual prices and tech analysis information. You can also look at the latest transactions and coin to coin trades done on FTX.
In short, I find the user experience helpful and professional. If you are a newcomer to the crypto universe, I’d suggest you read what Bitcoin is and how to trade coins before you make any investments.
FTT is the cryptocurrency offered by FTX. The FTX Token or FTT is the backbone of the ecosystem, according to the company. You can use the coin as an investment asset or stake coins for higher risks and rewards. They can also be used to buy and sell NFTs. Note that FTT is not following US regulations.
FTX Review: Futures and leveraged tokens
The clients can also invest in Futures coins. The Futures trades are sorted by their date. Three months, six months, and one-year Futures are available on FTX. You can also trade perpetual futures if you’re interested.
The mobile app
Coin traders would like to have access to the market and their assets at any time. Therefore, having a mobile application is vital for crypto exchange software companies such as FTX. You can use the FTX mobile application on your Android phone or iOS device.
FTX Review, OTC Portal
You can trade coins directly on the FTX OTC portal knowing that your transaction is secure and the trade will occur as the two parties have agreed. The benefit of using this platform is that it is free of charge. However, you need to put some money or coin into your wallet first. That will cost you some money, but it is more frugal than withdrawing cash or trading small amounts of cryptocurrencies.
NFTs on FTX Review
Although most NFTs are based on Etherium Blockchain, FTX also provides NFTs. Non Fungible Exchanges refer to digital assets that are not refundable or would not hold their previous value. They are conceived as a new way to buy and sell digital work, especially artwork.
Available APIs on FTX Review
Expert traders would like to connect their exchange applications to analytical and accounting tools via APIs. You can add API codes to your profile when using FTX.
FTX Review: tutorials and learning material
Although expert traders will figure out how to use the application in a matter of days, amateur traders would require plain instructions and tutorials to learn about the basic concepts of crypto trades. For example, what is Perfect Money? Or, what is Blockchain?
Therefore, we discuss the in-house and also external tutorials about FTX and cryptocurrencies.
Tutorials inside FTX web application
You can find some of your answers in the FTX Help Center. You can either browse the previous FAQs and existing content on the Help Center or submit a request for more support.
External tutorial resources
Many people would look for tutorials on YouTube. Thus, we do the same and first introduce the official FTX YouYube channel below.
Besides the official channel, many independent tech-savvy and influencers provide crypto trade training and introduce different tokens.
In addition to the most popular video streaming website, you can learn how to trade cryptocurrencies on different educational courses provided by professional individuals and scholarly institutions.
What are the costs and transaction fees in FTX? 2021 FTX Review
Regardless of the endless quirks and features that a crypto derivative exchange application might offer, in the end, the transactions fees determine whether blue-chip investors would prefer it. As a result, the mainstream users will follow suit afterwards. Therefore, we have dedicated an entire section of the FTX Review to the costs and transaction fees. Then, we will compare FTX against other competitors.
Spot markets fees:
FTT holders’ discount:
You can lower the transaction fees if you are a professional trader and make a significant number of trades every day. By staking and holding FTT coins as described below, you can lower your costs to a minimum of 0.015%
Note that the leveraged tokens have creation and redemption fees of 0.10%, plus daily management fees of 0.03%.
Although FTX doesn’t offer many coins for trade, the transaction fees are lower than most other rivals. This gives the exchange program an advantage. However, keep reading the FTX Review. Next, we have provided a comparison of the top web applications in the realm of cryptocurrencies.
What are 2021 FTX alternatives
There are over 300 companies that provide crypto exchange services. Since a thorough comparison of these apps would take a lot of your time, we have only compared FTX to the top six companies in terms of their net trade volume as of September 2021.
Binance is the most prominent exchange application throughout all available cryptocurrency exchange platforms. It supports most coins and holds the most famous trade volume regarding each currency. Binance offers many professional tools, and that explains why they charge more than FTX. However, I recommend you read our review on the most popular cryptocurrency application.
Coinbase is a secure platform for buying and selling currencies like Bitcoin, Etherium, and other currencies. Binance is the number one in terms of trade volume by far. However, Coinbase offers a wide range of educational material and highly secure trading options. In addition, it is approved by US regulations. It is also worth noting that FTX has a lower transaction fee compared to Coinbase in general. Read the Coinbase Review for more information on the application.
KuCoin is a virtual currency exchange application. KYC is the coin you can use in this exchange platform if you want virtually no transaction fees. KuCoin is comparable to FTX in terms of transaction fees. On the other hand, KuCoin supports a large number of altcoins and cryptocurrencies.
This bank and exchange agency also provides support for different virtual currencies. The transaction fees are much cheaper than FTX; however, users find FTX easier to use and more user-friendly. On the other hand, Kraken has the upper hand in following US regulations and share in European countries.
Huobi Global is a Chinese company that allows cryptocurrency exchange. The app is a fierce rival to Coinbase in terms of transaction fees and supported altcoins. Huobi global supports more markets; however, the average transaction fees are ten times more than FTX.
Bitfinex is based in Hong Kong and offers cryptocurrency exchange to over a hundred nations. Thus, they are almost the same in terms of international coverage. Bitfinex has higher transaction fees but lower withdrawal fees. In return, it supports a large number of coins.
FTX offers a limited number of markets compared to rivals. It is not a US-regulated firm, however. Thus, if you come from China or Iran, it might be a better option for you. The transaction fees are lower than most applications, especially if you hold at least 25 FTT coins. Binance is better if you want to invest in future coins that are about to be launched. Coinbase is a great way to perform simple trades. However, FTX is the way to do it with minor costs.
FTX Review Summary
First, I want to thank you for reading the FTX review, and I hope it was helpful. Now, before we give our final verdict on FTX, let’s recap the advantages and disadvantages of the cryptocurrency exchange platform.
The positive points of using FTX
The transaction fees are lower than other exchange apps
It has both regular and US versions
FTT coin staking reduces your fees even further
What are the negative points of using FTX?
Few fiats are available
A limited number of tokens
Lacks features compared to rivals
Final verdict of the FTX Review
FTX is a popular cryptocurrency application that you can use to trade about 50 different coins. The brand also owns FTX Token or FTT coins. The transaction fees are lower than most rivals; however, the practical features of FTX are far behind Binance and Coinbase.
Comment what you think of the application and share your trade experiences on FTX.