Our take on FTX.com
The bottom line:
With a dark theme and an abundance of features, FTX.com offers benefits that should appeal to nearly all crypto enthusiasts. In particular, serious crypto investors looking for a place to do heavy trading should consider FTX because it offers a wide variety of helpful tools, charts, and graphs, along with a huge range of cryptocurrencies to choose from.
Best for experienced traders
On FTX's website
With the freedom, flexibility, and power that crypto provides, there’s no question that the market is here to stay. That’s one part of why the battle of the crypto exchanges has only continued to grow. As new money comes in, crypto enthusiasts gain more and more options for where to swap, buy, sell, stake, and lend or borrow their hard-earned tokens.
One of those options is FTX, which is a centralized finance (CeFi) exchange that was founded in 2019 to address some of the pain points around crypto investing. And it looks like the exchange has succeeded, as it now offers a unique array of features that cater to a wide array of crypto enthusiasts. But does that mean FTX is right for you? Let’s find out.
FTX referral code for October 2022
Want to cut down on the cost of your FTX trading fees? Sign up for a new FTX account using the referral code “Defirate” and you'll get back 5% of the fees you pay when making trades on the platform. That 5% rebate can add up quickly over time, so don't miss out!
FTX pros and cons
- Wide variety of crypto to trade
- Strong security
- Opportunities for IEOs
- U.S. investors can’t access the global exchange
- Site can be difficult to use
- No live support
Every crypto exchange has its advantages, and FTX is no exception. The site was built with a focus on trading, and the team behind FTX took care of a lot of the factors that can keep crypto investors from scaling their portfolios. The site navigation is quick and seamless, which is a big benefit. Here are a few more benefits to check out:
There are plenty of different cryptos to trade
If you’re using the global site, FTX.com, there is a wide array of crypto available on the platform. While it’s not an exhaustive list, FTX offers a mix of the most popular token options as well as more obscure crypto that may be hard to find on other exchanges.
Multiple layers of security
The platform offers two-factor authentication on SMS, which is a huge benefit for security-minded crypto users, and the platform goes even further when it comes to user safety. In addition to two-factor authentication, you can require that additional verification takes place when withdrawals are made from your account, which protects you in case your account is compromised and the hackers try to steal your tokens.
Opportunities for IEOs
New crypto projects are constantly emerging, but not all of the shiny new projects will be a win. Scams and rug pulls are a real risk with new coins, and it takes a focus on due diligence to avoid big losses. But Initial Exchange Offerings (IEOs), which are offered on FTX, can cut down on some of the concerns, as the crypto exchange does an initial deep dive into the token before agreeing to “host” it on the platform.
Unique staking benefits
Staking FTT, the native token of FTX, offers big benefits to users on this platform. In particular, holding FTT on the FTX platform offers the following perks:
- Increased referral rebate rates: Referrers who stake FTT are paid a higher fraction of their referees' fees.
- Lower maker fees and rebates: Stakers unlock lower maker fees and maker rebates, which override the standard fee schedule.
- Bonus votes: In addition to the standard number of votes, stakers also receive bonus votes in the FTT polls.
- Increased airdrop rewards: Stakers get increased SRM airdrops and may qualify for other airdrops and yield.
- Waived blockchain fees: Stakers also get a number of free ERC20 and ETH withdrawals per day.
Every crypto exchange has its disadvantages, and it’s important to get a full picture of what you’re getting into. Here are some of the downsides that may be worth weighing when it comes to FTX:
U.S. investors can’t access FTX.com
FTX.com is the global version of the platform and is restricted in the U.S. due to regulation requirements, which means that residents of the United States can’t access it. However, there is a U.S. version of the platform — FTX.US — but the platform features and offerings are limited compared to the global exchange.
Site can be difficult to use
The focus of this platform is on features, not necessarily the ease of use. While it isn’t completely unusable, there are competitor platforms with much nicer layouts and structures — which may be a turn-off for new users who are just getting used to the crypto market.
No live support
There is no live support option on the FTX platform. If you run into issues, the only way to address them is to log into your account and create a support ticket — and then wait for a resolution. Real-time support would be a game changer, and it’s unfortunate that FTX does not yet include it.
Who FTX is best for
Every platform has a target user, and FTX is no different. In particular, FTX would be best suited for:
- Intermediate crypto traders: Learned the basics and ready to dive deeper into crypto? FTX has multiple features that can help you navigate the intermediate parts of the market.
- Advanced crypto traders: Already rocking a healthy portfolio and are ready to start earning instead of learning? FTX offers features like staking, margin access, better charts, and more, which tend to be suited toward advanced users.
- Margin traders: If you’re looking for a platform that supports margin trading, FTX is definitely a platform to consider.
Key features of FTX
FTX offers some interesting features that can make it well worth exploring. A few of those key features are listed below:
- Community voting: FTX focuses on being as open with its users as possible. Users can vote on important decisions, such as future blockchains to add to the exchange.
- Institutional support: The exchange doesn’t just support retail crypto investors; it supports institutions as well.
- Quant zone rules: Custom rules that get triggered based on market events are a bit tricky to create, but extremely powerful when used properly.
- Multiple sub-accounts available: You can participate in the spot market, futures, and more while keeping funds limited to different activities.
Cryptos listed on FTX
FTX International has a massive amount of crypto available for buying, selling, and conversions. You can see the entire list on FTX.com, but an abbreviated list of the most popular crypto is below:
- 1INCH (1INCH)
- Aave (AAVE)
- Avalanche (AVAX)
- Bitcoin (BTC)
- Binance Coin (BNB)
- Compound (COMP)
- Ethereum (ETH)
- Litecoin (LTC)
- Nexo (NEXO)
- Solana (SOL)
Fees for using FTX
When it comes to crypto exchange fees, the most common charges include commissions to the exchange when buying or selling. When it comes to FTX.com, the fees are determined, and possibly reduced, based on the amount of FTT tokens the user holds. Since FTT is the native crypto of FTX, it makes sense there’s a bit of a break for holders.
The primary fees of FTX are maker and taker fees, which are based on if the order adds liquidity or removes it from the market.
|OTC trading||No fees; costs are built into quoted price|
|Move contracts||Dependent on price of underlying index|
|Withdrawal fees||First $5,000 is free every rolling 7-day period, fiat withdrawals over $5,000 are free for the first 5 in a rolling 7-day period|
|Crypto fees||Fees on ETH, ERC-20, and small BTC withdrawals; users must pay blockchain fees for these tokens (unless they have FTT staked)|
Alternatives to consider
A good crypto platform is like a pair of shoes — there’s really no one size fits all option. Every exchange is going to appeal to a different user. If FTX isn’t your cup of tea, or if you’re a U.S.-based crypto user who can’t access it, here are a few alternatives to consider:
Coinbase: Good for beginner and intermediate crypto traders
While FTX has a lot of advanced features, the exchange might not be a great fit for everyone’s crypto strategy. Coinbase has a great blend of features aimed at both new and fairly-seasoned traders alike, making it a great alternative to the FTX global platform.
Binance: Good for token stakers
While you can stake FTT on the FTX platform, those looking to get deeper into crypto staking and lending, or those who want to stake tokens other than FTT, may want to consider Binance instead.
Kucoin: Good for new coin hunters
Sometimes the new coins bring the best returns, and getting in on a new coin is exciting. Kucoin adds new coins regularly, and the interface is easy to work with.
Is FTX right for you?
If you’re planning to ramp up trading volume and are not a U.S.-based crypto trader, FTX.com is a platform worth checking out. The focus on staking FTT can help lower costs across the site. and the platform gives you access to a robust futures market, which makes it well worth the consideration. In addition, the exchange offers multiple charts and graphs that are designed for technical analysis, which is important for swing traders and margin traders alike.
Final thoughts on FTX
Ultimately, FTX knows who it wants to target with its exchange. This is for traders that not only want to stake FTT, but also traders who plan to focus on crypto futures. Advanced trading carries risk and reward in unequal amounts — but there’s a reason why fortune favors the bold.
DeFiRate.com reviews cryptocurrency and Web3 products, services, and operators based on five quantifiable metrics to help crypto users understand how they compare based on similar metrics. For the best centralized exchanges, our editorial team compared customer support, 30-day trading volume, fees, cryptocurrencies available to trade, and average mobile app ratings from each operator to rate the top competitors in the space.
Frequently asked questions
Is my crypto safe when using FTX?
Is FTX available in the U.S.?
What is the average daily trading volume at FTX?