FTX Exchange has burst onto the crypto scene in the last few years and is now considered one of the top exchanges in the World. It is currently the second biggest exchange by daily volume and transacts over $1 Billion daily with only Binance doing more volume.
FTX was founded in 2019 and is headquartered in the Bahamas. To comply with regulations, citizens and residents of the United States cannot trade on FTX Exchange, however they can trade on FTX.US which has been established to ensure regulatory compliance with a smaller number of options.
Joining FTX requires a similar process to most other exchanges. You will first need to visit the FTX site where you will enter an email and password. Remember, your exchange account will hold all of your funds while you are trading on the exchange, so it is critical that you set a very strong password, and we recommend using a different password with every site you join. Using the same password over and over potentially compromises your security. Some users even prefer to set up a dedicated email for each exchange they join, though this decision is up to you. Once you have done this and agreed to the terms of service, then you have opened an account but you’re not quite ready to begin trading just yet.
Next, you will need to provide some basic personal details such as name, address and a phone number. It is important that you give the correct information. The phone number will be used to send an SMS verification to your phone.
From here, you are now able to fund your FTX trading account with the cryptocurrency of your choice. The most common crypto trading pairs on FTX are against USDT and BTC, so it would make sense to use one of these. If you wish to fund your account via credit card, then you will need to complete some further steps of identity verification for KYC and it may take a little longer.
The trading fees on FTX are already quite low (0.02 – 0.07%), but this can be further reduced by holding and staking some of the exchange’s native currency FTX Token ($FTT). Not only will this reduce your fees, but also allow you to make a certain amount of cryptocurrency withdrawals from FTX without paying the transfer fees. This is particularly useful if you are moving around Ethereum or any ERC-20 tokens ,as these fees can be prohibitive during peak demand times.
FTX Exchange offers a broad range of spot markets with an interesting selection of coins and tokens. With their connection via founder SBF to the Solana network, it is a good place to find interesting new tokens that have been launched using Solana.
Other things that you may do on the exchange include staking cryptocurrency to receive rewards or trade NFTs. FTX offers a dedicated NFT market for a wide variety of projects.
There are more than 100 spot trading markets and more than 250 perpetual and quarterlies futures markets to choose from. Depending on your jurisdiction, you may also be able to trade traditional stocks.
