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May 06, 2022

Why Choose FTX Exchange To Trade Cryptocurrency?

What Is FTX Exchange?

FTX Exchange is a leading centralized cryptocurrency exchange specializing in derivatives and leveraged products. Founded in 2018 by MIT graduate and former Jane Street Capital international exchange-traded funds trader Sam Bankman-Fried, FTX separates itself from its competitors by offering innovative products, including derivatives, options, volatility products, and leveraged tokens. It also provides spot markets in over 100 cryptocurrency trading pairs such as BTC/USDT, ETH/USDT, XRP/USDT, and its native token FTT/USDT, which is a very large number compared with some competitors.

lFTX is a centralized cryptocurrency exchange specializing in derivatives and leveraged products. It supports most commonly traded cryptocurrencies.

lFTX's key product offerings include futures, leveraged tokens, options, MOVE contracts, and spot markets.

lFTX is based in the Bahamas and does not serve U.S. residents, who can trade on FTX US instead.

lFTX and FTX US are affiliates with overlapping management teams but separate capital structures.

  • Pros

Supports margin and futures trading: FTX offers several advanced features, such as margin and futures trading. This can be appealing to sophisticated traders who can handle the risks.  

Access to advanced markets: FTX offers many advanced features that aren’t common on other exchanges. This includes access to markets like stocks, leveraged tokens, volatility, and forex.

  • Cons

U.S. residents can’t trade on FTX’s global platform: Due to strict regulations for the crypto space in the United States, residents of the U.S. have limited access to FTX. The exchange has a U.S. partner, FTX.US, but its offerings are more limited than the global platform.

There is no live chat support option: FTX does not offer live chat support. And while it does provide a comprehensive help center, finding the information you need can be time-consuming.

 

How To Open An FTX Account?

Opening an FTX account is simple. The exchange walks you through the process, step by step, from the beginning to the end.

To start, you will be required to enter your email address twice and create a strong password. 

After setting up an account, FTX requires new customers to verify their identities in order to trade crypto or make deposits. Unverified users can simply log in to their accounts to explore the platform. 

Those who provide some basic information, including full name, birthday, and country of residence, get limited access to the platform and are subject to withdrawal limits. Users who go through FTX’s full verification process, which requires providing proof of address, sharing a government-issued ID, and undergoing facial recognition, receive the benefits of full platform access as well as unlimited deposits and withdrawals.

 

Disclaimer: Cryptocurrency investment is subject to high market risk. TOPSINMETA is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.