FTX One of the biggest cryptocurrency exchanges in the world, FTX.US, has launched a platform in the United States. Active traders will appreciate the low trading costs. A wide variety of NFTs and equities are also available, so you can manage all of your assets from one spot. See whether FTX.US is the right cryptocurrency exchange for you by reading our in-depth evaluation.
Benefits at the top of the heap.
FTX.US’s minimal trading costs are a major selling point. Depending on your trading activity, the exchange applies a tier system to its fees, with the highest price being 0.20 percent. As a result, you may save money by trading on FTX.US rather than some of the greatest cryptocurrency exchanges.
Orders with more advanced features.
- FTX.US offers the following advanced order types in addition to the normal market order:
- Orders with stop-loss limits
- Market orders with stop-loss provisions.
- Shock absorption
- Take advantage of the situation
- Stop-loss orders for quick profit
- a high level of security
FTX.US definitely takes security extremely seriously, and this is a good sign for the future of bitcoin exchanges. Customer crypto money are stored in a custom-built hot and cold wallet, which has complete external backing, and links with industry-leading custodians. When logging in or making a withdrawal, users have the option of using two-factor authentication (2FA).
A US bank regulator ordered crypto exchange FTX on Friday to halt what it called “false and misleading” claims the exchange had made about whether funds at the company are insured by the government.
The Federal Deposit Insurance Corporation said a July tweet by Brett Harrison, head of FTX’s US operations, contained misleading claims that funds held at and stocks purchased through FTX were FDIC insured, and ordered the company to remove any misleading language from its social media accounts and websites.
In the tweet, which Harrison has since deleted, he stated that direct deposits from employers to the crypto exchange are “stored in individually FDIC-insured bank accounts” and that stocks purchased via FTX US “are held in FDIC-insured” brokerage accounts. The FDIC said in its cease and desist letter to FTX US that those statements implied that FDIC insurance was available for cryptocurrency and stock holdings, and that the agency does not insure brokerage accounts.
In a tweet on Friday, FTX CEO Sam Bankman-Fried emphasized FTX is not FDIC-insured, and apologized if anyone misinterpreted previous comments.
The order, one of five sent to crypto firms by the FDIC on Friday, comes as regulators have ramped up efforts to police crypto firms that may be misleading investors on whether their funds enjoy a government backstop. The issue has come to a head of late, as turmoil in the crypto market has led to stress and the collapse of some high profile firms.
The bank regulator issued a similar cease and desist letter to bankrupt crypto firm Voyager Digital, arguing that the company had misled customers by claiming their funds with Voyager would be covered by the FDIC. Later, the FDIC issued an advisory urging banks dealing with crypto companies to ensure that customers are aware of what types of assets are government-insured, particularly in cases where firms offer a mix of uninsured crypto products alongside insured bank deposit products.
Investing in Securities
Stocks and ETFs may be traded on this exchange via FTX Stocks. You may fund your account using the USD Coin (USDC) stablecoin, and there are no fees for doing so. FTX.US makes it simple to store your cryptocurrency and stock investments in one location.
Content that has a purpose in education
The blog at FTX.US features instructional content. FTX.US has a good library of knowledge on major crypto investment themes, despite the fact that other exchanges have considerably bigger libraries.
Trading on the margins
Margin trading is available to FTX.US members with a balance of at least $100,000. As a result, you may get up to a 10-fold advantage. Inexperienced investors should avoid using margin trading since it entails a high level of risk and exposes your account to the danger of liquidation.
The NFT market
Non-fungible tokens may be purchased on the FTX.US exchange (NFTs). Digital art, sports highlights, and metaverse virtual worlds are just some of the NFTs offered on this platform. You may mint your own NFTs and sell them on FTX.US in addition to purchasing and selling on the exchange.
What can be done better?
The collection of cryptocurrencies is mediocre.
FTX.US’s cryptocurrency portfolio isn’t terrible, but it’s a long way behind the offerings of many of its rivals. There are more than 20 cryptocurrencies you may trade on this platform. Many other exchanges provide more than 50, and a few go as high as 100 or even more in rare cases.
Cardano (ADA) and Polkadot (PLO) are two famous cryptocurrencies that are not available on FTX.US (DOT). You’ll have to seek elsewhere if you’re interested in purchasing any of them.
When and how FTX.US operates
Cryptocurrency exchange FTX.US may be found here. You may buy, sell, and trade cryptocurrency via the company’s website and mobile app.
FTX.US now provides NFTs and equities in addition to cryptocurrencies. In the NFT marketplace you may buy, sell, and mint your own NFTs for a modest price, as well as explore other collections and acquire NFTs there. FTX Companies, the company’s stock trading platform, offers hundreds of well-known stocks and ETFs.
Your account may be funded after signing up for FTX.US and verifying your identification. Deposits may be made using the following methods:
- Automated Clearing House (ACH)
- Transfers made via wire
- Paying using a debit or credit card
- Transferring cryptocurrencies
- Costs outlined
When you purchase and sell cryptocurrencies on FTX.US, you’ll have to pay transaction fees. Deposit and withdrawal fees are also imposed on specific sorts of transactions.
FTX.US provides a tier-based fee structure for crypto trading. The amount of fees you pay is determined on your 30-day dollar trading volume. A maker-taker approach is also used by the exchange. Taker fees apply to market orders that are immediately completed, while maker fees apply to orders that aren’t instantly filled.
Depending on the method of deposit and withdrawal, fees may apply. Wire deposits are free of charge at the exchange. Wire withdrawals under $5,000 are free of charge once per rolling week period. There will be a $25 charge for any further wire withdrawals under $5,000 made during that time period. Withdrawals of $5,000 or more are free through wire.
The usual charge for ACH transfers is $0.50. ACH deposits exceeding $10 each week are free of charge To avoid paying this charge, you must meet all of the following criteria:
- This is the first time you’ve used an ACH deposit.
- the down payment exceeds $100.
There is a charge of 2.9 percent + $0.30 for debit and credit card transactions. Cash advance fees from credit card companies are possible, but the exchange maintains they are uncommon. Bank account wires and transfers are preferable to credit card payments because of the lower transaction costs.
For each sale or trade on its NFT marketplace, FTX.US charges the seller a 2% transactional fee. Using the exchange’s self-service mint tool, you may mint and list your own NFTs for $3 each time.
Choosing a cryptocurrency
FTX.US offers at least 20 different cryptocurrencies to choose from. Bitcoin (BTC), Ethereum (ETH), and a few altcoins are included in this group. There are certain famous cryptocurrencies that it does not have, such as Cardano (ADA), Polkadot (DOT), and Stellar (Stellar) (XLM).
See The Ascent’s Guide to the Top Exchanges’ Cryptocurrency Availability.
Is FTX.US a secure place to store your cryptocurrency?
There are several security measures in place at FTX.US to protect the accounts and assets of its clients. FTX.US provides a number of significant safeguards, including the following:
Setting up two-factor authentication is required (2FA). A password and a code delivered to your mobile device are required in order to log in with 2FA.
2FA and a second withdrawal password may be activated to make any withdrawals. A whitelist of permitted crypto wallet addresses may also be created, so that withdrawals can only be done to addresses on the list that are allowed.
It allows you to restrict access to your account to just those IP addresses that you’ve authorised.
With a proprietary hot and cold wallet solution, it ensures the security of your bitcoin assets. Cold storage is an offline wallet, whereas hot storage is linked to the internet. FTX.US utilises a mix of both techniques.
All hot wallet funds are backed up outside.
Plaid, a technology that securely transports data from banks to FTX.US, is used for bank transfers on FTX.US. 11,000 financial institutions in North America and Europe use Plaid as their preferred way of money transmission.
the FTX.US website is the best option for you in the following circumstances:
You’re on the lookout for low trading costs.
You’re already familiar with the crypto market and want to learn more about more complex functions like margin trading.
You’re on the market for NFTs, and you have a certain goal in mind.