Disclaimer: Due to the collapse of FTX in November 2022, the information in this article about FTX US is no longer relevant. If you are looking for a similar crypto exchange to FTX US, here are our top recommendations:
What is FTX US?
FTX is one of the world’s biggest cryptocurrency exchanges. It offers a variety of trading features and investing opportunities in a professional environment. However, FTX was not available in the United States of America due to several restrictions and laws, so the platform established a subsidiary company called FTX US with the sole purpose of serving traders and investors in the US.
FTX US was founded in 2020, just a year after the release of the initial platform. It is based in San Francisco, California, with no plans to relocate. The exchange offers tons of benefits and features, including various payment methods, which make it easier for users to deposit funds into their accounts and get started with the platform. The platform claims that it takes only three minutes to sign up and start trading. FTX US also has several trading markets in addition to the traditional spot market to explore, including a fiat market. The platform will soon include the stock and other markets as well.
My Overall Thoughts on FTX US
FTX US has done a great job bringing an experience similar to that of its parent platform. It has even improved some aspects by integrating options like the futuristic FTX Card and FTX Pay, which bring convenience to the lives of crypto geeks, and has also introduced additional trading markets.
The platform makes it easy for everyone to invest in or trade crypto with easy crypto purchases and several supported payment methods. The advanced, fast, efficient and accurate trading interface helps both casual and professional traders succeed. FTX US offers many features in addition to the ones listed above, but there are a few things that I consider the best among everything that FTX US offers:
1) There are several trading markets: FTX US offers a great variety of trading markets, which is fantastic for users who are looking for diversity. Users can trade not only crypto assets but also fiat currencies. The exchange even plans to bring the stock market to the platform.
2) NFTs are available: As NFTs have quickly gained popularity in the past few months, it can be a great idea to invest your money in them. FTX US can help you with that. The platform has integrated a massive NFT market. Users can buy, sell, trade or create their own NFTs right on the platform and experience the new era of digital art.
3) The platform offers FTX Card and FTX Pay: If you ever dreamed of paying with cryptocurrencies via a debit card, then your dreams will come true with the FTX Card! This card helps users pay merchants worldwide with crypto assets. FTX Pay is another innovation in crypto payments, a great payment gateway that makes crypto and fiat payments easier and better.
FTX US is overall a great exchange, but it does need to improve its customer support, as there is no quick way to get in touch.
Key Features and Advantages of FTX US
FTX US might be a subsidiary of FTX, but that doesn’t mean it has compromised on features and services. FTX US is a full-fledged trading platform no less than the original, and it has almost everything a trader or investor would want. With easy purchasing and selling of cryptocurrencies, the platform makes an excellent fit for investors. Even more than that, though, the trading experience on the platform is on a completely new level, since it supports several trading markets, a great variety of tradable assets and a professional interface with countless customization options. But there is more than that to FTX US. To give you an idea of what you can expect from the platform, I have prepared a list of key features that you can check out below.
Negatives and Disadvantages of FTX US
There is no doubt that FTX US has done an astounding job offering almost everything traders and investor require. But on the other hand, the platform has some flaws it could fix to provide a more complete trading experience. Take a look below to find out the negatives and disadvantages of FTX US.
What Services Does FTX US Offer?
Traders and investors of all types, whether experienced or new, can have great trading and investing experiences on FTX US. The platform has tried to bring diversity to its users by adding trading markets, the ability to purchase NFTs, easy crypto purchases through several payment methods and other conveniences that are on par with the latest industry standards.
FTX US even offers crypto payment options that can be used with merchants worldwide. To learn about all of these features and the many other things that the platform offers, see below:
Quick buying and selling of cryptocurrencies: FTX US offers a unique way of purchasing cryptocurrencies. Users deposit funds into their accounts, from which they can buy cryptocurrencies. This means that when you proceed to purchase your crypto, it is almost instant, as your funds will simply be converted into the cryptocurrency you are buying. The same goes for the selling of assets. You can sell any cryptocurrency on the platform and receive a fiat currency in exchange that you can then withdraw from your account.
You can fund your account a few different ways. The most direct way is through wire or ACH transfers, but you can also use credit or debit cards. Using cards requires you to prove your identity first. It is convenient that the platform provides multiple methods, so you can find the best fit for you.
25+ popular crypto assets to trade and purchase: FTX US does not have the widest variety of crypto assets. Some crypto exchanges offer hundreds or even thousands of cryptocurrencies for trade or purchase. But FTX US focuses on the few assets with the best market caps, which indicate they may be valuable assets in the future.
Rest assured that you will find almost every popular cryptocurrency on the exchange. Take a quick look below to get an idea of what cryptocurrencies FTX US offers:
- BTC
- SOL
- ETH
- LTC
- BCH
- DOGE
- MATIC
FTX US also offers a great variety when it comes to trading pairs. Any single asset can be paired with USD, BTC or even EUR.
Several trading markets, including OTC, fiat and spot: When it comes to offering a variety of trading markets, FTX US wins the race by miles. To let users trade the usual cryptocurrencies, the platform has integrated the spot market. On top of that is the fiat market, where you can trade pairs of currencies. As is the case with crypto assets, the variety in the fiat market is not the greatest.
In addition to those two markets, users can opt for over-the-counter (OTC) trading if they want to trade directly with individuals or companies (without fees!). The platform also claims that it will roll out the stock market soon.
Advanced mobile apps: Being able to trade anywhere and anytime can help you avoid missing out on the best opportunities. With today’s technology, smartphones can allow people to trade and invest without bulky desktops or laptops, which opens up a world of on-the-go opportunities.
FTX US offers professional-grade mobile apps that work as not only a crypto wallet but also a complete interface for trading. Users can access all the available markets, pairs and tools to trade without limitations. The apps are available for both Android and iOS devices. You will just have to sign in, or sign up, deposit funds and start trading.
Diverse NFT market: NFTs are bound to the crypto industry. They are unquestionably the next big thing in the digital era, and they have taken over the world. Thousands or even millions of people have invested their money in purchasing these digital pieces of art. But there is more to NFTs than owning them.
Trading NFTs is what makes people money over time. To offer users the opportunity to buy and sell NFTs on the platform, FTX US hosts a diverse NFT market filled with hundreds of buyable NFTs. Not only can you collect NFTs by purchasing them directly but you can mint new projects. FTX US allows users to create their own NFTs and then apply for listing or for the launchpad to be featured on the platform. So if you have a good idea, check out the creation tool.
Professional, customizable trading interface: FTX US’s trading interface can hold its own against the interface of any top-notch trading platform on the internet. When viewing any pair they may wish to trade, users have complete access to insights and details that make it easy evaluate their trades and make proper decisions according to market conditions.
After choosing a pair, traders are transferred to the trading interface. On the left side is a precise, accurate and customizable chart. Traders can replace the candles, take snapshots, integrate indicators, compare, opt for different timestamps and do much more to adjust the charts. Other parts of the screen give traders access to the order book and market trades. On the right side is the panel that is used to open and close trades. Users can also select different order options, including limit orders, stop limit and take profit.
Lend or borrow money: Not every crypto exchange lets users lend and borrow, due to all the associated risks. But with FTX US, users can easily lend or borrow money. FTX US has developed a list of different assets and their interest rates that lenders can use to decide what to lend. Interest rates vary from anywhere between 0.5% and 12%. Borrowers are also provided with a list of options and their interest rates.
Spend crypto worldwide with FTX Card: You have probably heard that crypto will eventually replace physical currency and people will use crypto for their daily purchases. Cryptocurrencies are definitely on the path to becoming a new normal, and FTX US has taken it even further with FTX Cards that users can use to spend cryptocurrencies with any merchants that accept Visa.
The best thing is that the FTX Card offers rewards like cash back when users make purchases on different platforms. If you want to spend crypto like never before, get an FTX Card. Just make sure that FTX Cards are available in your jurisdiction.
Receive crypto and fiat payments through FTX Pay: FTX Pay is a payment processor developed by FTX US to allow users to send and receive cryptocurrencies and fiat currencies with ease. You can receive payments from all over the world directly into your FTX US account. In other words, you can consider FTX Pay an advanced crypto and fiat wallet.
No compromises on security and safety: When you sign up on FTX US, you will notice right away that the exchange does not compromise on the security and safety of its users. The platform asks for all possible legal information so there are only verified users on the exchange. It even requires users to provide their SSN to have access to the complete features of the platform. Not only that, but FTX US is also a regulated crypto exchange adhering to all applicable US laws and regulations to provide a safe environment for their traders and investors.
Great referral program with good rewards: FTX US has a great referral program that can help users earn a side income. Whenever someone you bring to the platform trades, you are paid 30% of their trading fee as a reward. There is no cap on the number of referrals you can bring. You can potentially earn a great deal of money if you can bring traders with great trading volume to the platform.
Things I Don't Like About FTX US
You may be amazed by all the benefits and advantages of FTX US. But there are some things that you should keep in mind before deciding on joining them. Let’s take a look at the things I do not like about FTX US.
Not the quickest support team: Customer support is definitely a problem at FTX US. The platform does not have any quick mode to get in touch with representatives of the exchange. There is no live chat option, nor is there an option to message the company on social media and get a quick reply. The only way to get in touch is through opening a support ticket, and it can take some time to get a reply.
If FTX US wants to keep customers satisfied, it will have to introduce a communication method that is quick, convenient and efficient.
Staking is not available: Staking is one of the best features offered by the original FTX platform, through which users can passively earn rewards on their crypto. Unfortunately, the staking option is unavailable for the US version of FTX, and it takes away a great method of earning interest on crypto.
FTX US Fees
FTX US Deposit Fees
The deposit fee at FTX US is listed below:
- Crypto wallets: Free
- Wire transfers: Free
- Credit/Debit card: $0.30 + 2.9%
- ACH transfers: $0.50
The ACH deposits on FTX US can be free as well if it is your first ACH deposit, if the deposit amount is over $100 or if the deposit is more than $10 and you have deposited through ACH within the last week.
FTX US Trading Fees
The basic trading fee at FTX US starts at 0.1% for takers and 0.2% for makers. Traders on FTX US can earn massive discounts depending on their 30-day trading volume. Take a look at the chart below to learn more:
And the tiers do not end there! The tiers go all the way to 9, and you can keep getting discounts until you reach the final level.
FTX US Fiat Withdrawal Fee
FTX US charges a fixed fiat withdrawal fee. The exact figures are as follows:
- ACH transfers: $0.50
- Wire transfers: $25 (free above $5,000)
FTX US also offers one free Wire transfer withdrawal per week for amounts lower than $5000.
FTX US Crypto Withdrawal Fee
You might have never seen a crypto exchange that does this, but FTX US pays the crypto withdrawal fee on behalf of its users, except for fees associated with the ERC-20 and OMNI-type tokens.
Pros and Cons of FTX US
- Different trading markets are available
- Advanced trading interface
- NFT market is intergrated
- Easy and quick crypto purchases
- Send and receive crypto assets with FTX Card and FTX Pay
- Not the best customer support
- No integration of staking feature
The Verdict
All in all, FTX US can be an excellent choice for traders and investors who are living in the US and want an excellent crypto exchange with a hassle-free experience. The best thing is that FTX US is not built for one specific purpose. It is an all-in-one cryptocurrency exchange that allows users to trade in different markets or keep things simple by purchasing or selling cryptocurrencies.
FTX US is also working quite hard on expanding services. It has already brought an NFT marketplace to the platform, and it has impressive plans for the future, too.
If you are looking for other options in the US, you can read our article on the best cryptocurrency exchanges in the USA. There is also a quick comparison table below to help you with your decision.
Comparison Table of the Best Crypto Exchanges in the USA
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Frequently Asked Questions
FTX US is a safe and secure cryptocurrency exchange where users have to go through multiple layers of verification in order to fully utilize the platform’s services. It has some of the best security measures to protect the funds and identities of its users.
Beginners can easily use FTX US due to its simple layout. There are no complicated terms, procedures or sections.
FTX US has a great variety of popular crypto assets that users can trade and purchase. The crypto assets available on the exchange include BTC, ETH, LTC, DOGE, MATIC and many others.
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