2022-3-14 05:40 |
Ftx.us is the US-specific variant of the FTX exchange customized to meet the stricter regulatory requirements of trading crypto in the United States of America. It was launched in May 2020 and joined Binance US, Kraken, and Coinbase in their elite group as top Crypto exchanges in the US.
This article will review the features of the exchange, including its pros and cons, to help you determine if it’s a good choice for you. Let’s go for a ride.
Visit Ftx Now Visit Ftx.us Now
KEY FEATURES It offers low fees for trading, deposits, and withdrawalsThere are currently twenty-four coins supported on the platformThe supported currencies are the US Dollar(USD), Australian Dollar(AUD), Euro(EUR), Canadian Dollar(CAD), Pound Sterling(GBP), and Singaporean Dollar(SGD).It accepts deposits via bank transfer, wire transfer, and cryptocurrencies.It is registered with FinCen(a financial authority in the US) and incorporated in DelawareIt has a sophisticated yet easy to use interfaceIt has a mobile app for both Android and iOS operating systems. WHO IS FTX.US BEST SUITED FOR?The exchange is best suited for traders who live within or are indigenous to the US and would like to hedge their positions with margined leverages.
It comes in handy because most US residents suffer from the strict regulations of crypto trading and usually have to go to great lengths to get or trade their desired coins. With Ftx.us, the process is much simpler, even though only a limited number of coins are still available for now.
BACKGROUNDFtx.us was founded on May 22, 2020, by Sam Bankman Fried and Gary Wangin, who are wall street and silicon valley experts. It was founded in Berkeley, Calif, and describes itself as an exchange for traders by traders.
With its headquarters in San Francisco, California, it showed right from the start that it meant business, acquiring the needed licenses to operate in all 50 US states and incorporating even some international jurisdiction.
It didn’t stop there. In a bid to enable margin trading for its users, Ftx.us acquired LedgerX(a United States derivative company) in August 2021, becoming one of only two exchanges that support leveraged trading in the US.
FTX.US Visit Now TRADING EXPERIENCE ON FTX.USThe FTX exchange is one never shy of spending money on quality. This trait spreads to its US-variant as a lot of funds were invested in ensuring that users take delight in trading. The aesthetic design of the website, combined with the user-friendly interface, makes this exchange stand out.
In addition, there are Android and iOS applications that provide a mobile experience. Also, you have a range of options when choosing what or how to trade. You could trade spot markets or engage in derivative trading. You could also decide to go with Over-the-counter(OTC) trading or partake in their Non-fungible token(NFT) marketplace.
AVAILABLE COINS AND CONTRACTSThere are one hundred and thirty-six(136) NFTs currently traded on the Ftx.us NFT marketplace. The floor prices are measured in Sol, and they go up or down based on the supply/demand structure.
In addition to that, there are 24 coins traded in the exchange in 48 markets altogether. Those coins are Bitcoin(BTC), Solana(SOL), Ethereum(ETH), Litecoin(LTC), Chainlink(LINK), Sushiswap(SUSHI), Polygon(MATIC), Bitcoin Cash(BCH), Dogecoin(DOGE), Uniswap(UNI), Wrapped Bitcoin(WBTC), The Graph(GRT), Basic Attention Token(BAT), Tron(TRX), Tether(USDT), Aave, MakerDAO(MAKER), Yearn Finance(YFI), DAI, Compound USDT(CUSDT), and Pax Gold(PAXG)
LEVERAGE AND MARGIN TRADINGThe recent acquisition of LedgerX by ftx.us has made it possible for them to broaden their products to include leveraged trading. However, there are still some things required from users before they are allowed to trade margin on ftx.us. Those requirements are:
They must have at least $100,000 worth of assets on the exchangeThey must have passed KYC (know your customer) regulationsIf they are an entity, their net worth must be at least $1MIf they are individuals, their net worth must be at least $5MThey must attest that they’ll only use ftx.us leverage and margin trading to hedge.Hedging, in this case, is different from speculating. Speculating is the most common form of leveraged trading in which you put down your assets, betting for the market to go in a particular direction(either long or short).
Hedging means going long to protect against short exposure or going short to protect against long exposure. That is the only accepted form of leverage trading on ftx.us.
Also, you must keep in mind that the maximum leverage allowed is 10x leverage. TRADING FEESFtx.us fee structure is tiered based on the volume of funds traded in 30 days, as is popular with most exchanges. The table below itemizes it:
TIER30-DAY VOLUME(IN USD)MAKER FEETAKER FEE100.1%0.40%2> 100,0000.08%0.30%3> 500,0000.06%0.20%4> 1,000,0000.05%0.15%5> 5,000,0000.04%0.1%6> 10,000,0000.03%0.08%7> 15,000,0000.02%0.07%8> 30,000,0000.01%0.06%9> 50,000,0000.00%0.05% DEPOSITS AND WITHDRAWALS DEPOSITSThere are five ways to deposit on ftx.us. They are wire transfer, cryptocurrencies, ACH(Automatic Clearing House), Silvergate Exchange Network, and credit or debit cards.
For wire transfers, there is a 1% fee which can amount to a minimum of $5 and a maximum of $35For cryptocurrencies, the deposit fee depends on the transaction fee you pay to minersACH deposits attract a standard fee of $0.5, which can be waived under certain conditions.Silvergate exchange network enables near-instant funding to and from your bank account. However, you have to activate it both on the ftx.us interface and with your bank.Credit and debit card deposits attract the usual payment processor fees.If you deposited any of USD, USDC, TUSD, PAX, BUSD, or HUSD, it is credited to your account as USD stablecoin and can be withdrawn independently. What that means is that you can deposit PAX and withdraw it as BUSD since they are all of the same value.
Lastly, the deposit limit is based on the KYC tier your account belongs to. Those who are in tier 1 can only deposit a maximum of $10,000 daily and $300,000 in a lifetime, while there is no limit for those in tier 2.
WithdrawalsThere are four ways of withdrawing on the ftx.us exchange. They are wire transfers, crypto withdrawals, ACH withdrawals, and Silvergate exchange network withdrawals.
Wire withdrawals attract a 1% few with a minimum limit of $5 and a maximum limit of $35Crypto withdrawals are free, except for Erc20/Eth withdrawals and Omni token withdrawals.ACH withdrawals attract the $0.5 standard fee, which can be waived under certain conditionsSilvergate exchange network withdrawals are connected directly to your bank account. SECURITY AND TRUSTWORTHINESSNot only is ftx.us one of the top exchanges to trade crypto in the US, but it is also one of the top ten crypto exchanges worldwide. That in itself shows how credible it is. That, coupled with the fact that it is regulated by FinCen, one of the top monetary regulating bodies in the US, makes a strong argument for its credibility.
In addition to those mentioned above, consider the following security protocols the exchange has in place to ensure the safety of funds:
Users are required to set up a password to access their accounts. Also, they need to perform a mandatory 2fa setup to prevent unsolicited access.There is a separate password and 2fa setup required for withdrawals. This is different from the main one used to access the account.After the 2fa is removed or the password is changed, there is a lock on withdrawals for 24 hours.Users are notified immediately if there is any suspicious activity on the account.There is a sub-account login function in which a user can allow others to access his account with configurable permissions. The permissions allow the other person to create sub-accounts, or to only view the account information without making changes, or to perform withdrawalsSpecific IPs and wallets can be whitelisted, allowing for withdrawals without having to load the withdrawal information every time. INSURANCE FUNDSUsers’ funds are insured at US banks with the FDIC(Federal Deposit Insurance Corporation)
KYC REQUIREMENTSKYC registration is required to access all the features on the exchange. Without it, users can only explore the website without performing any functions. There are two tiers of KYC registration with different requirements for each. If you’re an individual, you’ll need to submit the following information for KYC:
Your full legal name as shown in your ID documentsYour addressYour date of birthYour government-issued identification documentYour social security numberA document to prove your addressA selfie taken with your ID document to confirm identity, andA document showing your source of funds.For Corporate users, they need the following:
The Business nameThe main office addressTax identification number/Entity identification numberThe formation documentsA list of all the major stakeholdersGovernment-issued identity documentsSocial security numbersBeneficial ownership documents Proof of addressA selfie taken with the ID to confirm identityA document showing the source of funds. SPECIAL FEATURES VIP PROGRAMThere are two VIP levels on ftx.us:
VIP 1: This level is for users with a 30-day trade volume of at least $150M or a 30-day maker volume of at least $40M. They enjoy a discount of 0.04% on taker feesVIP 2: This is for users that contribute at least 5% of the 30-day exchange volume. They enjoy a discount of 0.025% taker fees and 0% maker fees.There are also three market maker levels on the exchange:
MM1: They contribute a maker volume greater than or equal to 0.15% of the exchange volume. These enjoy -0.0025% fees.MM2: They contribute a maker volume greater than or equal to 0.5% of the exchange volume. These enjoy -0.005% fees.MM3: They contribute a maker volume greater than or equal to 2.5% of the exchange volume. These enjoy -0.01% fees.(The negative value before the fees is not a mistake, it means there are rebates on the fees)
In addition, there is a $1,000 prize per market for the largest market maker in that market.
OTC PROGRAMOTC(over-the-counter) trading refers to a private deal between two parties to exchange crypto. It is different from exchange trading, in which bids and asks are placed and executed by the exchange. Ftx.us has a dedicated website where users can get instant OTC quotes for significant coins.
If you are not fond of the ftx.us exchange, make sure to check out our guides on other cryptocurrency exchanges:
Cex.io reviewBitMart ReviewCoinbene ReviewGate.io ReviewCoinbase reviewKraken reviewBitpanda reviewFTX vs FTX.US THE FTT TOKENFTT is the native token of the FTX exchange. Staking it on the exchange offers various features like:
Increased referral rewardsIncreased airdrop rewards(SRM)Free FTX swag NFTsRebates on trading feesWaived blockchain fees when withdrawing Erc20/Eth or Omni tokensInitial exchange offering ticketsBonus votes on community protocols.Unfortunately, at the moment, FTT can not be traded on the ftx.us exchange. However, as the exchange keeps making strides in acquiring licenses in the country, this may soon change.
CUSTOMER SUPPORT AND EDUCATIONAs is expected of a reputable organization, ftx.us doesn’t joke with customer support and training. There are training resources on the website, consisting of a blog and a help center at the bottom of the website’s home page. The help center directs users to about fifty well-written articles that explain different aspects of the ftx.us operation.
In addition to that, the exchange also shows its presence in major social media platforms, namely Facebook, Instagram, Twitter, Medium, and Telegram.
FTX.US Visit NowThe post FTX.US Review [2022] – Fees, Supported Coins, Payment Methods appeared first on CaptainAltcoin.
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