What is FTX? Is FTX Trustworthy? (All About FTX!) – The widespread use of cryptocurrencies enabled exchanges to reach customers with new and powerful features.
Despite being launched a few years ago, the FTX platform, which has managed to reach a large user base, is one of these exchanges. Standing out as a cryptocurrency derivatives exchange, FTX offers countless options for both professional and new investors.
Recently, I wanted to protect my investments due to the sudden drop in cryptocurrencies. Therefore, I must say that I follow crypto derivatives transactions closely. One of the most preferred exchanges in this field is FTX.
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What is FTX?
FTX is a cryptocurrency derivatives exchange founded in 2019 by Sam Bankman Fried from the USA. The headquarters of the exchange is located in Hong Kong. Listing more than 180 cryptocurrencies, the exchange is among the leading names in the industry with approximately 400 trading pairs and 300 cryptocurrencies.
FTX has numerous trading options for professional traders. Futures, leverage, staking, etc. It offers investors the opportunity to earn income with transaction types.
However, due to the high risk of futures and leveraged transactions, they are generally preferred by professional investors.
FTX was established in 2019 and started operating in the last months of 2022. On the other hand, although the founder of the company is from the USA, it provides limited service in the USA.
But I must say that it works without problems in many countries of the world. For example, FTX operates in the US with Ftx.us, so US law controls the exchange.
Is FTX Trustworthy?
FTX provides reliable use for its users with two-factor authentication (2FA), optional private password usage for cryptocurrency withdrawals, and cold wallet protection.
At the same time, FTX has not been subjected to any cyber attacks until today and has succeeded in taking high security measures.
FTX is among the reliable cryptocurrency exchanges thanks to its strong encryption methods and keeping user information/assets in a cold wallet.
Having experienced rapid growth in 3 – 4 years, FTX is among the four largest exchanges in terms of trading volume, according to CoinMarketCap data.
On the other hand, it is legal to use FTX and other cryptocurrency exchanges. There is no prohibitive article or law regarding the use, transfer or exchange of cryptocurrencies.
The founder and executives of the FTX platform have worked for many technology companies, primarily Google and Facebook.
Its founder is also an MIT graduate. Therefore, a series of measures are taken against cyber attacks and no hacking incident has been recorded so far.
What Transactions Can You Do With FTX?
As of June 2022, the second largest cryptocurrency exchange in terms of trading volume is FTX. Having managed to reach more than one million users in a short time, FTX has come to the fore with futures transactions. However, this is not the only feature of the stock market.
FTX also allows stock trading. For example, you can buy and sell Apple stock. However, this service has not been fully opened for users. Here are some things you can do with FTX:
- Spot trading : You can buy and sell over 180 coins with FTX. It is also a good option for long-term investors.
- Futures : FTX has numerous features for futures trading. It offers investors a wide range of action as it has more than 100 futures pairs.
- Leveraged trading: You can trade with FTX with different leverage ratios ranging from 2x to 101x. However, I must remind you that leveraged transactions always involve more risk and losses.
- Options: A form of financial derivative that is both profitable and risky. Earnings are earned through call or put options.
- Leveraged token: There is no margin requirement in this system developed by FTX. ERC – 20 tokens are leveraged up to 3x.
Another prominent feature of FTX is the funds or baskets consisting of different cryptocurrencies.
You can invest in these baskets under futures. For example, the fall of one coin in your basket will make you lose money, while the rise of other coins will make you money. In this way, your loss can be minimized.
Is it possible to trade in TL on the FTX Exchange?
Yes, you can deposit or withdraw with TL on the FTX platform. Moreover, FTX also offers 8% interest income for fiat currencies. At the same time, the FTX platform supports the following fiat currencies:
- TL
- USD
- EUR
- GBP
- HKD
- SGD
- DICE
- BRL
- CHAD
- CHF
While FTX supports different fiat currencies, it also offers countless conveniences for deposit/withdrawal.
In addition, the platform has 20x leverage on many coins and 100x leverage on some coins. Margin trading, which is organized for institutional and individual customers, is generally preferred by professional investors.
Funds can be deposited on the FTX platform via credit/debit card or wire transfer. Select the currency you want to deposit by going to Wallet > Fiat. After determining the amount, you can complete the deposit by choosing credit card or money order methods.
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Finally, I should remind you that you need to authenticate to deposit money on the FTX exchange. You can complete the identity verification process with your TR ID card and selfie.
Today, reliable cryptocurrency exchanges require this step for every user. The purpose here is to prevent crypto-related crimes such as money laundering, terrorism and smuggling.
FTX is virtually seamless when it comes to deposits and withdrawals. There is no upper or lower limit for depositing money. However, users who authenticate can withdraw up to $ 9000 per day.
What is FTT Token?
FTT, the native token of the FTX ecosystem, has attracted the attention of both exchange customers and other crypto investors.
Exchange users pay less for transaction fees when they buy FTT tokens. At the same time, 60% commission discount can be offered depending on the amount of FTT.
Users with FTT tokens have the opportunity to withdraw more money from the exchange. IEO ticket priority can also be given.
On the other hand, FTT is not just a token listed on the FTX exchange. Binance etc. FTT can be bought and sold on many exchanges.
The total supply of FTT was determined as 333,688,070. At the same time, the stock market, transactions made on the FTX platform, insurance, etc. It spends a certain proportion of its income from sources for FTT incineration.
What are FTX Benefits?
Being one of the largest cryptocurrency exchanges in the world, FTX manages to offer many advantages to its customers at the same time:
- low transaction fees,
- Opportunity to trade with TL,
- Turkish language support,
- User-friendly design,
- Futures trading for professional and institutional investors,
- over-the-counter market (OTC),
- high level of security,
- Advanced order types,
- NFT trading with FTT,
- NFT creation.
What Are FTX Disadvantages?
Learning about FTX downsides can help you become familiar with the stock market. The most important disadvantage about the exchange is that it does not have live support.
Therefore, when you have a problem in any matter, you need to find a solution via the contact form or e-mail.
FTX supports many coins, but not as diverse as Binance. For example, over 400 coins can be traded on Binance, but around 300 on FTX. On the other hand, there is no staking option on the exchange.