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Review: FTX cryptocurrency exchange

Trade cryptocurrency and derivatives with this fully-featured exchange created "by traders, for traders".

  • Great for extensive features and crypto derivatives
  • Not so great for beginners

Check out our full list of pros and cons or read on.

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11

Fiat currencies

276

Cryptocurrencies

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Details

NameFTX Cryptocurrency Exchange
Deposit methodsBank transfer, Cryptocurrency, Wire transfer, PayID, Credit or Debit Card
Supported CryptocurrenciesBTC, 1INCH, AAVE, ADA, AGLD, AKRO, ALCX, ALEPH, ALGO, ALICE & 250+ more
Trading FeeVaries
Withdrawal FeesNone
Fiat CurrenciesUSD, EUR, GBP, AUD, HKD, SGD, TRY, ZAR, CAD, CHF, BRL
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Overview of FTX

FTX is a centralised cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang in 2019. The platform has quickly become one of the world's most popular crypto exchanges, averaging a daily trading volume of over US$10 billion.

FTX has an excellent track record when it comes to security and provides investors with a range of useful features. This includes a smooth user interface (UI), modern trading features, cryptocurrency derivatives, support for multiple fiat currencies and a low fee structure. FTX also donates 1% of its accrued fees to global charities.

While feature-rich for trading, FTX lacks a substantial staking or earn platform for generating a yield on assets purchased on the exchange. It does however have a native token, FTT, which you can stake for various discounts and other benefits.

This review will dive into the features provided, and any gaps in its service you should be aware of.

  • If this is your first exchange: FTX has a wide range of useful trading features, a competitive fee structure, and a sleek user interface. While there is a large range of coins on offer for beginner investors, the platform is mostly geared towards experienced cryptocurrency traders. There are limited AUD trading pairs (BTC and ETH only), so you will also need to convert your AUD to USD before purchasing most cryptos.
  • If you're switching exchanges: FTX prides itself on being at the forefront of crypto trading tech and is a great choice for experienced traders looking for an exchange with advanced trading features and high liquidity across a large number of coins. They are the first exchange in Australia with a license to offer cryptocurrency derivatives such as futures contracts.

Pros and cons of FTX

Pros

  • Advanced trading features including derivatives and margin
  • Registered with AUSTRAC and holds an Australian Financial Services License
  • Slick user experience
  • Competitive fees

Cons

  • Limited AUD trading pairs
  • No live chat support
  • Lacks a substantial earn or staking service
  • Access to the NFT marketplace requires a separate account

Verdict: Is FTX any good?

As far as trading platforms go, FTX's platform has most of the features one could hope for, and the security to back it up. With over 260 cryptocurrencies available, and both futures and spot trading, there are lots of options for traders. FTX has a clean security track record, although the exchange is still relatively new compared to others in the Australian market. Users can stake FTX's native FTT token to receive a number of unique benefits and discounts.

What to know about FTX

FTX supports a wide range of cryptocurrencies and features that should meet most traders' needs. KYC requirements are minimal if you are only using crypto and will not be withdrawing more than the equivalent of US$2,000 per day. Depositing and withdrawing crypto is fast and easy, but 2 levels of KYC are necessary to deposit fiat. Fiat deposit and withdrawal times vary, with bank transfers only processed on weekdays and often take longer than 24 hours for non-USD deposits. FTX also supports instant PayID transfers.

FTX's fee structure is quite competitive. You can get a variety of discounts by staking FTX's native token, FTT.

FTX has a simple to use UI, relatively quick and effective customer service, and derivatives trading for experienced customers. FTX only supports staking for a limited number of tokens.

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Supported cryptocurrencies

  • Supported fiat currencies: USD, EUR, GBP, AUD, HKD, SGD, TRY, ZAR, CAD, CHF, BRL
  • Supported cryptocurrencies: Approximately 276 cryptocurrencies

Visit the spot market section of FTX to see all supported cryptos.

Transferring fiat and cryptocurrency with FTX

Transferring crypto on FTX is fast and reliable. Withdrawals of crypto are processed within minutes, depending on network congestion. Fiat deposits and withdrawals require KYC verification and can take anywhere from a day to a week to transfer. FTX offers PayID deposits for Australian customers, allowing free and instant withdrawals and deposits

FTX fees and costs

There are no fees on cryptocurrency deposits. Withdrawal fees are charged for ETH, ERC-20 tokens and minor amounts of Bitcoin. All other crypto withdrawals are free.

AUD can be deposited for free using bank transfer, PayID, credit or debit card and wire transfer.

Fiat withdrawals in AUD will not incur a transaction fee. Australians using USD may encounter a US$25 fee for withdrawals under US$5,000.

You can avoid fees on ETH and ERC-20 token withdrawals as long as you have an appropriate amount of FTT staked. Considering the expensive gas price of Ethereum, this may be a cost-effective method for power users. Otherwise, you will need to pay the network fee.

Small BTC withdrawal fees: BTC withdrawals > 0.01 BTC are free. BTC withdrawals < 0.01 BTC are charged withdrawal fees after your first free one per day.

Trading

See the table below for FTX's trading fee structure:

FTX trading fees

Fiat withdrawal and deposit fees
DepositWithdrawal
NoneNone for AUD withdrawals
Crypto withdrawal and deposit fees
DepositWithdrawal
NoneNo fee unless ERC-20 asset or small BTC withdrawal

What is it like to use FTX?

FTX has a very streamlined interface that is quite simple to navigate if you've used an exchange before. That said, FTX does offer a few advanced trading features that beginners may find overwhelming.

Go to FTX's website

Getting started and KYC

To get started, the KYC information required is minimal. Your name, date of birth and where you live is the only data needed to deposit cryptocurrency and withdraw up to US$2,000 per day.

To deposit AUD, you will need to pass Level-2 KYC which requires photo ID and some extra information about yourself. This will grant you unlimited cryptocurrency and fiat deposits and withdrawals.

If you want to trade derivatives (eg, futures contracts) you will need to pass additional verification, which can be completed by going to any of the futures markets and clicking on the "request higher leverage" button to begin the process.

FTX identity verification

Trading terminal/markets

The FTX trading interface provides a clean, customisable layout. You will find most of the features one would expect from a modern trading terminal.

FTX trading terminal

Mobile app

The mobile app for FTX makes it convenient to trade from your phone. The mobile layout is well-designed and intuitive

FTX mobile app

UI/UX

The FTX UI is clean and provides a pleasant colour scheme. The layout of the exchange's features is simple and makes for a top-tier experience.

FTX UI

FTX VISA debit/credit card

FTX offers a Visa card that comes with a suite of services tailored to crypto. There are no associated fees, and you can spend your FTX crypto balance using the card. The card is not currently available in Australia, but interested customers can join a waitlist.

FTX debit card

Does FTX have good customer support?

There are 3 means of customer support on FTX:

  1. Email ticket system
  2. Help centre (articles)
  3. Multi-lingual Telegram support

To access the email ticket system, locate the "Contact us" section. For the articles in the help centre, find the help centre section.

FTX's articles are usually helpful, but its support team responds to tickets in about a day. If using Telegram, responses can be had within a few hours depending on local time.

Support offeredWait times
Email ticket systemAbout a day
Live chat
Help centre (articles)N/A

List of services on FTX

Earning on FTX

FTX supports staking for its native FTT token, as well as Solana (SOL), Raydium (RAY) and Serum (SRM) tokens. It is also possible to earn yield by lending out your crypto as collateral via margin lending. You will need to pass additional KYC steps before you can become a lender.

FTX Visa debit/credit

The FTX Visa card is waitlist only at this point. With its card, you can spend crypto wherever Visa is accepted, and the card is free to use.

FTX card benefits

Futures trading on FTX

FTX is one of very few exchanges to hold an Australian Financial Services License. This allows the platform to offer derivatives trading to its customers. These trading services are only available for qualified Australian users and are not recommended for beginners. To learn more, you can read our guide here.

Borrowing on FTX

Borrowing and lending on FTX is limited to margin borrowing and lending. Enabling margin borrowing and lending requires you have at least level 2 KYC completed. These trading options are not suitable for beginners.

Promotions on FTX

FTX offer a number of benefits for users that stake their native FTT token. The platform also hosts a series of trading competitions. New users can receive 5% off their trading fees if they sign up with an eligible referral link.

FTX promotions

FTX trust rating

FTX has a high trust rating and has never been hacked. The exchange has undergone multiple security audits and funds its own insurance program.

Past hacks

No hacks have ever been reported on FTX

Security audits

FTX has been audited by third-party auditors Blockchain Consilium and the US GAAP. Any major issues uncovered from these audits have been addressed.

FTX is registered with the Australian regulatory body AUSTRAC and complies with all KYC and AML laws. The platform also holds an Australian Financial Services License.

Insurance

10% of FTX profits go into its insurance fund. Therefore, it is self-insured. In the event of a hack, the fund would be used to reimburse affected users.

Signing up on FTX

Go to FTX's website

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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Frequently asked questions

What is the difference between FTX and FTX US?

FTX has a number of differences when compared to the FTX.US site. Namely, it hosts derivatives markets and leveraged tokens for qualified Australian customers. US residents do not have access to these trading options. FTX US also has a reduced number of cryptocurrencies available for trade. To access NFTs you will need to create an FTX US account, which is available to Australians.

Can you use FTX in the US?

No. The international FTX platform is unavailable to US residents. The FTX US exchange is available in all states except New York.

Is FTX a legit exchange?

Yes, FTX is a legitimate exchange with regulatory oversight in Australia.

Is there an FTX app?

Yes, the FTX app can be downloaded on the Apple App Store or the Google Play store.

What's the verification process for FTX?

The verification process involves providing proof of identity, address and other details.

Who founded FTX?

FTX was founded by Sam Bankman-Fried.

What customer support does FTX offer?

FTX has an extensive Help section, while support can be contacted by email, social media or Telegram channels.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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