FTX Review “7 keys to the Powerful Nefelibata of Exchanges!?”
Our FTX Review is going to be very different from most. As this up and coming crypto derivatives exchange is in its own dimension. We don’t break out words like Nefelibata “Cloud Walker” too often. Hence FTX deserves special mention because they have broken what the traditional crypto exchange model has been, and they have done it for the better!
We highlighted FTX in our “Top Cryptocurrency Exchanges” post. Noting that they are growing fast and strong. There are some key reasons for this, one being the ability to trade many different assets now.
FTX Review – Founders & Location
FTX started back in the summer of 2019, providing users with a plethora of trading products. You have Crypto Options, Leveraged tokens, Perpetual swaps, Move contracts, Prediction markets, and now even Stocks too!
Founded by Sam Bankman-Fried & Gary Wang who are the founders of Alameda Research Ltd, a leading quantitative trading and crypto liquidity provider. Well known for their venture capital exploits and their close ties to the silicon valley money pool.
Though incorporated in Antiqua, they have offices in Hong Kong. FTX is a strong up and coming crypto derivatives trading platform with many options for their users.
The 7 Keys of FTX
The 7 keys of FTX are as follows. Futures, FIAT, Leveraged Tokens, MOVE contracts, Prediction markets, Spot markets & now Stocks as well.
- Leveraged Tokens
- MOVE Contracts
- Prediction Markets
- Spot Markets
The above gives them their Nefelibata status as “Cloud Walkers”. FTX earns this with all the options they give their traders. A wide selection of tradeable assets is very welcome indeed.
By combining all in one shopping this crypto derivatives exchange opened up more options to traders. Hence traditionally one would need several accounts of different brokers to trade all these assets, but you get that with FTX alone.
Noted in our FTX review is the FIAT Gateway. You get the option of not only stable coins and other cryptos to deposit with, but also FIAT currency.
The above currencies can be deposited and withdrawn with FTX. Considering how long they have been around this is very impressive. Although considering all of their asset options, maybe this is just par for the course.
Along with popular cryptocurrencies for FTX you have again more interesting deposit/withdrawal options due to close relationships with Binance and related groups such as Bitmax.
- ETH (Ethereum)
- BCH (Bitcoin Cash)
- LTC (Litecoin)
- BNB (Binance Coin)
- BTMX (BitMax Token)
- TRYB (BiLira)
- USD Stable coins (USDT, USDC, BUSD,PAX, TUSD & HUSD)
Many Options with FTX
When you add up all the options available to you with FTX you can see the advantages. There are also big savings when you use the FTX token to trade. By using this token you can get discounted trading fees.
Another key feature as we noted is the ability to trade stocks with FTX. This is a very cool feature giving users more options to trade. If you want to buy and hold Tesla on FTX, well you now can!
The more odd feature, which maybe to some who I would classify as uber-nerds. Are the prediction markets, where the uber-nerds can trade their favorite and most popular prediction events. Not something I would be into, but at least you have this choice on FTX!
Fees and Misc Charges
Some of the more interesting things to note of FTX is their fee structure that is very much time consuming to try to figure out. They are for the most part simply put very much cheaper than most other exchanges as a whole.
FTX has no deposit/withdrawl fees, and there are no fees on futures settlements. If you trade from your wallet or use the OTC trading, again all free outside of the quote prices.
They have tight spreads due mainly to their high liquidity and deep order book. From most exchanges, I would say you can save 10-20% over a Binance/Bitmex or similar exchange if you watch carefully even more!
Using the FTX token you can save an additional few %s all the way up to over 50% on your trading fees if calculated correctly.
- 33% of all fees generated in FTX markets
- 10% of all the fees generated by their Socialized Gains/Insurance Fund
- 5% of fees earned from misc fees taken in by FTX
This is a nice cluster of saving that FTX offers its users. All you have to do is take advantage of the FTX Token and trading options.
KYC and the Tiers
With our FTX review we want to note that they are very keen on KYC/AML policies. As most exchanges should be too.
FTX has tiers for their exchange. You have 1,2 & 3 Tiers. No KYC docs required for limits of $9k a day. The only difference between Tier 2 and 3 is the latter offers unlimited fiat vs unlimited crypto withdrawals with Tier 2.
Trading Interface & usability.
The interface of FTX is not only simple to use but very intuitive as well. It is no-frills indeed, but most will appreciate this as well. Like other platforms, they have tradingview charts built-in.
The look and feel of the FTX trading interface is fast and snappy. No time is wasted on unnecessary frivolities. Unlike most platforms where they shave time off order entry due to screen refresh delays.
Trade Gamestop on FTX for the SQUEEEEEZE!
One of the fun things about FTX is the ability to buy stocks like GameStop (GME). If you have been under a rock you might not know that the heavily shorted GAMESTOP Corporation was recently hit by the Reddit short squeeze gang Reddit Bros “Wallstreetbets”. Reddit Bros have crushed Steve Cohen’s (Point72 Asset Management) & Dan Sundheim’s (D1 Capital Partners) out of Billions of dollars! LoL power to the people!
With many other stocks such as Tesla, AAPL and many others with a growing list at FTX. This for sure is a big advantage to using this broker. A chance for users to trade stonks, nice! A nice 4-5x trade all crypto traders normally look for 😉
FTX In conclusion…
FTX is a powerhouse of options for users, we highly recommend you check them out! With their 7 different asset classes you can’t go wrong in our opinion.
Simple easy to use platform with tons of assets to trade, great speed and amazing partnerships with Binance/Bitmax along with others. Thus we note great growth story here and expect to see them shooting up in daily volume metrics in the days to come!
Hope you enjoyed our FTX review and can’t wait to see you next time, until then… Enjoy!!!
° 7 Asset Classes
° Up to 101x Leverage
° Low Trading Fees
° Fee discounts using FTX tokens
° Leveraged Tokens with no margin
° Simple interface not many advanced options
° Volume on some assets can be low at times