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FTX

United States|1-2 years|
Suspicious Regulatory License|Suspicious Scope of Business|Suspicious Overrun|High potential risk|

https://ftx-fx.com/

Website

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Contact

+1 213 564 0707
Support@ftx-fx.com
https://ftx-fx.com/
369 Lexington Avenue New York City, NY 10017 United States

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

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+1 213 564 0707

Broker Information

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Company Name

FTX Capital Group

Company Abbreviation

FTX

Platform registered country and region

United States

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-02-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The United StatesNFA regulation (license number: 0551368) claimed by this broker is suspected to be clone. Please be aware of the risk!

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FTX · Company Summary

FTX Basic Information
Registered Country/Area United States
Founded year 2019
Company Name FTX Capital Group
Regulation Suspicious regulatory license
Minimum Deposit $500
Maximum Leverage Up to 100x
Spreads N/A
Trading Platforms FTX WebTrader, FTX API
Tradable assets Cryptocurrency
Account Types Standard, Active Trader, VIP
Demo Account Yes
Islamic Account No
Customer Support Phone, Email
Payment Methods Bank transfer, Cryptocurrency, Credit card, Wire transfer
Educational Tools Tutorials, webinars, eBooks

Overview of FTX

FTX is a cryptocurrency exchange that was founded in 2019. It is headquartered in the United States and has a suspicious regulatory license. The exchange offers a variety of features, including margin trading, spot trading, and derivatives trading. It also offers a variety of account types, including standard, active trader, and VIP accounts. FTX offers a demo account so that users can test the platform before depositing real money. The exchange also offers customer support via phone and email.

FTX is a relatively new exchange, and it has not been subject to the same level of scrutiny as some of the more established exchanges. As such, there is some risk associated with using the platform.

Here is a more detailed overview of some of the key features of FTX:

  • Trading platforms: FTX offers two trading platforms: FTX WebTrader and FTX API. FTX WebTrader is a web-based platform that is easy to use and navigate. FTX API is a more advanced platform that is designed for experienced traders.

  • Tradable assets: FTX offers a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Tether. It also offers a number of derivatives products, such as futures contracts and options.

  • Account types: FTX offers three account types: standard, active trader, and VIP. The standard account is the most basic account type and offers the most basic features. The active trader account offers additional features, such as lower trading fees and access to margin trading. The VIP account offers the most features and benefits, such as dedicated customer support and access to exclusive trading events.

  • Customer support: FTX offers customer support via phone and email.

basic-info

Is FTX legit or a scam?

FTX is a cryptocurrency exchange that has claimed to be regulated by the National Futures Association (NFA). However, upon investigation, it has been discovered that the NFA does not list FTX as a member. This means that FTX is not subject to the same level of regulation as other cryptocurrency exchanges that are members of the NFA.

he lack of regulation of FTX raises some concerns about the safety of customer funds and the security of the platform. Additionally, FTX is not subject to the same level of oversight as other cryptocurrency exchanges, which makes it more difficult for regulators to investigate and prosecute any wrongdoing.

regulation

Pros and Cons

Pros Cons
Wide variety of products and services Not regulated by any major financial authority
High leverage limits
Has been criticized for its riskiness
Has been the subject of negative press
Filed for bankruptcy in November 2022
deposit and withdrawal fees applied
High minimum deposit requirements
pros-cons

Products and Services

FTX is a cryptocurrency exchange that offers a variety of products and services to its users. These products and services include:

  • Spot trading: FTX allows users to trade cryptocurrencies directly against each other. This is the most basic type of trading offered by FTX.

  • Margin trading: FTX allows users to trade cryptocurrencies with leverage. This means that users can borrow money from FTX to amplify their trading positions. Leverage can increase the potential profits of a trade, but it can also increase the potential losses.

  • Derivative trading: FTX offers a variety of derivative products, such as futures contracts and options. Derivatives are contracts that derive their value from the price of another asset. Derivatives can be used to hedge risk or to speculate on the future price of an asset.

  • Launchpad: FTX's Launchpad is a platform for launching new cryptocurrency tokens. Tokens that are launched on the Launchpad are often subject to high demand, which can lead to significant price appreciation.

  • FTX Token: FTX Token (FTT) is the native token of the FTX platform. FTT can be used to pay for trading fees on FTX, and it also entitles holders to discounts on trading fees and other benefits.

  • FTX Pay: FTX Pay is a payment solution that allows users to make payments with cryptocurrencies. FTX Pay can be used to pay for goods and services online or in person.

Account Types

FTX offers three account types: Standard, Active Trader, and VIP. The account type that you choose will determine the features and benefits that you have access to.

  • Standard Account: The Standard Account is the most basic account type offered by FTX. It offers all of the core features of the platform, such as spot trading, margin trading, and derivative trading. However, Standard Account holders do not have access to some of the more advanced features, such as lower trading fees and dedicated customer support. The minimum deposit for a Standard Account is $500.

  • Active Trader Account: The Active Trader Account offers a number of features of the Standard Account, including:

    • Lower trading fees: Active Trader Account holders pay a lower trading fee on all trades. The fee for maker orders is 0.02% and the fee for taker orders is 0.04%.

    • Margin trading with up to 50 times leverage: Active Trader Account holders can trade with up to 101 times leverage, which can amplify their profits or losses.

    • Customer support: Active Trader Account holders have access to customer support.

  • VIP Account: The VIP Account offers the most features of any account type offered by FTX. VIP Account holders receive:

    • Even lower trading fees: VIP Account holders pay even lower trading fees on all trades. The fee for maker orders is 0.01% and the fee for taker orders is 0.02%.

    • Margin trading with up to 100 times leverage: VIP Account holders can trade with up to 100 times leverage, which can amplify their profits or losses even further.

    • Customer support: VIP Account holders have access to customer support.

    • Other benefits: VIP Account holders may also receive other benefits, such as invitations to exclusive events and airdrops of new tokens.

How to open an account?

Here are the steps on how to open an account on FTX:

  1. Go to the FTX website: You can access the FTX website by visiting https://ftx.com/. Click on the “Create Account” button: This button is located in the top right corner of the website.

  2. Enter your email address: You will need to enter a valid email address that you have access to. This email address will be used to verify your account and to receive important notifications from FTX. Create a password: You will need to create a strong password that is at least 8 characters long and contains a mix of uppercase and lowercase letters, numbers, and symbols.

  3. Select your account type: You can choose from three account types: Standard, Active Trader, or VIP. The Standard account is the most basic account type and offers the lowest trading fees. The Active Trader account offers lower trading fees and other benefits, such as access to margin trading. The VIP account offers the lowest trading fees and the most benefits, such as dedicated customer support.

  4. Provide your personal information: You will need to provide your full name, date of birth, and country of residence. You will also need to create a username and select a profile picture. Verify your identity: FTX requires all users to verify their identity in order to comply with financial regulations. You can verify your identity by providing a copy of your government-issued ID and a selfie.

Once you have completed all of these steps, your FTX account will be created. You will then be able to deposit funds and start trading.

Leverage

FTX offers a variety of leverage levels for its users, depending on their account type and trading activity. The maximum leverage level available to Standard Account holders is 20x, while Active Trader Account holders can use up to 50x leverage. VIP Account holders can use even higher leverage levels, up to 100x.

Leverage is a trading tool that allows users to control a larger position with a smaller amount of capital. For example, if you buy 1 BTC with 10x leverage, you are essentially borrowing 9 BTC from FTX to make the trade. This means that you can potentially make a larger profit if the price of BTC goes up, but you can also lose more money if the price goes down.

leverage

It is important to note that leverage can amplify both profits and losses. This means that you should only use leverage if you understand the risks involved and are comfortable with the potential for large losses.

Trading Fees

FTX offers a maker-taker fee structure for its users. Makers are users who add liquidity to the market by placing limit orders, while takers are users who remove liquidity from the market by placing market orders.

The maker fee for Standard Account holders is 0.02%, while the taker fee is 0.04%. Active Trader Account holders can use a maker fee of 0.02% and a taker fee of 0.03%. VIP Account holders can use a maker fee of 0.01% and a taker fee of 0.02%.

FTX also offers a variety of fee discounts for users who trade large volumes. For example, users who trade over 100,000 USDT in a month can receive a maker fee of 0.01% and a taker fee of 0.02%.

Non-Trading Fees

Describe the Non-Trading Fees ofFTX in paragraphs. Please ensure that the language used is formal and eloquent, longer, avoiding the use of positive terms.)

Trading Platform

FTX offers a web-based trading platform that allows users to trade a variety of cryptocurrencies and derivatives.

trading-platform

The trading platform offers a variety of features, including:

  • Spot trading: Users can trade cryptocurrencies against each other at market prices.

  • Margin trading: Users can trade cryptocurrencies with leverage, which allows them to amplify their profits or losses.

  • Derivative trading: Users can trade a variety of derivative products, such as futures contracts and options.

  • Advanced order types: Users can place a variety of advanced order types, such as stop-loss orders and limit orders.

  • Charting tools: Users can use a variety of charting tools to analyze market data.

  • Trading signals: Users can subscribe to trading signals from third-party providers.

  • Copy trading: Users can copy the trades of other successful traders.

The trading platform is available to users in most countries around the world. However, there are some restrictions on the use of the platform in certain jurisdictions.

FTX also offers a mobile trading app that allows users to trade cryptocurrencies and derivatives on the go. The mobile app offers a similar set of features to the web-based trading platform, but it is optimized for use on mobile devices.

Deposit & Withdrawal

FTX offers a variety of methods for depositing and withdrawing funds. These methods include:

  • Bank transfer: Deposits via bank transfer are processed within 3-5 business days. There is a minimum deposit of $100 and a maximum deposit of $250,000 per day.

  • Credit card: There is a 3.5% fee for all credit card deposits. The maximum deposit amount is $2,000 per day.

  • Cryptocurrency: Deposits via cryptocurrency are processed immediately. There are no fees for cryptocurrency deposits.

  • Wire transfer: Wire transfers are processed within 1-2 business days. There is a \$10 fee for all wire transfers. The maximum deposit amount is $100,000 per day.

Withdrawals from FTX can be processed in a variety of methods, including:

  • Bank transfer: Withdrawals via bank transfer are processed within 3-5 business days. There is a $10 fee for all bank transfers. The minimum withdrawal amount is $100 and the maximum withdrawal amount is $250,000 per day.

  • Credit card: Withdrawals via credit card are processed immediately. There is a 3.5% fee for all credit card withdrawals. The maximum withdrawal amount is $2,000 per day.

  • Cryptocurrency: Withdrawals via cryptocurrency are processed immediately. There are no fees for cryptocurrency withdrawals.

  • Wire transfer: Wire transfers are processed within 1-2 business days. There is a $10 fee for all wire transfers. The maximum withdrawal amount is $100,000 per day.

The specific fees and limits for deposits and withdrawals may vary depending on the payment method and the user's location. For more information, please refer to the FTX Deposit and Withdrawal Fees page.

Customer Support

Describe the Customer Support ofFTX in paragraphs. Please ensure that the language used is formal and eloquent, longer, avoiding the use of positive terms.)

Is FTX suitable for beginners?

Oubo Global does not provide specific information about its trading platform, which leaves traders with limited visibility into the features and functionalities of the platform. The trading platform is a vital component of a trader's experience, as it serves as the interface through which trades are executed, market analysis is conducted, and account management takes place.

Is FTX suitable for experienced traders?

Yes, FTX may be suitable for experienced traders. It offers a variety of features that can be beneficial for experienced traders, such as:

  • Advanced trading tools: FTX offers a variety of advanced trading tools, such as stop-loss orders, limit orders, and margin trading. These tools can help experienced traders manage their risk and make more informed trading decisions.

  • High liquidity: FTX has high liquidity, which means that there are always a lot of buyers and sellers in the market. This can make it easier for experienced traders to execute their trades quickly and at a good price.

  • Variety of markets: FTX offers a variety of markets, including spot markets, margin markets, and derivatives markets. This gives experienced traders more options to choose from and allows them to trade a wider range of assets.

  • Competitive fees: FTX offers competitive trading fees, which can help experienced traders save money on their trades.

  • Mobile app: FTX offers a mobile app that allows experienced traders to trade on the go.

However, it is important to note that FTX is a relatively new exchange, and it has not been in operation for as long as some other exchanges. This means that there is less historical data available to analyze, and there is a greater risk of security breaches or other problems.

Educational Resources

FTX does not offer any educational resources. However, there are a number of third-party educational resources available online that can help you learn about cryptocurrency trading and investing.

Conclusion

FTX is a cryptocurrency exchange that offers a variety of features, including spot trading, margin trading, and derivatives trading. It also offers a mobile app and a variety of educational resources. However, FTX does not offer any educational resources on its own website.

FTX is a relatively new exchange, and it has not been in operation for as long as some other exchanges. This means that there is less historical data available to analyze, and there is a greater risk of security breaches or other problems.

Overall, FTX can be a suitable platform for experienced traders, but it is important to understand the risks involved before you start trading. If you are a beginner, you may want to consider using a more established exchange, such as Binance or Coinbase.

FAQs

Q: What is FTX?

A: FTX is a cryptocurrency exchange that offers a variety of features, including spot trading, margin trading, and derivatives trading. It also offers a mobile app and a variety of educational resources.

Q: Is FTX safe to invest?

FTX is a relatively new exchange, and it has not been in operation for as long as some other exchanges. This means that there is less historical data available to analyze, and there is a greater risk of security breaches or other problems

Q: What are the fees for trading on FTX?

A: The fees for trading on FTX vary depending on the type of trade you are making. For spot trading, the maker fee is 0.02% and the taker fee is 0.04%. For margin trading, the maker fee is 0.07% and the taker fee is 0.09%. For derivatives trading, the fees vary depending on the type of contract you are trading.

Q: What are the supported currencies on FTX?

A: FTX supports a variety of currencies, including BTC, ETH, USDT, USD, and EUR. The full list of supported currencies can be found on the FTX website.

Q: How can I deposit funds into my FTX account?

A: You can deposit funds to your FTX account using a variety of methods, including bank transfer, credit card, and cryptocurrency.

User Reviews

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Alexcandor
more than one year
This exchange, guys, ain't exactly been making headlines for the right reasons. In 2022, they hit a major speed bump and had to file for bankruptcy. And guess what? There's a price tag on our deposits and withdrawals. Plus, the bar for minimum deposit ain't a low one. That’s outta reach for some of us, y’know? Lots going around about the risks on this platform, and whispers ain't pretty about the safety of our bucks. So, if you're one for playing it safe with regulation and a strong history, this could be a fence you don’t wanna hop over.
2023-12-11 17:37
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Kylin
more than one year
I used FTX for a short period, and my experience was not satisfactory. The regulatory concerns are alarming, as the National Futures Association (NFA) doesn't list FTX as a member. This lack of regulation raises doubts about the platform's safety and security.
2023-12-08 09:44
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Joego
more than one year
FTX, what a sham! This trading platform claims to be regulated by the NFA, but it's all a big fat lie. They're nothing more than a phishing platform. Don't even ask me how I found out; I almost fell for their trap. All that talk about multiple cryptocurrencies and lower trading fees? It's all a bunch of lies. Stay away from them, folks. Stick to reputable exchanges if you want to keep your hard-earned money safe.
2023-07-10 11:59
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