I have used FTX exchange for about a month now.
The reason for signing up for it is due to the removal of trading and swapping of cryptocurrency at Binance Exchange for the local users in my country.
FTX does allow deposit of BNB and BUSD via Binance Smart Chain (BEP-20). This can really help those who are still active in Defi and other activities on the Binance Smart Chain. The best thing is the zero fee for deposit and withdrawal.
With this in mind, small investors like us who would like to save on transaction fee that can easily come up to $1 for most cryptocurrencies and more than $20 for ETH gas fees.
It is quite surprising to know FTX does not charge a fee for deposit and withdrawal except for ETH, ERC-20 tokens or small BTC withdrawals.
Based on the table above, ETH and ERC-20 tokens can have limited number of withdrawal fee waived each day when FTX users have staked its native token called FTT. The deposit and withdrawal fee for other cryptocurrencies would be free based on my understanding from the above info.
I have used its conversion function in FTX to change one cryptocurrency to another cryptocurrency without a hassle.
I have withdrawn non-ERC20 tokens without paying transaction fee without a problem.
I have sign-up for a FTX account using a referral link so it allows me to have a 5% discount on the trading fee.
If you are interested to sign up using a referral link, you can use my referral link for the 5% discount.
The trading fees are also low when you compare the other exchanges.
For FTT token holders, they are able to get further discounts.
As for my Individual Account KYC, I did not submit any document for Tier 1. We simply need to key in some information about us without the need for submission of document to start using the FTX exchange.
Under Tier 1, the daily limit is 2000 USD. I have used its service under Tier 1 about a month without a problem so far.
I have just applied for Tier 2 yesterday after using its service smoothly so far.
For those who have huge transactions, they may need to apply for Tier 2 that requires documents to be submitted.
We can always try out its service under Tier 1 to see whether we like its service before going through the hassle of submitting documents for Tier 2 to get unlimited crypto and fiat withdrawals.
If you are planning to sign up to enjoy free deposit and withdrawal, it is better to sign up using a referral link to get a 5% discount for your trading fees.
You can use my referral link below if you do not have one to get the 5% discount.
Thank you for reading my article. Hope it is useful to you especially this is the first time I get to know an exchange with free deposit and withdrawal fee.
Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth.