Trading, staking, converting currency on an exchange is equivalent to an investment. As with any investment, it is crucial to do adequate research so that you may maximize your returns and future opportunity.
For your consideration, I would like to write about what I believe is the next big exchange in the crypto sphere - FTX.
The following are key features that I believe differentiate this up and coming exchange from the competition and contribute to it's potential.
The sign up process is quick and easy, and requires only an e-mail address. Although the exchange is blocked to the residents of the United States of America, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, and Antigua and Barbuda, US residents do have the option to trade on ftx.us, the binance.us equivalent. Without KYC you are still allotted $1000US lifetime withdrawal, which can be raised to $2000US daily by providing name and country of residence, or be made unlimited by completing the full KYC.
The online interface features a clean design, is responsive and intuitive. Orders are placed quickly, and the option to review and confirm the order is helpful in avoiding mistakes. The dedicated app is equally well designed and free of the bloat that plagues many other exchange apps. Trading view includes a horizontal line that represents your open orders, which I find a particularly innovative and useful feature.
3. A variety of market options
- Futures - 100+ trading pairs, including perpetual and monthly contracts for all major coins.
- Spot - hundreds of trading pairs here allowing you to trade against AUD, BRL, BTC, EUR, TRYB, USD and USDT.
- Tokenized Stocks - 70+ trading pairs, including AAPL, TSLA, GME, NFLX, AMD, AMZN, etc. There is also a r/wallstreetbets index for all you apes with diamond hands!
- Leveraged Tokens - futures and index futures up to 101x on any of the major coins traded on the exchange.
- Volatility - bet on the average price change of an asset like BTC over the course of a day, week, month, etc.
- Prediction - allows you to bet on the outcome of events, most recently the winner of the Superbowl, and currently on Trump's 2024 presidential bid.
- Fiat - Currently only a few currencies are available, includes BRL, EUR, GBP, CAD and SGD to be traded against USD.
4. Ampleforth markets
Ampleforth has been widely discussed on Publish0x, and of course many members have enjoyed rewards in the form of AMPL, but it still doesn't seem to be nearly as popular outside of this platform as many other stablecoins, and FTX is one of the few exchanges listing it, offering AMPL/USD and AMPL/USDT spot markets as well as an AMPL-PERP futures market.
5. No withdrawal fees
Aside from the regular network fees, the exchange charges no additional withdrawal fees (and of course no deposit fees), which is a big benefit to those who don't like to keep their funds on an exchange for prolonged periods of time.
For futures and spot markets, maker fees start at a very competitive 0.02% and taker fees at 0.07%. These can be reduced by trading a high volume monthly, or staking their native FTT token. In fact, staking 25 FTT (currently about $520 US) would reduce your maker fees to 0%! You can reduce trading fees further by using a referral link when signing up, see below for my referral link!
6. FTT Token
FTT is the native utility token on FTX exchange. It can currently be staked to provide maker fee rebates, increased referral rates, bonus votes or airdrop rewards. Although these benefits may not seem like much at first, when looking at Binance and the growth of BNB, as well as the close relationship of these two exchanges, it is reasonable to think that the FTT token will eventually gain additional functions, and potentially become a more worthwhile investment.
Founded in 2018 by MIT graduates, a former trader Sam Bankman-Fried and software engineer Gary Wang. Partners include Binance, Bitfinex, Paxos, TUSD and many others. The exchange is based in San Francisco. Elsewhere, they seem to have positive reviews and present an overall reliable and professional image.
FTX is an exchange that bills itself as 'built for traders by traders'. As a trader I have enjoyed my experience on this exchange so far.
If my article has interested you in trying this exchange, please consider registering using my affiliate link:
You will get 5% off your trading fees, while I would get 25% of your fees. Keep in mind the discount can only be applied when registering, if you register without a referral, you will miss out on the 5% discount opportunity.
Thank you for reading, and remember to enjoy the good things in life!