The value of digital assets has increased significantly as a result of the recent surge in public interest in cryptocurrencies. At the start of 2022, the virtual money market had a total capitalization of more than 3 trillion US dollars, and this rise has continued. In light of this, trading platforms that let you conduct transactions using cryptocurrency are becoming more and more popular.
The FTX exchange, one of the top markets in the world for trading volume, is one of these platforms. The spot trading volume on it rose to $179 billion in 2021. FTX was the third-highest daily turnover exchange in the world as of February 2022, when this evaluation was written, trailing only Binance and Coinbase Exchange.
FTX is a universal cryptocurrency platform with wide functionality. Its clients have access to:
- spot trading of crypto assets on 100+ markets;
- margin and futures trading with over 250 markets;
- option trades;
- exchange and conversion of crypto assets;
- transactions with more than 10 fiat currencies;
- staking of digital assets;
- creation of NFT tokens;
- services of the cryptocurrency payment provider FTX Pay;
- margin lending operations and other functions.
The list of operations available to traders on the exchange is constantly expanding, as is the number of currency pairs. At the same time, the site is characterized by small commission fees, which are less than 0.1%. Some transactions, such as converting currencies in an exchange wallet, are not subject to fees at all.
Signing up for the FTX exchange
The only way to access the portal features is to sign up for an account on the FTX exchange. Visitors who are not registered can only browse quotes, track pricing, and access other information. You can engage in active trading after opening an account and funding it.
To register for FTX, you need:
- Click the “Register” button in the upper right corner of the page.
- Specify an email address.
- Create a password to protect access. It must contain uppercase and lowercase letters, numbers and special characters.
- Establish agreement with the rules of the exchange.
- Click “Open an account” to create an independent account or “Sign in with Google” to link it to a Google account.
The registration itself on the exchange at this stage is considered completed. However, after it, you need to go through identification, which is carried out using documents. For verification, on the next page, select the type of client (individual or organization) and fill out the questionnaire.
Verification on FTX: what is needed and how to pass
An obligatory step for all FTX clients is account verification, which is carried out after registration. Unverified users can only explore the functionality of the site, but do not have access to financial transactions.
The system provides two levels of identification. After passing the first one, traders get the opportunity to replenish their account and participate in trading, but the daily withdrawal is limited to the equivalent of $2,000.
There are also restrictions on futures operations, and the administration reserves the right to conduct additional checks. Clients who have passed the second level of verification work with the exchange without restrictions.
To pass identification on FTX, you must:
- Log in to your account using your username and password.
- Go to the profile of your personal account and find the button “Verify your identity” there.
- Fill out an identification form, indicating in it your full name, country of residence, region and choosing a way to communicate with support.
- After that, the first level verification is considered passed and the trader gets the opportunity to make exchange transactions. To remove the daily withdrawal limit and remove other restrictions, you must go through the second level of client identification. For this you should:
- In the verification menu, go to the second level KYC form.
- Select the type of trader (individual or company).
- Enter your name and country of residence.
- Specify the source of funds used for trading.
- Select the country that issued the documents.
- Upload photos of the front and back of an identity document.
- Upload a photo of the document. You need to do it, holding a passport (or other document) in one hand, and a sheet of paper with the current date and the inscription FTX in the other.
- Specify the address of residence.
Upload a photo of a document confirming residence at the specified address (receipt for utilities, photo of a registration stamp from a passport, etc.).
After reviewing the application, verification on FTX will be completed and the trader will have full access to the functions of the platform without limits.
How to enter the official FTX exchange
To enter the FTX exchange, you need to open its website and follow simple steps:
- Click the “Login” button, which is located at the top of the page on the right, next to the registration menu.
- Enter the email address and password used during account creation.
- Click “Login” to log into your account.
- In addition to e-mail, for authorization, you can use a personal login specified in the personal account form, or a login code.
To improve user security, a reminder with the exchange URL is displayed on the authorization page. It allows the user to check the address with the one specified in the address bar of the browser to make sure that this is the official website of the platform, and not a clone created by scammers to steal personal data.
FTX personal account
The FTX personal account contains two main sections where you can access platform services and manage personal data. By clicking on the login at the top right, a pop-up menu appears, which contains the following items:
Wallet. This menu displays the client’s accounts and their balance. Here you can also convert assets, withdraw them and deposit funds into your account.
Positions. Here the active positions of the trader on the stock exchange are displayed.
Open orders. This section contains trigger and limit orders currently opened by the user.
Order history. Here is a list of orders opened by the user earlier: both regular and triggered.
History of transactions. In this menu, you can view statistical information about transactions made by the trader earlier.
Rewards. It displays rewards received by the trader for staking, lending, holding FTT, and through the referral program.
PnL. Profit and loss reports for the user’s futures trading on the exchange.
Published PnL. Menu for requesting reports with profits and losses of a trader.
historical balances. In this menu, you can request snapshots with the state of the account in the past or at a specified point in time. This data may be needed for analytics, experience learning, and other activities.
redeem promo. A menu for entering promotional codes that activate various gifts and platform privileges provided as part of promotions.
Referrals. Menu for managing the referral program, within which you can invite newcomers and receive cashback commission fees for this.
Settings. It contains all the settings that the user can control, including the profile, security configuration, etc.
Subaccounts. This menu contains additional accounts that a trader can open for margin and derivative trades.
Exit. This button allows you to log out of your account so that others cannot access it.
The settings menu is the second important component of the trader’s personal account. You can get into it both from the pop-up list, and by pressing a separate button in the form of a gear. The settings menu contains the following sections:
Safety. It manages passwords, two-factor authentication, a white list of wallet addresses for withdrawing assets, active sessions, and other parameters.
ID confirmation. In this section, user verification of the first and second levels is carried out, and photographs of the client’s documents are also stored.
Subaccounts. The section is intended for managing additional accounts linked to the account.
Commissions. In this menu, you can see the current exchange commission fees and discounts available to the user for various achievements.
Referrals. Here, referral links are managed, with the help of which you can attract new users in order to receive commission discounts for their activity.
Margin. The section is responsible for setting up an account for margin trading, allowing you to set the leverage, the source of debt collateral, and set up the processing of a negative balance.
API. Here you can manage API keys that provide access to the FTX exchange functionality through third-party user resources.
Leaderboard. In this menu, you can configure the display of the leaderboard and the inclusion or non-inclusion of the user account in it.
Display. This is where the site interface is configured. In the menu, you can include the order in which price changes are displayed, buttons for canceling a transaction, notifications and signals, and other options.
The extensive functionality of the personal account interface makes the FTX exchange convenient for advanced users with experience in trading. For beginners, it may seem too complicated, but it is not. Thanks to the extensive help section, you can quickly learn the basics of working with the trading platform.
How to buy cryptocurrency on the FTX exchange
To start trading, you need to fund your account. To deposit fiat funds to the balance of the exchange account, you need to follow the instructions:
- Open the “Wallet” section in your account.
- Find the state currency in the list that needs to be added to the balance.
- Click “Deposit” next to the currency of interest.
- Deposit money to the balance from a bank card by entering its details and following the prompts of the system.
A prerequisite for replenishing an account is the passed verification. Unidentified clients cannot make transactions with fiat money. To make a deposit, the following requirements must be met:
- the name of the account holder must be the same as the name of the account holder on the exchange;
- the deposit must be initiated in your own account;
- deposits should not be made through intermediary banks;
- if the instruction asks to enter a payment note (memo), it must be specified.
Failure to comply with these requirements will lead to the fact that the payment will be canceled and the money will be returned to the sender’s account. At the same time, if additional fees are charged by the payment provider (bank) (FTX does not charge fees for input), they will not be returned.
After making a deposit of fixed assets, you can start working with the crypt. To buy bitcoin on the FTX exchange or purchase another digital currency, you can use conversion or spot trading. The first method is simpler, since it is understandable even to those who are far from exchange transactions.
You can buy BTC or another crypto asset in this way:
- Find the conversion menu on the main page of the exchange.
- Select the currency you want to sell in the first field.
- Select the currency you want to buy in the second field.
- Specify the amount of currency that will be spent on the purchase of crypto.
- Click “Convert” and follow the prompts of the system to complete the transaction.
Spot trading is a basic trading tool that allows you to purchase digital money at current quotes, usually at a better rate than automatic conversion. To purchase crypto you need:
- Open the “Spot” menu on the main page (also available in the “Markets” tab in the “header” of the site).
- Select the currency pair you are interested in from the list of trades. For example, if you want to buy bitcoins for dollars, then you need to choose BTC/USD.
- Open pair quotes by clicking on it.
- On the right, find the “Buy” button.
- Enter the desired price (rate) of the cryptocurrency.
- Select an order type: Limit, Market, Stop Market, Stop Limit, Trailing Stop, Take Profit or Take Profit with Limit.
- Specify the amount of cryptocurrency you are interested in.
- Enable POST and IOC options if needed.
- Submit an order.
When the criteria for which the application is submitted are reached as a result of exchange trading, the order will be executed. After that, the desired digital asset will go to the account balance.
Withdrawing funds from the FTX exchange
The withdrawal of funds on the exchange is carried out in the same way as the input, through the “Wallet”. If you need to withdraw cryptocurrency directly, then for this you need:
- Open “Wallet” in your account.
- In the list of assets, find the currency you want to withdraw.
- Press the “Withdrawal” button opposite the selected digital currency.
- In the output menu, specify the wallet details and other parameters, following the prompts.
- Complete the withdrawal and wait for the crypto to be credited to the balance.
- In order not to mistakenly transfer digital coins to someone else’s wallet and send them “to nowhere” due to a typo, you can pre-configure a white list of accounts. After that, it will be possible to transfer cryptocurrencies only to the details that are on this list.
If you need to convert cryptocurrency into fiat money before withdrawing funds from FTX, then you need to proceed in the same way as when depositing (see the previous section). Traders have access to direct automatic conversion at the exchange rate offered by the platform and spot sales in the traditional exchange trading mode. The only difference from buying is that in the trading panel of the currency pair of interest on the right, you need to select the “Sell” tab, and not “Buy”.
After receiving fiat money, you can make a withdrawal to the card with FTX. For this you need:
- Open the “Wallet” section in your account.
- Select the “Fiat” tab there.
- Opposite the currency of interest, click the “Withdrawal” button.
- In the output window, enter the details of the payment instrument to which the transfer is made.
- Complete the transaction following the prompts of the system.
You can only withdraw money to accounts that are in the name of the account owner. You cannot transfer fiat to other people’s wallets. Transactions under $5,000 are subject to standard fees, which vary by user level. You can withdraw an amount less than 5 thousand without commission only once a week. To avoid paying the fee, you must withdraw more than 5 thousand at a time or have a minimum of 25 FTT tokens staked.
FTX mobile app
An application has been developed to access the functionality of the exchange from a smartphone or tablet. It has the same set of functions as the site, allowing you to trade and manage your account.
There are three ways to download the app:
- download in the App Store – the method is available for iPhone and iPad, it is the only possible one for Apple gadgets;
- download in the Play Market – an automatic installation method for Android smartphones and tablets that have Google services installed;
- downloading the APK file is an alternative manual installation method for Android devices that do not have Google Apps services (like some Huawei) or due to the ability to install from the market for other reasons.
To install the FTX app manually as an APK, you must first enable installation of software from third-party sources in the settings of your phone or tablet. Without it, the Android security system will not allow you to download the program.
Spot and margin trading on FTX
On the FTX exchange, as on other similar platforms, spot trading is the main direction of trading. More than 100 pairs are available to participants, for which there are quotes. In this mode, users carry out transactions only at their own expense. To start trading, you need to open the “Spot” tab in the list of markets on the main page. Then you should select the currency pair you are interested in from the list, which also displays the market volume for the last day, the current rate and its changes over 24 hours.
Having opened a currency pair, the user sees:
- general information on the currency pair in the top line on the left;
- a classic stock chart with an abundance of settings in the block on the left;
- the order book, located in the center with a slight shift to the right;
- a list of recent transactions on the stock exchange under the order book;
- a menu for buying and selling selected currencies with transaction settings in the block on the right;
- the status of the trader’s account, displayed at the bottom.
In addition to spot trades, margin trading is available to FTX members, for which you can create separate sub-accounts. This type of transactions differs in that not only own, but also credit funds are involved in the auction. Attracting loans allows you to increase the potential profit, but at the same time increases the level of risks for the trader.
In the “Tokens with Leverage” tab, exchange clients can trade on various currency pairs with up to 3x leverage. A large number of pairs are supported with the participation of classic cryptocurrencies, stablecoins and fiat. Traders can trade in short and long formats.
On the FTX exchange, futures are the main type of derivatives available to traders. The list of markets includes more than 250 assets, for which quotes forecasts are available for making deals. Basically, these are perpetual futures, but there are also forecasts for the specified period. The trading menu looks the same in this mode as it does for spots.
Among the additional transactions on FTX, transactions that are atypical for the crypto exchange can be distinguished. Platform clients can trade shares of various companies. Here are presented both direct quotes of securities in the spot mode, and futures transactions. There are also trading on the volatility of various digital assets, including short-term, long-term and other contracts. Deals on events and assets of a non-economic nature, such as the victory of a candidate in the next presidential elections in the United States or Brazil, look quite unusual.
Promotions and bonuses from FTX
The main reward system on the FTX exchange is a variable commission rate, which depends on the level of the trader. The greater the turnover of funds on his account, the lower the company’s fee charged for its services. You can further reduce it by purchasing internal FTT tokens. These assets can be used as a regular cryptocurrency in exchange or in trades. Their owners use the services of the exchange on preferential terms, which depend on the amount of assets in the account. The more of them, the more privileges the client receives.
The second type of incentives is the FTX referral program, in which traders receive bonuses for attracting new customers. Each user by default has a standard link where they can register friends, and up to 5 alternative URLs are allowed. As part of the referral program, the trader receives a cashback from 25 to 40% of the amounts paid by the referrer in the form of a commission. The invited friend himself also has a privilege – a cashback of 5% commission. For clients who have attracted beginners, whose account turnover has exceeded $25 million per month, the exchange is ready to offer individual terms of cooperation.
In addition to regular programs, the platform regularly hosts temporary promotions, within which incentive prizes are provided to customers. These can be FTT gift tokens, commission discounts, merch and other bonuses. You can follow such promotions in the company news section.
Other FTX Features
As an additional service, the exchange offers customers the FTX Pay payment system. With its help, users can accept cryptocurrency transfers to pay for goods and services almost all over the world. The platform cooperates with various major services, such as Metaplex, Sonar, Phantom, etc. Clients have access to flexible settings for accepting payments.
Crypto asset staking available on FTX comes with additional perks. Traders who deposit FTT receive increased cashback, gift airdrops, free NFTs, additional voting rights in surveys, commission-free withdrawals, IEO tickets, and other rewards. The size of these privileges depends on the number of coins staked. To reach the first level, you need to deposit from 25 FTT, for the highest (7th) – from 1 million tokens.
For beginners, the FTX website has a large help section, which contains a lot of information materials. There you can find answers to individual questions and step-by-step instructions that will help you explore in detail the entire set of platform features. For ease of navigation, all articles are sorted into categories.
If you can’t find the answer to your question or if you have technical problems, the support service will help you to resolve them. You can contact support through the feedback form, the link to which is located at the bottom of the page. Operators work around the clock and quickly respond to customer requests.
Telegram channels and pages on Twitter, Medium, Facebook, WeChat, and YouTube are available for users of instant messengers and social networks. A separate telegram channel FTX RU/CIS is designed for Russian-speaking users from the countries of the former USSR. There is an active discussion of the activities of the exchange, and beginners can get answers to their questions from experienced experts.
Conclusions about the FTX exchange
FTX is a user-friendly cryptocurrency exchange that is trustworthy. Despite the apparent complexity for a beginner, it is convenient and offers many opportunities. Here it is easy to engage in trading both at the expense of own funds and at the expense of borrowed assets. Platform commissions are small, and loyalty programs and attracting new players can reduce them even more.
The programs allow you to trade from your phone or tablet, which is also a plus. Transactions are carried out quickly, and verified users have almost no restrictions, so FTX can be chosen as a platform for transactions with cryptocurrencies.