An Introduction to FTX Exchange and How it Works

Centralized cryptocurrency exchanges serve as a go-between for buyers and sellers. Because they are managed and controlled by a single entity, centralized exchanges provide greater reliability. Around all cryptocurrency transactions take place on controlled exchanges.

FTX exchange is an excellent example of a centralized cryptocurrency exchange.

FTX Exchange

What is FTX Exchange? FTX Exchange is a market leader in centralized cryptocurrency exchanges with a focus on derivatives and leveraged products. In other words, no physical assets can be traded, and instead, derivative products are traded. Derivatives can be traded in the form of contracts or tokens that represent the asset’s value.

FTX offers a diverse range of trading instruments including ones unique to the exchange.

The following topics will discuss the advantages of FTX Exchange.

FTX Card

An FTX Card is a virtual debit card provided by the exchanged used to pay online purchases with the FTX.US balance. If the user’s US dollars are insufficient, FTX will convert the user’s other coins to cover the purchase. FTX.US currently only provides a virtual debit card, but this might change in the future.

User-Friendly

FTX has simple-to-use desktop and mobile trading applications that are accessible to crypto investors of all skill levels. Additionally, the FTX platform supports straightforward market orders to more complicated trailing stop orders.

Fees are minimal

FTX’s primary selling points are its minimal trading fees that are categorized into two: Taker Fees and Maker Fees. Taker fees are applied to orders that are immediately fulfilled, meanwhile Maker fees are applied to orders that are not immediately fulfilled. These starting rates are already lower than most of the leading cryptocurrency exchanges.

Additionally, high-volume traders may qualify for reduced fees with FTX.

The NFT market

Users can bid on and buy non-fungible tokens (NFTs) on FTX and FTX.US; as well as produce their own NFTs to sell on a secondary market. FTX is a cryptocurrency exchange that specializes in NFTs which are currently popular among digital art enthusiasts.

FTX Customer Service

In terms of customer support, FTX has made sure that people may reach them via a variety of channels. FTX has compiled a comprehensive collection of instructions and articles on the exchange’s various features. If you can’t find answers to your questions in these instructions, you can always use the live chatbox. You can also contact the customer service team directly via email.

Notably, the FTX team has gone to great lengths to cater to its diverse user base via social media outlets such as Facebook and YouTube. Users can also communicate with other traders in the FTX community through specialized Telegram and WeChat groups for different languages.

How FTX works

FTX has made sure to make the entire process easy for its users.

To open an FTX account, all a user needs to have is an e-mail address. Once opened, the user has to verify their account by adding their full legal name, date of birth, country of origin, and phone jurisdiction. With verification, a user can transact up to $2,000 per day – considered second-tier validation. Without verification, however, a user can only browse the site but not trade.

The last authentication stage enables users to trade futures and withdraw a limitless amount of crypto and money from their accounts. Users need to submit their full legal name, date of birth, address, phone jurisdiction, proof of source assets, passport or other government-issued identification, and facial identification.

Users can then send money to their FTX account by wire transfer once opened. FTX features a lot of cryptocurrencies that can be bought with users’ funds and through their own accounts.

Is FTX a safe place to store your cryptocurrency?

FTX maintains strict security standards on both its international and US exchanges which resulted in it never having a data breach or hack to date. The platform requires two-factor authentication (2FA) and a separate password for all account withdrawals with FTX.

For further security, FTX also provides IP and wallet whitelisting. Users can whitelist IP addresses to selectively restrict access to their accounts. Users can also whitelist cryptocurrency wallet addresses.

FTX is a market leader in the cryptocurrency trading space that continues to upgrade and expand at a fast pace. Additionally, it has established itself as one of the few centralized exchanges that can withstand the test of time.

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