FTX is an exchange created by crypto traders for crypto traders. It is a derivatives trading platform that has conquered the cryptocurrency trading industry. The platform stands out from the crowd in that it offers its users a wide selection of indices and tokens for leveraged trading. This FTX review will tell you everything you need to know before signing up, as well as the strengths and weaknesses of the platform.
Is the FTX exchange safe?
The FTX crypto exchange was created as a very powerful and versatile trading platform to meet the needs of both professional and novice traders. In this section of the FTX review, I will take a critical look at the security features, client protection, and level of security that users will have when trading on this platform.
FTX security and safety issue
FTX implements numerous security measures into its trading platform to ensure that its website, trading platform, users and their funds are protected and secure at all times. Here I will list some of these steps:
- Using offline cold wallet storage:
FTX uses a multi-signature, offline cold wallet system to store 100% of a client’s funds. These cold storage wallets require all keys from the signers to access the funds. Using 2FA:
- Using 2FA:
FTX offers its users the ability to activate 2FA on their new accounts. With this authentication method, you can quickly receive notifications and information about all financial transactions and principal changes in your account settings.
And for an extra layer of security, FTX conducts a manual audit of all transaction requests to quickly detect any form of discrepancy and prevent theft of funds. An additional option is also available to set a separate password to complete all withdrawals as an extra layer of security.
- Technologically advanced trading platform:
The fact is that the FТX trading platform was created using the latest advanced technologies in the field of web development and security. The platform was developed on Azure, taking full advantage of the Microsoft Security Framework to provide additional protection for its servers and networks.
FTX Current Growth and Future Plans
Since its inception, FTX has experienced massive growth and has become even more dominant, rising to the pacemaker of the crypto industry after introducing many new trading features, options, asset classes for cryptocurrency trading, and much-needed trading tools not found in the cryptocurrency market.
FTX also continues to move forward in developing all aspects of its derivatives trading business with constant updates to its trading platform and will continue to introduce new and better features and technologies to its platforms at no cost to ensure that its trading platform remains safe and secure. for customers at any time.
How to register in FTX
The free registration process to create your FТX trading account is quite simple. You need to visit the FTX page and then click on the Register button in the tab in the upper right corner. There are different levels of access to your account. The higher your security level, the more funds you can withdraw from the FTX platform.
Level 0
For this level, all you need is an email and a strong password that you can easily remember. At this level, you can make deposits, trade, and make other transactions, but when it comes to withdrawing funds, you are only allowed to make the maximum cumulative withdrawal from the account of $ 1,000.
Level 1
At level 1, FTX allows you to withdraw up to $ 2000 daily or $ 9000 daily if you have a large trading volume. To obtain this level of clearance, you need to provide your name, and country and confirm your email address.
Level 2
To upgrade your FTX trading account to the second level clearance, you need to fill in the KYC and submit the following document:
- Full real name;
- Place and date of birth;
- Country of residence and home address;
- Valid government ID;
- Photo of you holding your ID and a slip of paper with today’s date and FTX written on it.
After verification, you will be allowed to make unlimited withdrawals of cryptocurrencies from your trading account. However, to receive an unlimited withdrawal of fiat funds, you need to go through the third level of registration.
Level 3
To upgrade your account to the third-highest tier, you need to upload proof of your address and a valid bank statement. After verification, you will be allowed to withdraw an unlimited amount of both fiat and crypto funds from your FTX trading account.
FTX Trading Products Review
FTX offers users participation in numerous markets for crypto assets and trading products in which to invest and make money. In this section, we will look at these trading products and their unique features.
- Futures market
FTX supports the trading of perpetual futures contracts in over 20 cryptocurrencies on its platform. The list includes coins such as BTC, BNB, and LINK.
You can also trade index futures. These perp index futures allow you to diversify your risk while purchasing a basket of carefully selected coins. They are classified as large, mid, and small-cap coins based on their market value.
- Options market
FTX is also one of the few cryptocurrency exchanges that offer users access to the crypto options market. These options contracts are available in European style and give the user the right to buy/sell the underlying asset at a predetermined date and price, but this is optional.
You can go long or short with leverage and customize it easily when it comes to setting strike prices and expiration dates.
