FTX Review – Is FTX Scam or a Legit Cryptocurrency Exchange?

FTX Review

FTX is a controlled cryptocurrency exchange that operates on a global scale. It distinguishes itself from its rivals by providing cutting-edge services and products like options, futures, and leveraged tokens. In addition, it supports 300+ different crypto, which is significantly higher than some of its rivals offer. Read our full FTX review to find out if it’s the right cryptocurrency exchange for you.

Company Overview

FTX, which has its headquarters in the Bahamas, came into the scene of the cryptocurrency industry in 2019 to become the most prominent platform in the world for trading tokens. After only a few years since its inception, it has quickly become one of the leading centralized cryptocurrency exchanges and is currently valued at more than $18 billion.

FTX provides various products, some of which may be of interest to crypto novices and experienced traders. FTX provides spot trading as an option for new investors on its platform. Futures, leveraged tokens and stocks can all be traded on FTX by skilled traders with access to the platform.

Trading Experience

FTX provides customers with many functions, and the company is aware that novice users may have trouble locating some of these options. In response to this, the exchange offers a guide that provides an overview.

In addition to that, crucial information is presented understandably all over the FTX website. For instance, the exchange clearly explains the guidelines to follow to stake FTX’s token, which FTT denotes. It further specifies that unstaked tokens will not be counted toward staking rewards and that the unstacking process takes 14 days. It also adds that those who wish to unstake rapidly have the option of paying a charge, which they can choose to do.

A wealth of content is uploaded on FTX’s website under various categories that explain the platform’s many services, rules, and terms. Consider the example of margin trading. FTX regards this item as a crucial component of their business. Considering how complicated margin trading may be, FTX does a good job of describing how its conditions apply to transactions of this kind. People who engage in trading on leverage want to know many different things, but one of the crucial ones is what causes a margin call.

It is made clear by FTX that a user’s account may be liquidated if the user’s “Margin Fraction” drops to a level lower than their “Maintenance Margin Fraction.” As an illustration, FTX will consider the scenario in which a customer’s maintenance margin percentage is 6 percent. The liquidation process will start if the customer has 16.66 times more debt than equity.

Security At FTX

FTX provides security features that are typical for the industry, including the following:

a solution that is hot and cold wallets that is custom-built

Completely independent third-party backing for all of your hot wallet’s cash

Every account should have two-factor authentication (2FA);

2FA and a password are both optional for cryptocurrency withdrawals;

relationships with some of the most reputable custodians in the industry

Cryptocurrencies Available At FTX

More than 300 different cryptocurrencies are available for spot trading on the FTX platform. The following is a selection of the assets that can be purchased on this exchange:

Bitcoin (BTC) (BTC)

Solana (SOL)

Ether (ETH)

Ripple (XRP)

Litecoin (LTC)

Dogecoin (DOGE)

Customer Support

Customers who have questions or concerns and who require assistance are encouraged to send support tickets through the site. FTX provides no information regarding the typical amount of time required for a member of the company’s support team to reply to a request for assistance.

You have the option of contacting FTX via Telegram in addition to posting a support request if you would prefer.

Bottom Line

FTX is now one of the most well-known cryptocurrency exchanges in the world, and its rapid growth occurred in just three short years. This crypto exchange has also emerged as a prominent voice favoring regulating cryptocurrencies. FTX management has stated that the company is dedicated to continuing to comply with applicable legislation. Additionally, FTX provides inexpensive trading fees and features that appeal to inexperienced investors and seasoned traders.