FTX US Review – Best Option for Traders

FTX US is a name that is becoming familiar to the crypto trading communities in the United States. They offer exceptional service, the order book is transparent and the best part is that they are one of the best options for US traders due to the low mark up fees.

Moreover, they have a strong footing in terms of legality and to build their brands, this organization has poured millions of dollars into the sports sponsorship deals. CEO of the parent company i.e,. Sam Bankman-Fried is focusing aggressively on maintaining their dominance and the results speak for themselves.

If you are excited about opening an account with them, then read through the following content. Note that, many of the leveraged tokens along with derivatives are not offered to the residents of the US.

So, you should be aware of the intricacies present before you get started with them.

FTX US Regulation

Love it or hate it, the US shields it’s citizens from getting over exposed to the market risks. Of course, sometimes disasters have occurred, but at the end of the day, the policies are relatively better compared to other countries.

The flip side of having strict regulation is that usually margin levels will be high and high leverage will not be offered. While denying high leverage might be a good thing, few people frown upon the enforced rule.

FTX US is registered in the US as a Money Services Business with FinCEN. Registration Number – 31000162768253. It is fully compliant with the Bank Secrecy Act.

Plus, the kind of mechanism they have in place in terms of KYC and AML is exceptional and it shows their level of interest. In simple words, it is one of the safest exchanges to deal with for US crypto traders.

In terms of security, they do support 2 FA and their system monitors dodgy looking deposits and withdrawals pretty well.

Assets Offered

FTX US is a subsidiary of FTX. Unfortunately, the former does not provide many instruments to the residents of America for obvious reasons. Things like leveraged tokens, move contracts and options cannot be accessed via this platform.

If you are someone that likes to maintain a hedged or delta neutral position, then you have to look elsewhere to place the positions. On the bright side, the number of instruments available are huge and the entire interface is user-friendly.

The order book for all the instruments is transparent and according to the latest estimates, the platform is already seeing volumes of close to 1 billion dollars daily. While the absence of derivatives and ETFs may be disappointing, know that those contracts carry high risk and they are not exactly beginner friendly.

FTX US Trading Interface

FTX US has an amazing trading interface. Everything you need to place trades are provided in a single tab. From order book to fees, all the parameters are displayed in a silver platter.

Spreads are tight and as far as the liquidity goes, apart from a few instruments, you do not have to worry about anything. Charting functionality is more than adequate and it offers all the standard tools.

For any reason, if you are not satisfied, then you can switch to TradingView and use any custom indicator or strategy you prefer. From the moment you place trades, liquidation levels and margin ratios will be displayed.

While we cannot comment on your trading style, we do encourage people to take conservative approach and maintain adequate balance to avoid getting margin calls. In case you are after bid spread catching, then you will love the way the order book can be grouped.

Without any doubts, there are too many things to appreciate here, but do not let it distract you. Get involved with them only if you have a solid strategy and approach.

KYC Requirement

Cryptocurrency realm and regulation have never complimented one another in a good way. On one hand, unregulated exchange might help people to a certain extent, but the risk of losing funds will always be there.

FTX US follows a strict KYC policy. All the users have to go through the verification process and below is the entire list of things they ask for. Note that for corporate clients, conditions will be different and for up to date information, contact support team.

• Full Name
• Country of Residence
• Date of Birth
• ID Document
• Social Security Number
• Proof of Address
• Photo to verify(Selfie)
• Source of Funds

Customer Support

FTX US follows a ticketing model which is the way most cryptocurrency exchanges work. The community around this exchange is huge and their FAQ section is detailed.

They are also active on social media platforms and on Telegram, users can interact with other enthusiasts and ask for help regarding technical stuff. Phone support would have been nice, but for the time being, we cannot ask more.

Trading Fees

Fees charged by FTX US depend upon the trading volume generated by the user. Unless you are planning to put in over 100,000 USD, the fee structure does not really matter much to you.

In general, the market maker fees range around 0.1% and the taker fee is capped at 0.40%. Hands down, this is one of the most competitive fees ever and the well established players in the sector such as Coinbase cannot come anywhere close to it.

The fee structure can be brought down using referral programs and other vouchers. However, for precise calculation, talking with a representative is a must. All in all, the low trading costs is definitely a crowd favourite feature and it will help the firm get more people onboard.

FTX US Deposit and Withdrawal

FTX US supports the following payment methods.

• Wire Transfer
• ACH
• Debit and Credit Card
• Silvergate Exchange Network
• Cryptocurrency

Though there are a lot of options present, there might be relatively high fees applicable. For best results, choose ACH as it carries a flat fee of 0.50 cents. ACH options required upto 5 business days to process the transaction.

It goes without mentioning that the time required is huge, but at the end of the day, it might be worth it especially if you are starting out with high capital. Withdrawals in most cases are processed instantly, but sometimes it might require a manual approval which will require a few hours.

Verdict

FTX US is a great platform that will attract a lot of crypto enthusiasts. The fee structure is competitive, customer support is good and the liquidity providers are all professional. Leverage is apt and security features are cutting-edge.

They are focusing on aggressive expansion and the future does look glowing for them. If you are on the lookout for a reliable exchange that will never let you down, then this one might be it.

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