FTX.US In a Nutshell
fewer than 30 cryptocurrencies are supported; certain fiat pairs are allowed
Centralized volume-based tiered fee structure
You can purchase a custody wallet from FTX.US.
With each trade above $10, receive a free coin.
FTX Pay payment processor
FDIC coverage is offered for money kept in US dollars at FTX.
There is a mobile app for iOS and Android.
Available Cryptocurrencies on FTX.US
FTX.US has sophisticated trading options, however there isn’t a large selection of cryptocurrencies available (fewer than 30). However, FTX.US does provide access to significant cryptocurrencies, such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Tether (USDT)
- Solana (SOL)
- Dogecoin (DOGE)
- ChainLink (LINK)
- Uniswap (UNI)
- Aave (AAVE)
In addition to cryptocurrencies, FTX.US offers spot trading between the U.S. dollar (USD) and the following fiat currencies:
A maker-taker spot trading model is employed by FTX.US. As a “maker,” you can create a price at which you want the transaction to happen by setting a limit order. As a “taker,” you carry out a market order, which causes you to complete the transaction at the going rate of the market. On FTX.US, a creator often pays cheaper costs than a taker. Fees are divided into tiers based on your 30-day trading volume, with lower fees applied to more active traders.
- Depending on your tier, maker fees range from 0.00 percent to 0.10 percent.
- Depending on your tier, taker fees range from 0.05 percent to 0.40 percent.
Generally speaking, fees are determined by the target currency and whether you are a maker or taker.
You pay $3 to mint an NFT on FTX.US and sell it for sale. You must pay a 2 percent charge for sales or trades when you sell the NFT. The gas costs for Ethereum blockchain-based NFT withdrawals are partially covered by FTX.US. However, other factors, including as network congestion, can affect how much you pay.
Although your bank can impose a fee, wire deposits are free of charge. There is no cost if you remove more than $5,000. However, you are permitted one free withdrawal of up to $5,000 every rolling week. Each further wire withdrawal costs $25 if you make any.
FTX.US allows you to trade on margin, which is when investors try to quadruple earnings through borrowing, albeit this option is more oriented toward experienced crypto traders than newbies. On interest payments paid, fees are due. Your loan rate and spot margin rate are used in a formula to determine your borrow rate.
Industry-standard security is provided by FTX.US. The business also backs up hot wallet funds outside in addition to cold wallet options. FDIC insurance is also available for money kept in fiat U.S. currency. But FDIC protection does not apply to cryptocurrency assets, including USDT.
If you want to earn money by lending your assets, you can add coins to a lending pool. This is another feature better geared toward more advanced investors, and as with margin trading, you must meet certain thresholds. You receive interest on an hourly basis, so this can be one way to earn extra crypto. However, while you are earning interest, your crypto assets are locked.
FTX.US provides offers FTX Pay to help you get paid quickly in crypto or fiat currencies. This feature is customizable and can be used with the FTX account or with an external wallet, if you want to use FTX Pay with decentralized finance apps.
FTX Debit Card
This is a Visa debit card connected to your FTX.US account. You can use the card to pay for goods and services based on your account balances with the exchange. The card lets you spend U.S. dollars or any cryptocurrencies you have, though in general experts say it doesn’t make sense to use crypto for everyday purchases. However, if your account doesn’t have enough total value to cover the transaction, it will be declined, unlike other cards that might offer overdraft protection.