How Suitable Is the FTX Platform for Beginners?

The FTX platform is an advanced derivatives trading platform that stands out in the industry for several reasons. The popularity and success FTX has gained over the years is thanks to its versatility and features such as OTC desk option and more.

There is more to learn about the exchange, especially for the first-time users so they can get a good idea of what the platform has to offer.

It is a good practice to discover as much as possible about an exchange before it is used as it can help you determine if the platform is even suitable for you to use or not.

Therefore, if you are inexperienced then you need to take a look at the details mentioned below in this brief FTX exchange review. The following information will help you notice how many boxes the platform checks off, in terms of the features offered.

Intro to the FTX Platform

Established in 2019, FTX has made its mark in the crypto industry for several reasons. One of the biggest reasons why it is a popular and widely used exchange is because of its unique establishment. This exchange is distinctive as it was created by crypto traders for crypto traders.

This is why, the FTX exchange ensures that various trading tools and options are available that are necessary for the traders.

Not only this, but the platform is also a powerful and versatile trading platform that supports more than just cryptocurrencies. There are various kinds of indices and other products that are supported by and tradable on FTX.

More details of what this platform offers are mentioned below in this brief FTX exchange review.

Fair and Transparent Fees Charged

The fee charged by different crypto exchanges can be more or less the same, in terms of the category. The difference arises in the amount that users of different platforms have to pay as well as the transparency of the fee.

Before using the FTX platform, it is important for every user to know how much fee it charges.

As per this review, you can learn that FTX is among the crypto exchanges that charge one of the lowest fees in the industry. The fee charged by FTX is also transparent and free of any kind of hidden or additional charges.

Since this crypto trading platform supports different trading products, the trading fee charged also varies. The details are mentioned below.

For cryptocurrencies:

  • Trading fee for market makers: 0.02%
  • Trading fee for market takers: 0.05%
  • Discounts for VIP traders
  • No fee for deposits
  • No fee for withdrawals

For leveraged tokens:

  • Redemption and creation fee: 0.10%
  • Maintenance fee: 0.03%

Trading Products Available

One of the most unique aspects of the FTX platform is that it supports a variety of trading products, which expand to other markets. This makes the exchange prominent and also inclines the interest of a vast audience.

The various trading products available and mentioned in this FTX exchange review are as follows:

  • Spot Markets Derivatives
  • Options Market
  • Futures Market
  • Tokenized Stocks
  • Leveraged Tokens

Supported Currencies

The availability of various crypto assets and other products is also important for you to know about before you start using the exchange. The support extended to different assets such as digital currencies, crypto indices, fiat currencies, tokens and stocks make the exchange suitable for a large audience.

Some of the digital currencies supported by the FTX platform are:

  • Ripple
  • Bitcoin
  • Litecoin
  • Ethereum

There are also some crypto indices supported by FTX, which include the following:

  • Midcap Index
  • Exchange Token Index
  • Altcoin Index

OTC Desk Option

FTX is one of the cryptocurrency platforms that has been designed to appeal to various kinds of traders, whether they are beginners, intermediate or institutional-level.

This exchange offers the facility to experienced traders to invest in high volume of digital currencies, with the help of its OTC Desk Option. This is specifically for institutional traders and offers the liquidity required to complete the transactions without charging any fee.

Advanced Safety Protocols Used

Apart from being a versatile platform, this exchange is also known to be one of the safest in the industry. It takes the security of the users’ funds and information quite seriously and offers the utmost safety by implementing the use of high-end security systems such as:

  • Advanced trading platform
  • Cold wallet storage
  • Two-factor Authentication (2FA)

Leverage Trading Supported

Another important aspect mentioned in this review about the FTX platform is that it supports leverage trading. This is a trading strategy that allows traders to open bigger trading positions by borrowing funds from the brokers.

Even though FTX only offers up to 20x leverage, it is a secure and suitable exchange to use.

Conclusion!

There are numerous cryptocurrency exchanges in the industry but not all of them may be suitable for new traders to use. The FTX platform, on the other hand, is an outstanding option. As a beginner, you should know the details mentioned above to determine why it is a suitable exchange for you.

About the author
Andrew Smith

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