As we continue to move to a digitalized future, more and more financial payments and investments are being made through digital services. Some of these services are currency exchange platforms that allow you to trade currency for quick profits.
And in the world of cryptocurrency, FTX is the most powerful exchange platform to buy, sell or trade cryptocurrencies. Whether you are a pro-crypto trader or an amateur, everyone will benefit from using platforms like FTX for their investments.
What is FTX?
In simple terms, FTX is a virtual platform for exchanging cryptocurrencies online. FTX was designed to make Bitcoin trading faster and smoother. However, recently, it has proven beneficial for crypto derivatives as well.
Other than trading, FTX also helps give access to different trading practices. In addition to this, users can also make fund transfers for stable cryptocurrencies and altcoins, including:
With these services, various traders now have the chance to grow and expand their portfolios! FTX also provides an efficient OTC service that caters to those who want to make a massive crypto purchase. You can also make use of the office FTX mobile app to make crypto trades and investments while on the go!
What is the History of FTX?
FTX was first launched in 2018 by the current CEO, Sam Bankman-Fried.
Before founding FTX, Sam worked as a trader on the global ETF desk located on Jane Street Capital. During this time, Gary Wang, a Google software engineer, agreed to collaborate with Sam and even used his skill to improve on the platform.
Before launching FTX, this dynamic pair launched Alameda Research way back in 2017. This company aimed to provide accurate quantitative trading analysis to crypto providers.
And while Alameda did not hit the same level of popularity as FTX, it still works with them to protect and perfect their orders.
Moreover, FTX’s 24/7 OTC services are powered by Alameda. Thanks to their three funding rounds, this trading platform has earned almost $8 million today.
Needless to say, the crew behind the FTX team is highly skilled and specialized in all things crypto. These advancements have made FTX a well-known name in the crypto world. In fact, they have partnered with some well-established companies like Circle, True USD, FBG Capital, and more!
How does it Work?
Like every other digital crypto exchange platform, FTX also provides financial tools and instruments for traders. It also comes with a robust, user-friendly interface that is easy to use for amateur traders and high-rollers.
And the best part is that the desktop version is perfectly optimized for its mobile website as well!
Moreover, the website runs on two different platforms to suit US residents and international users. However, the native option only comes with a few features and coins. In addition to trading crypto, FTX also allows the users to trade with other markets like Forex and stocks.
Because of this, the signing up process is also relatively quick and convenient. All you need to do is enter your basic details, verify them and create your account. After this, you can start depositing money via:
- Bank transfers
- Digital wallet
- Credit card
- Wire transfer
And once your funds have been deposited, you can start swapping and trading your currencies.
What are Some of the Products Provided by FTX?
#1 It Helps with Futures Trading
One of the primary services of FTX is its futures trading program. As of now, there are almost 20 well-known cryptocurrencies used for futures trading. This allows the users to trade and invest in various aspects of the current market.
#2 It Gets Leveraged Tokens
Using FTX also allows you to leverage 101x on the orders. In fact, the maximum leverage value is applicable to all trading accounts.
Other than this, FTX also sets a 10x leverage as a default for safety measures. Currently, there are almost 45 leveraged tokens. This, in turn, helps you to leverage even BULL and BEAR options.
#3 It Provides Bitcoin Options
One of the most prominent trading aspects of FTX is its wide variety of Bitcoin options. With this service, users will easily access smart contracts to trade different Bitcoin options.
Moreover, FTX has also enabled payments and transactions via USD for those who typically put in high-volume funds with Bitcoin.
#4 It Gives You Access To MOVE
One of their most impressive smart contracts is MOVE, which allows users to trade using raw Bitcoins. Once the trade is made, the contract will move all your funds and hold them for a certain period. This can be daily, weekly, monthly or quarterly.
Is This Platform Regulated?
FTX is the preferred choice for crypto trading because it is safely protected and regulated with SSL security systems.
Furthermore, FTX also received a B+ score for its safety by a Mozilla Observatory test. And in the crypto world, this is considered to be a remarkable score. In addition to this, the platform also uses 2FA (also known as the two-factor authentication) for tightening the security measures during precautions.
This is done via Google Authenticator, Authy, or an OTP authentication process to protect the user and their sensitive information with every step they make. FTX users can also set up separate passwords for separate actions like trades, deposits, withdrawals, and more.
To do this, navigate to the “login” section on the official FTX webpage and set up different passwords.
The Final Verdict
This diversified exchange platform is an excellent choice for both pro-traders and newcomers. Moreover, the team behind FTX has done an excellent job in designing a user-friendly platform for trading and investing in Bitcoin, Forex, stocks, and other leverage crypto tokens.
And despite the high volatility rate in the market, FTX still offers a multitude of offers and features to the users. Overall, FTX seems to have the best interests for expert cryptos worldwide.