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How to use FTX exchange? Step by step guide
FTX is a crypto platform that offers currency derivatives in addition to immediate trading in crypto coins. With the help of an economic support round in the summer of 2021, the company raised almost 1 billion dollars. With this, the managing would like to further stimulate growth with the help of expensive advertising measures. The FTX cryptocurrency platform is still young. Although the Bahamas-based exchange was founded only two years ago, the network already has over a million registered users as of 2021. The CEO and founder are decisive for success. As one of the most famous faces in the cryptocurrency world, FTX exchange is already its second established company for crypto assets. FTX Impresses With Its Extensive Range On Favorable Terms. The functions of FTX include a wide range of trades and low fees. In addition to the regular purchase of actual cryptocurrencies, FTX also offers derivatives in the shape of futures, opportunities, or markets and NFTs are also available. Cyber currencies based on the proof of stake system can also be staked on FTX exchange. This enables investors to achieve an additional return. On FTX exchange, investors can buy and sell a large number of the coveted crypto coins, well over 100. Investors who are particularly interested in altcoins and cryptocurrencies that are an option to Bitcoin enjoy the diversity of the network. In addition to Bitcoin and well-known coins such as Litecoin or Tron can also be traded. Salano, on the other hand, can only be traded as a derivative. How to use FTX exchange? Step by step guide
How to use the FTX exchange? Video and pictorial narration
In addition to spot trading, the name given to the stock on which official cryptocurrencies are bought and sold, FTX exchange offers numerous other gadgets. In addition to the large range of derivatives, with leverage or betting on falling prices, investors can also trade prediction coins. For example, one includes predicting whether someone will be president again.
This Is How It Works With The Profile
FTX exchange follows the usual progress when it comes to opening an account. It is great to deposit a small sum of dollars immediately after registration - but if you want to transact unlimited currencies to the FTX clearing profile, you have to go through the know your customer regulations. Specifically, this requires the upload of valid identification, a selfie including identification file and the current date as well as an acceptance of the home location. As soon as everything has been checked and verified by employees, there are no longer any trade restrictions.
Free Deposit
The first deposit can then be made. Deposits of crypto currencies such as Ethereum or the transaction of US dollars are possible. The exchange does not charge any fees for regular transfers with Sepa or for transactions for a debit card. Only the amount that the debit card issuer or the bills can additionally debit the profile.
Graduated Fee Method
As soon as the money is in the account, investors can buy their first cryptocurrencies on the exchange. A look at the fee structure of FTX shows that trading here can be particularly cheap. Fluctuations depend on the order model and the trading option. For makers, FTX charges up to $ 2,000 in trading within one month, 0.02 % fees. As a taker, the fee is already 0.07 %. Makers get away with it cheaper because they provide liquidity and their order first ends up in the order book before it is executed with another suitable order. Anyone who stakes the FTT cryptocurrency belonging to the exchange and that with at least 25 blocks can even trade as a maker totally free of charge.
FTX Is Especially Good For Advanced Traders
The surface with which FTX exchange appears is somewhat off-putting. The many tolls and sections can easily overwhelm new users. Therefore, FTX is particularly suitable for experienced traders. On the other hand, it is great that investors can modify many layout settings themselves. Trading in derivative items is usually exposed to high risks. Beginners run the risk of losing a large part of their money quickly. For this reason, too, FTX exchange has significantly reduced its highest leverage from 100 times to 20 times.
Step By Step Guide
Account opening: The account opening on FTX is done quickly. However, if you want to trade without restrictions, you have to complete the verification. This includes providing an ID file, a daily updated selfie, and an acceptance of your home location.
First deposit: You can find dollars in the wallet tab section under the account. Right click on deposit and users can transfer money with SEPA or debit card. FTX requires the upload of payment confirmation with a file.
Buy Bitcoin: Under stocks, select the spot tab and search for the desired trading pair. The trading screen then opens, in which investors can choose the quantity and have to choose between limit and stock orders.
Hardware Wallets Are Safe
After the purchase, the cryptocurrencies are in the wallet of the exchange. They are completely safe there, but if you want sole control over your crypto assets, you should have the cryptocurrencies paid out to an external wallet. Because only then do the private keys change hands. Hardware wallets such as those from Ledger are particularly secure.
2FA Is A Must
An indispensable security feature when trading cryptocurrencies is 2FA. Users have to activate these themselves on the exchange. To do this, investors should open the account settings. The settings for 2FA can be found under profile security.
Lack Of Regulation
FTX exchange and its director are currently trying to obtain licenses in various countries. The US experts have restricted trade to such a form that it is almost impossible for American citizens to use the exchange. FTX is also trying to gain a foothold in Europe with an original license.
Is the FTX exchange a reputable crypto exchange?
FTX is considered a reputable crypto platform. Although there is still a lack of appropriate procedure in many countries, the many users and the CEO's reputation in the market scene speak for the seriousness of FTX exchange.
What Is The FTX Token?
The FTX Token is the cryptocurrency of the crypto platform. The value increases with the valuation and the trading of the platform. Fees can be saved on FTX exchange using the token when trading.
What Are The Advantages Of FTX?
FTX is categorized by its large trading offer. The crypto platform offers a variety of cryptocurrencies and derivatives. It is also cheaper to trade than many other crypto platforms.
What Is Margin Trading And Leverage?
In trading, a usual distinction is made between spot and derivative exchanges. The spot exchange is a regular stock as everyone knows it. As you are used to, leveraged trading is a bit more special. Leveraged tools on margin make it a great chance to trade a larger condition than would regularly be with your capital. The procedure is that you are trading with borrowed money and leverage.
Let's say you have 1,000 dollars and want to trade a pair with x5 leverage. You are greatly trading at 5,000 dollars (5 x 1,000), so the situation is five times larger than it would be. As your opportunity profits grow accordingly, so does the risk of more rapid losses. Even the smallest price movements in the wrong way for you increase your losses. This is why it is important to use high leverage only as an experienced trader.
What Specifics Does FTX Offer Its Users?
Perpetual deals are ongoing deals that reflect the price development of an underlying asset. So you can invest in cryptocurrencies without having to buy them immediately.
The FTX Exchange is one of the leading platforms for digital derivatives, especially when it comes to altcoins. In our analysis, we found that no other platform offers as many different continuous deals for different cryptocurrencies. In addition to the regularities such as BTC, and LINK, this also includes many more.
Options Trading
An offer is similar to a rolling deal, but with the property that it has an expiration date. There are, for example, quarterly opportunities, when you buy them you practically bet on the exchange value of an asset at a certain point in time (the expiry date of the opportunity). Options trading on the exchange focuses on the high caps like Ethereum.
Leveraged Tokens
FTX exchange is also known for its leveraged coins. This is a new way of token based on the ERC20 principle that enables leveraged conditions to be traded without worrying about information like margin or leverage. The well-known is probably the Bear token, which represents either an x3 long or an x3 short. If the value of the crypto currency decreases by 1%, the value of the token decreases by 3% (1% x 3).
The Shares
One of the latest news announced by the FTX platform is the introduction of tokenized market trading. FTX exchange is reacting to the growing interest in the typical crypto markets in the union and at the same time expanding the target team, as conversely, more and more market traders are interested in cryptocurrencies. Trading in share tokens for firms such as Tesla is just at the beginning and will continue. This announcement was received with perfect comments in the crypto world.
What Are Our Experiences With FTX?
The first impressions of FTX exchange in our analysis are were very good. Although the interface is somewhat different from that on other platforms, experienced traders will hardly need time to get used to it. Here is the interface of the BTC perpetual deal on FTX.
In our FTX report, we found that there was no interference at any time. Unfortunately, on other crypto platforms, it is common for mechanism overloads to occur here and there. Then there are so many new orders in a queue that the mechanism collapses and can no longer accept any new orders at short notice. But the innovational infrastructure at FTX exchange ensured that, in our experience, there were never any issues.
A good feature, by the way, is the tool of being able to create sub-profiles. This allows a large number of positions to be better managed and gives you the chance to trade certain situations in isolation. There is no limit to the number of sub-profiles that you can create. You can get to the corresponding section by clicking on your username in the upper right corner and then on sub-profiles:
Experience With FTX Exchange and Withdrawal
Unlike many other crypto platforms where derivatives can be traded, FTX exchange works with verification when it comes to higher withdrawals. Both cryptocurrencies and funds payments with debit cards are available for withdrawals. There is no lowest deposit for any of the opportunities. Even withdrawals are free when made in cryptocurrencies. Then the platform fee is paid directly by the exchange, a one-time offer. However, there are fees in the case of fiat-dollar withdrawals. If more than 10,000 is withdrawn, the exchange will charge a bank fee of 75.
Overall, we were always satisfied with the FTX platform and there were never any issues worth mentioning. If there was a need to talk, the support could always be reached quickly with an e-mail and the issue could be clarified.
FTX One Of The Greatest Crypto Derivatives Exchanges
The large selection and the convenient management of the trading network and mobile phone application make the exchange our favorite when it comes to crypto platforms that offer altcoin derivatives. The range is really enormous and the exchange insists on bringing new and exciting items to the network over and over again. The bear leveraged tokens, which are also used by other platforms, were an invention of this exchange. Anyone looking to trade altcoins should definitely consider the FTX exchange.
If you want to withdraw money at FTX, you don't have to worry. The procedure is just as easy as making a withdrawal. However, only the cryptocurrencies offered are available as a payout option. Payouts are made manually by the exchange group three times a day, every eight hours.
Author: Emre Ata Author LinkedIn