FTX Review 2022: Pros, Cons and How It Compares – NerdWallet

Where FTX shines

low fees : The fees for deal on FTX are among the lowest on exchanges reviewed by NerdWallet. Users of the company ‘s mobile app, for exemplify, pay no transaction fees at all ( though FTX does take a markup in the mannequin of a diffuse ). The platform will besides pay crypto coitus interruptus fees on many transactions. advance trade : FTX promotes itself as being designed “ by traders for traders, ” and it provides several options that may appeal to that market. For exemplify, it offers margin deal and derivatives such as futures.

Where FTX falls short

customer support : Unlike some competitors who offer live phone support even to modern clients, FTX advises customers to open a digest slate with their team using an online portal site. Cryptocurrency selection : While FTX ’ s choice of digital assets includes many of the most heavily traded cryptocurrencies, its offerings, at 21, are fewer than those offered by other top-tier competitors reviewed by NerdWallet.

FTX is best for:

  • boost traders .
  • frequent withdrawals .
  • trade with decree currencies .

FTX at a glance

Minimum trade

$ 1
trade and transaction fees

No fees on mobile app, though there is a spread .
Number of cryptocurrencies

21 .
Crypto-to-crypto trade pairs

27 .
Website foil

Some data on the FTX web site can be unmanageable to find .
Can use your own digital wallet ? Yes.

Mobile app

FTX ‘s app is available on io and Android, with an average denounce of 4.3 stars .
Customer serve

FTX encourages users to use digest tickets to ask for help .

More details about FTXs ratings

Minimum trade

For basic purchases of Bitcoin, the minimum is about $ 1, the company says.

Trading and transaction fees

FTXs transaction fees for spot purchases of cryptocurrency vary based on whether you are using its background or mobile platform. Its desktop product, called FTX.US, calculates fees based on how much you trade on its platform. fooling users who trade less than $ 100,000 every 30 days will pay up to 0.4 %. Heavy hitters who trade more than $ 50 million monthly on FTX.US can pay deoxyadenosine monophosphate little as 0 %. FTX ’ s mobile app, once known as Blockfolio, charges no fees for transactions. Like some competitors such as Robinhood, it does introduce a spread, which can raise consumer prices. On both mobile and desktop, FTX offers customers one free telegram coitus interruptus of cash per week, though all withdrawals above $ 5,000 are free. And it covers blockchain network fees on some assets. Wire deposits of cash are barren. FTX gives customers one release ACH bank situate of more than $ 10 per week. After that, deposits monetary value 50 cents. That fee can be waived for deposits of more than $ 100. Fees vary for more advance trade products.

Number of cryptocurrencies

FTX offers trade in 21 cryptocurrencies.

Crypto-to-crypto trading pairs

FTX has 27 trading pairs involving cryptocurrencies. But it has extra options available if you ’ re concern in trading in multiple decree, or traditional, currencies. For case, FTX has markets for Bitcoin in currencies including the U.S. Dollar, the australian dollar, and the Euro.

Digital wallet options and security

FTX allows users to use their own digital wallets to transfer cryptocurrencies onto and off of its platform. FTX says it has taken industry-standard security measures to protect assets and customer data on the chopine. It besides says it has “ wide external back ” of assets held in hot wallets, which are connected to the Internet. other security system measures include the option to have separate passwords for withdrawals.

Mobile app

FTX has mobile applications for io, which carries a drug user rat of 4.8 stars, and Android, which has a user military rank of 4.1 stars.

Customer support options

FTX encourages users who are having problems to use its patronize slate system. There ’ s no readily accessible phone number for telephone support.

Other features you should know about

advanced trade : FTX offers products such as allowance trade, over-the-counter trade, and derivatives. Some of these may appeal to traders who have a senior high school allowance for risk. margin trade, for example, involves borrowing to increase both the electric potential returns and the electric potential losses. Derivatives include products such as futures, which are tied to the future price of an asset. NFTs : FTX operates a marketplace for NFTs, or nonfungible tokens. NFTs are a way for people to establish ownership over digital files such as images, music and video. Rewards : FTX offers up to 8 % in sake on both decree currency and crypto held on its mobile app. The ship’s company besides will give customers a modest sum of detached crypto for carrying out certain trades.

Is FTX right for you?

On one hand, the relatively low fees could be of matter to to beginners getting started. More advanced traders may gravitate toward the more sophisticate products offered by FTX, though some may be looking for a larger choice of cryptocurrencies.

How do we review cryptocurrency platforms?

NerdWallet ’ s comprehensive inspection process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our purpose is to provide an autonomous assessment of providers to help arm you with information to make sound, inform judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity. We collect data directly from providers through detail questionnaires, and conduct first-hand examination and observation through supplier demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists ’ hands-on research, fuel our proprietorship assessment procedure that scores each supplier ’ randomness performance across more than 20 factors. The final output produces star ratings from poor ( one star ) to excellent ( five stars ). Ratings are rounded to the nearest half-star. For more details about the categories considered when rating brokers and our work, read our full methodology .

source : https://coinselected
category : coin 4u

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