FTX Review: A Comprehensive Overview 2022

Author: Jake Steffens

FTX Ratings and Reviews

FTX is a leading cryptocurrency exchange that offers a complete crypto experience to investors at a low cost.

Beyond its powerful trading platform, users can access exciting features such as an NFT marketplace, crypto credit cards, and highly-speculative trading products.

Supported across 200 countries globally, the platform is highly accessible through a user-friendly desktop interface and an intuitive mobile application. 

With a strong focus on customer safety and strict compliance with U.S. regulations, FTX is a cryptocurrency exchange that investors can feel safe using. 

Pros & Highlights

  • One of the most cost-effective cryptocurrency exchanges available.
  • Intuitive and user-friendly mobile app available for Apple and Android devices.
  • Comprehensive trading tools maximized by experienced traders and friendly enough for beginners.
  • Exciting platform features beyond cryptocurrency trading.
  • Impressive focus on customer safety and platform security. 
  • Deep trading liquidity backed and provided by proven partners.
  • Seamless fiat onboarding options.
  • Up to 8 percent APY on both fiat and crypto held on the platform.
  • Excellent executive team with unique skill sets and industry-leading experience.
  • Climate initiative aimed at becoming a carbon-neutral platform and funding climate research through FTX Climate.

Cons & Risks

  • Know your customer (KYC) is required to trade on FTX, although users can still explore the platform when unverified.
  • Inefficient customer support channels.
  • A smaller selection of supported tokens in comparison to similar exchanges.

The primary FTX exchange does not support US-based users but instead offers an American version of the platform, FTX.US, with similar features.

FTX Features

Advanced Trading Tools: As an “exchange built for traders by traders”, FTX provides a comprehensive package of trading tools. The FTX desktop and mobile application offer an intuitive experience for beginner traders, while the advanced tools such as spot, margin (up to 101x leverage), futures, OTC, and quantitative trading capabilities provide even the most experienced traders the opportunity to capitalize on their skill set.

Borrowing and Lending: FTX users can borrow crypto from other FTX users, as well as lend their own crypto, an additional avenue for users to leverage their idle tokens to earn additional yields on the platform. 

Stock Trading: Beyond cryptocurrencies, FTX provides access to hundreds of publicly listed stocks that can be traded on the same platform. 

NFT Marketplace: FTX’s NFT marketplace allows users to buy, sell, and mint NFTs on its platform, offering them exposure to the NFT ecosystem through specially curated collections and customizable search options. 

FTX Pay: Allows individual merchants to accept cryptocurrencies as payment at a flat rate of a 1 percent transaction fee. When customers pay with crypto, FTX Pay automatically converts it to fiat currency or stablecoins, so businesses don’t have to worry about volatility. 

The FTX Credit Card: A cryptocurrency credit card that allows users to spend their FTX crypto balances at supported vendors with zero fees.


Although the U.S. version of FTX offers the majority of the features available on the primary platform, additional features are provided to individuals located in fully supported countries that are focused on high-risk investment strategies. 

FTX Token (FTT): A platform native token and incentive mechanic for the FTX ecosystem that provides additional benefits to loyal users who transact on the platform. These benefits include:

  • Trading discounts increasing relative to the amount of FTT held
  • 33% of all fees generated on FTX markets
  • 10% of net additions to the insurance funds 
  • 5% of fees earned from other products on FTX
  • Additional rewards when staked on the platform, including free airdrops and increased referral rewards

Leveraged Tokens: Volatile cryptocurrencies with intrinsic leverage that magnify the price and movement of the underlying token. For example, the BULLETH token is 3 times as volatile as the underlying ETH token, such that if ETH increases by 1%, BULLETH will increase by 3%.

FTX Prices & Withdrawal Fees

FTX has an exceptionally low fee structure throughout its platform. Trading on the FTX mobile app incurs zero fees, although there might be hidden fees associated with the increased price spreads. Trading fees on the FTX website are scaled relative to the amount of trading volume of the user. The more trading conducted, the lower the trading fee.

Tier30-Day Volume (USD)Maker FeesTaker Fees
2> $100,0000.06%0.18%
3> $1,000,0000.05%0.15%
4> $5,000,0000.04%0.10%
5> $10,000,0000.02%0.08%
6> $15,000,0000.00%0.06%

FTX provides users with three different options for fiat on-ramping. With differing levels of efficiency and availability, each option has a different fee structure.

  • Credit/debit card deposits are charged at a rate of $0.30 plus 2.9% of the deposited amount. These funds are available instantly but are the most costly option.
  • Wire transfers may prove a labor-intensive option, but are free of charge to deposit, and funds are available instantly.
  • ACH transfers are charged a $0.50 fee unless the total amount is over $100, in which case there is zero fees. Although available instantly for trading, funds may be held from withdrawal for up to 14 business days as they settle.

When withdrawing fiat currency, wire transfers have zero fees for up to $5000 per week, with additional amounts below $5000 incurring a $25 charge. All withdrawals over $5000 are free. ACH transfers incur a $1.50 fee per transaction.

FTX allows users to deposit and withdraw cryptocurrencies with zero fees for all tokens, although Ethereum (ETH) and small Bitcoin transfers will incur a small charge.

Company Background & History

Based in Hong Kong, FTX was founded in 2019 by crypto celebrities Sam Bankman-Fried (CEO) and Gary Wang (CTO). The executive team boasts an impressive background with experience from industry-leading companies such as Facebook, Google, Jane Street, and Optiver. 

Before launching FTX, Sam Bankman-Fried and Gary Wang founded Alameda Research, a quantitative trading and market making firm. Alameda currently assists FTX in liquidity provision and OTC trading support.1 

FTX has amassed popularity by catering its products toward veteran crypto traders and giving back to the crypto community.

What Cryptocurrencies are Available on FTX?

FTX provides traders with access to over 300 cryptocurrencies on their platform and over 500 trading pairs. Although they may not offer some for the smaller altcoins, FTX offers many of the most traded tokens.

FTX offers popular tokens, such as:

  • Ethereum (ETH)
  • Bitcoin (BTC)
  • FTX Token (FTT)
  • Solana (SOL)
  • Polygon (Matic)
  • Avalanche (AVAX)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Near Token (NEAR)

A complete list of supported tokens, regularly updated by FTX, can be found on the website.

Security: Is FTX Safe & Secure?

The safety and security of a cryptocurrency exchange should always be a primary focus for investors. FTX has integrated a number of security features that allow their users a safe experience. 

The mandatory two-factor authentication and withdrawal/trading safety phrases significantly increase account security. The FTX platform makes use of Full Secure Sockets Layer (SSL) encryption on its website, allowing for increased protection of data sent through the site.

Relationships with industry-leading custodians ensure top-tier protection of customer funds. The FTX Insurance Fund stands in place to compensate users for any losses in the event of a security breach. 

Because of the proactive focus on security from launch, FTX has avoided any major security breaches and continues to improve security features. Although, it is crucial for investors to understand basic security principles when depositing or withdrawing crypto from the FTX platform.

Customer Support: Contacts & How to Get Help

FTX also offers a comprehensive help center featuring educational documents and FAQs that are useful for independent troubleshooting. It also functions as a resourceful way to learn more about the platform and its offerings.

FTX’s customer support system operates primarily through support request tickets submitted through their online portal found here. 

Finding direct, quality customer support on the platform can be difficult, but the complaints and support requests are usually resolved within a few business days.

KYC, Taxes & IRS Reporting Details

FTX is fully compliant with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, as identity verification is required before users can transact on the platform. Although some users find this laborious, it is done intentionally to keep users secure and provide an optimal experience. 

There are three tiers of KYC verification. Each tier consists of increasing benefits with increasing requirements.

Check for restricted jurisdiction
No ability to trade, deposit or withdraw;
just to explore the site.
Full Legal Name
Date of Birth
Country of residence and region/province
Check for restricted jurisdiction
Crypto-only withdrawals: $2000 USD limit or equivalent per day.
No crypto deposit limit. No fiat deposit or withdrawal.
Enhanced diligence may be required.
May not be able to trade futures.
2Full Legal Name
Date of Birth
Proof of Address/phone jurisdiction
Description of source assets
Passport or other government-issued ID
Facial verification
Unlimited crypto and fiat deposits and withdrawals.


In addition to complying with KYC and AML regulations, FTX has partnered with TaxBit for the consolidation of tax information required by the IRS. By directly connecting their FTX account, users are provided a free tax form 8949, along with access to the TaxBit Tax Center, where users can monitor their transactions and tax implications in real-time.

Who It's Best For

Through offering compelling trading tools for advanced traders, an intuitive interface for beginners, a culture-driven focus on customer security, and other impressive feature offerings, FTX has situated itself as an option for cryptocurrency investors. 

The integration of the NFT marketplace, stock trading, FTX card, and FTX climate initiative provide users utility and excitement beyond a simple cryptocurrency exchange, leading to a more complete and enjoyable experience than the alternatives. 

FTX can be utilized by those located across the globe, except in some countries where the platform is restricted.2 

As the United States is included on this list, FTX has launched a platform with similar features and a higher emphasis on security but without many riskier trading options. As FTX is strictly compliant with US regulations and offers simple tax solutions, users can trade safely through the US-friendly platform while still taking advantage of the powerful trading tools offered on the main website.