Where FTX shines
humble 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 form of a spread ). The chopine 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 respective options that may appeal to that market. For example, it offers margin trade and derivatives such as futures.
Where FTX falls short
customer support : Unlike some competitors who offer live call support even to fresh clients, FTX advises customers to open a subscribe ticket with their team using an on-line portal vein. Cryptocurrency choice : While FTX ’ randomness excerpt of digital assets includes many of the most heavily traded cryptocurrencies, its offerings, at 21, are fewer than those offered by early top-tier competitors reviewed by NerdWallet.
FTX is best for:
- advanced traders .
- frequent withdrawals .
- deal with decree currencies .
FTX at a glance
| Minimum trade
| trade and transaction fees
|No fees on mobile app, though there is a banquet .|
| Number of cryptocurrencies
| Crypto-to-crypto trade pairs
| Website transparency
|Some information on the FTX web site can be difficult to find .|
|Can use your own digital wallet ?||Yes.|
| Mobile app
|FTX ‘s app is available on io and Android, with an modal fink of 4.3 stars .|
| Customer service
|FTX encourages users to use support tickets to ask for help .|
More details about FTXs ratings
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 background product, called FTX.US, calculates fees based on how much you trade on its chopine. casual 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 american samoa fiddling as 0 %. FTX ’ s fluid app, once known as Blockfolio, charges no fees for transactions. Like some competitors such as Robinhood, it does introduce a scatter, which can raise consumer prices. On both mobile and desktop, FTX offers customers one release wire withdrawal of cash per week, though all withdrawals above $ 5,000 are exempt. And it covers blockchain network fees on some assets. Wire deposits of cash are release. FTX gives customers one loose ACH bank deposit of more than $ 10 per week. After that, deposits cost 50 cents. That tip can be waived for deposits of more than $ 100. Fees vary for more advanced trading products.
Number of cryptocurrencies
FTX offers trading in 21 cryptocurrencies.
Crypto-to-crypto trading pairs
FTX has 27 trade pairs involving cryptocurrencies. But it has extra options available if you ’ ra matter to in trade in multiple decree, or traditional, currencies. For exemplify, 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 information on the platform. It besides says it has “ full external second ” of assets held in hot wallets, which are connected to the Internet. other security measures include the option to have separate passwords for withdrawals.
FTX has mobile applications for io, which carries a exploiter rate of 4.8 stars, and Android, which has a drug user rat of 4.1 stars.
Customer support options
FTX encourages users who are having problems to use its documentation ticket system. There ’ s no promptly accessible number for earphone accompaniment.
Other features you should know about
advance trade : FTX offers products such as gross profit trade, nonprescription trade, and derivatives. Some of these may appeal to traders who have a high gear tolerance for gamble. margin trade, for example, involves borrowing to increase both the potential returns and the potential losses. Derivatives include products such as futures, which are tied to the future price of an asset. NFTs : FTX operates a market 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 interest on both decree currency and crypto held on its fluid app. The company besides will give customers a little amount of free crypto for carrying out certain trades.
Is FTX right for you?
On one hand, the relatively low fees could be of interest to beginners getting started. More progress traders may gravitate toward the more advanced products offered by FTX, though some may be looking for a larger choice of cryptocurrencies.
How do we review cryptocurrency platforms?
NerdWallet ’ s comprehensive examination follow-up process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or deal cryptocurrency. Our target is to provide an independent assessment of providers to help arm you with data to make sound, informed judgments on which ones will best meet your needs. We stand by to strict guidelines for editorial integrity. We collect data directly from providers through detailed questionnaires, and conduct first-hand test and observation through provider 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 ’ second performance across more than 20 factors. The final output produces star ratings from poor ( one leading ) to excellent ( five stars ). Ratings are rounded to the nearest half-star. For more details about the categories considered when evaluation brokers and our action, read our full methodology .