If you are a sophisticated trader who can bear the loss that trading in the stock and crypto markets comes with, then this FTX Review Australia is for you. Big desires can bring a huge amount of profits as well as losses as well.
All is up to you how you pay for your desires. Well, trading nowadays is not only a desire but a chasm, patience to earn money.
FTX Review Australia – Is This Crypto Exchange Safe To Trade Crypto?
The FTX project was conceived with the aim of developing a cryptocurrency platform built by traders who are familiar with the needs of their target audience. As a result, FTX is easy to use for beginners and sophisticated enough for experienced traders to trade successfully.
On behalf of this, we are writing an FTX Australia Review from which you can understand your level of trading and risk managerial skills. This review is not only for you to be aware of the good and bad of the exchange but in this FTX Review, you will learn how to utilize the platform for your profit.
|Trading Fee||0.020% max|
|Payment Type||Credit card, Bank Transfer|
|Cons||It is not for beginner traders|
|Promotion||25%-40% Of the referrer’s Fee|
What is FTX Australia?
FTX is a crypto exchange and trading platform with several offerings of Financial instruments to make an enormous profit for your investments. FTX is a package of more than 330 cryptocurrencies for buying, selling, and trading.
FTX allows investors to trade on derivative as well as leverage tokens. Derivatives such as Futures are for huge profits that are not meant for beginner traders. Trading on FTX is not permitted in the United States.
With enormous other widely used applications, this platform can be a suitable one for your trade and investments. You can use FTX anywhere, anytime on its mobile application, named FTX Pro. More than 10 Fiat currencies are available for the users to trade and exchange their assets.
It allows newbies to trade in the spot markets where more inferior risk is involved. You can receive payments using FTX Pay with a low fee involvement. You will keep knowing about the exchange as you proceed in this FTX Review Australia
Key Features And Advantages Of FTX Exchange
FTX exchange is meant for sophisticated trades to take place, also its intuitive interface stimulates beginner traders to invest in and earn profit as well on their assets. With so many key features that make it distinguishable from the competitive platform, FTX crypto exchange is in service since 2019.
Over 330+ Cryptocurrencies To Buy, Sell, Or Trade
FTX is the package of cryptocurrencies that allows its users to buy, sell, and trade even when a massive trade is taking place. Over 330+ currencies are in charge of making this platform distinguishable from other crypto exchanges in Australia. 10+ fiat currencies are here for you to buy, trade, and exchange with.
Mobile App Support
You need not move your desktop, or laptop even an inch from its position when either you are to travel or you can not afford to stick with them. FTX Pro, its mobile application will help you trade in your comfort. FTX Pro is available for android and iOS users and they can download it from their platforms.
Staking on the blockchain is the same as depositing your fiat currency in the bank. Afterward, the bank uses the money for lending loans and other customer services and pays you interest for that. On Blockchain you stake your assets and put them to work that generates an amount of interest. Staking FTT will generate you up to 40% of referral rates, 50 Bonus votes, 1000 ETH withdrawals daily, etc.
Many regular feedbacks and suggestions made the FTX exchange change its interface accordingly as the users wanted. Sometimes they got frustrated with the interface and sometimes it was just wow for them. FTX compiled all the feedback and made the UI/UX customizable for providing ease to its customers.
Quick Coin Swap
Coin swapping in general is the exchange of crypto assets and it is different from coin trading in which you use Fiat currency for buying digital assets. In coin swapping, you can exchange your assets with other assets. Yes, you can indeed swap your coins quickly with ease on the FTX crypto trading platform.
Is Ftx Better Than Coinbase?
In terms of comparison, both the platforms are standing side by side. But, they differ from each other. Coinbase is also meant for beginner users whereas FTX is solely for advanced traders. FTX provides advanced features and charges a low fee in comparison to Coinbase. FTX crypto trading platform possesses more than 330 assets. Which are more than the Coinbase
FTX Review Australia – FTX Fees
FTX operates on the maker and taker fee strategy. A maker is a person who creates liquidity in the market and a taker is a person who takes off the liquidity from the market.
For depositing fiat to your account you need to go to your wallet page. Click on the Fiat tab then look for the currency that you want to deposit in and click ‘Deposit’. Deposition on FTX does not cost you a penny, meaning, there is no deposit fee on FTX. You can deposit as much as you want and the FTX crypto trading platform ensures you do not have to pay any extra or hidden charges.
There is no withdrawal fee also for withdrawing your assets from your account on FTX exchange. there is only a blockchain fee you pay for the withdrawal of ETH, ERC-20 tokens, or small BTC withdrawals and if they are staking FTT then this amount will be reduced to zero. And not-having a withdrawal fee is not so common when it comes to leading trading exchanges.
FTX has a tiering fee strategy for the Futures and Spot markets. For the maker, it ranges from 0.020% to 0.000% which is quite a low trading fee. For the takers, the trading fee ranges from 0.007% to 0.004% and that is also not on the costlier side of the spectrum
FTX Exchange User Interface Experience
UI/UX customization has made the FTX exchange much more user-friendly and intuitive for beginners. FTX has been changing the user interface continually as per users’ demands and for the sake of simplicity. Still, there has been often an issue that intrigued the users, not because of the service it provides but the interface
FTX exchange has always tried hard to reach a solution but there has been ambiguity. For some users, it was just wow and some users wanted them to copy the competitive portals. Sometimes they wanted to add a button or remove it.
Many users complained for the interface was vague and many wanted no change. It was a great hustle. On the Go, the FTX crypto trading platform added a subaccount switching bar at the top to sort out the user’s problems.
FTX Exchange Wallet
FTX Exchange wallet is the custodial wallet that provides full protection to users’ assets. Your assets can be safe in FTX’s high-security wallets. These are cold and hot wallets. A hot wallet is that stores your assets online on the Blockchain Network.
FTX cryptocurrency exchange uses strong password protection and two-factor authentication for you to access. Whereas, Cold wallets are much safer places for your funds to be stored. Because in cold wallets, you provide custody of your assets offline. Which is a much safer option. Using FTX’s wallets assures you of the security of your Funds.
FTX Exchange Security And Safety
FTX in Australia is an authorized and trusted cryptocurrency exchange. There has been seen negative feedback about the FTX interface but in case of security and safety of its user’s data, FTX keeps close eyes and tight hands over it. FTX crypto trading platform uses two-factor authentication and strong passwords. two-factor authentication for withdrawal and an additional password for withdrawals.
It notifies the account holder if it notices any unusual account login.
It allows you to grant permission to those who can use your account with your permission. If you want to delete permission login you can click the trash icon in the login table. It will remove the access of the currently logged-in person. These are some of the key features that make FTX exchange a differentiator in terms of safety and security.
FTX Exchange Pros And Cons
On behalf of the user’s experiences, in this FTX Review Australia we will discuss some key points as pros and cons. These points are as follows. These pros and cons will help you to make better decisions while choosing the right trading platform for yourself.
- Provides over 330 crypto assets
- Offers no deposit or withdrawal fee but a little trading fee
- UI/UX customization
- can invest in Futures, options, and margin trading
- Two-Factor authentication on each withdrawal
- It is not for beginner traders.
FTX Exchange Customer Reviews And complaints
FTX has faced negative feedback from the users regarding the typical user interface creating a negative image of FTX in the crypto market. The negative feedback repelled many new comes and formed a bad perception.
However, FTX exchange faced it and tried to console the best they could to provide ease to the customers. Later, After combining the feedback, it resolved the interface issue and generated a tool kit at the top.
From the security features, Users are happy with it and have left positive feedback on the website. Trader’s friendly FTX has customized the platform’s UI/UX and enhanced the security features.
Is FTX Exchange Legitimate?
FTX Exchange is a legitimate and trusted platform. It started in 2019 intending to denote the most effective charities in the world. 1% of all the net fees is denoted in the charities worldwide.
Together it is also working for the climate change issues. It is searching for the most suitable solutions for the prevention of climate change. It has stepped forward much earlier for the removal and storage of carbon.
FTX exchange is a legal platform working to provide the best out of their brains. Its security features are tight and it does not store the user’s personal information.
FTX Exchange Contact And Customer Service
FTX crypto trading platform does not provide any link to contact them besides the telegram group. In order to contact and find help, you can only submit the support ticket. You can submit the support ticket even if you are unable to log in. FTX does not claim the time limit within which it will come up with the solution to your query.
Even it has not opened a live chat box for listening to users’ queries.it is just this, you should take care of it before you are going to join this community. You should keep in mind that the telegram channels are public.
You should not provide anyone with any personal details even when they are ready and claiming to solve your issues. As following good digital hygiene could be the difference between a safe and secure portfolio and a lost one.
How To Use FTX Exchange?
Beginner traders, be cautious before you start trading in advanced trading components such as Futures, Options, and margin trade. These financial instruments contain high-risk factors. In this section of FTX Review Australia, we will discuss the step-by-step procedure for creating an account on the FTX crypto trading platform.
Open An FTX Exchange Account
Like all other exchanges, before you start trading, you create an account there with your phone number or email address. FTX asks you to enter your email address twice with a strong password.
To start trading you are required to go through the identity verification process. Unverified users can explore the platform. Opening an account does not take a lot of time and the process is relatively user-friendly.
After opening an account you will be verified with your email address. Identity verification includes the governmental-issued identity, proof of address, and face recognition with your complete name and date of birth. To start depositing and trading you are required to go through all of the verification processes, FTX makes sure that all the data of the users are safe and can be utilized in case of any fraudulent activities.
Deposit Funds / Instant Buy
After the verification is complete you can deposit your funds. For depositing funds, as we have mentioned above in the article you will have to go to the wallet tab and select a currency you want to deposit in. now, click on the ‘Deposit Funds’. FTX crypto exchange does not ask you for the deposit fee. It is a free-of-cost service. For depositing Fiat you can use debit or credit cards, ACH, and Wire transfers.
Storage: FTX Wallet
In order to store your funds, you can use the Subaccount feature launched by FTX. The Subaccount feature was launched to overcome the negative feedback. It worked and users happily accepted it. Storing your assets here in Subaccount is completely safe. This gives you complete control.
FTX is a custodial wallet which means that your keys are stored with the third-party vendor and it is encrypting it on its own end. In FTX exchange you can put your assets in hot and cold wallets as per your choice.
FTX Review Australia: Final Verdict
In this FTX Review Australia, we have combined all the knowledge from FTX’s official website. All the information provided backs thorough research and analysis. It is up to you that will you use this platform or not. Yes, take the right decision before taking any action. Success either in trading or in real life backs the right decision at the right time.
Well, the FTX crypto trading platform can be the right choice for you if you are an expert or experienced trader. It will be a tactic platform for novice traders. Because they might take actions on the behalf of emotions which you know is not the right kind of action while trading
You as an experienced trader can be benefited from all the advanced trading instruments like futures, options, and margins if you play consciously. FTX exchange takes charge of the security.
Frequently Asked Questions
Who owns FTX?
Sam Bankman-Fried owns the FTX Australia.
Where is the FTX exchange based?
FTX is based in Sydney, the financial center of Australia.
How do I transfer from FTX to my wallet?
All the users can withdraw from and deposit crypto assets directly in their wallets.
Can I use FTX in the USA?
Yes, you can use FTX in the USA with the FTS.usa domain.
Is FTX a good trading exchange?
Yes. FTX is a trading exchange that can cater to all the needs that you might have while trading cryptocurrency.