What is FTX? [The most detailed registration and transaction guide]

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floor ftx review

What is FTX?

FTX is a cryptocurrency derivative exchange built by professional traders. Although FTX is newly established, it has also confirmed its position in the cryptocurrency exchange space.

The exchange provides access to regular spot trading and supports money transfers in fiat and a wide range of cryptocurrencies like Bitcoin, Ethereum, Litecoin and some stablecoin. FTX is intended to cater to both retail and institutional traders, and offers a wide range of products and services geared towards more professional traders.

The platform also provides services OTC for anyone interested in buying cryptocurrencies in bulk. Currently, FTX also has an app on the phone to ease the user's mobility.

FTX floor history

FTX was launched in 2019 by crypto traders Sam Bankman-Fried (CEO) and Gary Wang (CTO). The motto of the exchange is that FTX was built "by traders for traders".

With the goal of providing a wider range of transactions compared to other crypto exchanges. Founders from a powerful trading platform have founded Alameda Research, a cryptocurrency fund that has been at the forefront of trading multiple trading charts by volume.

FTX's main base of operations is in Hong Kong. The exchange is owned by FTX Trading Limited, a company incorporated in Antigua and Barbuda.

Review FTX

Advantages

Overall, the FTX floor can be assessed with the following advantages, here are also features of the floor are appreciated:

  • Diversified and modern trading products such as: Perpetual futures, Crypto Indexes, Volatility contracts. Other innovative products include: Token leverage, MOVE contract made the difference for FTX.
  • Serving transaction needs for retailers and organizations. Along with that combined with low transaction fees, OTC desk service, ...
  • The exchange accepts to deposit money into the account by credit card, or other currencies accepted by the exchange including USD, EUR, AUD, GBP, CAD.
  • Leverage maximizes up to X101, allowing traders to maximize their profit potential when the market moves strongly in favor of the position.
  • Extensive customer support: Support and create grop on telegram for users to exchange with many different languages, including a group for Vietnamese users.

Main features of ftx

Disadvantages

  • There are limited areas
  • The user interface is relatively confusing. Users will find it difficult to manipulate if they do not learn carefully.
  • The number of altcoins is quite small
  • Leveraged tokens become risky if users use them without understanding the details of how they work.

Products traded on FTX

As I mentioned, FTX trading products are highly appreciated, including: Perpetual futures, Crypto Indexes, Volatility contracts, token leverage, MOVE contract, option, prediction markets.

With FTX, brothers can trade future contracts on 20 different assets. Along with that, more than 40 tokens are available for use for margin trading or exchange spots.

Now find out which product each transaction

Future contract

What is a future contract or a futures contract? People who don't know about futures should read this lesson.

Like current popular exchanges like Binance, FTX also supports contracts such as quarterly and perpetual futures with popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) , and Chainlink (LINK).

contract future on ftx

Leveraged Token

Also known as leverage tokens, FTX offers over 45 leveraged tokens with the suffixes BULL and BEAR in the token name. These leveraged tokens are anchored to native currencies such as: ETH, BTC. Every time ETH and BTC prices go up or down, the leveraged token will fluctuate in a proportional manner.

For example: When ETH increases 10%, ETHBULL will increase 30%. And ETH drops 10%, ETHBEAR will drop 30%.

Trading with leveraged tokens is extremely risky if you don't know how it works. So learn and manage risk well if you intend to invest in it.

token leverage ftx

MOVE Contract

MOVE contracts on FTX also work as futures contracts that will expire according to the amount of BTC moving in a certain time period (can be daily, weekly, quarterly)

Bitcoin MOVE contracts track the volatility of Bitcoin over a given period of time. The more volatile the Bitcoin price is, the higher the value of the contract. This contract is special in that it does not matter whether Bitcoin increases or decreases in price but the contract will increase in value as long as there is a fluctuation in price.

What matters with MOVE contracts is the payment time. Specifically, at 00:00 UTC (strike price) and 23:59 UTC (settlement price).

move contract ftx exchange

Option

Options contracts allow the trading of "options" to buy or sell the underlying asset at a set price, at a set time, and FTX actions can be customized in a variety of ways as the user can configure the price. made and time to expire as they wish.

option contract ftx

Spot Market

Brothers can buy and sell popular cryptocurrencies and trade in cool ways. For example BTC, ETH, LINK, BNB, ...

Prediction Market

FTX introduces futures to traders in anticipation of Mr Trump's 2020 election win.

Account levels and limits

FTX has three different levels of KYC requirements. See below for a summary of the levels:

Account levels and limits

Instructions to open an account on FTX

Step 1: Access https://blogtienao.com/go/ftx

Step 2: Enter Mail and password to register in the pop-up window, check the box "I gree to the FTX ..."Then press and"SIGN UP" To register an account.

Enter your email password and click signup

Step 3: Confirm the registered mail from FTX is that you have successfully registered a FTX account.

2FA security setup guide

After you have successfully registered for an account, you should proceed with 2FA security enabled to keep your account safe. Proceed as follows:

Step 1: At the homepage, click on your mail in the right corner of the screen and then select “Settings".

select profile and then select setting

Step 2: Select the line "Two-Factor Authenticator"To set the 2fa method. You can choose security in Authy, google authenticator or SMS.

secure 2fa ftx floor

In my opinion, you should choose google authenticator, easy to use but fast. Click "Google Authenticator"Then use the Google Authenticator (GA) app to scan the Qr code again." Remember to save and include the key in case of loss.

Enter the code from the GA app in the line "Authy / GA 2FA Code"Then press"Submit"You have successfully turned on 2fa.

Enter the code and click submit to turn on 2fa

Guide to identity verification (KYC) on the FTX platform

Now you can make deposits and withdrawals from your account. The amounts you can only withdraw are up to a maximum of 1000 $. So, please perform KYC (identity verification) to fully perform the withdrawal function.

Follow these steps:

Access the Settings as in step 2fa. Pay attention to Indentity Verification and click “In crease withdrawal limits”To conduct identity verification:

perform kyc on ftxKYC level 1

As I mentioned, there are 3 account levels 1, 2 and 3. Doing KYC for each level unlocks each limit. Now let's verify each level 1 to unlock those features

Below is a request to fill out a level 1 verification form that contains the following information:

  • Full name: Enter your full name
  • Country of residency: Country name
  • State. province, or region: Address where you live (Fill in the same document to verify your identity)
  • The two lines at the end do not have to be filled in, then click “Submit information“. Thus, level 1 verification is completed.

Completion of level 1 KYC has increased the withdrawal limit of 2000 USD / day.

Verify level 1 on ftx

KYC levels 2 and 3

Continue this two-level KYC too, or you just need to get to level 2 kyc. Fill in the necessary information including:

  • Full name: Your full name
  • Source of residency: Source of income (choose from the drop-down menu)
  • Residential street address: The address where you live

The above they love you to re-fill the second time. For the part numbered, you must upload verification documents. Details are as follows:

  • (1) , and (2): Upload to the front of your identity card
  • (3): The back of the identity card
  • (4): The photo of you holding a paper with the date of verification written below shows FTX, and one side holding ID card (See the illustration from FTX to upload properly)
  • (5) , and (6) This is level 3 KYC. If you do, there will be no limit on withdrawals and no limit on OTC fiat transfer. Item (5) Upload proof of address (including utility bill, bank statement…). Also item (6) Upload a bank statement.

Click "Submit information”If you have uploaded all required documents. So you have completed the identity verification step, next, follow the deposit and withdrawal method.

kyc level 2 and 3 ftx floors

How to transfer money to FTX

At the homepage of the floor click on your gmai in the right corner of the screen. Choose "Wallet”From the drop-down menu.

Click on the option to select wallet on ftx

Select the coin you want to transfer to the floor by selecting it from the list shown below or clicking the search icon and filling in the search box (illustrated with the yellow arrow).

Here I take Bitcoin as an example, other coins do the same. Choose "Deposit"Of Bitcoin.

How to transfer money to the ftx floor

Deposit BTC window with your BTC wallet address. Use that address to receive BTC, you can copy that address by clicking the button “Copy"Or Scan Qr code by clicking"Show qr code"

Bitcoin exchange ftx wallet address

How to withdraw money from FTX exchange

Making a withdrawal is similar to transferring money to the exchange only. Instead of choosing to stay "Deposit" you choose "Withdraw".

Withdraw BTC table as below, the information you need to fill out to make a withdrawal includes:

  • Amount: The amount of BTC you want to withdraw, withdraw the entire amount, select the button "MAX" next
  • BTC Address: Address of BTC wallet you want to withdraw
  • Authy / GA 2FA code: Enter the code from the google authenticator security app

Finally choose "Withdraw”To complete the withdrawal.

How to withdraw money from the ftx exchange

Fees on the FTX floor

Transaction fee

Transaction fees are allocated according to levels in the sopt and future markets. Maker and Taker fees are respectively 0,02% (Maker) and 0,07% (Taker) for the lowest transaction level (30-day volume equals 0). Remaining for each volume level, the fee is specified as I illustrate

transaction fees per ftx

Also for those who are holders of FTT tokens will receive a discount. The current discount is based on the amount of FTT held by brothers.

discount with the holder of ftt

Deposit / withdrawal fee

Currently, FTX does not charge any fees to deposit / withdraw coins.

However, in case a user has a deposit / withdrawal volume of fiat / stablecoins that exceeds their trading volume, FTX reserves the right to charge a withdrawal fee of up to 0,10%. The exchange will contact any user affected by the above.

Other fees

  • There are no futures contract settlement fees.
  • Leveraged tokens have a 0,10% creation and redemption fee and a 0,03% daily management fee.
  • Using 50x leverage increases transaction fees by 0,02% and 100x and up increases by 0,03%, which is paid out for the insurance fund.
  • The fee for the MOVE contract depends on the price of the underlying index, not the price of the MOVE contract.
  • There are no OTC or swap transaction fees in your wallet. All costs are integrated into the price you are quoted.

What is FTX's utility token?

FTT is listed on FTX July 29, 7. Before it is listed on July 2019, FTT can be purchased using either the “convert"Your FTX wallet. Each account can purchase up to 1.000 FTT there. There is no minimum purchase size.

FTT is an ERC-20 token, built on top of the Ethereum Blockchain. There are 350.000.000 FTT tokens in total. Of these, 175.000.000 were unlocked company tokens over a three-year period.

FTT token features:

  • FTT is listed on FTX.
  • FTX will buy and burn FTT with one third of the total exchange fee.
  • FTT will be used as collateral on FTX.
  • FTT will receive socialized profits from the insurance fund on FTX.
  • FTT holders will be offered a stricter discount on fees and OTC spreads.

Token Purchase and burning will continue until at least half of the total FTT is burned. In addition, FTT holders will have their own discounts (see the table of regulations in the transaction fees section).

How to trade futures contracts on FTX

On the home screen you select the coin you want to trade. Pay attention to the future item and select a trading pair. For example, I choose BTC-PERP

contract future transactions on ftx on

Future orders available at FTX include: Limit order, market order, stop market, stop limit, trailing stoptake profit, take profit limit (select the order in the drop-down menu in the "Order type").

And of course collateral is also needed. The collateral for futures contracts is stablecoin. The currently accepted stablecoins are USDC, TUSD and PAX.

To deposit or withdraw collateral, visit your wallet page and deposit USDC, TUSD or PAX. The deposit will be credited to your account in 'USD', which is automatically used as collateral for all of your futures transactions.

contract-future-tren-ftx-order

How to trade marin on FTX

All deposits are denominated in "USD" in your wallet. USD can be funded by depositing USDC, TUSD, PAX, BUSD or HUSD. Leverage on FTX is 3x, 5x, 10x, 20x, 50x, 100x, 101x (can be changed in the settings of the manager)

Watch now: What is Margin? Opportunities and risks for newcomers 

You need to convert to USD from the coin you are holding to make the trade margin. First, select 3 dashes in the left corner of the screen and then select “Ledveraged Tokens".

select leveraged token

Select the coins you want to convert by clicking “Convert"Then enter the number of coins you want to convert into the line"Quanlity" and press Convert below to start converting.

Convert coin to USD

Now, go back to “Trade"To start trading. Note before trading margin is an exchange that has maximum leverage with some coins. If your margin is lower than your maintenance margin, your account will begin to be liquidated.

choose trade for margin trading

Go ahead, choose the margin command you want to use in the tahr menu down to the “Order type“. And complete other necessary parameters such as margin amount and confirm that it is complete.

Enter the trade margin parameters

 

How to use API key on FTX exchange

API Key is the keys (Key) to authorize software / applications to identify and interact with each other. Specifically, users often use the API to use for profit management and portfolio tracking applications. BitUniverse is one example.

To create an API key, do the following:

Visit the "SettingAccount 's and scroll down to API keys and select "Create API key“. You can copy the API key below by pressing the button “Copy“. And API in line of API Secret, remember to save it for backup when needed.

create api key

Frequently asked questions when using the FTX platform

Is FTX safe, reputable?

Since it's only been in operation since 2019, the exchange has managed to avoid dangerous hacks and attacks. However, the FTX team doesn't publish many problems related to their security protocols and the analysts assume that they use all established security best practices.

FTX uses full SSL encryption on their website. Incorporates two-factor authentication (2FA) to help users secure their accounts using Authy, Google Authenticator or SMS verification.

How can I contact the floor support?

You can contact us by the following methods:

Do FTX floors have applications on phones?

App is available on both iOS and Android operating systems

Does FTX have an IEO?

Recently, on FTX, there was IEO Serum, the token of the project called SRM has shown a high increase right after being publicly sold on FTT, in addition to other major exchanges including Don't finish , and Binance listed at the same time.

For details on the Serum project and SRM token read the following article:

Serum (SRM) price, marketcap, chart, and fundamentals info [Full details about SRM virtual currency] 

Hopefully in the future many new projects will shine in FTX so that you will have more opportunities to make more profits.

How to disable Google Authenticator (GA)

Two-factor authentication (2FA) can be disabled under the following conditions:

  • Phone lost or changed;
  • Cannot login (with 2FA enabled);
  • Cannot receive 2FA currently.

If the above situation exists, contact via mail support@ftx.com  to verify identity.

Summary

The FTX exchange is fast becoming the destination for crypto traders. Despite being just launched, FTX is growing at an impressive rate and is continually introducing new token and trading products. This greatly elevates FTX's competition with other major exchanges.

Extra features like deep liquidity, fiat transfers, unlimited withdrawals and OTC desks are suitable for both retail and institutional traders. At the same time, features like liquidation funds, stablecoin payments, escrow wallet conversion and mobile apps will be suitable for everyday retail traders.

Stay tuned Blogtienao to stay updated with FTX's latest information so as not to miss any new projects. Thanks

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