FTX is now one of the most well-known names in the bitcoin exchange sector. In just a few years of existence, the platform appears to have exploded in popularity. Are you unsure about what is FTX? Or do you want to learn how to utilize it, this article is for you. To be honest, incidents like these are somewhat likely with FTX. While the exchange is, obviously, highly popular, it is also far from straightforward to use or navigate through. This is especially true if you’re new to the business.
The problem above arises because there are various options for consumers to explore and use. All of those aspects may soon become complicated. Additionally, when combined with a beginner’s lack of knowledge, it can rapidly become irritating. But don’t worry, that’s exactly what I’m here for.
What is FTX: An Overview
Before we go into the nitty-gritty specifics of what is FTX, we must first address the fundamental question. To be honest, I’ve gone into great detail about this in a separate FTX review. If you’re looking for a general review of the platform, we still need to talk about what is FTX.
To begin, one of the primary reasons for FTX’s popularity is that you’re reading this “what is FTX?” lesson in the first place – the exchange boasts many features! Aside from standard crypto trading and storage, the site also offers other features. These features include FTX staking, FTX futures, derivatives, charity, and various other features.
Following that, FTX is well-known for its cost structure. You should expect to pay 0.02 percent and 0.07 percent in the market maker and taker fees, respectively. Such figures are highly unusual and are a massive draw to get the most out of their transactions. The FTX wallet and exchange also support over 250 additional crypto assets. Whether you’re new or a seasoned pro, you’ll be able to take advantage of the simplicity of this platform.
While researching what FTX crypto is, you will undoubtedly come across other features and perks related to the exchange. If that’s something you’re interested in learning more about, make sure to check out my dedicated FTX review. For the time being, though, you should have a good understanding of what the platform is all about. With that stated, let’s get into the FTX wallet and exchange guide.
How to Use FTX
We’ve established that FTX offers various features and functions for users to employ. We’ll focus on the “hottest” and most important of those aspects in our “what is FTX?” guide. We can talk about the platform’s charitable side of the many venues to acquire FTX tokens. The FTX KYC and trading functionalities are arguably more important to the typical user.
Step 1: Navigate to the official FTX website. Click the “Create a free account” button in the upper-right corner of the page.
Step 2: You will now have to create an account by entering your email address and creating a password. Alternatively, you may join up through Apple or Google.
Step 3: After signing in for the first time, you will experience the FTX KYC processes. It’s no secret that FTX KYC is one of the industry’s most stringent “Know Your Customer” verification processes.
You must complete this KYC procedure to undertake any significant activity on the exchange platforms. It’s extremely lengthy and detailed, but don’t worry, I’m here. To begin, provide your legal name and surname, as well as your date of birth and phone number. You will also need to double-check that your country of residency is correct.
Step 4: To continue your investigation into what is FTX cryptocurrency, you must enter personal details. Many cryptocurrency exchange sites do not demand such sensitive information right away – FTX, on the other hand, asks you to fill all of this out immediately after registration.
Step 5: You will now be required to identify whether or not you are a FATCA / US Reportable Person and your political party (PEP). As stated on the “what is FTX?” page, you must change platforms if you wish to utilize FTX US Pro.
Step 6: After that, you must state your source of income, job status, unique tax ID, tax jurisdiction, and estimated net worth. It is true that there is a lot of information to fill out, but hang in there – we’re nearly there.
Step 7: Finally, you will need to inform the FTX wallet and exchange about your work status, your employer, your experience trading financial assets, and complete a brief risk assessment exam. After that, you’re ready to go.
How can I deposit and withdraw cryptocurrency to and from FTX?
After passing the FTX KYC checks, the next step in learning what FTX is and how to use it is to deposit some coins into your wallet. You’ll be able to trade on the site once you’ve financed your account!
Step 1: Assuming you’re starting from the site and logged in, you first need to browse to the top-right corner of the screen and hover over the “Wallet” button. The “Portfolio” button will take you to your FTX wallet.
Step 2: It’s presently empty, so let’s fill it! Whether you’re wondering where to acquire FTX tokens or how to start trading crypto on FTX futures, odds are you’ll want to fund your account first. Selecting the “Deposits” button will take you to another portion of the page, where you must click “Make a deposit.”
Step 3: On your screen, you should now see all the different financial assets you may add to your FTX wallet account. Not many “what is FTX?” tutorials for users mention it. However, you can also transfer fiat money in addition to bitcoin assets.
Furthermore, as shown in the image above, FTT token support is available. So, if you’re still wondering where to get FTX tokens, the solution is simple: you may buy or transfer them to FTX! After you’ve decided on an asset, you’ll be able to either fill your account (if it’s fiat money) or transfer the cryptocurrency you’ve selected to a specified FTX wallet.
The transfer looks the same as it would on any other wallet or exchange – make sure to follow all of the best practices and double-check the address to which you’re sending your coin. Withdrawal-wise, FTX allows users to withdraw both fiat money as well as crypto assets, too. If you want to withdraw fiat (USD, EUR, and so on), you’ll need to provide the exchange with your bank account or debit card information – however, if you’ve already bought crypto on FTX, chances are that you’ve already done so.
Withdrawing crypto is a bit more interesting. Let’s take a look at the process in a step-by-step manner.
How to Withdraw Cryptocurrency From FTX?
Step 1: To begin, it is strongly encouraged that you create a withdrawal password before withdrawing any cryptocurrency from your account. You can do so by heading to your profile and selecting the “Account Security” option.
This password will (or, at the very least, SHOULD!) be distinct from your account password. It will prevent your assets from being moved out of your account in the event of a security breach.
Step 2: Once you’ve established your password, return to the previous window (your FTX wallet portfolio), choose the cryptocurrency you want to withdraw, and click the “Withdraw” button.
You will see a pop-up asking for your initial withdrawal information. If you’re wondering what FTX is and how it works, you should know that by withdrawing stablecoins, you’ll have a wide range of networks to choose from.
Step 3: After selecting your crypto, the following step is self-explanatory – you’ll just need to input the remaining transaction parameters. These include the amount you wish to withdraw, the network via which you want to remove your assets, the receiving wallet address, and so on.
Step 4: With that out of the way, all that remains is to double-check your transaction details and enter your withdrawal password. That’s all I’ve got!
To summarize, whether you use FTX US Pro or the standard desktop version of the site, the crypto and fiat depositing and withdrawal processes are straightforward.
Furthermore, FTX allows its customers to create a withdrawal password, in addition to 2FA (two-factor authentication), demonstrating that they care about the security of your cash! So, if you’re still questioning if FTX is safe, this is something to consider.
What is FTX: Conclusion
If you’ve gone through this “what is FTX?” lesson, you’ve undoubtedly seen that the learning curves for FTX vary greatly depending on the characteristics of the exchange you choose to utilize. For example, suppose you merely look at the exchange’s crypto purchase methods or its staking feature. In that case, everything appears evident and straightforward to grasp, even if this is your first time utilizing a bitcoin exchange.
On the other hand, a single glance at the platform’s necessary FTX KYC verification procedure with all its users might make you want to abandon the exchange for good. If you can overcome these obstacles and don’t let them frighten you away from FTX, the exchange has a lot to offer. The above remark is especially true if you are an aggressive day trader who has been doing (or plans to do) so for a long time. In this case, the feature diversity provided by FTX might be an excellent set of tools to work with.
Also read: What is SegWit and How Does It Work?