FTX Exchange Review
FTX Cryptocurrency Review
Trust Score: 9/10
FTX is a peer-to-peer marketplace that was first launched in 2015 that would allow users to buy and sell Bitcoin. Functioning in a similar way to sites such as eBay, FTX wanted to give customers the ability to set their own prizes for the cryptocurrency, interact with each other and come to their own arrangements with the buying and selling of the world’s most well-known cryptocurrency.
FTX does nothing but provides the platform for its customers to come to their own arrangements, take their own fees from the sales and also give their customers a huge range of payment options.
No other exchange can compete when it comes to the vast array of payment options that FTX provides. There are literally dozens of ways to get money on and off the site and there is no other broker out there that has so many viable payment methods.
Users can opt to use credit/debit cards and bank and wire transfers but it is other methods such as PayPal, Skrill, MoneyGram and even gift cards from the likes of Amazon and iTunes that will allow practically anyone the ability to purchase or sell Bitcoins. You can also use other cryptocurrencies to purchase Bitcoin from many of the sellers or request as payment if you are planning to sell.
FTX is certainly an interesting proposition and one that has really become popular in the cryptocurrency sector. It gives plays all over the world the ability to dip their toes into crypto when they probably were not able to previously.
If you would like to more about know what FTX provides, simply continue you through this review and you should be given all of the answers you were looking for.
There are no apps (official ones at least) that FTX has had developed and therefore the only way to buy and sell Bitcoin is to do so through a web browser. The website is completely mobile-optimized however, so accessing FTX can be done easily if not as efficiently as it could be for mobile devices if a standalone app was created.
We would also like to warn you that there is an app that is going under the name of FTX in the Google play store. This is a fake app and is nothing to do with FTX – so avoid at all costs. They would have announced an app themselves if they had developed one and no announcement has been made.
- Mobile-optimized website.
- FTX Accessed via Browser
FTX focuses on the selling and buying of Bitcoin but does allow sellers to place market ads where they will accept many other cryptocurrencies as payment for their Bitcoins.
Those currencies will be listed among the many listed methods of payments. This gives users the ability to diversify their holdings through using different currencies to pay for their Bitcoin and then perhaps sell-off some of their Bitcoins for a variety of even more cryptocurrencies.
- Can only buy BTC at FTX.
- Can sell BTC for other cryptocurrencies.
[vcw-table color=”white” currency=”USD” symbols=”BTC”]
Registering at FTX
There is actually no requirement to create an account before you can take a look around and browse the many different sellers that are selling Bitcoin. You do have to create a simple account if you do find an offer that looks interesting but this usually requires no verification and you will only be asked for certain information depending on the payment method you choose.
If you are using e-wallets, for example, there will not be much in regards to verification required but should you want to use bank accounts or credit/debit cards, there will be higher levels of verification required.
This will probably be a government-issued ID such as a passport, drivers license or ID card and users will also have to provide verification of their address via a utility bill or similar. Full verification can take a few days but this depends on the current workload that their support staff currently has.
Making a Purchase of Bitcoin
When you have decided that you want to use the marketplace at FTX, all you need to do is go to their website, select how much Bitcoin you want to buy and what currency and payment method you would like to use.
The site will then automatically filter the results down so that the sellers in view on the page will meet your requirements.
You can then check the prices and deals offered by the selling merchants on FTX and check out their reputation score. This score helps you to establish whether a seller is a reputable one and has closed many successful transactions on the site.
Let’s be clear that this site is a marketplace – so there is always the possibility of their being bad eggs that are looking to do nothing else but scam you out of your hard-earned money and cryptocurrencies. Due diligence really is needed here and just because some guy is offering Bitcoin at what looks to be a very good price, this does not mean that you will get what you were expecting.
Always stick to reputable and well-known sellers and you should be fine.
Once you have found a seller that interests you, decide how much Bitcoin you wish to buy and select ‘buy’. You will probably be prompted to create a simple account at this point that will require an email address, username and password but once this is done you will be taken to a new screen where you can communicate with the seller.
Here you can discuss the full details of the transaction and once you are happy, pay the seller. You then click ’Mark as Paid’ once that money has been sent and when the seller has received the payment, he will release the Bitcoins to your wallet.
- Ability to chat with the trader before completing the deal.
- Seller and buyer rating system.
- Escrow system used.
Accepted Payment Methods
There looks to be literally hundreds of different payment methods that you can use at FTX when looking to buy or sell Bitcoin. All of the standard bank transfers and wire transfers are there from banks all over the world but users also have so many different options on top of those as well.
E-wallets such as Paypal and Skrill can be used, gift cards from well-known retailers such as Amazon can be used. ATM purchases can also be found among the payment options and you can also use your crypto wallets to use your other cryptocurrencies to pay for the Bitcoin.
There really are so many different ways for you to buy Bitcoin on FTX and this is without a doubt its biggest selling point. No other broker or exchange can compete with the sheer amount of option that users have here.
In fact, there are so many different options with so many different fees attached, that we could not possibly list them all here. We suggest that you check out their payment methods to see for yourself the wide range of choice that you have.
Make sure that you check out all of the fees that are attached to your preferred payment method both on the side of FTX and the side of the payments method.
This section will explain the fees in regards to FTX and not anywhere else. This is because using the many different payment methods will all come with their own charges and fees. These are nothing to do with FTX and are just the charges and fees required by those forms of payments.
- Buyer Fees
FTX claims that there are no fees that they take from any buyers of Bitcoin in their marketplace. They do state that there may be fees that are charged to the buyer by the seller for the conversion of the currency used for the purchase into Bitcoin.
It is always best to look around for those that charge the lowest fees – so again, it is all about being diligent and making sure you have found the best deal for yourself.
- Seller Fees
While buyers are not charged a fee by FTX, sellers are. They are charged 1% fees for any sales that they make.
- No fees for buyers
- Just a $1 fee for sellers
As traders are dealing with each other on FTX, there are no set limits on any transactions and these will be set by the particular sellers. Some will set a minimum and maximum amount that they will accept for any transactions that result in them selling a user their Bitcoins.
Some will require a minimum of $10 for example or a maximum of $250 per transaction. If you make sure you take a good look around, you will find a seller that offers a price range that you want and can start negotiations with them.
- No limits on FTX’s regard.
- Specific limits set by sellers of Bitcoin.
Countries Supported at FTX
FTX has no specific restrictions on anyone using their marketplace no matter which country they are from. The only limitations might come from the payment methods that can be used. Any user no matter where they are from can use the marketplace as long as they can find a payment method that works for them.
- FTX accepts users globally.
- A wide variety of payment options helps to create this.
Many cryptocurrency brokers and exchanges are often let down by their customer support levels but this is not a complaint that can be levied at FTX.
Rather than just email support like so many of their competitors, FTX has a variety of methods in which their users can get help. They provide email, telephone, live chat and social media as avenues for assistance.
We found that they were usually quite responsive but the specific response times will vary depending on the channels used.
- Responsive customer support available 24 hours a day.
- Variety of customer support contact methods.
While FTX does not demand the use of 2-factor authentication by its users, it does recommend it and gives them the option to make use of it. FTX also requires that users implement complex passwords for their accounts and will let them know if they are not considered strong enough.
Both of those implementations above do allow players to have an extra layer of security for their accounts.
- Two-factor authentication.
- Complex passwords a must.
If you are a user that usually has trouble buying Bitcoins whether this is because of the country you are from or the payment options you need not being available to you, FTX will be an excellent choice of broker. Furthermore, if you like to sell Bitcoin, you can become a seller in the marketplace and create some profitable deals for yourself.
As a marketplace in much the same way as somewhere like eBay, there will always be risks associated with it. This is due to the marketplace giving anyone the opportunity to buy and sell there off their own backs. This will, of course, attract the bad types as well as the good types and will leave it to the user to make their own mind up on whether to trust a seller/buyer.
This is helped with a rating/reputation system but this is by no means a guarantee of a happy experience. It should at least give you a better chance of finding somebody that is honest.
All in all, FTX does a good job at providing what it does. It charges low-fees, provides a wallet and essentially just lets the users get on with the nitty-gritty of striking deals using whatever payment methods they desire.
Give it a go today and we are sure you will not be disappointed but as we have said on a number of occasions, make sure that you check the reputation of all buyers and sellers that you are considering using.