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FTX Review 2024: Are They Safe & Legit – Or a Scam?

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Crypto Exchange
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  • Low fees
  • NFT marketplace
  • Trading without KYC
T&Cs apply, 18+
User Reviews

FTX is a centralized global cryptocurrency exchange that stands out from the crowd by offering multiple products. The exchange, despite its youth, has established itself as one of the top five derivative exchanges in terms of the daily trading volume.

Though FTX is not immune to risks such as token volatility, the legitimacy of its operations has generated positive reviews among the crypto trading community. The crypto exchange review helps you identify the most comfortable crypto trading platform. This FTX review aims to analyze the platform in-depth to evaluate the quality and legitimacy of this exchange.

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FTX: Pros & Cons
  • Low fees
  • NFT marketplace
  • Guarantees liquidity
  • Trading without KYC
  • Limited customer support
Payment Methods
CySEC - Cyprus Securities and Exchange Commission
FTX Trading Ltd
Overall Rating
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  • Usability, Look & Feel
  • Payment Methods
  • Customer Service
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Last Updated on 02/07/2024

Security, Usability, Look and Feel - Attractive and sophisticated

After reviewing the products and services the FTX exchange offers, it is safe to say that the platform is not aimed at beginners. However, this doesn’t mean that FTX is not user-friendly, nor is it unwelcoming to new investors. They offer a relatively large range of trading options from spot trading to futures, derivatives and stocks for more experienced traders.

Though the market offers several crypto exchanges with all coins, FTX only supports around 30 cryptocurrencies and fiat pairs.

FTX is a secure and user-friendly platform with both a web and a mobile interface. The FTX mobile app is available on both iOS and Android app stores. The web and the mobile app have a customizable interface that supports light, dark and black modes. Though the platform is not renowned for its intuitiveness, it offers an extensive range of technical resources that helps users navigate this issue. These resources, such as user manuals, articles, and blogs, impart knowledge and improve the trading experience.

The FTX reviews indicate that the platform is highly accessible and showcases all exchange features on the home page; this helps many users as they can analyze the platform without even signing up. FTX also supports customizations such as drag to reorder features to create a personalized platform. The FTX platform also includes standard charts from TradingView, live order books, and the capability to market, limit and stop-loss orders. The traders on the FTX platform can also use API keys to automate crypto trading based on predetermined conditions.

How to trade – The FTX process

Like the other popular exchange platforms, registering with FTX is a straightforward process.

The FTX has a three-tier account system with entirely different KYC requirements. For example, a user can withdraw up to $9,000 a day from a tier 1 account without submitting the verification documents. In comparison, tier 2 users can withdraw unlimited volumes of cryptocurrencies. Moreover, a tier 3 user can process unlimited crypto and fiat withdrawals via an OTC desk.

To open an account,

  1. On the FTX platform, click on the Register tab. Fill in the email and password in the pop-up window that appears.
  2. Choose the Sign Up to register the account option; you will receive a confirmation email.
  3. Add additional account security by setting up 2FA. Go to Account Security and choose a security setting of your choice.
  4. This completes the creation of a basic level account in which you can trade. However, the account has a withdrawal limit of $1000 until KYC verification is completed.

For KYC verification, go to the Settings tab and click on the Verify Identity tab. Here individual users will have to verify their full name, country of residence, state, province and region of trading to upgrade their account to a tier 1 position. This allows relaxation of an additional $2000 on the daily withdrawal limit.

A tier 2 account upgrade will be provided to institutions (not individual users) if they provide additional documents such as proof of identity and proof of address. In addition, if they provide the recent bank statements that they plan to use for fiat transfers, they will get a tier 3 upgrade.

Payments - A multitude of options

This FTX review identified credit and debit cards in addition to wire transfers and cryptocurrencies as viable mechanisms via which funds are transferred in the exchange platform. Simplex provides the payment gateway services for credit transfers in FTX. Though the availability of certain payment methods is subject to the currency you are using, the aforementioned methods are always available and can be used to fund the account to begin buying and selling cryptocurrencies. The available currencies include USD, Argentinian Peso, Australian Dollar, Canadian Dollar, Swiss Franc, Pound, Euro, Hong Kong Dollar and other fiats such as ILS, PHP, etc.

Usually, all wire transfers except Silvergate SEN are processed on weekday evenings. That is, all USD-based wire transfers take about one week to process. In comparison, non-USD transfers may take an even longer period.

FTX does not support payments via PayPal; however, the best PayPal cryptocurrency exchanges will give you a list of exchanges that use PayPal.


Customer Service - Limited but effective

FTX has limited customer support options. The exchange does not offer support assistance via call or live chat. However, they have a ticket submission option via which users and institutions can communicate with the FTX team.

The platform has an extensive library of technical resources such as help articles and blogs. These knowledge resources are divided and grouped into several sections to make it easier for the readers to understand the platform. An impressive amount of FAQs and answers are also included in the resources.

In addition to the online ticket submission, users can directly send support queries to their support email ID. They also have a telegram community where users can have an open discussion about cryptocurrency lending and trading. The telegram groups are available in the following languages: Chinese, Russian, French, Korean, and Spanish.

They also have an active YouTube channel to educate users and institutions about efficiently trading in cryptocurrency. The VIP professional traders in FTX have several perks such as lower trading fees, dedicated account managers, access to senior developers, fluid API limits and opportunities to weigh in their thoughts on new product releases.

License and Security - Well rounded security

The FTX Digital Markets Ltd., the company that is running the FTX platform, is licensed under The Bahamas’ Digital Assets and Registered Exchange Act, 2020 and regulated by the Securities Commission of the Bahamas. The company is registered in Antigua and Barbuda.

The FTX review identified that the web platform is completely SSL protected. The platform has stayed clear of any significant hacks and malicious attacks until this day. All FTX deposits and withdrawals are inspected using blockchain analysis firms for added security. FTX also put an insurance fund to protect their customers from suffering any financial loss during any unpredictable or sudden adverse market fluctuations.

In addition, FTX also has employed many security measures such as 2FA for each account and more. The FTX has also used stringent security policies like enforcing withdrawal lock for 24 hours after significant account alterations; it can be anything such as removing 2FA or changing account password. FTX also allows its users to enforce 2FA and passwords on crypto withdrawals. They also provide a custom-built hot and cold wallet solution with full external backing for all hot wallet funds. FTX is also associated with giant cryptocurrency firms and maintains relationships with industry-leading custodians.

Reputation and Customer Feedback –  On the right track

Since its inception in 2019, FTX has been growing rapidly, but like all other crypto solutions, FTX has also received mixed reviews from their customers. One of the main issues they have encountered with customers is their lack of customer support mechanisms. Users have reported issues with the FTX customer service agent response times. A lack of call and live chat features adds to customer frustration.

The FTX reviews have also detected issues with KYC processes and loss of access to funds. Some of the complaints were regarding the delay in approving withdrawal requests. Even though customers are not fully satisfied with the platform, they are willing to stick with FTX because of its features, user-friendliness and low withdrawal fees. FTX is one of the largest cryptocurrency exchanges internationally in terms of trading volume. It is a trusted platform worldwide, so a few glitches should not discourage people from signing up for FTX crypto trading.

Overall, Due to Bankruptcy, FTX is no more safe and legit and users think it’s a scam.

Cryptocurrencies - An impressive list

Cryptocurrencies are digital currencies that can be used instead of real assets for trading. The value of cryptocurrency is calculated based on the value of the underlying asset for which the cryptocurrency is traded. In addition, cryptocurrencies are awarded as rewards to validate transactions. The process of validating these transactions is called mining. Check out the list of the best crypto mining platforms.

Even though FTX is a relatively new crypto exchange, it supports the trading and withdrawal of a large number of crypto and fiat currencies. They also offer trading 45+ tokens with leverage, 20 perpetual swaps, spot markets, MOVE contracts, options, futures, and prediction markets. FTX is also among the market leaders for cryptocurrency lending.

The following are some of the most popular cryptocurrencies on FTX:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Binance Coin (BNB)
  • Tether (USDT)
  • FTX Token (FTT)
  • Bitcoin Cash (BCH)
  • XRP

Other Trading – Covering everything you need

In addition to regular cryptocurrency trading, FTX supports several trading modes. These include futures and margin trading crypto, NFTs, staking, stocks, leveraged tokens, and even predicting the winner of the US 2024 election. In addition, volatility contracts and fiat trading are also quite popular among its users.

The availability of stocks on a crypto-first platform like FTX is a pleasant surprise. Even though the selection is low, the stock/crypto pairs and futures trading for these stocks provides investors with a plethora of options to park their funds. The trend of such tokenized stocks might catch on in the future and become widely available but for now FTX is one of the key players in the space,

FTX uses its own native cryptocurrency, FTT, as an exchange token in its ecosystem. As a result, the platform rewards the users holding the currency by lowering their trading fees. FTT can also be used as collateral for all futures in FTX. In addition, users can stake FTT for receiving benefits such as increased referral fees and SRM rewards.

Jurisdiction and limits of the FTX exchange

FTX is an international exchange platform that is available globally. However, the service is not available in select countries and jurisdictions. It includes Cuba, Crimea and Sevastopol, Iran, Afghanistan, Syria, Iran, and North Korea. In addition, Ontario residents are not allowed to register in FTX, and non-professional investors from Hong Kong are not allowed to purchase some products.

Note that FTX is not available in the United States. However, a dedicated cryptocurrency trading platform called FTX.US is available for the United States of America residents. The platform is limited in terms of digital assets and volatile products as opposed to FTX.US has obtained several US regulatory licenses, including MSB, MTLs, DCO, DCM and SEF. Also, note that US residents cannot trade on FTT tokens. Similarly, residents of China do not have the option of RMB trading or access. Likewise, there may be slight variations in the availability of some trading options based on the user’s location.

Fees – The net structure

FTX follows a six-tier fee structure for its futures and spot markets. You will be allocated to the tiers based on your 30-day trading volume. Although the tier structure is a competitive way to encourage users to trade more, the platform offers lower trading fees to promote larger orders. FTX may also charge withdrawal fees and fees for creating and trading on leveraged tokens. Also, note that FTT token holders are not charged the same; they receive discounts on their platform fees.

No fee is charged in case of OTC trading or trading within the wallet. A creation and redemption fee of around 0.10% and a daily management fee of 0.03% are charged for leveraged tokens. As you increase your leverage, your trading fees will also increase; the increment will be added to the insurance fund. The fees for MOVE contracts are decided based on the price of the underlying index.

Product Summary – A well-rounded product

From the detailed analysis of the platform, it is evident that the platform is well competent in terms of features and services. The FTX review revealed that its services are suitable for both retail and institutional traders.

The feature-rich platform also offers some of the best security practices such as 2FA for sign in and withdrawals, wallet whitelisting, withdrawal freezing in conjunction with account changes, etc. This might help to create a sense of security around the exchange. The wide range of trading options from spot trading to prediction markets certainly gives the product an edge over its current market competitors. The future of the exchange seems bright with constantly evolving features and new regional expansions.

FTX review FAQ

🔒 Is FTX legit?

Is Kraken legit?’ was one of the most popular questions amongst users during the rise of the exchange, similarly FTX being a new alternative has been on the receiving end of its fair share of scrutiny. Cryptocurrency platforms require regulatory licenses to operate in each region. Read our FTX review to see how the platform follows industry-standard security measures to ensure privacy and security for all its assets and customers. 

🇺🇸 Can I use FTX in the US?

In our cryptocurrency exchanges comparison we’ve seen that the US has strict guidelines and terms on how exchanges operate in the region. The FTX product in the country is different from what is being offered in other countries. Take a look at our FTX review to find out how you can use FTX for trading in the US. 

📱 Is there a mobile version of the FTX?

Offering a robust mobile application is the priority of most crypto exchanges. FTX has an attractive site as the primary portal for users; read our review to see how FTX is catering to mobile users.

✅ Is FTX safe

Securing the user assets on the platform is a necessity when it comes to cryptocurrencies. FTX has multiple protocols in place to ensure asset security; our FTX review details what the platform is doing to ensure security for its users.

Overall Conclusion - Well worth considering

FTX is a fun destination for crypto traders who are looking for liquidity. Customers of FTX have been using the platform for crypto derivatives trading and Bitcoin options. They also provide margin trading options. FTX has been trying to expand by adding leverage trading on S&P 500 stocks in recent years. They also poke the interests of traders by providing various trading options and benefits like 101x leverage.

FTX also offers one of the best cryptocurrency hardware wallets and has a solid liquidity level. Trading in Altcoins is also less risky when done using FTX. The insurance fund availability in FTX is also a good touch when considering the current market volatility. Compared with the other crypto exchanges in the market, the FTX review found the platform to be one of the best trading options and features. FTX’s features like Fiat transfers, OTC desk and unlimited withdrawals are most suitable for institutional traders. At the same time, margin wallet conversions and fund liquidation are best for individual traders.

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Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or; or (b) Gamblers Anonymous at 855-2-CALL-GA or

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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