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

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.

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.

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.

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.