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How does FTX crypto work?

by Michael Hyatt
2023-01-01
in Blockchain
Leveraged Tokens: FTX offers ERC20-based tokens that provide traders up to 3X leveraged exposure against the underlying trading pair. For instance, if a trader opens a BULL/USD – 3x long Bitcoin token and Bitcoin rallies 10% from the time of purchase, the leveraged token would gain 30%.

Table Of Contents:

  1. Where is FTX based?
  2. Does FTX US pay interest?
  3. How does FTX crypto work?How long does FTX last?
  4. Is FTX a legitimate company?
  5. How much can you withdraw from FTX?
  6. How much does FTX cost?
  7. How much do trades cost on FTX?
  8. What coins does FTX support?
  9. Learn about FTX in this video:
  10. How does FTX crypto work?Can I deposit GBP on FTX?
  11. Is FTX app the same as FTX US?
  12. How trustworthy is FTX?

Where is FTX based?

FTX is a Bahamian cryptocurrency exchange. FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas. As of February 2022, the exchange averages $10 billion of daily trading volume and has over one million users. FTX operates FTX.US, a separate exchange available to US residents.

Does FTX US pay interest?

FTX Earn, formerly Blockfolio, is a full-featured cryptocurrency platform for earning interest on coins. FTX Earn tiers their interest rate differently than any other platform (edit: now Crypto.com uses this same technique). The first $10,000 USD of deposited funds earns 8% APY regardless of coin/token.

How does FTX crypto work?How long does FTX last?

Futures contracts expire on the last Friday of every quarter to a 1 hour TWAP of the underlying index from 2am UTC to 3am UTC.

Is FTX a legitimate company?

Since 2019, FTX is a legit crypto exchange platform. It is used by millions of users around the world. It is regulated by the Hong Kong financial authority.

How much can you withdraw from FTX?

Withdrawal Limits Basic identity Verification: USD $10,000 and lifetime $300,000 limit. Advanced Identity Verification: Unlimited withdrawals.

How much does FTX cost?

There are no fees on futures settlement. The leveraged tokens have creation and redemption fees of 0.10%, and daily management fees of 0.03%. There are no deposit fees. For withdrawal fees, see here.

How much do trades cost on FTX?

FTX US charges a 2% fee to the seller on each sale or trade.

What coins does FTX support?

Coin Spot Futures
BIT BIT/USD BIT-PERP
BLT BLT/USD
BNB BNB/BTC BNB/USD BNB/USDT BNB-PERP BNB-0930
BNT BNT/USD BNT-PERP

Learn about FTX in this video:

How does FTX crypto work?Can I deposit GBP on FTX?

To deposit or withdraw fiat, go to ftx.com/wallet and click ‘deposit’ under ‘USD’, ‘AUD’, ‘EUR’, ‘GBP’, ‘HKD’, ‘CAD’, ‘CHF’ or whatever fiat currency you’d like to deposit. You’ll get all the instructions. If you are required by the instructions to use a memo, you must use the memo or your account will not be credited.

Is FTX app the same as FTX US?

FTX and FTX US follow the same security standards and neither site has ever been hacked. Both platforms encourage two-factor authentication (2FA), and both practice cold storage of user funds. The only difference is that FTX has an insurance fund for users that is funded through their trading fees.

How trustworthy is FTX?

Is FTX Exchange Legit? Since 2019, FTX is a legit crypto exchange platform. It is used by millions of users around the world. It is regulated by the Hong Kong financial authority.
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