Is FTX FDIC Insured – TX.US offers advanced trading options as well as access to NFT and low fees. But if you are looking for a more obscure cryptocurrency, you may want to look at other exchanges that offer a wider variety of cryptocurrencies.
FTX.US is the American partner of FTX, founded in 2019 and based in the Bahamas. This American company was founded in 2020 and is based in San Francisco. United States residents should use FTX.US because the merchant base version of FTX is not available in the United States. FTX.Us is not available to residents of New York State.
The FTX.US leadership team is made up of former employees at financial and technology companies, and the company is proud to be built by and for crypto enthusiasts. Apart from offering crypto and fiat trading pairs, FTX.US also offers a must-have token marketplace where makers can list NFTs for sale and buyers can buy from makers.
FTX.US is regulated in the United States and operates as a West Realm Shires Service, which can provide a level of security for retailers. However, note that while US dollar funds are FDIC insured, crypto assets are not covered by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investors Protection Corporation (SIPC). The FDIC oversees financial institutions for consumer protection and provides deposits to maintain public confidence and the stability of the United States financial system. SIPC aims to recover investors’ cash and securities when brokerage firms fail.
Pros of FTX.US
- Relatively low cost
- Advanced trading options
- Access fiat pairs as well as for cryptocurrencies
Create your own NFT to sell
Cons of FTX.US
- Multiple coin options
- Maybe more suitable for advanced traders]\
- Limited customer support options
- Difficult to find information such as minimum trading price
- Not available to New Yorkers
FTX.US At a Glance
- Less than 30 cryptocurrencies are available
- Allows some fiat pairs
- Tiered fee structure based on volume
- Payment processor with FTX pay
- Mobile app available for iOS and Android
- Custodial wallet available at FTX.US
- Get a free coin with every trade over $10
- FDIC insurance is available on U.S. dollar funds held at FTX.US
Cryptocurrencies Available on FTX.US
While FTX.US offers advanced trading options, you won’t see a large selection of cryptocurrencies (less than 30). However, FTX.US offers access to major cryptocurrencies including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Aave (AAVE)
- Bitcoin Cash (BCH)
- Tether (USDT)
- Litecoin (LTC)
- ChainLink (LINK)
- Solana (SOL)
- Dogecoin (DOGE)
- Uniswap (UNI)
In addition to cryptocurrencies, FTX.US offers spot trading between the United States Dollar (USD) and the following fiat currencies:
- The Canadian dollar (CAD)
- Euro (EUR)
- Australian dollar (AUD)
- Great Britain pound (GBP)
FTX.US uses the manufacturer’s spot trading model. You as a “manufacturer” can set a limit order and set a price at which the transaction should be executed. As a “taker”, you execute a market order that completes the transaction at the current market price. In general, manufacturers pay lower fees for FTX.US than they charge themselves. Fees are set at a level based on your 30-day trading volume, which decreases as you become more active.
- Manufacturing costs range from 0.00% to 0.10% depending on the grade
- The taker fee ranges from 0.05% to 0.40% depending on the level
Generally, you pay a fee based on the target currency and the status of your creator or beneficiary. For example, if you want to trade BTC/USD as a taker, you pay the fee in US dollars, while on the sell side of the transaction, the maker pays the fee in Bitcoin.
FTX.US charges a transfer fee of $0.50 ACH whether you deposit or withdraw. However, you can avoid this deposit fee if:
- This is your first ACH deposit
- You deposited more than $100
- Deposit at least $10 and make a deposit within a week
This means making smaller amounts rather than making smaller amounts more often, although this is reduced with the exception of one week for the next deposit.
There are no deposit fees and you only see fees for withdrawing Ethereum and OMNI tokens. In this case, you cover the gas costs.
If you print the NFT on FTX.US and sell it, you pay $3. When you sell NFT, you pay a 2% selling or transaction fee. If you download NFT on the Ethereum blockchain, FTX.US subsidizes some of the gas costs. However, the amount you pay depends on network congestion and other factors.
There are no bank deposit fees, although your bank may charge a fee. If you withdraw more than $5,000, there is no fee. However, you can download less than $5,000 for free once a week. If you make more withdrawals, there is a $25 fee for each withdrawal.
While this feature is aimed more at advanced crypto traders than beginners, FTX.US allows you to trade on margin when investors want to multiply their profits by borrowing. You pay a fee for interest payments. Your loan interest is calculated using a formula that includes the loan interest and the spot margin.
FTX.US offers industry-standard security. In addition to cold wallet solutions, the company archives hot wallet funds offsite. In addition, you have FDIC insurance for money held in fiat dollars. However, crypto assets, including USDT, are not covered by FDIC insurance.
Advanced investors who reach the margin trading threshold, which is at least $100,000 in the stock market, can trade more than you have in your account. Spot margin borrowers have access to 10x leverage. However, at least 10% collateral must be available. When the margin percentage drops below 0.05, the liquidation of FTX.US begins and the margin can be closed immediately. Margin trading has the potential to increase profits, but it can also increase losses.
If you want to make money by lending your wealth, you can add coins to the loan pool. This is another feature that is more geared towards more advanced investors, and like margin trading, you must meet certain thresholds. You earn interest every hour, so this can be a way to earn extra crypto. However, when you earn interest, your crypto assets are locked.
FTX.US offers an FTX Pay offer to help you get quick payments in crypto or fiat currency. This feature can be customized and used with an FTX account or external wallet if you wish to use FTX Pay with a decentralized finance application.
FTX Debit Card
This is the Visa debit card linked to your FTX.US account. You can use the card to pay for goods and services based on your account balance. This card allows you to spend US dollars or any cryptocurrency, although experts generally say there is no point in using cryptocurrency for everyday purchases. However, if your account does not have sufficient total value to cover the transaction, it will be rejected, unlike other cards which may offer overdraft protection.
With FTX.US you can create, buy, sell and trade NFTs. You have the option to copy your NFT through an exchange or send NFT to exchange from elsewhere using your wallet. FTX.US is NFT compatible on the Ethereum and Solana blockchains. Minimum price, i. H. The lowest price you can pay to be part of an NFT project is available in fiat currency or cryptocurrency.
Who Is FTX.US Best For?
FTX.US is best suited if you are an advanced crypto trader looking for more advanced features and opportunities. You must meet certain thresholds to use the margin and lending features, so you are more likely to benefit if you have a large number of crypto assets. Also, FTX.US can be useful if you are interested in DeFi apps and want to manage payments with FTX Pay.
Despite the low fees, FTX.US has a learning curve that can be difficult if you are a crypto trader unfamiliar with the spot trading model.
How to Open an Account with FTX.US
To create an account, first, click on the ‘act now’ button on the home page. You must provide your email address and create a password that meets basic security requirements. After selecting your country, you can verify your identity. This includes providing the following information:
- Birth date
- Phone number
- Social Security number
You can also verify your identity with a photo and selfie ID. Once done, you will be able to start trading after linking a funding method, including your bank, or sending cryptocurrency from your wallet to an exchange. FTX.US recommends that if you do not receive an automatic approval, it may take one to three business days to verify your information.