FTX Review for Australians | Fees, Comparisons & More

FTX is a cryptocurrency exchange built by traders, for traders, with plenty of features that are not available on more basic platforms. Experienced traders will love trading over 275+ different cryptocurrencies, as well as derivatives, options, volatility products and leveraged tokens. Let's see how FTX differs from Australia's best exchanges and you can decide whether it is a good option for you. 

What is FTX?

FTX is an extremely secure trading platform founded by the altruistic Sam Bankman-Fried with the goal of donating to the most effective charities in the world. 1% of the net fees on FTX are donated to charities, so you can help out the needy while you trade on this platform. There are many options for trading, with futures, stocks, and forex, and other features such as staking and an NFT marketplace. Trading fees are very low, starting from just 0.02% maker fee and 0.07% taker fee, and you can receive a 5% discount off your fees if you sign up with this link. Here are some of the best features on offer at FTX.

• Over 275+ cryptocurrencies supported
• Low trading fees of just 0.02% for makers and 0.07% for takers
• 5% discount off your fees with this link
• Staking available to earn interest on your crypto assets
• Advanced markets such as stocks, futures, volatility, forex and leveraged tokens
• Mobile app for convenient access anywhere
• 1% of all net fees are donated to effective charities
• Mint, buy and sell NFTs on the marketplace
• Hold FTT coin to receive discounted trading fees
• Extremely secure trading platform

Australian alternatives to FTX

Features

Plenty of options for traders

FTX was built specifically for traders, so you shouldn't be surprised that there are a ton of trading options available. Besides spot trading on over 275+ coins, you will find futures, stocks, leveraged tokens, volatility, forex, and even predictions (such as presidential election outcomes). There are so many different markets to explore that you really have to take a look on the FTX website yourself to fully appreciate the depth of the platform.

Staking

Staking has become a popular choice for investors that want to earn interest on their crypto while they hold it, and FTX offers this on a few coins such as SOL, RAY and SRM. While your coins are staked, they are locked on the exchange so you cannot sell or send your crypto, but you will receive rewards based on a certain percentage, similar to an interest payment from a bank. You can receive 20% per year return on a cryptocurrency such as RAY, which is paid to you in more RAY coins.

NFT Marketplace

Everyone is talking about NFTs these days, since it has become the latest boom in the blockchain space, and people are paying ridiculous prices to get their hands on some of this rare digital art. On FTX, you can browse thousands of NFTs to purchase, and you can even mint or sell your own artwork.

Quick Coin Swap

If you need to quickly swap your AUD or cryptocurrency to any other coin, you can easily do it right from the main dashboard of the exchange. This is great if you are in a rush, or you just prefer a convenient way to swap without going through the markets. Simply choose which coin you want to swap from, and which coin you want to swap to. Choose the amount you want to swap, then click the Convert button to complete the transaction.

FTX token (FTT)

FTX has a native token (abbreviated as FTT) that is available to buy on the exchange. It comes with a host of benefits, for example you can access reduced trading fees by owning as little as $100 USD value of FTT. If you decide to stake FTT, you will also receive increased airdrop rewards and free daily ERC20 and ETH withdrawals.

Fees and Payment Methods

It is free to deposit AUD into FTX, and the supported payment methods are PayID and credit card. Withdrawals from FTX are also free of charge.

Trading fees on FTX are extremely low, only 0.02% for makers and 0.07% for takers. When you sign up with this link you will receive an extra 5% off their low fees. If you are a high volume trader or if you hold FTX's coin (FTT) you can reduce these fees even further.

Security

Security is not an issue with FTX, which has a multitude of security measures just like all the top crypto exchanges in Australia. They have even work closely with Chainalysis who provide blockchain transaction analysis software so they can detect any suspicious crypto transactions. FTX even has their own manual review system of any large or suspicious transactions to keep customers safe at all times.

Pros and Cons of FTX

Conclusion

FTX is an excellent platform for experienced traders, with an impressive array of markets such as futures, forex, leveraged tokens, and even predictions on US elections. With the trading fees at a low 0.02% for makers and 0.07% for takers, there is no wonder why FTX is such a popular exchange. If you have any suggestions on how to improve the exchange, the CEO and founder Sam Bankman-Fried is easily reached through Twitter, and he has implemented changes quite quickly in response to user feedback. 

Having said that, FTX is not suitable for all crypto investors, because it is targeted at advanced users. Crypto newbies may find the platform overwhelming with the number of options at their fingertips. I would suggest that beginners use a more user-friendly exchange such as Digital Surge and Swyftx. Digital Surge has the lowest spreads and fees of any Australian crypto exchange, and offers over 300+ coins plus a useful Live Chat feature. Swyftx is another excellent option, with low fees, and a unique demo mode where you can practise buying and selling with virtual money. If you are still undecided on where to buy your first cryptocurrency, you can read our review of the best Australian crypto exchanges here, and the table below shows a quick overview of them.

Frequently Asked Questions

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