❓ Who Are FTX US? ❓
Unsurprisingly, the US facing exchange is a subsidiary of FTX. However, the two exchanges have separate order books. FTX US is based in Berkeley California and posts some whooping daily trade volume numbers. The exchange has also raised $900 million, from 60 investors, with the latest funding round valuing the business at $18 billion. Here’s another fun fact, FTX was incubated by crypto VC firm, Alameda Research. Who are on the top VC firms in crypto. It is the team which ties FTX, FTX US and Alameda Research together. With many personnel working for all three organisations. 🇺🇸 FTX US & The USA Market 🇺🇸 It seems that FTX US is making waves in the US in a big way. Recently they closed a five year sponsorship deal to sponsor Major League Baseball, a $135 million NBA deal, and in American football they have signed up Tom Brady as an ambassador.
💰 Supported Assets 💰
Yes, FTX US doesn’t have the largest selection of supported assets. However, I imagine that most people getting started in crypto are only going to be dabbling in the major crypto’s anyhow. There are 20 coins to shoes from, which is a pretty good selection versus most US friendly options.
🔒 Exchange Security 🔒
One thing that will be on many US users’ minds will be regulation. Well, FTX US is generally regulated on both a Federal and State level. Primary regulatory obligations are done within the US, hence why they are based in California. In terms of compliance, FTX US is registered as a Money Services Business with FinCEN. On the anti-money laundering side of things, FTX is also working with Chainalysis to monitor suspicious cryptocurrency transactions. When it comes to account security, FTX supports two-factor-authentication using Google Authenticator, to further secure your account. You can also strengthen your withdrawal security with passwords and address whitelisting.
🕵️♂️ About KYC & How To Do It 🕵️♂️
At FTX US you will be asked for the usual dossier of documents. Yes, that is tedious. However, that is the price you pay for using a regulated crypto exchange. Check out my vid and I’ll show you exactly how to get through KYC.
💵 How To Deposit? 💵
Here you can deposit using a wire transfer, ACH deposit, use a credit or debit card, deposit crypto or use something known as the Silvergate exchange network. Honestly, the cheapest way to deposit would be using ACH. I show you how to do that step-by-step in my video.
💸 Trading Fees 💸
If you are like the rest of the 99% of crypto dabbles then you will be trading less than $100k a month. That means on FTX US that you’ll be paying a base fee of 0.4% in taker and 0.1% in maker fees. Yes, there are lower fees available if you are a whale trader.
📈 How To Trade On FTX? 📈
Watch my vid to check out my trading walkthrough.
🖥️ Other Exchange Features 🖥️
After a great day in the markets, some of you might want to reward yourself with a little treat. But how do you do that easily? Well, with a crypto Visa card of course! FTX offers virtual cards to US users. So, that’s definitely worth checking out. Then you have the FTX US NFT marketplace. Pretty neat for NFT dabblers. However buys and sellers do pay 5% in fees for each trade. When it comes to customer support, FTX US does have a ticketing system – quite standard for crypto exchanges.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.