The 2019-founded and Bahamas-based FTX has an American partner called FTX.US. The American business, which has its headquarters in San Francisco, was established in 2020. The feature-rich exchange was created by traders for traders. Because it has updated charts and an order book flow section, its user interface is a little sophisticated and better suited for experienced users. Users may trade spot, margin, and cryptocurrency derivatives including options and futures. Users may manufacture, purchase, and trade non-fungible tokens (NFTs) on the FTX.US platform for Ethereum and Solana. FTX.US, which does business as West Realm Shires Services, is subject to American regulatory oversight.
FTX.US exchange features
The features of the FTX.US exchange are;
Options for deposit and withdrawal on FTX.US
FTX.US accepts deposits and withdrawals through wire transfer, ACH, debit or credit card, Silvergate Exchange Network (SEN), and cryptocurrency. The cheapest and safest method to add money to your trading account is often via ACH. ACH transfers may take two to three days, and perhaps even five days. Therefore, to quickly profit from market swings, make sure you have some cash ready and waiting on the platform.
FTX.US staking
Through the FTX.US app, customers of the exchange may receive staking rewards on their cryptocurrency holdings. On certain tokens, users will be able to earn rewards up to 8% APY, which is more than the staking incentives provided by most exchanges. Users will be able to locate the tokens that are available to stake immediately inside the app, even if the staking program is currently considered to be in “beta.” FTX enables staking for FTT, UXBT, SOL, SRM, FIDA, and RAY.
FTX.US security and KYC
To protect access to your account, FTX.US offers two-factor authentication methods like Google Authenticator. Users should establish passwords on their accounts for things like withdrawals and logins, and they can choose to only allow withdrawals to whitelisted addresses so that dodgy individuals cannot take your money into their accounts. No anonymous sign-ups are allowed since KYC is required. Users will be required to prove their identity and reveal the source of money by giving their name, proof of address, date of birth, social security number, and a selfie that has been registered with the government.
Tiers and limits for FTX.US accounts
For consumers in the US and abroad, FTX.US offers both individual accounts and corporate accounts. Tier 1 individual accounts are restricted to a total of $30k in lifetime deposits and withdrawals in cash and cryptocurrencies, whereas Tier 2 has unrestricted access. ACH deposit limitations for KYC level 1 are $500 for any rolling 10-day period and a maximum of $2,999 for a single deposit, whereas KYC level 2 has a $30k limit for a rolling 10-day period and a $20k single deposit limit. Users that have completed KYC 2 verification may make $5k in card deposits per week, whereas new users are only allowed to make $2k per week, subject to an increase to $5k depending on prior successful deposit history.
FTX.US fees
The platform includes a tiered fee structure depending on trading volume, with a maximum maker cost of 0.10% and a taker fee of 0.20% for spot markets. The transaction method affects the deposit and withdrawal costs. Fees for wire transfers are $25 for amounts under $5,000 and free for sums above $5,000. Concerning ACH, withdrawals cost $1.50, and deposits cost a fixed $0.50. Except for ETH/ERC-20 and minor BTC transactions, all deposits and withdrawals for cryptocurrency transfers are free. For NFTs, sellers pay 2% for every transaction while minters pay $3 to utilize the self-service mint tool.
FTX.US security
Industry-standard security is available from FTX.US. The business also backs up hot wallet money outside in addition to providing cold wallet options. For money kept in fiat U.S. dollars, you’ll also have FDIC protection. However, FDIC protection does not apply to digital assets, including USDT.
Margin trading
For more experienced investors who fulfill the requirements for margin trading, which include holding at least $100,000 on the exchange, you may trade more than you have in your account. Borrowers of margin spot may use up to 10x leverage. However, there must be at least 10% in collateral. The margin may be closed outright if the margin fraction falls to less than 0.05, at which point FTX.US will start to liquidate. Margin trading can amplify profits, but it also has the potential to magnify losses.
Lending
You may contribute coins to a lending pool if you wish to make money by lending your assets. Similar to margin trading, this tool is better suited to more experienced investors and requires that you fulfill minimum requirements. This is one method to generate more cryptocurrency since you get paid with interest every hour. Your cryptocurrency assets remain locked, nevertheless, while you are receiving interest.
FTX debit card
This is a Visa debit card that is linked to your FTX.US account. Depending on the amount in your exchange account, you may use the card to make purchases of products and services. Although experts believe it doesn’t make sense to utilize cryptocurrency for regular transactions, the card allows you to spend U.S. dollars or any cryptocurrencies you own. Contrary to other cards that can provide overdraft protection, if your account’s total balance is insufficient to support the purchase, it will be refused.
NFTs
You may use FTX.US to make, purchase, sell, and trade NFTs. Either use the exchange to mint your NFTs or use your wallet to transmit NFTs from somewhere else to the exchange. On the Solana and Ethereum blockchains, FTX.US is interoperable with NFTs. Floor pricing, or the lowest amount you may pay to participate in an NFT project, is offered in fiat money or cryptocurrencies.
