Education
How to Open an FTX Account and Make Your First Trade
FTX is a cryptocurrency exchange platform known for derivative and leveraged products, and it offers futures, leveraged tokens, options, MOVE contracts, and spot markets. The platform was launched in 2018 by Sam Bankman-Fried, an MIT graduate and a former trader at Jane Street Capital international exchange-traded funds. Cryptocurrency traders send, receive, buy, sell and trade crypto assets on the FTX exchange platform. A range of order types is available on the exchange, from primary market orders to more complex stop orders. FTX is one of the leading centralized cryptocurrency exchanges.
FTX and the products therein are available on desktop and mobile trading versions. The easy-to-use interphase of the FTX exchange is an attraction for crypto traders of all skill sets, from beginners (newbies) to seasoned professionals (experts). FTX supports cryptocurrencies and fiat currencies and there are more than 300 cryptocurrencies and trading pairs for exchange. The nine fiat currencies on the platform for deposit and withdrawal include USD, euro, British pound, Australian dollar, Hong Kong dollar, Canadian dollar, Swiss franc, Brazilian real, and Argentinian peso.
Withdrawal or deposit fees on FTX are considerable for most crypto and fiat assets. Bitcoin withdrawals above 0.01 BTC are without fees. Also, all withdrawals of less than 0.01 bitcoin per day are not charged; however additional withdrawals of less than 0.01 BTC attract a fee of 0.1%. An exclusive perk for FTX US is the payment of withdrawal blockchain fees by the platform for all tokens, except for ERC20 tokens and little bitcoin withdrawals.
Key Features Available on FTX Exchange
There are many services provided by FTX exchange that users can access via a mobile or desktop device. Five key features on the platform include:
Options: On the FTX exchange platform, this works as a kind of call and put options that grant users the right but not the pledge to buy or sell an asset at a future strike price. It allows traders to predict future price direction and guard against their open positions.
Futures: There are more than 100 periodic and perpetual futures pairings with margins of up to 101x. Traders using this platform may place long and short trades on the available cryptocurrencies for futures trading. On FTX, to open and maintain a trade position, collateral is required; stablecoins like USD and tether (USDT) are utilized as collateral.
Spot Markets: FTX provides exposure to cryptocurrency spot trading. Unlike futures trading, spot market trading offers immediate delivery of assets being traded. Traders can buy or sell cryptocurrencies based on their preferred order type and have the trade executed automatically at the ‘spot.’
Move: These contracts enable traders to place a bet on the percentage of price movement a cryptocurrency will experience over a specified period, regardless of the direction. Users on the platform who maximize this contract potentially make a profit when the price of the underlying cryptocurrency moves over a predetermined dollar amount, either upwards or downwards, in the direction of their prediction.
Leveraged Tokens: Traders on FTX gain up to 3x leveraged exposure for ERC20-based tokens against their underlying trading pair. On FTX, leveraged tokens require no margin to open a position.
How to Open a FTX Account
Step one: To get started with FTX on your android mobile device, download FTX from your App store, and install and launch the app. Select ‘Register.’ or go-to the website and sign-up.
Step two: enter a valid email address and set a password. Tick the space provided after you have read and understood the terms of service and privacy policy. You can also use social login such as Google or your Apple ID.
Step three: choose a platform based on your place of residence. Click on the Register button to complete registration.
Additionally, before you gain complete access to the FTX platform, you must first complete other verifications for contact and identity. Follow the verification notification and provide the information required to complete the verification. Once done, you can proceed to deposit funds and trade.
Read Also
How to make your first spot trade on FTX Exchange
Cryptocurrencies can be traded on FTX using either mobile or desktop applications. Therefore the following steps will explore how to make your first trade on the FTX android mobile app.
- After you must have successfully made your first deposit (say USDT), click on the ‘Market’ icon on the homepage. Select Spot and a trading pair (BTC/USDT).
- On the Trade page, a market view of the crypto is displayed; analyze the purchase and choose an order type (our focus is on market order).
- Fill out the trade option and preview the transaction.
- Confirm the transaction and automatically receive the funds.
Final Thoughts
Cryptocurrencies are volatile assets; proper analysis is required before trading. Users on the FTX exchange platform should maximize the market analysis view for crypto assets to be traded by clicking the ‘Trade’ button. There is also a track option on FTX that enables users to track their positions and keep them out of risk.
What do you think of this article? Share your comments below.
