FTX Review

July 6, 2022

Crypto-currency exchanges are a dime a dozen these days. The vast majority of them, however, are fly-by-night operations that will eventually go belly-up. They’re there today because people like the idea of exchanging digital currency for traditional money. It sounds simple, doesn’t it? But given how many crypto-exchanges there are and how new they are to the world, it’s no surprise that a lot of them fail before ever getting off the ground. 

FTX Review
FTX Review

The current crypto-market is also so volatile that new ventures often fail within weeks of launch. Most crypto-currency traders tend to use these exchanges as an investment tool rather than as a place to actually buy and sell virtual currencies. In most cases, this is fine because only long term investors end up profiting from ventures like this anyway.

If you’re thinking about launching your own crypto exchange in the future, then you’ll need to know a lot more about how things work than most people do right now. In this article, we’ll discuss everything you need to know about launching your own cryptocurrency exchange from scratch - including whether or not it makes sense for you to do so!

FTX is a Bahamian cryptocurrency exchange

FTX is a cryptocurrency exchange based in the Bahamas. FTX was founded in Antigua and Barbuda and has its headquarters in The Bahamas. As of July 2021, the exchange had over one million users and a daily trading volume of $10 billion. FTX operates FTX.US, a separate exchange for residents of the United States. Following the earning-to-give principle of effective altruism, FTX was founded with the goal of generating as much wealth as possible to be used for charitable causes.

Why Is FTX a Legitimate Cryptocurrency exchange?

FTX is a legitimate cryptocurrency exchange because it’s legally regulated and compliant with relevant KYC/AML laws. It’s based out of the Bahamas, which is a low tax jurisdiction, and it accepts a wide range of assets. Beyond that, FTX is pretty impressive. The company has an excellent reputation, it comes recommended by many in the crypto community.

It’s also very user-friendly, which can make it a great choice for people who aren’t very tech savvy. FTX is also well-established, which makes it a safe choice for people who are considering investing a lot of money in the space.

FTX Pros And Cons
FTX Pros And Cons

How Does FTX Work?

FTX is a cryptocurrency exchange that allows people to buy, sell, and trade a wide variety of cryptocurrencies. Like most exchanges, it works by matching buyers with sellers and by charging fees for its services. The fees can vary depending on how liquid a cryptocurrency trade is and how large a transaction it is.

What makes FTX stand out as a cryptocurrency exchange, however, is its huge range of assets that people are allowed to trade. It currently supports high value assets like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It also supports several obscure assets like EOS, KCS, and QASH. That’s a significant benefit for those who want to buy rare or under-followed assets. It’s also a nice touch for people who want to diversify their assets across several different exchanges.

Pros of Using FTX as an Exchange

  • Low fees - FTX charges market-standard fees for exchanging different cryptocurrencies. 
  • Liquidity - FTX is a very liquid exchange with many cryptocurrencies available for trading. 
  • Wide range of assets - FTX supports a wide range of assets, which means that it can accommodate a lot of different trading styles. 
  • Mobile app - FTX has a great mobile app that can make trading much easier.

Cons of Using FTX as an Exchange

  • Limited range of assets - FTX currently supports only a small range of assets. This can be a problem if you want to trade a wider range of assets than that. 
  • Low liquidity - Like most other low-cost exchanges, liquidity on FTX is very low. This means that it can be difficult to find a buyer for your assets. 
  • Not fully regulated - Like most other unregulated exchanges, FTX isn’t fully regulated. 
  • User-friendly interface - FTX’s user-friendly interface can make it easier for newbies to use. Most exchanges have an easy-to-use interface, but FTX has a particularly friendly interface. 
  • Limited support - FTX doesn’t offer a lot of support options. This can make it difficult to get help when you need it.
FTX Cryptocurrency Reviews
FTX Cryptocurrency Reviews

FTX stands out as a legitimate cryptocurrency exchange because it’s well-established, legally regulated, and offers a wide range of assets for trading. It’s also very liquid and has low fees. FTX does have a few drawbacks, however. It only supports a small range of assets, has low liquidity, and isn’t fully regulated. These minor setbacks aside, FTX is an excellent exchange that can help you diversify your portfolio.

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