Reviews for FTX exchange?

[bbc.reporter]

Can anyone tell me their experiences in using FTX exchange? How is the site’s software, KYC process, withdrawals and what do you think of safety of users funds on the site?

https://ftx.com/

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[1715605296]

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[dbshck]

Kinda weird there's not much discussion about FTX here. The exchange and its founder are crypto twitter darling lol.

I have used FTX for a few months. It's one of the top exchanges now. Very good liquidity. Standard KYC process. Free withdrawal for all crypto, they cover the tx fees. Very helpful for sending ETH and its token if you don't mind keeping coins on an exchange. As for safety, I think their team is very competent and I'm comfortable storing some of my cryptos there as long as you practice good opsec. Remember you can always use leverage to minimize the counterparty risk. Trading fees are similar to other exchanges. Something to note, they charge maker fees, which is weird as you usually get a rebate. Your account has to be in the higher tier and stake some FTT (their exchange token) to get a maker fee rebate.

The site is usually fast as they recently had a massive infrastructure upgrade. What I like the most is their simple cross collateral system — you can use almost any crypto as collateral for margin/leverage trading, and their ability to ship new products fast. Some of their innovative markets include: Bitcoin volatility, US presidential election markets, tokenized stock (you can indirectly trade US stocks, even with leverage and collateralized with crypto!), and recently a market to speculate on Coinbase's upcoming IPO. Most of these markets aren't available if you're from the US, though. This sounds like shilling but they're just amazing in delivering innovative products.

[bbc.reporter]

@dbshck. Thank you for the complete and informative review. I was looking at their 3x leveraged BEAR tokens and I reckon that this might be a good speculative investment during unfavorable markets similar to 2018 when we witnessed bitcoin lost more than 75% of its value. I want to be ready on the next bear visit hehehe.

[Daltonik]

FTX will conduct an initial exchange offering (IEO) of Mercurial Finance Project management tokens (MER) https://help.ftx.com/hc/en-us/articles/360060696391-How-to-participate-in-the-Mercurial-Sale Mercurial Finance a DeFi protocol for storing, exchanging and issuing stablecoins on the Solana blockchain. The project received funding from Alameda Research, Solana Ecosystem Fund, OKEx, and Huobi.

The Mercurial Finance token sale will start on May 13 at 13:00 (UTC). To participate, you need to pass the second-level verification and send it to the staking from 150 FTT

FTX will issue 1000 tickets with a nominal value of 4000 MER on IEO. Participants will receive one ticket each. However, the organizers do not guarantee the participation of users with registration later than May 4 13:00 (UTC)

The crypto exchange can issue additional tickets to users. Their number depends on the number of tokens in the staking the day before the tokensale:

from 150 FTT — 1 ticket;
from 1,000 FTT — 2 tickets;
from 10,000 FTT — 3 tickets;
from 50,000 FTT — 4 tickets;
from 250,000 FTT — 5 tickets;
from 1,000,000 FTT — 6 tickets.
The organizers recommend that you prepare the funds for the IEO in advance:

400 USDT for the minimum bid ($0,1 per MER);
500 USDT and 5 FTT for the maximum bid ($0,125 per MER + 5 FTT)

[Azrieli]

Caution with FTX:

- FTX BLL / BEAR tokens fraud at Binance
- Fraud with the signed NDA Agreement
- Binance and FTX - serving U.S. citizens publicly using Barry Silbert as an example

[bbc.reporter]

FTX might become the McDonald’s brand of the cryptospace hehehe. Their CEO Sam Bankman-Fried has been spending millions of dollars on marketing and sponsorship deals with mainstream sports teams and esports. The Miami Heat’s stadium has been renamed the FTX Arena and an epsorts team has been renamed TSM-FTX.



Crypto exchange FTX is spending $210 million to rename a professional e-sports team from TSM to TSM FTX, according to the New York Times.

The ten-year deal will set the exchange back $21 million each year, representing one of the biggest naming rights deals in the e-sports industry.

“Taking a huge industry and then reimagining it in a digital age: that’s sort of what e-sports are to sports, and it’s sort of what crypto is to investing and to finance,” FTX CEO Sam Bankman-Fried told the Times.

Source https://www.theblockcrypto.com/linked/107210/ftx-tsm-e-sports-team-rename-deal-crypto

[bbc.reporter]

FTX creates a partnership with Major League Baseball. I speculate it might also create a partnership with America’s most followed league, the NFL or with one of its teams. It also appears that I should dump BNB to hold more FTT hehehe. BNB tokens and tether are next targets of the SEC according to rumors.



FTX Trading Limited and West Realm Shires Services Inc., owners and operators of FTX.COM and FTX.US (collectively, “FTX”), and Major League Baseball (MLB) today announced a new long-term, global partnership. FTX.US has partnered with MLB in relation to the US, and FTX.COM internationally. FTX.COM and FTX.US have, together, established FTX as the Official Cryptocurrency Exchange brand of MLB. This deal, the first-ever partnership between a professional sports league and a cryptocurrency exchange, was established to create increased brand awareness for FTX and continued innovation for MLB.

In addition, FTX.US has formed an agreement with MLB Players Inc., a subsidiary of the MLB Players Association that manages all of the commercial activities for the organization. FTX will have group player rights, which allows the organization to use highlights of players in content creation.

FTX.US will become MLB’s first-ever umpire uniform patch partner. Beginning with the MLB All-Star Game, presented by Mastercard, on July 13th, an FTX.US logo patch will adorn all umpire uniforms for regular season, Postseason, Spring Training and Jewel Event games. This new agreement also provides FTX with worldwide marketing rights associated with MLB marks, logos and special events. Fans will see applicable FTX brand promotion around nationally televised MLB games, MLB.com, MLB Network, MLB.TV, social media platforms and more high-impact baseball media.

Source https://www.mlb.com/news/mlb-ftx-cryptocurrency-exchange-partnership

[bbc.reporter]

Every news about Binance released recently is the exchange is being cracked down by regulators from different jursdictions. News about FTX is all about its marketing efforts and partnerships with different sports organizations and personalities. This is history in the making, I reckon. I speculate FTX’s FTT token might be the next top 5 cryptocoin in coinmarketcap.com during this bull market hehe.



Seven-time Super Bowl champion quarterback Tom Brady and his supermodel wife Gisele Bündchen have partnered with global crypto exchange FTX. FTX was founded in 2017 by Forbes 30 under 30 alum and crypto billionaire Sam Bankman-Fried, whose net worth is currently valued at $8.3 billion.

With this announcement, they instantly become two of the most prominent and recognizable representatives in the industry. As part of the deal, Brady will serve as an FTX ambassador and Bündchen will join the FTX team as an Environmental & Social Initiatives advisor.  

The couple is taking an equity stake in FTX and is receiving crypto as a part of the deal.

Source https://www.forbes.com/sites/emilymason/2021/06/29/tom-brady-and-gisele-bndchen-partner-with-ftx-in-a-bid-to-drive-crypto-adoption/

[tersek]

I used to use FTX exchange for fees. FTX provides convenience for withdrawals, KYC, multi-accounts, etc. In particular, the fees for withdrawing are quite low and the process is quite fast.

[estenity]

https://www.reddit.com/r/Bitcoin/comments/ok47n6/nottheonion_a_29yo_bitcoin_billionaire_named/

FTX may buy goldman sachs or CME

[bbc.reporter]

@estenity. It might be another comment made by someone that was intended to be a joke and taken as something serious similar to the Apple to buy $2.5 billion worth of bitcoin rumor hehehe.

https://bitcointalk.org/index.php?topic=5349327.0

However, I agree that FTX might replace Binance as the no. 1 exchange in the cryptospace. Regulators have been very aggressive in cracking down on Binance this year. We might see an ending by December and it does not appear good for Changpeng Zhao.

[Daltonik]

FTX has signed a seven-year agreement with Riot Games for the right to display its brand during the League of Legends seasonal tournament. Riot Games called it the largest sponsorship agreement of the company. The amount of the contract was not disclosed. https://lolesports.com/article/lcs-creates-a-gold-advantage-with-ftx/blt54c2964ee439f1a7

[bbc.reporter]

@Daltonik. All the partnerships Sam is making with mainstream sports teams and personalities, esports teams to promote FTX might make it the largest exchange in volume and users by 2023. Sam also gave a big donation to the Democratic party during the election hehe. FTX might be the biggest receiver if Binance is stopped by the regulators.

I speculate that we might be witnessing the beginning of the fall of Changpeng Zhao and Binance. The regulators in different jurisdictions appear to be coordinating against it. Some of the exchange exectutives are also resigning. In July it was the Binance Brazil director, hours ago it was the Binance US CEO who resigned. Were there more resignations from Binance this year?



Brian Brooks, chief executive of the U.S. arm of global cryptocurrency exchange Binance, said on Friday he had resigned just three months after taking up the role.

Brooks did not respond to requests for further comment. A spokesperson for Binance declined to comment.

Source https://www.reuters.com/article/us-binance-ceo/binance-us-ceo-brian-brooks-resigns-idUSKBN2F72BY

[Daltonik]

FTX US has acquired LedgerX, a regulated exchange specializing in cryptocurrency derivatives, the amount of the transaction is not disclosed, it is planned to close in October. The plans include creating products for retail and institutional traders, directing significant resources to developing relations with regulators and promoting innovations in accordance with "strict standards of the US financial services industry," the parties involved in the transaction said. https://www.forbes.com/sites/stevenehrlich/2021/08/31/us-bitcoin-exchange-backed-by-billionaire-sam-bankman-fried-moves-into-crypto-derivatives/?sh=3bdf0f174022

[NeuroticFish]

In January, when this topic was created/this question asked, I also didn't hear yet about FTX.
But now there's a review for this FTX exchange and I think that it would make more sense to add the news and developments there.