FTX is a cryptocurrency exchange, backed by the quantitative crypto trading firm and liquidity provider Alameda Research. FTX Exchange is built by traders, for traders, offering a wide range of trading options and products. The popularity and rapid growth of FTX is quickly making them one of the biggest exchanges and will soon challenge the likes of Binance.
In this FTX Exchange review, we’ll explore why you should be using the fast-growing, innovative crypto exchange. We take a look at the wide range of trading options available, features, trading fees, plus the pros, and cons.
They focus on providing services for traders rather than investors. Using a single wallet, the FTX exchange offers a host of varied products for trading. There are 3 types of futures contracts, spot trading, you can also trade stocks, leveraged tokens, volatility, predictions, and trade FIAT markets.
Since its launch, FTX has been busy! In mid-2020, the company launched its partner site, the FTX US exchange. They bought the popular crypto portfolio tracking app Blockfolio, as part of a 150 million dollar deal. They also have an alternative exchange for the Defi space (known as Serum) which was built on top of the Solana chain.
FTT is the native token to the FTX exchange and can be used on the exchange to help to reduce trading fees. One of the major benefits for me holding the FTT token is the ability to withdraw Ethereum and ERC20 tokens for free.
The FTT token can also be staked on FTX Exchange, by staking FTT token you will receive the below benfits;
Increased Referral Rates: Referrers that stake FTT will be paid a higher fraction of their referees’ fees Maker Fee Rebates: Stakers get maker fee rebates (in addition to the standard FTT fee discounts) Bonus Votes: Stakers get bonus votes in FTX polls Airdrop Rewards: Stakers will receive increased SRM airdrops
For more information on staking FTT staking click here
FTX Referral Code 2021
If you’re new to the FTX exchange and want to get started. You can open an account by click on this link and receive 5% off your trading fees.
Alternatively, navigate to www.ftx.com and use this referral code when signing up, for 5% off your trading fees: EveryBitHelps
How to Create an Account on the FTX Exchange
Creating an account with FTX is easy. As with a number of exchanges, FTX has a tiered approach of what you can do dependant on KYC verification.
Tier 1 allows a trader to trade and withdraw up to $2000 per day with only email verification and address input. Tiers 2 and 3, you will need proof of address, ID to verify your identity. This will allow you to withdraw an unlimited amount of crypto, or crypto and FIAT depending on the tier.
When creating an account, you’ll also be prompted to enter in a form of 2-factor authentication and you won’t be permitted to deposit or withdraw without this.
With the FTX exchange, there is a wide range of deposit methods. In terms of FIAT, FTX currently supports 10 currencies for withdrawals and deposits in; USD, EUR, GBP, AUD, HKD, SGD, ZAR, CAD, CHF, and BRL.
All FIAT supported on the exchange can be deposited by wire transfer and credit card although wire transfers can only be completed on a weekday or in the evenings UTC. Paypal was also supported as a deposit method however at the time of writing, this has been temporarily paused.
You are also able to deposit using cryptocurrencies such as the likes of; BTC, ETH, BCH, BNB, LTC, FTT, USDT, etc. When depositing cryptocurrencies, generally these are free of charge. However, if you are withdrawing ETH/ERC20 or Omni you will need to pay the blockchain fees unless you have 150 FTT staked.
You can trade with a large variety of cryptocurrency and FIAT assets with FTX. These include the likes of Bitcoin, ETH, USDT, FTT, SOL, and BNB.
FTX Exchange Fees
Trading fees on the FTX exchange are incredibly cheap, even for those who are smaller investors and not trading in larger volumes. For futures and spot markets, they work on a maker-taker model with fees from 0.04% to 0.07%.
You can see from the table below that they also work in a tiered system in which high-volume traders have lower trading fees. There are also fees associated depending on leverage used which is up to 0.03%.
With regards to Leveraged tokens, these have creation and redemption fees of 0.10% and management fees of 0.03% daily.
The exchange also offers discounts on fees dependent on purchases of their native token- FTT. You can see in the table below these discounts are dependant on how much FTT you hold.
The FTX exchange allows staking of its native tokens for benefits. The FTX native token is FTT which give you the below benefits-
Increased referral rates: referrers that stake FTT are paid a higher fraction of their referees’ fees
Maker fee rebates: stakers get maker fee rebates (in addition to the standard FTT fee discounts)
Bonus votes: stakers get bonus votes in our polls (in addition to the standard number of votes, based on FTT held and trading volume)
Increased airdrop rewards: stakers get increased SRM airdrops (and potentially later other airdrops and yield)
You are also able to stake UBXT, SRM, FIDA, SOL and RAY for different rewards stated on their website here.
FTX Trading Derivatives
Using a single margin wallet, the FTX exchange offers 5 types of cryptocurrency derivatives products that can be used when trading. These are listed below.
Futures – There are 3 types of futures contracts that you can use on the platform. A contract that expires this quarter, one that expires next quarter or a perpetual futures contract. There are a number of popular coins that can be used for this including BTC , ETH and USDT.
Leveraged Tokens – You are able to buy and sell these tokens with up to 3X leverage and no margin requirements.
Spot trading– Trading following the underlying price of the asset.
Move– Contracts that represent the absolute value of the amount of the price of a coin moves over a certain time period.
Options – Advanced traders can use these contracts to give holders the right, but not obligation, to buy or sell futures stake prices.
FTX Tokenised Stocks
The FTX exchange offers the opportunity to trade on tokenized stocks. With digitals assets such as the likes of Tesla, Apple, Amazon, Facebook, Netflix, Google, Spy, Bilibili, Alibaba, Beyond Meat, Pfizer, and BioNTech.
The exchange has a large range of trading pairs with these stocks where you can trade in the same way you would with other spot markets. You will also need to be at least KYC 2 on the exchange to use this service.
Is FTX Exchange Safe?
In terms of personal security on the platform, the exchange offers 2FA for a number of actions. These include password changes and withdrawals from the platform. In fact, you cannot deposit or withdraw from the platform until you have a form of 2 Factor Authentication associated with your account. You can use Google Authenticator, Security keys such as Yubico’s Yubikey or your phone as a form of 2FA.
With regards to exchange security, the FTX exchange has recently engaged with Chainalysis to monitor suspicious transaction alerts using their product. This is a KTY, real-time anti-money laundering compliance solution. The exchange uses this along with manual reviews of large and suspicious deposits and withdrawals.
FTX Exchange App
The FTX exchange is also available as an app which is downloadable for Android, Google and Apple IOS devices.
Since the FTX Exchanges launch, US citizens have been unable to use the platform due to strict regulations. Other countries where you cannot use the exchange include parts of Canada, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan, and Singapore.
However, as of mid-2020, the company launched its partner site, only for users in the US the FTX US Exchange.
FTX vs Binance
FTX and Binance partnered in 2020, with finance being FTXs first-ever outside investor. With this partnership, they ‘ expected to ‘further grow the crypto derivative markets, build better crypto trading products and platforms, and identify compelling business opportunities across the industry and beyond‘.
Binance even offered some of FTXs native tokens on their exchange, although these were removed 4 months later.
Comparing both platforms, Binance is seen as world-leading in spot trading with more developed on ramping than FTX. Binance has a more developed on-ramp feature as well as a wider range of Cryptocurrencies on their platform. FTX has really low maker fees designed for traders and is more focused on futures and options than Binance. In conclusion, they are both leading exchanges with great pros dependent on what you intend to use the platform for.
The Philippines is traditionally a cash-based country, however, tech-savvy Filipinos are quickly adopting the use of Bitcoin and Cryptocurrency. In fact, Binance’s Changpeng Zhao has described the Philippines as “one of the most active crypto communities in Asia”.
Thousands of pawnshops and 7/11s are now enabling cash deposits and withdrawals to and from verified exchanges such as Abra. Allowing for more convenient payments without having to open a bank account.
One of the reasons for Filipinos embracing digital currencies is the ease of use but also due to the general low income in the region. A number of banks in the Philippines require monthly deposits to open an account. However, most salaries are cash in hand and are not enough to meet these requirements.
Crypto is also popular amongst Overseas Filipino Workers (OFWs) who currently make up 10% of the Phillippines GDP. Often OFWs will send remittance back to their families. Usually this would incur high transaction and transfer fees from banks or the likes of Western Union. However, by using cryptocurrencies can reduce these fees to a few cents.
There are currently 17 licensed exchanges that can be used in the Philippines. All have different features, fees, transaction methods and verification processes.
Binance’s Changpeng Zhao describes the Philippines as “one of the most active crypto communities in Asia” and it’s the perfect way to sum up the country’s blend of high adoption amid relatively low affluence.
How to Buy Bitcoin in the Philippines?
If you are living in the Philippines or an OFW and are interested in joining the Bitcoin revolution yourself. I have put together some of the most popular and trusted cryptocurrency exchanges below. Depending on your location some of these exchanges may have sign-up restrictions.
First up we have one of the most crypto popular platforms to buy Bitcoin in the Philippines Coins.ph. Coins.ph is a SE Asian fintech, trusted by over 10 million Filipinos. It is the first virtual currency provider in the Philippines to be licensed by the BSP.
Plus it is also the first-ever blockchain-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
Around 60% of Filipinos in 2021 still do not have access to a bank account. The mission of Coins.ph is to enable anyone (including those without a bank account), to easily access financial services directly from their phone, including the trading of cryptocurrency.
With this exchange, you are able to buy BTC, ETH, BCH, and XRP with or without a bank account. You can cash in using either your bank account, Gcash, Paymaya.
Alternatively, you can use a payment centre, with cash, at places like 7 Eleven or Western Union. Once you have cashed in, you can easily convert your PHP to Bitcoin. Simply type in the PHP you want to spend and confirm by swiping if you are happy with the conversion rate.
Fees for cashing in will be charged depending on your chosen payment method. 7-Eleven, Cebuana, M Lhuillier or GCash for no fees, or UnionBank for a fee rebate whereas with Paymaya there will be a small fee of around 12 PHP for cash-ins.
Again, depending on your service, this will be similar to cashing out. Bitcoin transfer fees will be dependent on how busy the network is.
All current fees are displayed within their app for you to review before purchase. Should you wish to host your crypto in an external wallet, there are fees to transfer.
However, it can be held within Coins.ph. You have 3 options of fees for the transfer- the higher the fee, the quicker the miners will work to transfer this for you.
Binance Exchange is the most popular trading platform in the world, with a large selection of cryptocurrency’s to trade. One of the main benefits to trade crypto on Binance, is there low trading fees. However, watch out for their withdrawal fees, they can be high depending on the digital assets you would like to withdraw.
The exchange was founded in China by Changpeng Zhao, also known as CZ. However, in advance of the Chinese government ban in 2017, Binance moved its servers and headquarters to Japan. It’s unclear in 2021 where Binance HQ is currently located. When asked in an interview in 2020, CZ said “Wherever I sit, is going to be the Binance office. Wherever I need somebody, is going to be the Binance office,”
Their P2P platform is a peer-to-peer cash-to-crypto trading platform that supports 31 FIAT currencies globally, now including PHP. Users in the Philippines can buy and sell BTC, ETH, BNB, USDT, EOS, and BUSD using PHP. Plus they can have their crypto assets transferred (using an escrow service) to a Binance wallet with zero transaction fees.
To buy Bitcoin with Binance, first you will need to pick your seller on the platform. Then you can choose various supported payment methods including bank transfer, Paypal, Western Union, and even GCash.
Binance actively searches for local merchants with reliable crypto and FIAT access. They offer benefits, VIP discounts, ad transactions and postings, and security deposits without any fees.
As this is peer-to-peer trading, the buy/ sell rates will differ. However, as mentioned, Binance does offer zero transaction fees.
PDAX is a BSP-regulated exchange that lets you trade Bitcoin, Ethereum, and other cryptos directly using PHP. Established in 2017, its mission is to bring easy access financial services to Filipinos using their online platform and recently launched a mobile app.
Once you’ve set up your free account you will need to verify this to use the services.
Once you have been verified, for payment, you are able to use PHP. Or you can transfer your crypto from other platforms to start buying Bitcoin. To cash in with PHP, you are able to transfer using the online wallets GCash and PayMaya or from your credit or debit card. You are also able to cash in over the counter via bank deposit.
When you have funds in your primary wallet, you will need to move your funds into your exchange wallet and go to your trade tab to find your BTC/PHP trading pair.
There are no fees for cashing in or cashing out associated with PDAX. Although your bank may charge for these transactions. In terms of trading, for market orders, this is 0.5% and for Limit orders, this is 0.4%.
Crypto.com was founded in 2016 and was formerly known as Monaco. The company has its headquarters in Switzerland and with offices in Hong Kong and Singapore.
Crypto.com offers a suite of crypto-related products such as spot, margin and derivatives trading. Recently they have added DeFi products with their Earn and Swap features. Plus by staking their CRO token you can take advange of their Syndicate, Supercharger features and receive discounts on Crypto Loans.
The exchange itself trades crypto to crypto, meaning that you will not be able to buy Bitcoin using PHP.
To start trading, you’ll need to deposit cryptocurrency into the exchange. To do this, you can use the Crypto.com app to either transfer your existing tokens. If you don’t already have any crypto to trade with you can purchase Bitcoin with PHP via bank transfer or credit/debit card.
If you want to buy Bitcoin using your existing crypto, you can easily deposit for free into the Crypto.com exchange.
The exchange hosts 3 markets- Bitcoin, USDT, and CRO. To buy Bitcoin, you need to go into this market and find the crypto pair for Bitcoin.
Crypto.com fees work on a maker/taker framework which is also dependent on your 30-day trading volume. the fees range from 0.036% to 0.10% for a maker fee and from 0.090% to 0.16% for a taker fee. Previously Crypto.com has been known to run promotions boasting 0% fees.
Coinbase is a platform where you are able to buy, sell, and trade cryptocurrency. There are currently over 30+ million users worldwide who are using the platform to buy and trades crypto.
As a Filipino resident, the platform only allows crypto to crypto conversions. Meaning you will be able to buy Bitcoin using other cryptocurrencies that you have transferred onto the Coinbase platform, but not FIAT.
Please also note that Coinbase is an exchange and you do not have access to your private keys. An exchange is far more likely to be hacked, so keep your Bitcoin offline and in a wallet. Ideally with access to your private keys. To find out more, check out my tutorials on Ledger, Trezor or Exodus wallet.
Coinbase is great for beginners but does have higher fees than some of its competitors. The platform has an up to 2% spread fee for crypto conversions dependent on fluctuations in the market.
Users can also use their trading platform, Coinbase Pro (for free) where the platform is a little more complex. Fees on Coinbase Pro will be cheaper compared to Coinbase, but it’s still a lot more expensive compared to Binance Exchange for example.
The Gemini exchange is again a US-based crypto exchange, where you are able to buy, sell and store your digital assets. The exchange was launched in 2015 in the US by Cameron & Tyler Winklevoss twins. However, recently expanded across Asia and is now also available in the Philippines.
Similar to Coinbase, Gemini offers customers $10 of free Bitcoin at sign-up. Once signed up and your account is verified, you can go on to deposit your funds. Gemini supports free deposits in USD and does not charge for Wire Transfers although your bank may do so. It’s also worth checking your PHP to USD exchange rate along with fees associated beforehand.
Once you have deposited your USD, you will be able to buy Bitcoin, Etheruem, XRP, Cardano, EOS, and Stablecoins like DAI and GUSD.
The Gemini fee structure depends on the way that you are accessing their site and also the payment method you choose. Gemini will also charge quite high fees for credit or debit card payments at 3.49% due to the convience.
These fees can be reduced by using their more advanced trading platform, named Gemini ActiveTrader. This platform is inbuilt into the Gemini exchange and you can reduce your trading fees by paying a maximum of 0.35%.
eToro is a popular, user-friendly platform where you can instantly and easily start trading cryptocurrency. The platform is regulated by the FCA and has over 10 million users worldwide. Their platform trades in USD. However, you can deposit in PHP with a conversion fee associated with this (depending on the PHP/USD exchange rate).
To deposit into eToro you must make an initial deposit of $200 dollars (roughly 10,000 PHP). You can do this using Paypal, PayMaya, Local bank (Via dragon pay in PHP), debit card (USD), Skrill, wire transfer, or Union Pay.
Once you have deposited, using eToro is simple. Functionalities include the ability to track real market trends, use a CopyTrade service to copy other user’s portfolio investments.
Plus you can even use a virtual ‘practice’ trading platform. To buy Bitcoin, make sure you are in your ‘real’ dashboard. Then search for Bitcoin, and input the amount you wish to purchase.
eToro is free to make an account and has no management or tracking fees. The platform does not charge for deposits however as this will need to be in USD, you will have a conversion fee.
In terms of trading, the only fees are spread fees which for Bitcoin is currently 0.75% and 1.9% on Ethereum. If you would like to withdraw funds from the platform, there is a $5 fee to do so.
When buying your Bitcoin or other cryptocurrencies, its not recommended to keep your crypto assets on an exchange. This is because an exchange with lots of assets on there is a far more likely target for hackers. Also, without access to your private keys you have less control over your funds.
The most secure way to store your crypto is on the likes of a hardware wallet such as Ledger or Trezor. These wallets keep your crypto secure offline and away from any potential harm. However, these do come at a cost.
If you are looking for a free wallet with access to your private keys, you can look at the likes of Exodus or Atomic Wallet which are mobile and desktop wallets.
Please Note: Some of these exchanges are extremely busy ATM, so if you have any questions there may be some delays from customer support. Also, some links are affiliates and may not work depending on your location.
Since its launch in 2015, the digital banking alternative Revolut, has quickly become a favourite especially for the millennial. Allowing customers to sign-up through its app and providing an array of attractive features, such as free international exchanges and withdrawals.
I assume if you’re reading this you’re already bought into the concept of the Revolut app, but should you buy Bitcoin and store it on Revolut? In this post, I will hopefully answer all your questions and any concerns you may have and if I don’t, please feel free to put them in the comments below.
What is Revolut?
Revolut was founded in 2015 in the UK as a digital payments service. 5 years on, the company now aims for you to be able to have your whole financial life at your fingertips within their mobile banking app. This includes your budgets, banking, investments and payments all hosted in one platform.
Users can open an account in minutes. With the standard (free) accounts, users get zero fees on exchanging in 30 currencies and withdraw from cash machines for free (up to £200 a month).
Revolut & Crypto
Revolut was very early in the adoption of Crypto, back in 2017. Allowing its users to buy likes of Bitcoin, Ethereum and Ripple easily through their mobile banking app.
However, Revolut has been slow in expanding their list of tokens and are missing some of the more recent altcoins such as the likes of Cardano, Chainlink, Polkadot and UniSwap which have seen huge surges in the latest bull run. Having such a limited list of cryptocurrencies available to buy, will be a disadvantage.
Revolut Supported Cryptocurrencies
Revolut has a limited selection of cryptocurrencies available on its app. However, you can buy two of the most popular cryptos; Bitcoin and Ethereum. Currently, the cryptocurrencies that you can buy within Revolut include
Bitcoin – BTC
Ethereum – ETH
Ripple – XRP
Bitcoin Cash – BCH
Litecoin – LTC
Tezos – XTZ
Stellar – XLM
OMG Network – OMG
0X – ZRX
Revolut Supported Countries
Unfortunately, Revolut isn’t available worldwide and is currently limited to users who are residents in the below;
European Economic Area (EEA)
Revolut charge a fee of 2.5% on all crypto transactions, which can add up if you are making larger purchases through the app. You can always check the fee prices by clicking on the ‘i’ button next to the fee rate when exchanging.
There are also 2 options for upgrading that allows free trades;
Option 1 is to upgrade to their Premium account for £6.99 monthly. This will give you a range of benefits, protections, insurances, and also 8 commission-free stock trades per month.
Option 2 is to upgrade to the Metal account for £12.99 per month. This gives you all the benefits of Premium but extended and also offers unlimited free stock trading.
Step 2: Once the app is downloaded, Revolut will ask you for your phone number, ID and selfie (for verification) when setting up.
Step 3: You will then need to deposit funds using the ‘Add money’ button on the home screen. You can deposit via by bank transfer, Apple Pay, or credit or debits card or can even get your salary paid into the app.
How to Buy Bitcoin with Revolut
Once your funds have been deposited, navigate to the wealth tab at the bottom of the screen.
Here you can to select whether you would like to choose from stocks, crypto, commodities, or vaults.
Navigate to the “Crypto” tab and tap on the “Invest” button.
Then choose BTC from the crypto list. At this stage, the app gives you an overview of the prices of Bitcoin, news, transactions, and your recurring buys.
There are 2 options when buying Bitcoin through Revolut. This is buying with a “Market Order” or setting up a “Recurring Order”.
If you are making a one-time purchase, use a “Market Order”. This will allow you to buy Bitcoin using any of Revolut’s supported currencies. Then enter the amount you would like to spend and Revolut will show the exchange rate and fees before you choose to “Buy”.
For “Recurring Buys”, select this option on your Bitcoin page and choose a future date you want to start buying. You can then select whether you would like this order to recur daily, weekly, or monthly.
Can I Send Bitcoin from Revolut?
Revolut does not support the transfer of cryptocurrencies outside of the platform. This is one of the negatives when buying Bitcoin with Revolut, you don’t have control. You are then essentially tied into Revoluts buy and sell prices and cannot transfer to an external wallet.
Is Revolut a Bitcoin Wallet?
No, Revolut is not a Bitcoin or crypto wallet. You are unable to send or receive Bitcoin (or any other supported cryptocurrencies that Revolut Support from the Revolut app. When hold your crypto it’s important to have access to your private keys, unfortunately Revolut does not provide this.
If you’re looking for a secure wallet to store your crypto assets I recommend the Ledger or Trezor hardware wallets.
I personally love the Revolut App and it has some great features. Plus, its slick design makes the app really easy to use. However, I don’t personally hold any large amounts of funds or assets in my Revolut app (for more than a few days). Therefore, wouldn’t look at holding or buying crypto on Revolut.
If you’re serious about investing in crypto it’s best to sign-up for an exchange, such as the likes of Coinbase, Gemini or Binance. Then safely store your crypto in a cryptocurrency wallet such as a Ledger or Trezor which you do have to pay for. However, there are also free wallets such as Exodus or Argent where you can access your private keys. But I understand even by mentioning “private keys” I may have lost some of you already!
Another option (if you don’t want to look after or manage your private keys) is using platforms where you can earn an interest such as BlockFi or Celsius. Where you can currently earn 6% on Bitcoin or 5.25% on Etheruem with BlockFi.
One thing I do use the Revolut app for, is being an intermediary between my bank and crypto exchanges such as Coinbase or Gemini. as some of you may know, some banks do not allow transfers to crypto platforms however Revolut is a crypto-friendly app.