FTX US is a centralized cryptocurrency exchange (CEX) for US-based clients. It’s the US affiliate of FTX, one of the biggest CEX platforms in the world. The FTX US crypto exchange offers spot and derivatives markets, over-the-counter (OTC) trading, and access to the NFT marketplace.
FTX US is available in 49 US states. It currently does not hold BitLicense and cannot run its operations in New York State.
Markets
The FTX US spot market supports more than 25 digital assets. The availability of cryptocurrencies may be limited due to US regulations. Customers can access (more than) 60 FTX US trading pairs, including crypto-crypto and crypto-USD pairs.
The FTX US cryptocurrency exchange uses a six-tier fee structure based on the 30-day trade volume. The maker-taker model is applied. Additional discounts on the FTX US crypto price apply with the VIP and Market Maker programs.
Tier 1 is determined by a 30-day FTX US volume below $100,000. Here, the maker/taker fees are 0.10% and 0.20%, respectively. At tier 6, the required volume must exceed $15 million. Here, the FTX US exchange fees for takers are down to 0.06%, while maker fees are reduced to zero.
Under the seven-tier VIP program, makers are not required to pay any fees, regardless of the 30-day FTX US trade volume. Taker fees can be discounted to as low as 0.0250%. With the seven-tier Market Maker (MM) program, makers can receive a rebate of up to 0.0100%. The MM program does not alter taker fees.
In order to access margin trading on the FTX US crypto exchange, an account must be margin qualified. Such users must hold a minimum of $100,000 or an equivalent FTX US crypto price in their account. Customers can trade on the FTX US spot market with up to 10x leverage.
FTX US also supports options and futures trading. The smart contracts used in derivatives markets currently support Bitcoin mini options, Bitcoin mini futures, and Ethereum mini futures contracts. The minimum required FTX US crypto price for one contract is 0.01 BTC and 0.10 ETH.
Customers that use wire withdrawals can take out less than $5,000 for free once per rolling fee. There is a $25 fee for additional withdrawals below $5,000. If the withdrawal amount exceeds $5,000, no charges are applied. Wire deposits are free.
Blockchain transfers are free from deposit fees. Users must pay the withdrawal fees for ETH, ERC-20, and small-scale BTC transactions. The FTX US cryptocurrency exchange covers the withdrawal costs of other assets.
Regular trading fees, as well as an interest rate, apply to margin trading. The FTX US crypto price charged for the service differs for borrowers and lenders. Net loan fees are built into the interest rates.
OTC trading is used to support large-scale, 24/7 transactions. The quotes are customized based on order size. This service is also supported by FTX US API tools.
Other Services
FTX Pay is a customizable payment processor on the FTX US crypto exchange. Users can connect their FTX account or use an external wallet to receive crypto or fiat payments. A flat transaction fee of 1% applies to the service.
In 2021, the FTX US crypto exchange launched its NFT Marketplace. Users can mint, buy, sell, and store non-fungible tokens (NFTs). At the time of writing, FTX US supports Solana and Ethereum-based tokens.
Customers on the NFT Marketplace are subject to FTX US crypto fees. NFT sellers are charged a 2% fee on each sale and trade. Additionally, the self-service mint tool charges $3 for minting and listing NFTs.
During Ethereum NFT withdrawals, the FTX US crypto exchange subsidizes some of the gas fees. There is no set subsidy rate due to factors like network congestion and market price.
FTX Whitelabel is the company’s Crypto-as-a-Service platform. It offers a scalable exchange suite, fiat solutions, security measures, and other features. Institutional customers can develop custom-built exchange solutions using the available Whitelabel tools.
In May 2022, it was announced that FTX US would launch its own stock trading service, with the private beta starting later that year. The service was launched in July 2022. It offers trading of stock assets, including Amazon, Apple, Tesla, and Meta. There are no FTX US exchange fees associated with stock trading.
US-based customers are eligible to acquire the FTX Card. It’s a Visa debit card that can be connected to the exchange account. The FTX US crypto price value stored in the account is automatically converted during a transaction with the FTX Card. The card can be physical or digital. It can be used worldwide without any additional FTX US crypto fees.
About the Company
The FTX US crypto exchange was launched in May 2020, only a year after the release of its global affiliate. Unlike the original FTX platform, FTX US was developed specifically to comply with the US financial regulations on crypto exchanges and assets. FTX US is headquartered in Chicago, IL.
By the end of 2020, FTX US services were available in 49 out of 50 states. In May 2022, it was announced that the company had applied for a trust charter with the New York Department of Financial Services (NYDFS).
In 2021, FTX garnered revenue of more than $1 billion, with FTX US accounting for around 5% of it. Additionally, the userbase of FTX US grew by an outstanding 12,100%, with daily registrations increasing by 745% in December compared to January 1st, 2021.
Throughout 2021, it was recorded that some days saw the daily FTX US volume exceed $1 billion. In January 2022, after a series of investments, FTX US reached a valuation of $8 billion. In turn, FTX was valued at $25 billion.
The CEO of FTX US, as well as FTX proper, is Sam Bankman-Fried, also known as SBF. Before launching FTX, he was an ETF trader at Jane Street Capital. SBF is also the founder of the trading firm Alameda Research.
Brett Harrison is the President of FTX US. Before joining the platform in May 2021, Harrison was the Head of Semi-Systematic Technology at Citadel Securities.
