FTX Singapore Review: Fees, Pros and Cons
FTX Singapore Review: Our Opinion
FTX is one of the leading crypto exchanges for derivatives trading. The crypto exchange is best for traders looking for advanced trading options like futures and spot markets, leverage tokens, and margin trading. However, beginners in the crypto trading space may find FTX difficult to use.
FTX is a centralized cryptocurrency derivatives exchange that offers unique products like leveraged tokens, prediction markets, futures trading, staking, options, and derivatives trading.
The exchange has high 24-hour trading volumes and supports over 300 cryptocurrencies. This is much more than many competitor cryptocurrency exchanges. In this FTX review, we will take a deep dive into everything the exchange has to offer.
Our review is built on competitor analysis, years of cryptocurrency experience, expert opinions, user reviews, and first-hand experience.
An Overview of FTX
Based in the Bahamas, FTX was founded in 2019 and has since risen to be one of the world’s leading cryptocurrency exchanges. The company is currently valued at 32 million dollars (as of January 2022) and offers many products like margin and futures trading, trade market volatility, and leveraged tokens that the more seasoned crypto traders would appreciate.
Key Features of FTX
The FTX Token is the native currency of the FTX exchange. The token was launched on May 8, 2019. At the time of its launch, the token traded for about $1.20 but soared in price to about $61 in May 2021 and $85 by September of the same year. But by 2022, the price had dropped to $40.
FTT is deflationary; this means that with time, the supply of the token decreases and this triggers an increase in the demand for the remaining token. FTX token is issued by Binance.
At the time of the launch of the token, the total supply of FTT was 350 million tokens. 175 million of the tokens were reserved for FXTs treasury and unlocked 3 years after the launch.
FTT can be found on the Binance, Ethereum, and Solana blockchains. It is also listed on popular crypto exchanges like Huobi Global, Bitfinex, and Binance.
Since FTT is a token, not a coin, it cannot be mined. Stakers and holders can, however, earn rewards for holding the token.
Every week FTX buys and burns FTT from the FTT/USD market. As of May 2022, out of the 263 million tokens in circulation, FXT had burned 17 million tokens.
FTX offers a 3% trading discount to customers who hold more than $100 worth of FTX tokens. Customers who hold more than $5 million worth of the token get a 60% discount on trading fees. Asides from the high discount on the trading fees, they are also considered to be VIP customers. This means that their orders are given priority.
Users who hold more than $10,000 worth of FTT are eligible for OTC desk discounts. The discounts can go as high as 0.02%. The higher the volume of FTT a user holds the higher the discount they are entitled to.
Also, users who stake FTT stand the chance of earning up to 40% in referral rewards. They are also entitled to up to 1,000 ERC-20 withdrawals per day, and an increase in the relative size of airdrop rewards of other tokens by almost 14%. FTT holders also get trading fee rebates and are eligible to enter up to 6 initial exchange offerings. Like with the OTC discount, the higher the FTT a user holds, the higher the rewards. Stakers who have up to 1,000,000 enjoy more rewards than users who hold a lesser amount of FTT.
NFT Minting and Depositing
FTX users can deposit and mint NFTs on FTX US. NFT minting and depositing are not supported on FTX international but users from the US and non-US jurisdictions can use the FTX US platform for NFT purposes.
All NFTs listed on FTX are displayed on the NFT homepage. Users can search for available NFTs on the platform by typing in the name of the NFT or by clicking the “Browse” button on the homepage.
Listing of NFT on the FTX platform can be done by following the steps below:
- Go to the NFT homepage
- Click on the “Mint” button
- A new page showing “List New NFTs” will be displayed alongside a listing application form.
- You will need to fill all the fields in the application form with the following information: The public name for the creator of the NFT, the name for the category of the NFT, the name for the batch of NFTs the NFT belongs to, a description of the specific NFT and the attribute of the NFT and its corresponding value.
- Once you have provided all the necessary information, select and upload your NFT file.
- Read and agree to the Listing Terms of Service. This will include a nonrefundable $10 submission fee.
- Once this is done you can submit your NFT.
- It is important to note that after submitting your NFT, it will take some time for FTX admins to review your listing request. If the approval takes longer than 72 hours, you can open a support ticket.
FTX Quant Zone
The FTX Quant Zone is a place designed by FTX on the FTX cryptocurrency exchange for users to build and share trading strategies. Quant Zone Rules are ways users can instruct orders on their accounts.
To build a rule, all you need to do is to go to the Rules page and click ” Create New Rule”. The rule section has 2 categories: the trigger and the actions.
The trigger is the condition that must be in place for the rule to happen. Triggers can be gotten using the user’s account and mathematical functions or arbitrary formulas that reference FTX market data.
The action details what happens when the rule is triggered. Users can string together multiple actions based on their preferences.
Once the trigger and actions are set, you can save it by clicking “Save Draft” or you can have it executed immediately by clicking ” Save and Run”.
Every 15 seconds, each rule checks to see if its trigger is true. If it is true, the action is executed. Once the rule is enabled and triggered, it will keep executing its action for as long as the trigger is true.
The only way to discontinue its action is by clicking the “Pause Rule” or doing something that alters the trigger condition and makes the trigger untrue.
FTX Quant Zone Rules have access to all the funds and trading (futures, margin trading, etc) capabilities of the main account. This enables users to access all the funds in their wallets and trade on any FTX market.
Cryptocurrencies Available on FTX Singapore
FTX exchange supports over 300 crypto assets.
This includes: COMP, CAD, BTC , BNB, BEAM , BAND, BAT, ATOM, ATLAS, APE, ALT, ALPHA, ALICE, ALGO, ALEPH, ALCX , AKRO, AGLD, ADA , AAVE, 1INCH, CUSDT, CVC , DASH , DENT, DODO, DOT, DRGN,EDEN , EOS ,ETH ,FIDA , FLOW, FTT, GMT , KAVA , KSHIB , LOOKS, LTC , MANA, MATH , MATIC, MINA ,MNGO ,MSOL , PAXG, POLIS, QTUM, ROOK,SAND , SHIB , SOL , SPELL ,STORJ, SUSHI, THETA , TONCOIN ,UNI ,UNISWAP, USDC, USDT, WBTC ,XRP , XTZ, and YFI.
FTX offers a tiered fee structure for all spot and futures markets based on your 30-day trading volume in USD.
- Tier 1 is for users with zero 30 days trading volume. On this tier, you’ll be charged 0.020% in maker fees and 0.070% in taker fees.
- Tier 2 is for users with 30 days of trading volume greater than USD 2,000,000. On this tier, you’ll be charged 0.015% in maker fees and 0.060% in taker fees.
- Tier 3 is for users with 30 days of trading volume greater than USD 5,000,000. On this tier, you’ll be charged 0.010% in maker fees and 0.055% in taker fees.
- Tier 4 is for users with 30 days of trading volume greater than USD 10,000,000. On this tier, users are charged 0.005% in maker fees and 0.050% in taker fees.
- Tier 5 is for users with 30 days of trading volume greater than USD 25,000,000. On this tier, you won’t be charged any maker fees. But the taker fee is 0.045%.
- Tier 6 is for users with 30 days of trading volume greater than USD 50,000,000. On this tier, you won’t be charged any maker fees. However, you’ll be charged 0.040% in taker fees.
That said, users staking FTT get maker rebates as low as -0.0030%. And you’ll need just 25 FTT to qualify for 0 maker fees.
FTX charges futures Fees in USD. But for spot, maker order fees are in the proceeds currency or the currency that you receive.
So if you’re buying, it’ll be in the base currency, and if you’re selling in the quote currency. In the BTC/ETH pair, for example, BTC is the base currency and ETH is the quote currency.
However, taker order fees are in your quote currency irrespective of whether you’re selling or buying.
FTT Holders Discounts
FTX offers fee discounts for FTT holders. Here’s the list:
- Users holding $100 worth of FTT get a 3.00% discount on FTX trading fees.
- Customers holding $1,000 worth of FTT get a 5.00% discount on FTX trading fees.
- Users holding $5,000 worth of FTT get a 10.00% discount on FTX trading fees.
- Customers holding $10,000 worth of FTT get a 15.00% discount on trading fees.
- Users holding $50,000 worth of FTT get a 20.00% discount on trading fees.
- Users holding $500,000 worth of FTT get a 35.00% discount on trading fees.
- Customers holding 3,000,000 worth of FTT get a 50.00% discount on trading fees.
- Customers holding $5,000,000 worth of FTT get a 60.00% discount on trading fees.
Spot-margin Borrow/Lend Fees
Borrowers in addition to the interest rate they pay to lenders are charged fees on borrows. The net fees on loans are built into the interest rates, so borrowers and lenders see different rates.
FTX does not charge users fees on futures settlements. Leveraged tokens, on the other hand, have creation and redemption fees of 0.10%, and a daily management charge of 0.03%.
The exchange does not have any deposit fees. It also does not have withdrawal fees except for ERC-30 tokens, small BTC withdrawals, and ETH withdrawals. In such cases, users pay blockchain fees unless they have FTT staked.
Here’s a screenshot of the amount of FTT staked and the number of ERC-20 withdrawals with fees waived daily.
That said, for free withdrawals, in the case of users whose stablecoins/fiat withdrawal/ deposit volume exceeds their trading volume, FTX charges a withdrawal fee of up to 0.10%.
BTC withdrawals greater than 0.01 BTC are also free but BTC withdrawals lower than 0.01 BTC are charged withdrawal fees after the first free one per day.
Fees for Move contracts are dependent on the price of the underlying index not the cost of the Move contract.
FTX does not charge fees for OTC Trading or converting in your wallet. All costs are embedded into the quoted price.
FTX Payment Methods
FTX supports wire transfers and credit card deposits for all supported fiat currencies. The exchange only processes wire transfers on weekdays excluding SEN. USD wire transfers typically take one day to process but for non-USD transfers, the timeframe is typically longer.
Also, FTX can only wire fiat currencies to bank accounts with the name used to register your FTX profile. They also only accept wires from bank accounts in the name used to register for FTX accounts.
FTX focuses a lot on ensuring the confidentiality and safety of users’ assets and personal information on the platform.
All users registering an FTX account must provide a password. No account can be created on the platform without a password. Your password must have a combination of letters, numbers, and special characters. It must also not have a predictable pattern.
The more complex the password, the better. This will make it harder for the account to be compromised.
All users must also set up Two-Factor Authentication to be able to transact on the cryptocurrency exchange.
If the 2FA is removed or the password is changed, FTX will temporarily disable withdrawals from the account for 24 hours. This is to ensure that in case the account has been compromised, the user’s funds are not compromised.
The 24 hours wait period gives the user ample time to detect any suspicious activity in their account and take the required steps to regain control of the account.
Users can whitelist wallet addresses on their accounts. When this feature is enabled, only withdrawals to the whitelisted addresses will be approved.
To be able to activate address Whitelisting, the user must have enabled withdrawal password and 2FA.
When a user sends an address for Whitelisting, he will be notified via email. The whitelisting request is delayed for a while before it is approved. This delay is to ensure that the wallet has not been compromised. VIP clients can choose to allow FTX admin whitelist addresses for them.
Once the whitelisting feature is enabled, it can only be disabled by contacting FTX admin.
Users can activate login functions for subaccounts. With this feature, even though the user grants other people access to their account, the visitor’s level of access to the account will be restricted to only one subaccount.
The user can also choose to activate the “Read Only” feature. Once this is enabled whoever has access to the account can only view and download trade history. They will not be able to take actions like trading, withdrawal, and transfer.
There is also a “Trade-only” feature which allows whoever has access to take actions like trading on the account but withdrawals are not allowed.
Due to its partnership with Chainalysis “Know Your Transaction (KYT)” FTX can monitor suspicious crypto transactions. The suspicious activity can be anything from an unusual login attempt using just the username and password, to a dubious deposit or withdrawal.
This real-time monitoring is done using anti-money laundering compliant software. Once suspicious activity is detected, the account owner is notified immediately so that the necessary precautionary measures will be taken.
Asides from all these security measures put in place on the FTX exchange, FTX has about $200 million in assets in Backstop Liquidity Fund.
FTX Staking Rewards
FTX users can stake FTX Tokens on the platform. Users who stake FTT are paid a higher fraction of their referral fees. They also enjoy lower maker fees and maker rebates. Plus, FTT holders have increased Serum Ecosystem Token (SRM) air drops and receive bonus bites in FTX polls.
FTT Stakers enjoy several free ETH and ERC20 withdrawals daily and get tickets for Initial Exchange Offerings (IEOs) hosted in FTX.
To be able to own and stake FTT, the FTX user must pass at least KYC 1. Also, only users that have passed KYC 2 are eligible for SRM rewards. To qualify for SRM airdrops, the user must have a minimum of 500 FTT on his FTX account.
Locked FTT is not eligible for staking and staked FTX token cannot be used as collateral.
Un-staking FTT on FTX takes 14 days. This is because after you un-stake your FTT, the tokens are locked up for 2 weeks before they are released to you. If you wish to have the tokens returned to you immediately, you can pay an expedite fee.
Staking FTT on FTX is straightforward. To stake your tokens, all you need to do is:
Opening a FTX Account
To open an FTX account visit www.ftx.com.
Next, click “Create a free account” located in the upper right corner of the page.
Enter your email address and a password. Agree with their terms of service and click “Create Account”.
After this, you can start the KYC process. For level 1 you need an email address, date of birth, full legal name, phone verification, country of residence, and province/region.
For level 2 you need a description of source assets, facial verification, proof of address, address, and passport or other government-issued ID.
Trading Experience on FTX
You can handle all transactions via FTX’s web platform or mobile app for iOS and Android. The layout of the main trading exchange is quite attractive to advanced users and crucial functions like security and settings are clearly labeled.
However, newbie cryptocurrency traders might feel intimidated right away. Upon opening the trading interface you’re staring at stocks, margin trading, futures, spot, volatility, and leveraged tokens. This is oftentimes too much for beginners. So if you’re just interested in buying and selling cryptocurrencies FTX’s trading interface will require a steep learning curve.
FTX Customer Support
Users who have complaints can reach the FTX support team via their official email at email@example.com
Queries can also be sent to the support team from the FTX website by submitting a support ticket. Users can send a support ticket without login into their account. This is handy for users who cannot access their accounts for various reasons.
You can also get updates on the latest advancements on the FTX platform by following their social media pages on Facebook, Twitter, and Telegram. That said, since these social media platforms, especially their Telegram groups, are public, FTX advises users to be careful with who they contact on Telegram, to avoid being scammed.
FTX has a poor rating of 2.0 out of 5 on the user review platform TrustPilot. Users primarily complain of issues with delayed or denied withdrawals, bad customer service experience, and registration problems. On the Google Play Store, the FTX app has a 4.0 score with the majority of users complaining about the operational aspect (unresponsive app updates).
Does FTX offer Education?
No, FTX does not offer education.
Is FTX Right For You?
FTX is best for advanced crypto traders looking to trade in cryptocurrency derivatives or simply buy digital assets.
FTX is certainly an attractive platform for experienced traders. The exchange features markets like leveraged tokens, futures, spot, and prediction. However, beginners who know nothing about leveraged tokens or futures trading may find the platform overwhelming. The interface is also difficult to navigate if you aren’t used to such trading platforms.
Our extensive analysis of the Singaporean Crypto Exchanges doesn’t stop here. You can also read about our Coinbase Singapore review as an alternative to FTX Singapore or you can check out our list of Best Crypto Exchanges Singapore to find out which is our pick out of all.
Most frequent questions and answers
FTT as a project has experienced steady growth in popularity and could be a great investment in the long run. However, the cryptocurrency market is volatile and poses significant risks.
Yes, FTX is allowed in Singapore but isn’t regulated by the Monetary Authority of Singapore.
You can earn interest on your FTX deposits – both fiat and crypto balances. You just need to stake supported assets.
- Visit ftx.com/wallet
- Click Withdraw
- Click Request a Withdrawal
- Enter the withdrawal amount and your Two-Factor Authentication code
- Click submit
Your funds will typically be available within 24 hours.
FTX is a cryptocurrency derivatives exchange. This means that the exchange offers secondary contracts that get their value from a main underlying asset. For example, a primary asset would be a cryptocurrency like Bitcoin.
Yes, FTX has a mobile app.
Leverage tokens are high risk. This means you should only trade leveraged tokens if you understand how they work. The primary reason is that leveraged tokens gain or lose huge amounts of their value daily.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.