FTX Review 2022: Pros, Cons and How It Compares

More advanced traders may gravitate toward the more sophisticated products offered by FTX, though some may be looking for a larger selection of cryptocurrencies.
May 19, 2022

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Our Take

5.0

NerdWallet rating 

The bottom line:

FTX has low fees for cryptocurrency trading, with a decent selection of digital assets on offer. It also has some features for advanced traders, including the ability to trade between cryptocurrencies and multiple national currencies.

FTX.US
FTX.US
Fees
0%-0.4%
Account minimum
$0
Promotion
None
no promotion available at this time

Pros & Cons

Pros

  • Low withdrawal fees.

  • Advanced trading options.

Cons

  • Limited support options.

  • Smaller selection of cryptocurrencies than some competitors.

Compare to Similar Brokers

Robinhood Crypto
Webull Crypto
eToro
NerdWallet rating 

3.5

/5
NerdWallet rating 

3.5

/5
NerdWallet rating 

4.0

/5

Fees

$0

per trade

Fees

$0

per trade

Fees

1%

for cryptocurrency

Account minimum

$0

Account minimum

$0

Account minimum

$10

Promotion

None

no promotion available at this time

Promotion

Get $5 in Crypto

after opening a Webull account, activating crypto trading, and completing 1 crypto trade before 10/31/2022.

Promotion

Get an 8% Bonus

when you deposit at least $50. Earn more when you deposit more. (U.S. only).

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Full Review

Where FTX shines

Low fees: The fees for trading on FTX are among the lowest on exchanges reviewed by NerdWallet. Users of the company's mobile app, for instance, pay no transaction fees at all (though FTX does take a markup in the form of a spread). The platform will also pay crypto withdrawal fees on many transactions.

Advanced trading: FTX promotes itself as being designed “by traders for traders,” and it provides several options that may appeal to that market. For instance, it offers margin trading and derivatives such as futures.

Where FTX falls short

Customer support: Unlike some competitors who offer live phone support even to new clients, FTX advises customers to open a support ticket with their team using an online portal.

Cryptocurrency selection: While FTX’s selection of digital assets includes many of the most heavily traded cryptocurrencies, its offerings, at 21, are fewer than those offered by other top-tier competitors reviewed by NerdWallet.

FTX is best for:

  • Advanced traders.

  • Frequent withdrawals.

  • Trading with fiat currencies.

FTX at a glance

Minimum trade

$1

Trading and transaction fees

No fees on mobile app, though there is a spread.

Number of cryptocurrencies

21.

Crypto-to-crypto trading pairs

27.

Website transparency

Some information on the FTX website can be difficult to find.

Can use your own digital wallet?

Yes.

Mobile app

FTX's app is available on iOS and Android, with an average rating of 4.3 stars.

Customer service

FTX encourages users to use support tickets to ask for help.

More details about FTXs ratings

Minimum trade

For basic purchases of Bitcoin, the minimum is about $1, the company says.

Trading and transaction fees

FTXs transaction fees for spot purchases of cryptocurrency vary based on whether you are using its desktop or mobile platform. Its desktop product, called FTX.US, calculates fees based on how much you trade on its platform. Casual users who trade less than $100,000 every 30 days will pay up to 0.4%. Heavy hitters who trade more than $50 million monthly on FTX.US can pay as little as 0%.

FTX’s mobile app, formerly known as Blockfolio, charges no fees for transactions. Like some competitors such as Robinhood, it does introduce a spread, which can raise consumer prices.

On both mobile and desktop, FTX offers customers one free wire withdrawal of cash per week, though all withdrawals above $5,000 are free. And it covers blockchain network fees on some assets. Wire deposits of cash are free.

FTX gives customers one free ACH bank deposit of more than $10 per week. After that, deposits cost 50 cents. That fee can be waived for deposits of more than $100.

Fees vary for more advanced trading products.

Number of cryptocurrencies

FTX offers trading in 21 cryptocurrencies.

Crypto-to-crypto trading pairs

FTX has 27 trading pairs involving cryptocurrencies. But it has additional options available if you’re interested in trading in multiple fiat, or traditional, currencies. For instance, FTX has markets for Bitcoin in currencies including the U.S. Dollar, the Australian dollar, and the Euro.

Digital wallet options and security

FTX allows users to use their own digital wallets to transfer cryptocurrencies onto and off of its platform.

FTX says it has taken industry-standard security measures to protect assets and customer information on the platform. It also says it has “full external backing” of assets held in hot wallets, which are connected to the Internet. Other security measures include the option to have separate passwords for withdrawals.

Mobile app

FTX has mobile applications for iOS, which carries a user rating of 4.8 stars, and Android, which has a user rating of 4.1 stars.

Customer support options

FTX encourages users who are having problems to use its support ticket system. There’s no readily accessible number for phone support.

Other features you should know about

Advanced trading: FTX offers products such as margin trading, over-the-counter trading, and derivatives. Some of these may appeal to traders who have a high tolerance for risk. Margin trading, for instance, involves borrowing to increase both the potential returns and the potential losses. Derivatives include products such as futures, which are tied to the future price of an asset.

NFTs: FTX operates a marketplace for NFTs, or nonfungible tokens. NFTs are a way for people to establish ownership over digital files such as images, music and videos.

Rewards: FTX offers up to 8% in interest on both fiat currency and crypto held on its mobile app. The company also will give customers a small amount of free crypto for carrying out certain trades.

Is FTX right for you?

On one hand, the relatively low fees could be of interest to beginners getting started. More advanced traders may gravitate toward the more sophisticated products offered by FTX, though some may be looking for a larger selection of cryptocurrencies.

How do we review cryptocurrency platforms?

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We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

For more details about the categories considered when rating brokers and our process, read our full methodology.