FTX.com Referral Code & Review - Buy Ethereum With FTX.com
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FTX.com Referral Code & Review For Buying Ethereum

FTX is a cryptocurrency exchange that allows users to buy, sell, and trade crypto, including ethereum. 

New customers that use our exclusive FTX Referral Code: BESTBONUSNOW or our FTX referral link will receive 5% off their trading fees!

FTX Review

The FTX.com Homepage

FTX.com Referral Code October 2022

When new users sign up at FTX.com it’s important that they use our exclusive FTX referral code: BESTBONUSNOW to receive 5% off your trading fees. You can also claim your bonus by clicking on any of our FTX.com links (like this one).

FTX.com Referral CodeBESTBONUSNOW
Bonus DetailsSave 5% on all of your trades at FTX.com
Referral RequirementsMust be a new user. 18+
Last Verified September 2022

What is FTX?

FTX is a cryptocurrency exchange that can be used to trade crypto tokens and also swap fiat money for crypto. The exchange offers a number of different markets including futures, volatility, and prediction markets. FTX also maintains advanced features such as stop-loss and take-profit orders. 

FTX supports most countries but is unavailable in the US due to American regulatory conditions. Residents of the US can use FTX.us, a companion exchange to the international FTX.com website. 

Please note: In addition to the US, FTX.com is not accepting users from Cuba, Crimea and Sevastopol, Luhansk People’s Republic, Donetsk People’s Republic, Iran, Afghanistan, Syria, North Korea, or Antigua and Barbuda

Why do you need FTX to buy Ethereum?

Purchasing crypto for the first time usually happens by swapping out regular fiat money for the desired cryptocurrency. Platforms that allow users to buy crypto with fiat money are called “exchanges.”

FTX can be used to purchase ETH with USD through their ETH/USD spot market. Simply enter the amount of ETH you would like to purchase, along with a desired ETH price, to complete the trade.

FTX Review

Buy ETH on FTX here

How much does it cost to buy Ethereum on FTX?

Crypto exchanges charge a trading fee for every transaction on the platform. This is the biggest revenue source for most exchanges, and the size of these fees is a significant consideration in deciding which exchange to use. 

Thankfully, FTX offers some of the lowest fees of any crypto exchange, so it’s a good option for anyone looking to save on trading costs. 

Trading Fees

Fees for trades are split into two types: maker fees and taker fees. Most exchanges charge different rates for market makers and market takers. FTX provides trading fee discounts based on 30-day trading volume, as well as for holding and staking the platform-native $FTT token.

FTX Review

What are Maker/Taker Fees?

Each transaction on a cryptocurrency exchange happens between a buyer looking to purchase an asset, and a seller looking to sell. Since the market price of any asset is constantly changing, these exchanges use a two-way bidding system to match trades. 

For example, a seller provides a price at which they’d be willing to sell some $BTC, while a buyer provides a price at which they would be willing to buy some $BTC. When the sell price that the seller is willing to sell for matches the buy price that the buyer is willing to buy for, a trade occurs, and the $BTC is sold.

When taking into account all trades happening between buyers and sellers for a given asset at any point in time, we can arrive at an average market price for the asset. The current price of an asset like $BTC comes from this market average. 

This is where market “makers” and market “takers” come in. 

FTX Review

Makers & Takers explained by CME Group

Those who bid lower than the average market price are market “makers.” They may have to wait a while for their trades to execute, as they are offering a lower price than the market value of the asset. Market “takers,” on the other hand, are those who bid higher than the average market price. They will have their trades executed right away. 

As the table above shows, market makers are charged a lower fee. This is because they provide demand to a marketplace. Market takers, on the other hand, are charged a higher fee since they “take” liquidity out of the market. 

Generally, market makers are more interested in getting the best deal for their assets, even if it means waiting a bit for the trade to complete, while market takers are more interested in completing their trade immediately, even if it means they get a less optimal asset price.

How to Lower Trading Fees

While FTX trading fees are already low, there are several ways that users can reduce their fees even more:

  • Use a Referral Code: New customers that use our exclusive FTX Referral Code: BESTBONUSNOW, or our FTX referral link will receive 5% off their trading fees!
  • Higher Trading Volume: FTX tracks trading volume on a 30-day basis. Traders who complete more than $2,000,000 in trading fees in a 30-day time period will receive a discount on their trading fees. 
  • Holding $FTT: $FTT is the token of the FTX platform. Holders of the $FTT token are awarded fee discounts per the chart below. Please note that FTT holdings discount cannot decrease taker fees below 0.015%.

  • Staking $FTT: Staking the $FTT token provides additional fee discounts as well as higher rebate rates on referrals to the FTX platform, increased airdrop rewards, and waived ERC20 withdrawal fees. These benefits increase as more $FTT is staked:

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Other Fees

FTX charges fees for a number of other actions, including creating and using leveraged tokens, initiating some withdrawals, and using move contracts. A full list of fees can be found here.

FTX pros and cons

Pros

  • Low fees
  • Robust $FTT token
  • Diverse market types & features

Cons

  • Not available in the US
  • Limited customer support options

Pros

Low Fees

Perhaps the biggest claim to fame for FTX is their low trading fees. The platform out-competes rivals like Coinbase and Gemini when it comes to the cost of transacting, making it one of the few platforms that cost-conscious traders will consider. The low fees alone are enough to crown FTX victorious over other platforms, but they can be lowered even more through referral codes and the $FTT token.

Robust $FTT Token

FTX’s native $FTT token is a must-own for traders looking to get the lowest fees. While most platforms require staking their tokens to receive benefits, FTX provides discounts to $FTT holders, while stakers get even bigger discounts as well as airdrop increases, bonus votes, and rebates for referrals.

Diverse Market Types & Features

While many crypto exchanges primarily support trading cryptocurrencies, FTX has a full feature-set of other markets, including crypto futures, tokenized stocks, and leveraged tokens, as well as volatility and prediction markets. The FTX.us platform also has an NFT marketplace that’s even available to residents outside the US, and both platforms support the FTX debit card.  

Cons

Not available in the US

Due to significant regulatory challenges, the FTX platform is not available to US residents. The FTX team has brought us FTX.us, an exchange under the FTX banner that is available in the US, but this alternative is not nearly as fully-featured as the international FTX.com. US residents will miss out on tokenized stocks, leveraged tokens, and futures contracts, as well as prediction and volatility markets, among many other features that are available at FTX.com.

Limited Customer Support Options

It’s important to note that FTX only has 2/5 stars on Trustpilot.com. Many of the reviews lament the poor customer service, which is currently limited to support tickets. FTX competitors such as Coinbase offer live support to their clients, a department in which FTX is still severely behind in.

Trading tools and features

Some of the FTX trading features

Spot Market

Spot markets are the most straightforward of all the FTX markets. These markets are used to purchase and hold crypto assets. Any time a user is looking to actually buy a cryptocurrency, they will complete that trade through a spot market. This is as opposed to futures markets where users trade options on cryptocurrencies, but the underlying assets don’t change hands. You can find the FTX Spot market here.

Futures Market

The FTX futures market is available to users who have completed Level 2 identity verification. Unlike spot markets, where cryptocurrencies are actually exchanged and held in the buyer’s wallet, futures markets are options trades on an underlying crypto asset which itself does not change hands. Futures markets are used by traders who want to speculate on the price of a cryptocurrency but want to be spared the hassle of actually transferring and holding the asset itself. The FTX futures market allows users up to 20x leverage for their trades.

Tokenized Stocks

While many crypto exchanges provide functionality just for trading cryptocurrencies, FTX has an innovative instrument that tokenizes stocks of publicly-traded companies. These tokenized stocks can be bought, sold, and traded just like any other cryptocurrency, but they are actually backed by underlying shares of the companies. These shares are custodied by FTX Switzerland. Some major companies that have tokenized stocks listed on FTX are: 

  • Tesla
  • Apple
  • Meta
  • Google
  • Microsoft

Leveraged Tokens

FTX offers leverage on individual accounts of up to 20x, but the exchange also offers ERC20 token assets that represent leveraged positions. These leveraged positions are -3x, -1x, 0.5x, 1x, and 3x. 

The negative positions are referred to as “BEAR” tokens and will appreciate whenever the underlying asset goes down in value. The positive positions are “BULL” tokens and appreciate whenever the underlying asset goes up in value. The number represents the leverage coefficient of the market. For example, the -3x ETHBEAR market goes down $3 for every $1 that ETH goes up. The 0.5x ETHHALF market goes up by 50 cents for every $1 that ETH goes up. These positions can be mixed and matched to earn leveraged returns on an underlying asset.

Volatility Markets

The “volatility” of an asset refers to how much uncertainty there is about the value of the asset over some time frame. FTX offers Bitcoin “MOVE” contracts that track the movements of BTC across different timeframes — days, weeks, and quarters. The most liquid of these markets are usually the 1 day BTC MOVE contracts for today’s date. 

These contracts appreciate in price depending on how much Bitcoin has moved in price from the beginning to the end of the day. For example, if Bitcoin starts the day at a price of $30,000 and ends the day at $31,000, the Bitcoin MOVE contract will be worth $1,000 for that day. These volatility markets can be used to trade on the absolute movements of Bitcoin, regardless of whether it goes up or down in price.

Prediction Market

Prediction markets crowd-source the knowledge of market participants to predict the outcome of a particular event such as an election. These markets resolve to $1 if the event occurs, or $0 if the event does not occur while trading somewhere in the middle the entire time leading up to the event. 

The available FTX prediction markets change over time. Currently, there are two prediction markets on the platform: one that predicts the likelihood of Donald Trump winning the 2024 US presidential election, and one that predicts the likelihood of Jair Bolsonaro winning the 2022 Brazil presidential election. 

Lending

FTX allows users to lend out their crypto assets and earn yield through interest. Each asset has a “marginal rate” which represents the interest charged on borrowers of that asset. Users looking to loan their assets specify a minimum interest rate which they would like to charge. Whenever the marginal rate of the asset goes above the user-specified minimum interest rate, the asset will be loaned out and the user will earn yield at the marginal rate. The interest yield is paid out every hour so it’s an attractive option for those looking to earn some money fast.

Usability

FTX is a straightforward, but powerful, platform. The interface separates the different types of markets out, and all the advanced features are easily accessible from the dropdown menus. 

FTX also offers an app for iOS and Android

How to sign up for FTX 

Step 1: Navigate to the FTX.com website. Use our referral code: BESTBONUSNOW, or sign up through our FTX referral link to get 5% off your FTX trading fees!

FTX Review

Step 2: Click the “Create a free account” button in the top right.

FTX Review

Step 3: Upload your identity documents for verification.

FTX Review

How safe is your Ethereum with FTX?

Even though the platform has only been around for 3 years, FTX has never undergone a malicious exploit. Users can add some additional layers of personal security by setting up the following: 

  • Two-factor authentication
  • Security alerts for suspicious account activity
  • Subaccount logins
  • Whitelisting IP addresses and crypto wallets

To sum it up

FTX is one of the fastest-growing and most reliable exchanges in the world. 

Hailed for its low trading fees and robust markets that branch out beyond just crypto, the exchange provides a lot for everyone — from beginners to seasoned traders.

If you are in the US, read our review and use our exclusive FTX.us referral code

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