How To Use FTX
You’ve probably heard of FTX, though, you also probably hadn’t heard of them until recently.
The exchange has made massive inroads of late when it comes to getting its name out there. Buying a derivatives exchange; a portfolio tracker; and naming rights to arenas; esports teams; and sports leagues will do that.
And with Sam Bankman-Fried’s plan to eventually buy Goldman Sachs, it’s probably a good idea to learn how to use the next big thing crypto exchange-wise.
COVERED IN THIS HOW TO:
- Registering
- Buying crypto with credit and debit
- Depositing and withdrawing
- Transferring between accounts
- Spot trading
Registering
Registering with FTX is very straightforward.
From the FTX home page, click on “Sign Up” from the top right menu.
Register on FTX
From there, you’ll see a pop up. Click on “Sign Up” again. After picking a strong password you haven’t used before, you will be prompted to click verify.
From there you will need to provide your ID to sign up. However, verification is quite quick unlike some exchanges.
Buying crypto with credit and debit
If you plan on only depositing crypto to trade, you do not have to complete KYC on FTX. But if you would like to purchase crypto or fiat with a credit and debit card you will have to complete identification.
To do that, navigate to the top left of the splash page where it says “Wallet.”
Once you are in the FTX wallet, click “Complete ID Verification To Deposit By Card.”
Once you pass KYC, you go back into the “Wallet” and purchase using your card of choice.
Depositing and withdrawing
For those who would rather not KYC, or prefer to deposit crypto they already own, you can transfer assets from another exchange to FTX.
Navigate to the top left of FTX’s website. Click on “Wallet.” Once in wallet, click on on the search button symbol. It’s directly below the “Complete ID Verification To Deposit By Card” button.
It looks like this.
Once you find the search bar, enter the name of the crypto you would like to deposit. In this example I’m using the world’s most popular stablecoin, USDT.
Click on USDT. From there you will be taken to the USDT page.
If you’ve passed verification you’ll see the deposit button where the “COMPLETE IDENTITY VERIFICATION” button is. Click on it.
Similar to how we explained depositing in the Kucoin guide, once you click deposit you’ll be asked to provide the address you are sending crypto from. You can cut and paste the address or use your phone to scan the barcode.
Transferring between accounts
Like Kucoin, FTX also separates its main account from its trading and derivatives accounts. Any purchases you make with your card, or deposits from other exchanges, will first find their way into your “Main Account.”
This can be confusing for some at first. Most people go straight to spot trading and are bewildered by the fact that the crypto they bought or deposited isn’t available for trading like it is in Binance.
In order to trade in spot or margin you will need to transfer from your main account.
Again, navigate to the FTX wallet on the home page. Click on “Wallet.” Inside the wallet, you will see a section for subaccounts.
Click on the arrows going in opposite directions.
After you click, this pops up…
Locate the asset you wish to trade with by clicking on “Coin” and typing in its name. In this example, I am using USDT again.
Also in this example, I am choosing to send USDT from my main account to my margin account. Don’t forget to choose the amount you wish to send in the size tab. It’s below source account. You may choose to send to accounts other than margin using this method.
Spot trading
Spot trading looks a little different in FTX than it does on other exchanges.
From the home page, navigate to “Spot.” Its in the middle around the top of the page. For your convenience I’ve highlighted (in grey) in the screenshot.
From there, you’ll see little tabs like this:
These are your trading pairs. For example, if you only want to trade in the USDT pair only have USDT highlighted, like I did here.
After you’ve highlighted USDT, you will see all the crypto available to trade with using USDT.
For this example, let’s use ETH/USDT. Click on ETH/USDT. You will find yourself on this page.
On that page, scroll down. You’ll find this section…
Here you can choose to buy or sell ETH. You can also choose your order type. The two main order types are limit order and market order. You can find the different options below “Sell ETH.”
Market order is the easiest for first time users. A market order buys or sells immediately at whatever the current market price is.
Limit order is best if you are looking for a particular price. For example, if the current price for ETH is $3,900 USD, and you want to pay $100 to buy Ethereum at $3,850 USD, you do what I did in the picture below and then click buy.
CONCLUSION
Thank you for taking the time to read our beginner’s guide to FTX. If you have any further questions, feel free to ask by commenting below. If you are interested in signing up you can do so by heading to FTX.com.
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