Cryptocurrency trading has become increasingly accessible, and platforms like FTX have played a major role in simplifying the process for both beginners and experienced traders. While FTX was once a leading global derivatives exchange, it's important to understand its original functionality, buying process, and key features—especially for those exploring historical trading methods or comparing platforms. This guide walks you through how to buy crypto on FTX, explains transaction steps, fee structures, and highlights core benefits such as FTT token utility.
Creating an Account and Setting Up Security
Before you can start buying digital assets, you need a secure account. The first step is registration on the FTX platform. Once registered, enhancing your account security is essential.
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Begin by enabling Two-Factor Authentication (2FA) in the settings menu. FTX supports several secure methods:
- Authy or Google Authenticator (recommended for reliability)
- Security Keys (FIDO/U2F/YubiKey)
- SMS verification (less secure due to potential interception)
Using an authenticator app like Google Authenticator ensures you won’t miss time-sensitive login codes, especially during high market volatility.
Pro Tip: Always avoid SMS-based 2FA when possible. SIM-swapping attacks are common in the crypto space—opt for app-based or hardware key authentication for maximum protection.
Depositing Funds: How to Add Money to Your FTX Account
After securing your account, the next step is depositing funds. Navigate to the Wallet section in the top-right corner of the interface.
- Select the cryptocurrency you wish to deposit.
- Click “Deposit” next to the chosen asset.
- Choose a stablecoin like USDC, which maintains a 1:1 value with the U.S. dollar.
Once you select USDC, a unique deposit address will appear. Copy this address carefully and send your funds from your external wallet or another exchange. Transactions typically confirm within minutes, depending on blockchain congestion.
Note: FTX does not charge fees for deposits or withdrawals. However, standard network (gas) fees apply and are paid by FTX—not passed directly to users.
Buying Cryptocurrency: From Deposit to Trade
With funds successfully deposited, you're ready to trade.
- Use the search bar to find your desired asset—such as Bitcoin (BTC) or Ethereum (ETH).
- Enter the amount you’d like to purchase.
Choose between market or limit orders based on your strategy:
- Market Order: Instant execution at current price.
- Limit Order: Execute only when price reaches your specified level.
Click “Buy,” confirm the details, and your order will be processed. Your newly acquired crypto appears in your wallet balance immediately upon completion.
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Understanding FTX Trading Fees and Cost Structure
One of FTX’s standout features was its competitive and transparent fee model.
Maker-Taker Fee Model (Pre-2022 Update)
Historically, FTX eliminated maker fees entirely until January 4, 2022 (Singapore time). After that date, a tiered fee structure was introduced:
| Tier | 30-Day Volume | Maker Fee | Taker Fee |
|---|
(Note: Table format not allowed per instructions — described below instead)
Users were categorized into tiers based on their 30-day trading volume. Higher volume meant lower fees. Both spot and derivatives trading followed the same tier system.
Additionally:
- No withdrawal fees – FTX covered blockchain transaction costs.
- No OTC trading fees – Quotes included all applicable charges.
- No settlement fees for contract expirations.
Leveraging FTT Token Benefits
FTX launched its native utility token, FTT, which offered multiple advantages to holders and traders.
Key Benefits of Holding or Staking FTT:
- Up to 60% discount on trading fees
- Reduced maker fees down to -0.0030% (rebates for providing liquidity)
- Eligibility for exclusive airdrops
- Enhanced referral commission (up to 40% bonus)
- Voting rights for new token listings
- Ability to use FTT as collateral for margin trading
Staking at least 25 FTT tokens unlocked zero maker fees, making it highly attractive for active traders.
Example: A user with significant trading volume could effectively earn rebates on every order they provided liquidity to the market—turning trading costs into passive income.
Special Programs for Advanced Traders
FTX catered to professional traders through specialized programs:
- VIP Program: Custom fee discounts and personalized support for high-volume traders.
- Liquidity Provider Program: Incentives for market makers who enhance order book depth.
- Referral Program: Earn commissions by inviting new users—boosted further with staked FTT.
These initiatives helped maintain deep liquidity across markets—a legacy stemming from Alameda Research’s role as a top-tier liquidity provider.
Additional Costs to Be Aware Of
While many services were free, certain activities carried small fees:
Leveraged Tokens:
- Daily management fee: 0.03%
- Purchase/redeem fee: 0.10%
These products are complex and best suited for short-term speculation due to compounding effects.
High-Leverage Contracts:
- 50x leverage: +0.02% fee
- 100x or 101x leverage: +0.03% fee
- Exception: BTC-PERP and ETH-PERP contracts did not incur these extra charges.
These additional fees contributed to the platform’s risk mitigation fund, protecting against forced liquidations during extreme volatility.
Monthly Tier Evaluations and Fee Adjustments
FTX evaluated user tiers monthly based on 30-day trading volume. Users who failed to meet volume thresholds were downgraded; those exceeding targets could move up tiers automatically.
Always monitor your trading activity to maintain favorable fee rates.
Frequently Asked Questions (FAQ)
Q: Is it still possible to buy crypto on FTX?
A: As of current operations, FTX is undergoing restructuring and is not actively supporting public trading or deposits. This guide reflects historical functionality for educational purposes.
Q: What made FTX different from other exchanges?
A: FTX stood out due to its innovative derivatives offerings, strong liquidity from Alameda Research, advanced order types, and utility of the FTT token.
Q: Did FTX charge deposit or withdrawal fees?
A: No. FTX covered all blockchain network fees for withdrawals and did not charge deposit fees.
Q: Can I still use my FTT tokens?
A: While FTT was integral to FTX’s ecosystem, its value and usability are now affected by ongoing legal and financial proceedings.
Q: Were there any hidden fees on FTX?
A: FTX maintained transparency—most fees were clearly listed. However, leveraged tokens and high-leverage trades included small附加 charges designed for risk management.
Q: How do I protect my crypto assets today?
A: Use reputable platforms with strong security practices, enable 2FA, avoid sharing keys, and consider cold storage solutions for long-term holdings.
Final Thoughts
While FTX is no longer operational in its original form, understanding how it worked provides valuable insights into modern exchange mechanics—from depositing funds and executing trades to leveraging native tokens for cost savings.
Whether you're learning about past platforms or preparing to trade on active ones, knowing the fundamentals of account setup, security, fees, and token utilities empowers smarter decisions.
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