FTX is a centralised cryptocurrency derivatives exchange that receives over $10 million in daily trading volume. FTX enables users to trade derivatives which resemble the value of underlying assets. The exchange specialises in derivatives and leveraged products and also provides spot markets in more than 100 currency pairs.
The FTX platform offers a range of unique features which makes it different from many other exchanges on the market. This tutorial will walk you through how to use the exchange for your own derivatives trading.
Setting up your account
You can create an account through the FTX.com website or through the platform’s mobile app. For this tutorial, we will be demonstrating with the desktop version of FTX.
To create your FTX account, go to ftx.com and locate the ‘create a free account’ button in the top right corner of the screen. You will then be prompted to enter your email, create a password and provide some personal details.
Once you’re signed in, FTX will give you a short tour of the platform. You can choose to skip this however it’s a great opportunity to learn more about using the exchange.
Funding your account
Before you can start trading on the FTX platform, you will need to fund your account. FTX provides four funding options: credit/debit card, USD stablecoins, cryptocurrencies or wire transfer.
Choose your funding option and then provide the necessary details to add money to your account. You may be asked a few questions about the source of your funds and you will also need to verify your identity before depositing any money. FTX uses Stripe to verify your identity.
The FTX wallet
When you add funds into your account, they will show up in the FTX wallet. This is where you can see your balance as well as any other deposits or withdrawals that you make.
The wallet displays both cash and coin balances. You can easily browse through your coins and tokens by clicking the search icon and choosing the coin that you would like to find. The wallet will only display coins that you have unless you untick the ‘hide zero balances’ option in wallet settings.
For each coin, the wallet will show your ‘balance’ and your ‘available balance’. The ‘balance’ is how much you own and ‘available balance’ refers to how much you own and aren’t using for open trading positions.
Deposits and withdrawals
You can deposit coins that you already own into your FTX wallet. To do this, click ‘DEPOSIT’ and then use the blockchain address that appears to send the coin.
To withdraw coins from your wallet, click ‘WITHDRAW’ and then enter your details.
You can view any pending withdrawals that you have by scrolling to the bottom of the wallet page.
One of the easiest ways to trade on the FTX exchange is to convert your coins into other derivatives.
You can do this directly from the FTX wallet by clicking the ‘CONVERT’ button and choosing your quantity. You can use CONVERT to buy and sell fiat currencies as well as derivatives.
The markets feature is the best place to find all of the products that are listed on the FTX exchange. FTX offers a wide variety of different products that you can find through the search feature on the markets page.
If you are only interested in a few markets, you can add them to your favourites list by clicking the star icon. This will move them to the top row of tickers.
After exploring all of the tokens that FTX has to offer, you can start trading through the exchange. First, choose the token that you would like to trade from the market and open up the trade page.
From here you can place either a buy or a sell order. To do this, put a price and amount into the order form. You can also set a stop limit and take profit.
FTX allows you to trade all of the futures products without having to separate your funds. This means that you don’t need to juggle between different wallets or currencies.
However, if you would like to separate your positions, you can use FTX subaccounts. Each sub-account is completely separate which gives you total control over how you trade. You can combine and separate your trading on FTX to make the exchange work for you.
To switch between subaccounts, click on ‘select account’ and then choose the account that you would like to trade.
FTX trading chart
You can use the FTX platform to conduct technical chart analysis. The FTX exchange uses the TradingView chart on the desktop site. You can use the platform to edit the chart settings by clicking the gear icon in the top right corner.
Customising the FTX platform
One of the best features of the FTX platform is that you can customise the interface. Simply locate the settings icon and play around with the different layouts and features to find a UX that you like.
You can also customise your account security through the settings page. Here, you can change your password, enable 2-factor authentication and add a separate password for withdrawals.
You can also create custom logins to control access to different sub-accounts.
FTX native token
The FTX exchange has its own token, FTT
The token comes with lower trading fees than other tokens on the platform. It can also be used as collateral for all futures that are available on FTX.
Disclaimer: THIS IS NOT FINANCIAL OR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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