FTX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://ftx-fx.com/, about the company's legal and temporary regulatory information, the company's address 369 Lexington Avenue New York City, NY 10017 United States.
FTX, officially known as FTX Trading Ltd., was established in May 2019. The company is headquartered in Antigua and Barbuda, with significant operations in Hong Kong. FTX was a privately held entity, not publicly traded, and quickly grew to become one of the leading cryptocurrency exchanges globally.
FTX primarily served the cryptocurrency market, targeting both retail and institutional traders. The platform offered a wide array of trading products, including spot trading, futures, options, and leveraged tokens, appealing to a diverse clientele ranging from novice traders to seasoned professionals.
The company's development trajectory was marked by rapid growth and several key milestones, including significant fundraising rounds and strategic acquisitions aimed at enhancing its regulatory standing. Notably, FTX acquired LedgerX, a regulated derivatives exchange, which allowed it to offer more comprehensive services in the U.S. market.
In terms of business model, FTX operated as a cryptocurrency exchange that facilitated trading for various digital assets. It also provided institutional services, including over-the-counter (OTC) trading and asset management, which attracted larger trading firms and institutional investors.
FTX was known for its extensive efforts to position itself as a regulated entity in the largely unregulated cryptocurrency market. The exchange claimed to hold licenses from various regulatory bodies, including:
However, specific regulatory numbers and the validity of these licenses were often questioned, especially following the company's collapse in late 2022. The exchange's operations were structured to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, requiring users to verify their identities before trading.
Customer funds were reportedly kept in segregated accounts, although this practice came under scrutiny during the bankruptcy proceedings, as allegations surfaced regarding the misuse of customer deposits for speculative trading activities. FTX's commitment to investor protection was further undermined by the lack of a formal investor compensation scheme.
FTX offered a diverse range of trading products, catering to various trading strategies and risk appetites. The exchange provided access to:
FTX was recognized for its innovative products, such as Move Contracts, which allowed traders to bet on the volatility of cryptocurrencies based on price movements over specific timeframes. The platform frequently updated its product offerings, introducing new tokens and trading pairs to meet market demand.
For retail clients, FTX provided a user-friendly interface and various tools to facilitate trading. Institutional services included dedicated account management and tailored solutions for high-volume traders, enhancing its appeal to professional trading firms.
FTX utilized a proprietary trading platform designed for both ease of use and advanced trading capabilities. The key features included:
The platform did not support MetaTrader 4 or 5, focusing instead on its in-house solution that catered to a wide range of trading products. The execution model employed by FTX was primarily market-making, facilitating liquidity and efficient order execution.
FTX's infrastructure was robust, with servers located in secure data centers to ensure high availability and low latency for traders. The platform also implemented security measures such as two-factor authentication to protect user accounts.
FTX offered various account types to cater to different trader profiles, including:
The trading conditions included competitive spreads, with maker fees starting at 0.02% and taker fees at 0.07%. Leverage options varied by product, with some futures contracts offering up to 101x leverage, although this was deemed risky for inexperienced traders.
FTX's overnight fees and minimum trade sizes were competitive, although specific details were often subject to change depending on market conditions.
FTX supported multiple deposit methods, including:
The minimum deposit requirement varied by account type, but many users could start trading with as little as $1. Deposit processing times were generally quick, with most transactions completed within a few hours.
Withdrawal methods included bank transfers and cryptocurrency withdrawals, with no withdrawal fees charged by the exchange itself, although standard blockchain fees applied. Withdrawal processing times typically ranged from 1 to 3 business days, depending on the method chosen.
FTX provided customer support through various channels, including:
The support team was known for its responsiveness, with average response times generally within a few hours. FTX offered support in multiple languages, catering to its global user base.
In terms of educational resources, FTX provided:
FTX primarily served markets in North America, Europe, and Asia, with a significant presence in the cryptocurrency trading community. However, due to regulatory constraints, the exchange did not accept customers from certain regions, including:
The exchange's operations were subject to local regulations, and FTX had to navigate a complex landscape of compliance requirements to maintain its market presence. As the regulatory environment for cryptocurrencies continues to evolve, FTX's ability to adapt to these changes will be crucial for its future operations.
In summary, the FTX broker represented a significant player in the cryptocurrency exchange market, offering a range of innovative products and services. However, the collapse of the platform in late 2022 raised serious questions about regulatory oversight and the future of cryptocurrency trading.
Riesco
Spain
Eleanor Wilson (UK) and Chris Vermeulen (USA). Those are the names of the scammers who promise you big profits. I believed in them because they have a US license and a platform that looks serious. I started with 1k euros, through Binance to FTX Capital Group, saw increases through trading and requested a withdrawal to test, no problem. Then I invested 30k with the promise of having a private analyst (Bruce, from the UK) so as not to take risks trading, everything was going very well, but when requesting a withdrawal they asked me to PAY TAXES with an extra deposit or I could not withdraw. I did not know that I had been scammed, now I am in the process of reporting it to the authorities to recover my funds. I don't know if the identities are real, but she is because we sometimes talk on video calls. BE VERY CAREFUL, YOU ARE INDUCING A SERIOUS PROBLEM. Previously they were Sapere Wealth Management UK which operated with Mivolis Prime and then changed to Cang Limited. They were then purportedly bought by FTX Capital Group. I hope to find a way to get my money back from these thieves
Exposure
2022-11-12