Setting up a FTX account to buy cryptocurrencies

If you would like to give FTX a try, you can sign up using my referral link where you will get 5% of your fees back. You can read up more on the referral benefits here.

I have been looking for alternative exchanges especially so when there is low commission. I think FTX is one of the exchanges that provided a pretty competitive rate. Its okay to have various exchanges although make sure you remember the passwords. With what Binance.com is facing, restrictions in various countries, it is good to have a few exchanges to allow transfer of assets if required. What I do is that I purchase Etherum, Bitcoin and stablecoins and then transfer them to either Hodlnaut or my cold wallet although I also hold small amounts on exchanges. Seedly came out with an article on the different exchanges available and I think it is really helpful.

So let's talk more about FTX:

Setting up of account and KYC

Setting up of the account was very straight forward and fast. Similar to other exchanges, you will need to provide a copy of your ID for verification. My account was all set up within a day and everything was very smooth. I like that the 2FA is using the Google Authenticator app.

No deposit fees but look out for withdrawal fee (Fiat)

There are no deposit fees for fiat but do note that for fiat withdrawals below $10,000 in value, there will be a $75 fee. For cryptocurrencies, users will pay the blockchain fees for all ETH, ERC20 tokens unless they have FTT staked.

Adding the bank account details to DBS/POSB ibanking for transfer

Adding of your bank account details can be done under the transfers tab where you can go to DBS Remit and overseas transfer. There is a very comprehensive guide from sgcrypto where the steps are clear and easy to follow. Once set up, you can transfer over USD to FTX for your purchases.

Buying and selling

The website might seem a little overwhelming at first (at least for me) but if you have experience buying stocks, it will be easier to navigate. If not, just make sure to focus on every word you are reading. For me, I don't margin and have to deposit cash in before making a purchase, so once you have deposit your fiat in, go to 'markets' then to 'spot', you can either find for the cryptocurrency that you are planning to buy, if you are facing difficulties in that, you can directly search in the search bar for it. Then once the options appear, you can choose the trading pair that you like to buy in.

After you have selected the trading pair, you can then scroll down and there will be buy and sell. You can then key in your orders, setting it as a limit order or market market. How much you like to purchase and so on.

Really interesting as there is much more cryptocurrencies available for purchase compared to Gemini and the platform even provides tokenized stocks where you can purchase Tesla, Google and so on. For now, I only utilise the spot function to purchase cryptocurrencies but will explore around and see. I know that Gemini has 10 free withdrawals per month but the fees on FTX is significantly lower so I will have to try and see which I prefer. For me, currently I am leaning more towards FTX just because of the variety.

If you would like to give FTX a try, you can sign up using my referral link where you will get 5% of your fees back. You can read up more on the referral benefits here. I would say that FTX is really a solid exchange and even the FTX token is within the top 30 cryptocurrencies. Hope the video gives you more insight as I share on the platform.

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