Many traders get so used to the crypto exchanges they are currently utilizing that it doesn’t come to their mind to consider any alternatives. Nevertheless, researching new services available on the market is always a good idea. Thus, in this article, we offer you to learn an expert opinion about FTX, namely, its safety as that is the most critical factor.
This service is an online crypto exchange, which has been operating on the global market for about 2 years so far. As of today, it offers the following instruments: spot trading, staking, tokens, futures, options — all in all, over 70 instruments. It is also known for affordable commissions and an easy-to-navigate interface.
Although this source is relatively new on the market, it has already obtained undeniable loyalty among users. We suppose that the key reason for that is its spotless reputation in terms of security.
Most users would start with the question: “Is FTX legit?”. The answer is positive. Its operation is licensed and controlled by CySEC.
Furthermore, in its history, there are no hacking attacks or other compromising events related to the safety of users’ money and private information. How did they manage to create such a safe user environment?
- a multi-layer authentication system for varied types of operations (2FA authentication, password protection, KYC);
- withdrawing to whitelisted wallets only;
- notifying clients about any suspicious actions;
- anti-money laundering measures;
- backstop liquidity sources;
- customized hot and cold wallets;
- hot wallet backing;
- working with external reputable custodians.
As you can see from the list above, this source has built a complex monitoring system, which tracks any dangerous or nontypical operations or steps from the stage of logging in to withdrawing funds. In the case of any objective risks, it imposes temporary restrictions on withdrawals so that a user can interfere with the situation and protect his money from unauthorized use.
In sum, we must acknowledge that this exchange is a great option for any crypto trader regardless of his niche or experience. So, for beginners, it offers spot trading, which is quite simple to understand and earn from. Yet, there is also decent functionality for advanced users — it is much wider compared to many competitors. However, the most crucial advantage is its comprehensive security system, which ensures protection from any kind of risk.