Depositing an account with a bank card on the FTX crypto exchange

Crypto exchange user deposit FTX can be topped up with a bank card, debit or credit. Transactions are made in the “Wallet” section, which can be accessed from the top navigation bar of the site ftx.com.

Enrollment in the wallet

Preliminarily, 2FA authentication must be enabled for deposit transactions. You will also need to pass a second level KYC check to make deposits, which means you will need to provide crypto exchange ID card and address of the place of residence. By default, only MasterCard/VISA are accepted. The deposit currency is American dollar, if the client credits another currency, it will still be converted to dollar.

You need to clarify in advance whether the issuing bank supports transactions to cryptocurrency exchanges. Some banks block cards and even accounts when trying to withdraw money to crypto platforms. Keep in mind that in such cases, the crypto-exchange is not responsible for the bank’s actions. If 2FA is enabled, then in the list of currencies in wallet (tab “Balance”), in the line of selected currency, you need to activate “Deposit” option and on the next page select “Credit or debit card”, or from the right side of currency line click on “Deposit by card” button, the following algorithm of actions is the same in both cases.

On the next page you will need to link the card to the account. To do this, first enter the data: number, expiration date, CVV, name of the owner, and then click “Continue”.

Next, the user fills in the column “Payment address” – this is the place of residence of the account owner, the account user. Since the address is entered when registering the account, the corresponding “Payment address” lines are already filled in, you just need to check them and add them if necessary.

The payment address must also match the card data. If it doesn’t, you won’t be able to link it to the account. If the card is not accepted by the system, you can try another one. If the card matches the parameters, the system will identify it almost instantly, and on the next page it will be marked “Approved”. You will be able to start crediting money.

At this stage you should be more careful, because there will be no “practice attempts” here, if you enter the amount and CVV, the transaction of crediting money to the account will start without additional confirmations. The function “Add New Card” at the top right allows you to add another card, and the option “Delete”, respectively, deletes the card. By the way, the deletion of the card is instantaneous, it is not necessary to try it for the sake of curiosity, because you will have to do the binding process all over again.

Top 5 best cryptocurrency exchanges

Subsequently, to transfer funds, you will need to select the card linked to the account, enter CVV, deposit the required amount and click “Deposit”. Money on the deposit should appear instantly or within a few minutes. If this doesn’t happen, you need to contact the platform’s support team. The crypto-exchange charges $0.61 for external transactions, other fees of the platform will be visible after the user deposits the required amount in the money transfer service.

When crediting money, the issuer charges a fee, the amount of which should be clarified with the bank. In addition, crediting to the crypto exchange can be carried out through an intermediary bank, then the structure and amount of commission will be different and this issue should be clarified before transferring money to the cryptopayment platform deposit. By the way, if you can credit money to the linked card immediately, then you can withdraw money through it only in 7 days.

Enrollment via Simplex

On the FTX crypto exchange, you can top up your balance in bitcoins by buying them with a credit card through a third-party service called Simplex. You need to check the terms and conditions of Simplex transactions on its website. On FTX, the purchase of BTC through Simplex is made in the “Wallet” in the “Credit Card”. This purchase service is only available with 2FA-authentication. Since the card details will be entered on a third-party site, you do not need to link it to your FTX account. Funds movements through Simplex are displayed in the FTX account separately from all other transactions.

By clicking on the button “Buy VTC using a credit card”, you need to specify the required amount in dollars in the service. In the left corner of the service, the “Quote” option shows how much that amount is worth in bitcoins. If the quote fits, you need to click “Accept” and go to the Simplex website. Here you will need to enter your credit card information and follow the instructions to buy bitcoin. The purchased crypto through the app will be sent to the user’s FTX deposit.

Since Simplex is a third-party application, FTX is not responsible for any problems you may encounter when transferring money. If the money is not credited for a long time, you need to contact Simplex support. Although, it is worth to ask support service of cryptocurrency exchange in order to know for sure that there are no technical problems on FTX.