How to deposit on the crypto exchange FTX?

Registration on the exchange FTX – it is practically a verification, since the primary registration, through the e-mail address, although it creates an account on the exchange ftx.combut does not allow for any action other than exploring the platform. Therefore, immediately after confirming the address, you will need to confirm the phone number, give your residential address, have your face scanned and upload your ID card for verification. The verification takes a few minutes. After verification the client can perform almost any operations on crypto exchangeExcept for withdrawals above $2,000. The 2FA connection is required for I/O transactions.

Input via blockchain

The process of deposit on the platform FTX no difficulty, you just need to connect in advance 2FA, this also applies to deposit cryptoassets and fiat. In the top panel of the site you need to click on the tab “Wallet” and go to the page of the wallet. In the list of functions you should click on “Deposit” and then “Make a deposit”. In the options provided to deposit money you need to select the cryptocurrencies, the system will generate an address, to which you need to send tokens.

Depositing cryptocurrencies is not subject to fees, but you need to consider the fees that are charged when transferring crypto to the exchange from third-party sources. Stablecoins USDT, USDC, TUSD, USDP, BUSD and HUSD are entered into the FTX wallet at a rate of 1:1 against the U.S. dollar. USDT can be deposited into the wallet in ERC20, TRC20 or SPL format. When depositing cryptocurrency, the exchange draws attention to the need to accurately determine the blockchain. If the network is selected incorrectly, the cryptocurrency will not reach the destination address on FTX. In this context, it is also meant that you have to transfer, for example, from the address BTCto the address of BTC on the exchange, not to the address of another coin or stabelcoin – the conversion will not happen, the money will be lost.

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The platform will attempt to restore the deposit if funds are sent via the blockchain that the exchange works with. An automatic fee of 5% is charged for the recovery. The user must ensure that the coin is listed on FTX before sending money to the exchange. Again, the exchange promises to try to recover the lost deposit, but does not guarantee that it will succeed.

For coins such as BNB, it is necessary to fill a tag or note, otherwise the coin may not reach its destination. As in the above cases, FTX may try to restore the deposit, but success is not guaranteed. Users depositing funds in ETH using smart contracts may experience transaction delays of up to 24 hours. In the normal blockchain crediting procedure, ETH is credited after 10 confirmations.

Fiat

The list of fiat currencies that can be deposited on the FTX crypto exchange is specified in the user’s wallet. The user has to choose the currency, click “Deposit” and select the deposit option. Deposit is possible by bank card or wire transfer. When transferring from credit or debit cardThe user clicks on this option. Next, it is necessary to read the terms of funds transfer with the card, and if they are satisfactory, to agree with them by checking the box.

After that, the system displays a service for adding a bank card to the user’s deposit methods. You will need to enter the card number, card validity date, CVV and name of the card holder and click “Continue”. On the next page, the client enters his address, checks and, if everything is correct, clicks on the “Add” button. Then to transfer money you will have to choose a card tied to your account, put CVV, choose currency from drop-down menu, put amount you want and click “Deposit”. If all the data is correct, funds will be credited instantly to the exchange, the transferred amount of money should appear on the balance of the wallet. If the money to the deposit did not come, you need to contact support.

It is necessary to take into account the commissions that can be charged when withdrawing funds from the card to the cryptocurrency. All this information should be clarified in advance, so that the money does not disappear on the way or the bank does not block the card or impose any other sanctions. To transfer funds via bank transfer, you need to choose “Wire Transfer” in the list of deposit methods and carefully follow the instructions, because initially it is quite a labor-intensive way to deposit funds.

In this case, remember that all the data specified on the exchange, must match the details of the holder of the bank account from which the funds are transferred. Transfers are processed only on weekdays, only in the evening and only on UTC. By bank transfer it is preferable to start American dollars, they are credited within one day. This standard does not apply to other currencies.