FTX (formally Blockfolio) is a US-regulated cryptocurrency exchange. However, it’s not available for New York and Washington.
Buying Ethereum – ETH is relatively easy! In this step-by-step instruction, I will walk you through all the details you need to know to buy your first crypto token.
1. Download the FTX app
You can download it for free in Google Play for Android users or AppStore for IOS users.
2. Register an account
New users must register an account first and complete the KYC (Know-Your-Customer) verification process. The KYC process will include entering your details, such as your email and residential address, and uploading a copy or picture of your identification card.
3. Secure your application
Secure your account before initiating any deposits. To do this, go to your Settings and then tap Security. There are numerous options on adding a security feature to your account. Enabling Device Security and 2FA is recommended.
4. Add funds
On the Invest page, tap on Deposit funds. You can either deposit using Credit/Debit cards, Wire Transfers, or Cryptocurrencies from your digital wallet.
For more details on how to deposit using all these methods, scroll down at the end of this article.
5. Specify Source of your funds
When it’s your first time making a deposit, and you have not done the KYC in the first part, you must declare your source of funds. Select the appropriate option, and then on the next step, upload your Government-issued ID
6. Secured identity verification via Stripe
On the Stripe page, Tap the Get Started button to continue the verification process. You can upload your Passport ID, Driver’s License or other Government issued Identification cards.
A system-generated email is sent to you once you passed the verification procedure.
7. Link your card
This time we can choose to add funds using a Credit or Debit card as it’s the easiest method and highly recommended to new users. The information you input should match your card details to avoid issues or delays in transactions. Here, enter your card details and your address.
Please note that you can only deposit using USD, and your bank will handle the conversion if necessary.
8. Enter the amount
Enter the amount of Fiat you want to deposit. To confirm, key in your CVC (Card Verification Code) number and Tap the Review button
9. Buy Ethereum
Check your assets and you can now buy ETH with the USD you deposited into your account. On the Invest page, Scroll down and tap ETH and the BUY button
10. Review your purchase
Enter the amount of ETH you want to buy. You can either enter the total amount of your remaining balance or just a fraction of it.
When you’re done reviewing your purchase, drag the Slide to submit
Done! Check your wallet
Your ETH balance is reflected on the Wallet page.
Great job! Now that you’re finished with the steps, Check out the Frequently Asked Questions below.
Is FTX a wallet or exchange?
You can utilize this to store your digital assets and transfer them to another.
FTX is an exchange that offers custodial wallets, which means they are held in the exchange, they have complete control of your assets, and you only permit them whether or not to receive/send payments.
Does FTX report to IRS?
The IRS (Internal Revenue Service) collects, processes, and enforces taxes. FTX.US is required to provide a detailed report to IRS in the future.
How can I add or deposit funds to FTX?
FTX supports several deposit methods. USD Stablecoins, Credit or debit cards, wire transfers, and cryptocurrencies. Please note that these methods’ availability depends on your country of residence.
Does FTX charge withdrawal fees?
Cryptocurrency Deposits and Withdrawals are all free of charge. However, you have to pay fees if you’re not staking any FTT tokens for ETH, ERC-20, and BTC withdrawals below 0.01BTC.
When a user’s withdrawal amount exceeds their trading volume (in case of free withdrawals), it is subject to a withdrawal fee of up to 0.10%. The affected users will receive a notice before applying the charge.
You may refer to the table below for more details:
How long until you can withdraw from FTX?
The withdrawal amount determines the pace. Due to the necessity for a manual check, large withdrawals could take several hours.
Based on when they were created and redeemed, stablecoins (USDT, USDC, etc.) may have a limited supply. On Saturday and Sunday, larger withdrawals may take up to 24 hours or up to 6 hours from Monday through Friday.
Can you use a credit card on FTX?
Yes! You can use your credit card to deposit. Visa and Mastercard are both supported.