FTX Launches In United States

FTX Launches In United States

Last updated on November 1st, 2022 at 01:57 am

Crypto Exchange Company FTX has set up a new trading platform for its users in the U.S.

The exchange company offers spot trading in six different coins, which include Tether (USDT), Paxos Gold (PAXG), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH) and Bitcoin (BTC).

According to the report, the new trading platform will offer a lot of services to the users, including competitive fees, tons of liquidity, as well as 10x leverage.

Sam Bankman, chief executive officer and founder of FTX, said the firm has a long history of offering special and important services from the most liquid future order books to some of the top market makers in the industry.

“Because of this FTX.US has had industry-leading order-books from day one,” he said.

U.S. Users Will Have Different Order Books

It’s important to note that the new FTX.US will not use the same order books as the one in the main portal of the exchange.

The company has provided separate order books for its users in the U.S., according to the report available on the FTX.US website. However, what is not clear is whether both exchanges will share the same market markers.

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FTX To Launch More Features

FTX.US is not only stopping at opening a separate portal for US-based users. The company said it wants to add more features to give users more trading options and strategies on the portal.

These features include over-the-counter trading support, mobile apps and more coins. The over-the-counter trading system will be added on the portal in the future, according to Bankman.

U.S. Based Customers Under Served

FTX also reiterated the fact that the US-based crypto customers have not been offered the required level of service they deserve, but the company intends to change that.

Bankman said FTX wants to push the crypto industry in the US a bit further than what it is now. To do that, the company is embarking on a rigorous process to offer a wide range of services to the teeming US customers.

In the derivatives market, FTX has grown bigger and acquired the market share of top exchanges like BitMEX. But it’s still far behind market leaders like Gemini, Kraken, Coinbase, as well as Binance.US.

FTX Has Wider Reach

The recently launched FTX platform will serve almost all states in the U.S., according to the announcement. However, services on the platform will not be available to Washington and New York for now. This is still good news for the expansion, compared to the coverage levels of some other established exchanges.

As it stands, after nine months of operation in the US, Binance.US is still restricting 10 states in the U.S. That means FTX is going to have a better reach than Binance.US, whether this translates into improved market share in the U.S. remains to be seen.

In another development, FTX says its main custodian partner would be Coinbase Custody International. This means the FTT (FTX’s native token) would be stored by Coinbase Custody.

With this announcement of FTX.US, the U.S market may likely see a substantial increase in crypto trading activities.


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