No Blockchain Deposit and Withdrawal Fee
I have just signed up for a FTX exchange account since Binance Exchange is going to stop spot trading for Singapore users so it is good to have an alternative.
FTX does allow deposit of BNB and BUSD via Binance Smart Chain (BEP-20). This can really help those who are still active in Defi and other activities on the Binance Smart Chain.
I have been checking out the accounts that I have with other exchanges.
As a low volume trader, I would like to have an exchange with low trading fee as well as low transaction fee when I need to deposit or withdraw my cryptocurrency.
It is quite surprising to know FTX does not charge a fee for deposit and withdrawal except for ETH, ERC-20 tokens or small BTC withdrawals.
Based on the table above, ETH and ERC-20 tokens can have limited number of withdrawal fee waived each day when FTX users have staked its native token called FTT. The deposit and withdrawal fee for other cryptocurrencies would be free based on my understanding from the above info.
Just imagine if I were to withdraw Dogecoin. There were quite a number of exchanges that charge a withdrawal fee of 20 dogecoins. At the current exchange rate, each dogecoin is $0.25. I would need to pay a fee of $5 for withdrawal at other exchanges.
I have not tried withdrawing yet but the info that I found from FTX is the withdrawal should be free unless I am withdrawing ETH or ERC-20 tokens.
I have sign-up for a FTX account using a referral link so it allows me to have a 5% discount on the trading fee.
If you are interested to sign up using a referral link, you can use my referral link for the 5% discount.
https://ftx.com/#a=47452564
The trading fees are also low when you compare the other exchanges.
For FTT token holders, they are able to get further discounts.
As for my Individual Account KYC, I did not submit any document for Tier 1. We simply need to key in some information about us without the need for submission of document to start using the FTX exchange.
Under Tier 1, the daily 2000 USD should be enough for the time being since I am really not a high volume trader.
For those who have huge transactions, they may need to apply for Tier 2 that requires documents to be submitted.
We can always try out its service under Tier 1 to see whether we like its service before going through the hassle of submitting documents for Tier 2 to get unlimited crypto and fiat withdrawals.
If you are planning to sign up to enjoy free deposit and withdrawal, it is better to sign up using a referral link to get a 5% discount for your trading fees.
You can use my referral link below if you do not have one to get the 5% discount.
https://ftx.com/#a=47452564
Thank you for reading my article. Hope it is useful to you especially this is the first time I get to know an exchange with free deposit and withdrawal fee.
Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth.