FTX Sweden Review 2021 | Leverage Futures Trading(Coin,Stock,Forex)

 

 

Quick Summary : 

 

1. FTX is a Top5 global crypto derivative exchange founded in May 2019.

 

2. FTX offers Futures, Spots, Stocks, Leveraged Tokens, Volatility, Prediction, and Forex.

 

3. FTX is a strategic partner with Binance.

 

4. Offers Abundant liquidity, fast execution, and tight spread.

 

5. Outstanding features, user interface, trading fees, and products.

 

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Founders of FTX

Sam Bankman-Fried founded FTX exchange, and he was a trader on Jane Street Capital, managing the international ETF desk, reflecting the depth of understanding of the financial industry.  Meanwhile, the current CTO is Gary Wang, a former Google software engineer who plays an important role.

 

Before founding FTX exchange, Sam and Gary founded Almameda Research Ltd, which manages cryptocurrency liquidity providing, quantitative trading, and OTC services for FTX. This has resulted in crypto venture funds investing in FTX exchange aggressively.

 

 

 

 

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The Key Features of FTX Exchange!

 

 

 

 

 

FTX has been a desirable crypto derivatives trading platform by providing a wide range of advanced trading products. It offers spot and futures market and Stocks, Leveraged Tokens, Volatility, Prediction, and Forex pairs! 

 

FTX team satisfies both institutions and retail investors by low trading fees, tight spreads, fast execution speed, user-friendly interface, OTC services, ease of deposit and withdrawal, and more! 

 

 

1. Convienient to Convert Stablecoins.

 

- FTX exchange supports multiple stable coins such as TUSD, USDC, PAX, BUSD, and HUSD!

 

 

2. Offers Up to x101 Leverage.

 

- Leverage can allow traders to use up to X101 leverage to maximize their profit!

 

 

3. Support Fiat Currency Transfers.

 

- Users can freely interchange a variety of stable coins 1:1 as 'USD' on FTX!

 

 

4. Awesome Customer Service.

 

- FTX operates chat groups in over ten languages to help traders from all around the world!

 

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Products in FTX exchange!

 

 

1. Futures

 

- FTX is Top10 Derivative Exchange in terms of the trading volume. 

 

- It means it has abundant liquidity and a tight spread for the traders.

 

- More than 300+ futures contracts are available for the users! 

 

 

 

2. Spot

 

- FTX provides more than 100+ pairs of altcoins which you can trade with USDT & USD!

 

- FTX has been consistently listing a wide range of cryptocurrencies! 

 

- Popular digital assets like BTC, ETH, XRP, ADA, BCH, and BNB are all available!  

 

 

 

3. Stocks 

 

- FTX offers tokenized stocks through CM - Equity, fully regulated in Germany.

 

- Traders can trade stocks like popular stocks like Tesla, Google, Robinhood, and Coinbase. 

 

- After converting Stablecoins to 'USD,' you can trade any sorts of stocks you like.

 

- It has efficiently minimized the barrier between asset classes, crypto & stocks.

 

 

 

4. Leveraged Token

 

- Leveraged tokens are developed upon ERC- 20, Ethereum Blockchain Network.

 

- It enables you to increase the exposure to the crypto market without margin & leverage.

 

- There are 70+ leveraged tokens that you can choose! For more information, click here! 

 

 

 

5. Volatility

 

- Volatility Tokens are ERC-20 tokens that track the volatility of the crypto market.

 

- FTX MOVE contracts get their exposure to an asset's volatility.

 

- BVOL = 1X Long Bitcoin's Implied Volatility
 

- IBVOL = 1X Short Bitcoin's Implied Volatility

 

 

 

6. Prediction

 

- Prediction is a derivative financial instrument to bet on certain significant events.

 

- For example, Trump 2024 and Olympics 2021. You know what it is, right?

 

- It is more of an entertaining purpose rather than trading crypto.

 

 

 

7. Fiat

 

- FTX supports fiat deposit and withdrawal via bank transfer.

 

- Traders can trade foreign currency via USD Perpetual Futures.

 

- The supporting fiats are USD, EUR, GBP, AUD, HKD, SGD, TRY, ZAR, CAD, CHF, BRL, NGN.

 

 

 

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How to register an FTX account? 

 

 

 

1. Click "Register" at the top right of the exchange.

 

2. Enter your email and password.

 

3. Click "Sign Up" to register and receive a verification email.

 

4. Secure your account by setting 2FA, Google OTP.

 

5. Click "Settings" and complete KYC verification for higher withdrawal limits.

 

 

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How to do FTX KYC?

 

 

- Level 1 Identity Verification form requests 'Full name', 'Country of Residency' and 'State,province,or region'. After the KYC, individuals can unlock the 2,000 USD daily withdrawal limits! 

 

- Tier 2 KYC Verification requires uploading proof of identity and residential or business address. Tier 3 KYC Verification requires uploading recent bank statements that you will use for fiat transactions.

 

 

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 FTX Trading Fee & Charges!

 

- FTX charges no deposit or withdrawal fees as well as fees on futures settlements.

 

- OTC trading and trading from your wallet is also free as the fees are levied on the spread.

 

- Leverage tokens have creation & redemption fees of 0.1% and daily fees of 0.03%.

 

- The trading fee for Spot & Futures =>  Maker : 0.02% Taker: 0.07%.

 

- You can get a trading fee discount by fulfilling the 30D Volume requirements.

 

 

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Deposit and Withdrawal

 

- FTX supports deposits and withdrawals in both fiat and cryptocurrency.

 

- Supported fiat: USD, EUR, GBP, AUD, CAD, CHF, HKD, SGD, and ZAR.

 

- Instant Interbank service is available for USD, EUR, AUD, and BRL.

 

 

 

- Supported crypto: BTC, ETH, BCH, BNB, LTC, FTT, BTMX, TRYB, USDT, USDC, TUSD, PAX, HUSD, and BUSD. The withdrawal fees can be waived if you hold the FTT tokens. 

 

 

 

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What is FTT Token?

 

FTT is the exchange token that incentives holders offer 'lower trading fees' and 'more fee rebates.' FTX exchange also buy-back 1/3 of their trading revenue and burns the token. Buring tokens imply less amount of tokens are circulating, leading to an increase in price due to supply and demand mismatch.

 

 

 

 

Hence, the FTX exchange has also enabled users to utilize the FTT token as collateral for all futures! So you can hold your capital on FTX in FTT and still able to trade with it. This may potentially drive more price appreciation! 

 

 

 

 

Tax law in Sweden.

How cryptocurrencies are taxed in Sweden?

 

Cryptocurrencies in Sweden are considered legal. However, the Swedish tax legislation does not view them as currency nor cash, but rather as individual transactions involving assets. In Sweden, individuals have to declare all of their transactions made through the use of cryptocurrencies on an annual basis. The authorities advise you to keep a list of all your spending, trading, lending and even for using them as a gambling bet to determine the taxation and legal handling is the price of the cryptocurrency at its acquisition and keeping track of all transactions involving digital assets.

 

Capital Gains Tax

Cryptocurrencies are treated in accordance with the provisions on “Other Assets” in Chapter 52 of the Income Tax Act (Inkomstskattelagan). This means that any form of sale of Bitcoin or other cryptocurrencies must be reported as a capital gain. For example, if you sold 1 Bitcoin for 10 Ethereum, then the selling price is the value of 10 ETH in swedish crowns.Finally, you need to account for the cost basis of your Ethereum that you purchased. This is the same as the value above, 10 ETH in swedish crowns on the day of the trade.

Calculating capital gains tax: Capital gains tax on crypto is calculated using the Average Cost Basis method. To correctly calculate gains, you need to figure out your cost basis.

Price you sold for - cost basis = profit or loss. You pay 30% taxes on the profits you make. If you made a loss, then 70% of the loss can be deducted.

 

Income Tax

If you have earned crypto by work then you need to pay typical Income Taxes, just as you would have if you were paid in your local currency. If you decide to keep the cryptocurrency that you received, then you will need to pay capital gains taxes on any profits or losses that are incurred when you sell them. The cost basis in this case would be equivalent to the amount you declared in your income tax return.

Calculating income tax: Simply sum up the income from the different transaction types that contribute to income tax. Income tax in Sweden is based on a progressive model depending on various factors. The current average income tax rate is at 32%.

 

Interest Income Tax

If you have received crypto in the form of loan interest or staking rewards, then you will be subject to interest income tax. Similar to capital gains tax, it is taxed at a rate of 30%. The difference is that losses from interest payments you have made are fully deductible. 

 

In the end, it is highly advisable to keep track of one's use of cryptocurrencies for any intended purpose, as improper documentation may result in having to pay heavy fines and even higher taxes.

Conclusion

FTX exchange has its edge by offering brand-new trading instruments like stocks, leveraged tokens, options, and more! Along with 100+ pairs of cryptocurrencies listed and low trading fees, they have rapidly hooked new users worldwide. It is suitable for beginners as it is easy to use, secure, and offers fantastic customer services :) 

 

Suppose you want to trade stocks, forex, and leveraged tokens. In that case, we recommend you to sign up for a free FTX account (5% discount) by clicking the banner below and take advantage of lower trading fees and an excellent user interface!