Getting started with the FTX Exchange app in Exodus
Everything you need to know about getting started with FTX in Exodus!
In this article:
- What is FTX?
- Why is Exodus partnering with a custodial exchange?
- Will my Exodus wallet be linked to my KYC?
- What are the benefits of exchanging in the FTX Exchange app in Exodus?
- How do I get started with the FTX Exchange app in Exodus?
What is FTX?
FTX is a custodial cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang in 2019. Since then, FTX has become one of the largest cryptocurrency exchanges in the world.
Custodial exchanges, also known as centralized exchanges, offer benefits such as greater liquidity and lower spreads. In order to use centralized exchanges, you need to go through a KYC (Know Your Customer) process, referred to in FTX as identity verification.
Why is Exodus partnering with a custodial exchange?
As regulatory landscapes shift and change, we want to ensure that you always have access to a reliable means of exchanging your crypto - if and when you want to. You can never have too many options!
We will continue to offer access to non-custodial third-party exchange API providers alongside the FTX Exchange app in Exodus. It is completely up to you to decide how you would like to exchange your crypto!
Will my Exodus wallet be linked to my KYC?
No. Exodus remains a non-custodial wallet. If you complete KYC through FTX, only FTX will have access to your KYC information. Any exchanges you initiate through the FTX Exchange app in Exodus will be linked to your KYC.
However, your Exodus wallet will never be linked to your personal information, even if you choose to exchange via the FTX Exchange app in Exodus. You can find out more about what information Exodus has access to here.
When sending certain assets (such as XRP or BNB) to your FTX portfolio, you will see a memo as well as the address. This memo is required to send funds to your FTX portfolio.
The addresses in your FTX portfolio are not linked to your Exodus wallet’s 12-word secret recovery phrase. Because FTX is a custodial exchange, you will not have access to the private keys associated with the public addresses in your FTX portfolio.
If you would like to keep your funds non-custodial, you can send them back to your Exodus wallet when you have completed your exchange.
What are the benefits of exchanging in the FTX Exchange app in Exodus?
There are many benefits to exchanging in the FTX Exchange app! Some of these benefits include near-instant exchanges, lower spreads, exchange minimums as low as $1, and maximums as high as $10,000 per exchange. Depending on your identity verification level, there may be no limit on how many times you can exchange!
FTX also offers 2FA (two-factor authentication) on withdrawals.
How do I get started with the FTX Exchange app in Exodus?
In order to get started exchanging in the FTX Exchange app, you will need an FTX account.
If you need to create a new account with FTX, see our article How do I create an FTX account?
If you already have an FTX account, then see our article, How do I link my existing FTX account?