FTX Crypto Exchange – How to Get 100% FEE FREE Wire Depositing of USD
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In this post, we dive inside the FTX crypto exchange and show you (with screenshots) how to get wire deposits of USD into FTX completely free of fees, which can be quite a saving.
The following is an edited version of the video transcript…
Hi, it’s Jodie here! In this post, I’m going to show you a very important aspect of depositing funds into the FTX exchange, which is based out of Hong Kong I believe.
LOGGING INTO THE FTX EXCHANGE
I’ve just come to the FTX site and I’ve clicked on login, and put in my email address and password.
And of course, that email address should always be your Protonmail, so you keep all of your crypto dealings in one secure email service. I explain the absolute importance of that and how it will keep your crypto assets safer, in the blog post HERE.
Logging into any crypto exchange, I always use the Brave browser. It is a browser that does not share your search history with other sites and it does not follow you around the web (unlike Chrome, Safari, Firefox, and most other browsers do), which is far safer for logging into anything to do with crypto.
I also only use Brave so I know that everything in Brave is crypto-related – you can do any type of search you like inside Brave, just like Chrome or Firefox, but I keep mine only crypto-related.
Anyway, so now I’ve just got to put in my two FA codes into FTX.
ONCE YOU’RE INSIDE THE FTX DASHBOARD…
Now coming into the FTX dashboard, it’ll bring you to your wallet, but if for any reason it doesn’t, you can just click on “wallet” at the top, and you can click on “deposit”.
What I’m going to do here is make a deposit over here on the right, by clicking “make a deposit”.
So FTX is then going to ask you, what are you going to deposit?
In my case, I’m actually going to be depositing US dollars, and the choice of how I do this is by sending cryptocurrency, or I can also use a debit or credit card.
Please don’t choose the credit card option. The fees are too expensive in FTX.
I’m actually going to choose deposit via wire.
Then it’s going to give me the details of the beneficiary.
Now, in this case, I’ve already got that loaded up into my Wise account, but it says here in your wire memo, you need to put your account identifier.
So what I did in Wise was actually added FTX in as a recipient. So I don’t need to enter all these details anymore because I can now just choose the account by recipient “North Dimension Inc.”
What I do need to do is take note of that number and you have to keep scrolling. So you read everything.
Please ensure the holder of the account, transferring the funds to FTX matches the name of the entity or individual that’s undergone the identity verification. Wires sent from different individuals or entities will result in a return.
So in the screenshot above you will see it says, I understand.
I’m going to have to put here how much it is that I’m depositing. This is a unique thing to FTX. I haven’t seen it on other crypto exchanges, not to say it won’t show up elsewhere.
They then ask you, have you included the account identifier in the wire transfer?
You have to click, “I understand” to ‘Do not include intermediatary bank information in deposits’.
Then scroll to the bottom and ‘Click confirm USD deposit”.
Now I’ll just click on the outside of it to close it down. You’ll see here under deposits that there is $3,000 initiated with a bank transfer to FTX.
Then once it comes into FTX it’ll look like the third entry down on the screenshot above… it’ll say “Complete (bank transfer)”.
HIGHLY RECOMMENDED WHEN TRANSFERRING TO FTX
What I suggest doing is what I’ve actually done, which is a test. Just do a $20 or $50 test from your bank into FTX when you are doing these types of things to start with.
Please don’t go and send a huge amount of money from your bank to FTX to start with, just do a small amount.
It’ll take about 24 hours for it to come in and you’ll get a notification to your Protonmail account. if you’ve used Protonmail to set up, which hopefully you have.
WHAT ELSE YOU CAN DO IN FTX
Oh, actually one more thing I will show you below is once your funds come into FTX, you’ll see a list of all your different cryptos, including the currency…
So in the FTX exchange, you can also deposit Australian dollars, Hong Kong dollars, Singapore dollars, and even Turkish Lera or South African Rand.
What happens in here once your deposits come through into FTX, you can literally just hit the ‘Convert’ button and it is here that you’ll actually exchange your funds for whatever cryptocurrencies you are wanting to hold in cryptoland.
But that will be another conversation, knowing what to be putting into cryptoland, based on whether you’re doing Dan Hollings The Plan or whether you’re just looking at holding.
Perhaps holding or HODL’ing in an exchange like FTX is not the wisest thing if you’re just going to be buying some crypto to put aside, considering you could be earning some very nice interest on your crypto funds.
In THIS POST we look at earning 10-20% on your stablecoin and currencies, for example.
This is how we onboard money now into crypto. The FTX exchange is fast and easy, and with no fees on my crypto bot trading, and now fee-free deposits, it has certainly become my favorite exchange now.
We hope this information has been helpful!
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About Nat n Jodie
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In 2012, we lost everything in a business startup in Dubai. Instead of going home to Australia, we started our full-time traveling lifestyle as international house sitters… with just $300USD to our name!
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