At the crypto exchange FTX, which is known for trading derivatives, it is now also possible to deposit funds in fiat using PayPal. Instant credits and free choice between currencies are considered to be the biggest advantage here.
The crypto exchange FTX makes it easier and faster to fill up customer accounts there with credit in fiat. Effective immediately, PayPal will be supported as a financial service provider for deposits at FTX, the platform announced via Twitter. Credits for deposits via PayPal happen immediately. Further advantages are according to FTX to be able to make deposits by PayPal over linked credit cards as well as the fact that PayPal accepts quasi each currency world-wide. One points out however also that straight with larger amounts the classical bank transfer scores as method with lower fees, but lasts longer.
FTX CEO Sam Bankman-Fried answered the frequently asked question on Twitter whether PayPal could also be used for payouts. FTX is working on it, but Bankman-Fried did not give an exact date yet. PayPal itself started a few months ago to support Bitcoin, Ethereum, Litecoin and Bitcoin Cash in its services. So the cooperation between FTX and PayPal could bear further fruit in the future.
Background on FTX
FTX is particularly popular in the crypto industry for its extensive derivatives trading offering. In addition to futures and options for Bitcoin and Co., FTX repeatedly makes a name for itself with selected exclusive offers, currently for example with a pre-trade with shares of Coinbase before the IPO. FTX also currently offers bets on whether the 2021 Olympic Games will actually take place in Tokyo or on whether Donald Trump will win the US election in 2024.
In our test, FTX turned out to be an excellent platform for customers who prefer to trade crypto derivatives and perhaps also want to do some stock trading. This is because FTX bundles more offerings in these fields than others under one platform and creates sufficient liquidity.
Conclusion: FTX now even more convenient through PayPal
One may be annoyed with PayPal over and over again about fees – but in everyday life the financial service provider is one of those, which convinces by market penetration and user friendliness. In this respect, FTX’s step is to be welcomed from the customer’s point of view, that with PayPal now a deposit option with instant credit is available, which works conveniently and reliably. Let’s hope that the payout option via PayPal at FTX will not be long in coming.