FTX is one of the quickest growing cryptocurrency exchanges in the blockchain space, boasting high liquidity, more than 300 supported digital assets, and a comprehensive suite of crypto products and services. One of the trading platform’s standout features is FTX Pay, a payment processing platform supporting both fiat and crypto transactions.
What is FTX Pay?
FTX Pay is a low-cost payment processor that allows users to easily monetize their content, products, or services without the need of setting up a bank account or relying on traditional payment processors like PayPal. Meanwhile, customers benefit from the convenience of paying for products and services with funds deposited in their FTX account.
FTX Pay lets online sellers accept fiat as well as cryptocurrencies as payment. While receiving funds with an FTX account is typically the more popular option, users can also connect an external wallet to FTX Pay and enjoy the convenience of low-cost transactions, while retaining full custody over their digital assets at all times.
At the moment, the payments service is available only through the exchange’s American arm FTX.US. In order to use FTX Pay as an international user, you must first register an account on FTX.US and complete the KYC identity verification process.
Supported currencies
FTX Pay supports a plethora of digital currencies and the most popular fiat options, including USD, EUR, and GBP. In addition, users can pick from 14 different crypto wallet types, including those built on Binance Smart Chain DLT architecture as well as Ethereum and Bitcoin.
Here’s the full list of supported digital currencies in alphabetical order*:
And the complete list of supported wallet types*:
- ARBITRUM
- BCH
- BCHA
- BEP2
- BSC
- BTC
- DOGE
- ERC20
- ETH
- HECO
- LTC
- MATIC
- SOL
- TRX
*The lists of supported digital currencies and wallet types is subject to change. Visit the FTX website for an up-to-date list.
How to set up FTX Pay?
Thanks to a straightforward and easy-to-understand setup procedure, setting up FTX Pay takes only a couple of minutes. Once complete, you’ll be able to embed an FTX Pay button directly into the HTML code of your website or app. Here’s a render of the default button:
Step 1: First, you’ll have to navigate to the FTX Pay section in the drop-down menu from the homepage. You can choose two options – receiving payments with an FTX account or an external wallet, which can come in handy for DeFi and similar projects. In our example, we will focus on the former option. It is worth noting that the setup procedure is very similar between the two methods. Last but not least, you will have to complete the Identity Verification level 2 or higher in order to create an FTX Pay app.
Step 2: After clicking on the “CREATE/VIEW APPS” button, you’ll need to select your publicly displayed name and payment parameters, including your currency conversion preference upon receiving payments.
Step 3: You can choose to select a predetermined payment amount, which can be useful when selling a particular product or service, or leave the field empty if the payments you expect to receive through the FTX Pay app will vary. Also, you can choose your preferred fiat currency option from the dropdown menu.
After you’ve successfully entered the payment parameters, you are free to copy the HTML code and paste it into the source code of your website or application. If you wish to increase your brand recognition, you can request an alternative button logo to replace the default one provided by FTX.
Creating an embeddable button for external wallet payments is very similar to the process described above, apart from providing a crypto wallet address.
Making payments with FTX Pay
Making a payment with the FTX Pay app is very simple and requires only a verified exchange account and access to crypto or fiat funds.
Step 1: To initiate the process, you have to click on the “PAY WITH FTX” button. If you already have an account with FTX, you will be asked to log in to continue. If not, you will have to create a new account and provide the required KYC information before continuing.
Step 2: You will be prompted to fund your account with $10 if your balance is empty. Otherwise, you can proceed to the next step.
Step 3: You can pay with fiat or use some of your crypto funds to make the payment. For an added layer of security when making payments, you can set up a 2-factor authentication via your favorite 2FA app.
As you can see, paying with FTX is quick and offers a seamless way of sending fiat and crypto payments.
FTX charges a 1% fee per transaction for its payments processing service. For instance, if a customer pays $10 for a particular product or service with FTX, the merchant receives $9.9 in its FTX account.
For more information about FTX Pay, you can take a look at an educational video produced by the exchange which covers the whole process of setting up the Pay product and integrating it into the source code of a website or an app.
Final thoughts
FTX Pay is an easy-to-set-up payment service that allows merchants to receive payment in crypto assets as well as fiat currencies with minimal inconvenience for the paying customer. With support for 30 different cryptocurrencies, US Dollar, Euro, and other popular local currency options, FTX Pay is an excellent choice for online sellers.
Moreover, the exchange has partnered with prominent cryptocurrency companies such as Sonar, Metaplex, Moondrops, and Phantom in order to expand its payments capabilities and make the service available to as many users as possible.
