What is ACH?
An ACH transfer is an electronic, bank-to-bank money transfer that's processed through the Automated Clearing House Network. The ACH Network processes direct payments. Direct payments can be used by individuals, businesses and organizations to send money.
What is Plaid?
Plaid is a financial technology company. Plaid enables users to connect their bank account to allow FTX.US to request payments that will be processed by the ACH network.
What are my ACH deposit limits?
- KYC 1: $500 limit for any rolling 10 day period. This means that at any given time, you can have up to $500 worth of deposits and will be halted if you deposit more than your limit in the 10-day period.
- KYC 1 with SSN: $2000 limit for any rolling 10 day period. This means that at any given time, you can have up to $2000 worth of deposits and will be halted if you deposit more than your limit in the 10-day period.
- KYC 2 (new account): $2000 limit for any rolling 10 day period. This means that at any given time, you can have up to $2000 worth of deposits and will be halted if you deposit more than your limit in the 10-day period.
- KYC 2: $5,000 limit per any rolling 10 day period. This means that at any given time, you can have up to $5,000 worth of deposits and will be halted if you deposit more than your limit in the 10-day period.
- KYC 2 (Strong positive history): $50,000 limit per any rolling 10 day period. This means that at any given time, you can have up to $50,000 worth of deposits and will be halted if you deposit more than your limit in the 10-day period.
Note: ACH deposits aren't always early credited due to risk purposes. If that's the case, it usually takes up to 5 business days for the funds to land in your FTX.US account.
Single Deposit Limits:
- KYC 1: $2000 at a time.
- KYC 2: $20,000 at a time. These limits are subject to change based on a history of successful deposits or failed deposits as well as available deposit limit.
What are my withdrawal limits?
Please note: in certain cases, ACH deposits can be held up to 30 days for risk reasons.
- The longer you have had your account and the more volume/trades you have accumulated, the more these limits may be eased.
- Withdrawals are limited to the amount not currently being held; you may also be subject to having to withdraw smaller amounts until your account is deemed a trusted account.
- You may contact us for an account review at any time if you want to raise any limits or waive waiting periods on holds. However, this review is not guaranteed.
ACH Withdrawal Limits
- KYC1: 300K lifetime which is subject to review
- KYC2: Unlimited, 25K per withdrawal (rolling limit). There is a maximum of $100,000 USD pending limit. Pending means submitted but not processed.
Feel free to contact us for more specific information about your account at ftx.us/support.
Are there fees for ACH deposits/withdrawals?
$0.50 per ACH is the standard fee. One ACH deposit over $10 USD per 7 day rolling period is free.
You will not be charged a fee if:
- this is your first ACH deposit
- the deposit is over $100
Withdrawals are limited to $25,000 per withdrawal via ACH. For larger amounts, please use wire withdrawal. The ACH withdrawal fee is $1.50 per withdrawal.
Why can't I link my bank account with Plaid?
If you are unable to connect your bank even though it appears in the Plaid integration, that is not something that FTX.US can solve. Please see this article on why this sometimes occurs. You may need to link another bank account or use another deposit method.
How long do ACH transfers take?
ACH deposits take 5 business days to clear and due to internal risk measures, we require a 7 business day hold after the funds clear. This means that you will not be able to withdraw the equivalent amount of your ACH deposit for at least 12 business days after initiating the deposit.
Why are the funds deposited by ACH held on the platform for 12 business days?
Due to internal risk measures, we require 7 business days from when the funds clear to be able to be withdrawn.
Can I buy an NFT right after an ACH deposit?
No. Buying an NFT is treated as a withdrawal on our platform. NFTs are somewhat illiquid assets and cannot instantly be sold for USD (in most cases) like cryptocurrency can. Your funds are subject to the withdrawal limits listed above. Once your deposited funds become free of the withdrawal hold, you are able to purchase NFTs.
How long do ACH withdrawals take?
ACH withdrawals can take 3-5 business days to land in your bank account.
How do I make an ACH deposit?
Please see here for a step-by-step guide on how to deposit funds from your bank account into FTX.US.
How do I make an ACH withdrawal?
Please see here for a step-by-step guide on how to withdraw funds from your FTX.US account into your bank account.
Can I link a bank account in someone else's name?
No. FTX.US users are only allowed to deposit/withdraw from bank accounts in the same name as the name on their FTX.US account.
We may request you to submit additional verification information to verify your account. Deposits or withdrawals may be delayed if you are unable to provide us with account verification information.
Chargebacks and ACH Reversal Policy
FTX US is excited to credit an ACH deposit as soon as you make the ACH request. However, in the background ACH transfers do not clear instantly. They may take 5 business days before FTX US is truly in control of the deposit you initiated.
In the event that there is an issue with the ACH deposit like a chargeback (insufficient funds), the funds that you were instantly credited with will never actually make it from your bank account to FTX US. A $10 fee may be charged in this situation.
What will that look like in my account?
If you currently hold more than $10 in USD in your account, you will see this balance decrease by the fee amount. If you have already used the instantly credited USD to buy other currencies, they will be partially sold to cover the cost of the $10 fee. We don't allow accounts to have a negative USD balance.
My balance is negative. Why do I see this in my account?
If you see a negative balance, it means that one or more of your bank deposits have failed. This may be due to insufficient funds in your bank account, a problem with your bank's systems, or your bank has declined this withdrawal for another reason. We are unable to resolve these situations as they are beyond our control, but you can contact your bank for an explanation.
If you would like to make a deposit to bring the account positive, you can contact us at ftx.us/support to resolve it
Can I delete the ACH account?
Yes, on the deposit window you can select the account and click "Delete"