Figure Markets – Borrow and Earn Platform Review

Figure Markets is best for self-custody

Figure Markets allows investors greater control of their crypto with self-custody and a multi-party computation (MPC) wallet. Its platform works as a hybrid exchange model using MPC technology to offer MPC custodial accounts with the protection of decentralized custody.

As an added measure, these assets remain segregated to provide bankruptcy protection in case Figure Markets is ever affected by insolvency.

What we like about Figure Markets

There are several advantages to investing with Figure Markets, such as a generous APY, crypto-backed loans, no trading fees and private funds.

Forward Vault

The Figure Markets Forward Vault rewards investors with up to 8% APY on stablecoin deposits and backing from home equity loans. In addition to daily liquidity, there are optional automated sweeps with no lockups. Eligible users with a verified Figure Markets account may benefit from Forward Vault, although geographic restrictions may apply.

Crypto-backed loans

Investors with a Figure Markets account can borrow cash using the bitcoin or ethereum in their crypto wallets as collateral. You can borrow up to 75% of your collateral’s value with disbursements made via USD or USDC. Terms last three months with a 12.5% starting interest rate and a minimum borrowing amount of $5,000.

For added convenience, Figure Markets offers same-day approval.

Private funds

In addition to cryptocurrency, Figure Markets offers additional products worth considering. The Figure Markets REIT is a real estate investment trust (REIT) that invests in home equity lines of credit underwritten and originated by Figure Lending.

Figure Market is also home to the SOL Opportunity Fund, which provided investors access to locked Solana tokens from FTX bankruptcy auctions.

No trading fees

Figure Markets does not charge any trading fees, allowing investors to keep more of their profit. Network fees apply when assets are withdrawn and are based on current gas fees of the appropriate blockchain. Plus, there is no maximum order size and only an inherent minimum order size due to the nature of certain coins, including $0.01 for USD, 0.0001 units for USDC and 0.0001 units for bitcoin and ethereum tokens.

However, while the company promises low transaction fees, it does not specify exact costs.

Comprehensive platform

The Figure Markets platform has an intuitive interface to aid investing. There is the option of market, limit and stop-limit execution types with a high-performance, off-chain matching engine to process orders without delay. Even your wallet is flexible — Figure Markets supports any crypto wallet containing bitcoin (BTC) or ethereum (ETH) for both deposits and withdrawals.

Solid backing

Figure Markets, which resulted in a spinoff from Figure Lending, brings a pronounced focus to crypto and digital asset exchanges. Its $60 million in Series A funding includes investors like Jump Crypto, Pantera Capital, Lightspeed Faction, Distributed Global and Ribbit Capital.⁽³⁾

While a newer company, Figure Markets is led by some of the financial industry’s greatest leaders. CEO Mike Cagney brings his wealth of experience as the former CEO of SoFi®, along with June Ou, who is the cofounder and president after serving as the Chief Technology Officer (CTO) of SoFi.⁽²⁾

Where Figure Markets falls short

While Figure Markets offers plenty of features, there are some drawbacks to consider.

Limited number of crypto coins

Figure Markets has a small number of coins to choose from, offering only six cryptocurrencies and one fiat currency. Beginner and buy-and-hold investors may not mind this limitation, but it might not fit the financial goals of more active traders.

For comparison, Crypto.com offers 429 coins and Binance.US offers 167.

Still new

Investing with a new platform can be risky. Because Figure Markets is still growing, it has yet to show proven performance with guaranteed stability and demonstrated security over the long term.

There are also very few reviews available online, making it difficult to gauge overall customer experience and satisfaction.

Limited availability

Figure Markets offers crypto-backed loans, but they are not an option for everyone. They’re currently unavailable to residents of Idaho, Illinois, Kentucky, Maryland, Mississippi, South Dakota, Texas, Vermont, Virginia and Washington, DC.

Additionally, Figure Markets Exchange is not available in New York.

Is Figure Markets legit?

Figure Markets’ affiliates are regulated and licensed, operating in compliance with state and federal regulations.

Its securities are traded through its Alternative Trading System, operated by Figure Securities, Inc., which is a registered broker-dealer with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).

It is an extra measure to help investors breathe easier when investing their hard-earned funds in a new company.

Listed Figure Markets crypto exchange assets

Investors can choose between six crypto options, including bitcoin, ethereum and uniswap, in addition to USDC. This makes its lineup extremely limited, especially compared to other top brokerage accounts from platforms like Robinhood, Interactive Brokers and tastytrade.

Figure Markets also offers the YLDS stablecoin, which is labeled as the world’s first yield-bearing stablecoin-security hybrid for US investors. You can earn up to SOFR-50 bps or approximately 3.85% APY, enabling you to receive returns while offering an alternative to fiat currency. YLDS is flexible, too — you can buy, send it to others or trade it for bitcoin.

All Figure Markets crypto assets

• Bitcoin (BTC)
• Ethereum (ETH)
• HASH (USD)
• USDC
• Chainlink (LINK)
• Uniswap (UNI)
• Solana (SOL)

How to sign up for Figure Markets

Signing up for an account with Figure Markets takes just a few quick steps.

1. Download the app.
2. Create an account.
3. Back up your account to iCloud, if desired.
4. Enter your personal information.
5. Verify your identity using a state driver’s license, passport or state ID as part of the Know Your Customer (KYC) verification process.

After you submit your application, it could take up to one to three business days for your identity to be verified. Once approved, you will be prompted to fund your account with cash or crypto to begin trading.

Customer experience

Compare Figure Markets to other platforms

Compare similar platforms by available asset types, trade fees and minimum deposit requirements. Select Go to site to sign up for an account.

Frequently asked questions

What does Figure Markets do?

Figure Markets is a digital asset platform allowing investors to trade limited crypto options like bitcoin, ethereum, solana and chainlink, in addition to the YLDS stablecoin.

Is Figure Markets a public company?

No, Figure Markets is a privately held company, so it isn’t listed on public exchanges like Nasdaq or NYSE.