FTX Review: Why you should think twice

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What is FTX Exchange?

FTX Exchange is a leading central cryptocurrency exchange, focusing on leveraged and derivatives products. The company was established in the year 2018, by MIT alumni and former Jane Street Capital international exchange-traded funds trader Sam Bankman-Fried. FTX provides a variety of trading options that include derivatives as well as volatility products, options along with leveraged tokens. The company also offers spot markets for more than 100 trading pairs of cryptocurrencies, such as BTC/USDT and ETH/USDT. FTT/USDT, and XRP, its native token , FTT/USDT.

Bahamian-based FTX along with its FTX US affiliate has the same management teams but different capital structures. U.S. residents can only trade with FTX US.

Key TAKEAWAYS

  • FTX is a central cryptocurrency exchange, specializing in leveraged products and derivatives. It is able to support the majority of traded cryptocurrencies.
  • The primary products offered by FTX are Futures, leveraged tokens MOVE contracts, options and market prices in the spot market.
  • FTX is located in the Bahamas and does not serve U.S. residents, who are able to trade with FTX US.
  • FTX as well as FTX US both are affiliated that have different management teams that overlap, but they have distinct capital structures.

The basics of FTX Exchange

The extensive range of FTX’s products as well as easy-to-use desktop or mobile trading apps attract investors of all levels, from novices to experienced professionals, or, in the language of crypto that is, from novices to whales. The FTX platform provides a wide variety of orders including basic market orders to more complicated stop orders with trailing.

FTX competitive spot markets and futures trading fees varied between 0.04 percent to 0.07 percent for market takers based on the model of maker and taker at the time of June 2022. Additionally, leveraged tokens had the creation and redemption fees of 0.10 percent and a daily management charge of 0.03 percent.

FTX can support nine currencies that investors can withdraw and deposit via wire transfer: U.S. dollar, euro, British pound, Australian dollar, Hong Kong dollar, Canadian dollar, Swiss franc, Brazilian real as well as the Argentinian peso.

FTX does not charge fees for withdrawals or deposits for the majority of cryptocurrency assets. Bitcoin withdrawals of greater than 0.01 bitcoin are absolutely free, and so is a withdrawal that is less than 0.01 bitcoins per day. Small bitcoin withdrawals will be subject to a 0.1 percent fee.

Fiat currency withdrawals of greater than $5,000 USD will be offered for free as is the one-week-long withdrawal less than the amount.

FTX US trading fees for market takers varied between 0.05 percent to 0.2 percent at the time in June 2022. NFT or non-fungible token (NFT) charges are $3 for listing an NFT by using the self-service tool and 2% is charged to the seller for every transaction or sale. Fiat currency deposits are made through wire transfer ACH as well as credit or debit cards, as well as Silvergate Exchange Network, all of which (except for credit and debit cards) are able to withdraw fiat currencies. Wire transfer withdrawals that exceed $5000 USD are completely free. One withdrawal per week lower than the amount is free, however, any subsequent wires will incur an additional $25 charge.

There aren’t any deposit fees for blockchain transactions. FTX US pays the withdrawal blockchain fees for all tokens, excluding ERC20/ETH for small bitcoin withdrawals.

FTX US customers must prove their identities in order to gain full access under the know you customers (KYC) guidelines. KYC Tier 1 customers are restricted by single deposit limits of $2999, ACH deposits of $500 in any 10-day rolling period as well as a lifetime cap on withdrawals of $300,000. KYC Tier 2 customers are restricted to one-time deposits of $20,000 and ACH deposits of up $30,000. per 10 days of rolling and are not restricted to lifetime or daily withdrawal limits.

Key Products

The main products offered by FTX include the leveraged token, futures, MOVE, options, and spot markets.

Futures: Traders are able to take both short and long bets on top cryptocurrency markets with over 100 perpetual and quarterly futures pairs, with margins as high as 101x. Stablecoins like USD and Tether (USDT) are used as collateral to open and keep positions.

Leveraged Tokens: FTX provides ERC20-based tokens that offer traders 3x leveraged exposure to the trading pair in question. For example, If a trader buys the BULL/USD 3x lengthy Bitcoin token. If Bitcoin rises by 10% after the date of purchase the leveraged token will gain 30 percent. The leveraged tokens of FTX have no minimum margin requirement.

Options: Traders may speculate on the direction that prices will take in the future and hedge their open positions using the option of calling and put options. These options provide the holder with the option, but no obligation to purchase or trade at a later strike price.

MOVEMENT: They enable traders to bet on how much the value of a cryptocurrency’s price will change over a certain time regardless of the direction, effectively making them an attempt at predicting volatility. So long as the value of the cryptocurrency being traded within a specified dollar amount–either upwards or downwards, the contract will earn profits.

Spot Markets: FTX provides more than 100 spot trade pairs, giving an opportunity to trade the top cryptocurrency like Bitcoin, Ethereum, Binance Coin, Chainlink, and Ripple’s XRP.

FTX US offers nearly 60 spot and spot currency trading pairs, in addition to options contracts based on 0.01 Bitcoin, 0.1 Ether, cryptocurrency swaps, and Bitcoin mini-futures. The company also has an exchange for non-fungible tokens.

FTX provides futures pairs that have margins of up to 101x for either short or long leading cryptocurrencies that allow traders to benefit from relatively small price fluctuations.

Regulation

FTX is registered within Antigua and Barbuda and headquartered in the Bahamas after it relocated away from Hong Kong in September 2021. Their FTX Digital Markets Limited. unit is controlled through the Securities Commission of the Bahamas. The exchange is not able to provide the services of U.S. residents.

U.S.-based crypto traders can use FTX US, which is a registered financial services company that is affiliated with FinCEN. In the month of October 2021, FTX US completed its acquisition of LedgerX which was rebranded to FTX US Derivatives. FTX US Derivatives is licensed as a Derivatives Clearing Organization, Swap Execution Facility, and Designated Contract Market by the U.S. Commodity Futures Trading Commission (CFTC).

Management and Capital Structures

FTX along with FTX US have overlapping management teams. Both companies name Sam Bankman-Fried as the chief executive officer, and Co-founder Gary Wang as chief technology officer.

FTX completed an investment of $400 million in its Series C venture capital round of funding in January 2022, valuing its business at around $32 billion. Participants include Temasek, Paradigm, Ontario Teachers Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global, and Insight Partners. All investors who participated in the round also took part in a series one funding round to FTX US valuing that company at $8 billion.

FTX Exchange is not regulated in the United States. U.S.-based traders have access to only an entity that is a partner FTX US.

Celebrity Affiliations

As part of their advertising initiatives as part of their marketing efforts, parents of FTX as well as FTX US in September 2021 signed Golden State Warriors point guard Stephen Curry to a long-term promotional agreement, which will grant the NBA star with an ownership stake of FTX.

On August 20, 2021 the two companies announced a long-term promotion partnership with venture capitalist Kevin O’Leary. TV personality Kevin O’Leary providing the “Shark Tank” host with equity stakes FTX as well as FTX US together with payments in cryptocurrency.

Cryptocurrencies are available on FTX

FTX provides more than 300 different cryptocurrencies available for trading on spot. Here’s a list of the assets that are available on the exchange:

  • Bitcoin (BTC)
  • Ether (ETH)
  • Solana (SOL)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Dogecoin (DOGE)

Trading Experience

FTX provides a variety of options and acknowledges that novice users might have a difficult time finding the features they need. To help the exchange offers an overview of the features.

Important information is also laid out clearly throughout the FTX website. For instance, those who are interested in staking the token of FTX, or FTT, the exchange clearly outlines the requirements. It explains that unstaking takes up to 14 days and tokens that are used to unstake won’t count towards the staking reward. The site also states that those who wish to take their stakes back fast can pay fees.

There is a myriad of content posted on different topics that outline FTX’s different offerings, terms, and guidelines. For instance, consider margin trading as an instance. It is a key product offered by FTX. Because of the complexity of margin trades, FTX is a great job in explaining its terms for the transactions. A very important aspect individuals who have a go at margin trading need to understand is what triggers the call to margin.

FTX clarifies that an account owned by a user could be dissolved if its Margin Fraction is below its maintenance Margin Fraction. FTX makes use of the example of a user’s maintenance margin percentage of at 6%. If the customer’s leverage ratio is 16.66x leveraged liquidation will commence.

FTX Exchange: pros and cons

Pros Explained

It supports margin trading as well as futures trade: FTX offers several advanced options, including futures and margin trading. This could be attractive to advanced traders who are able to manage the risk.

Access to the most advanced markets: FTX offers many advanced features that aren’t available with other exchanges. This includes access to markets such as the stock market, leveraged tokens, volatility and forex.

Cons Explained

U.S. residents can’t trade through FTX’s global platform. Because of the strict rules for the crypto market that exist in the United States, residents of the U.S. have limited access to FTX. The exchange operates with a U.S. partner, FTX.US However, the offerings of FTX.US are limited compared to that of the international platform.

There isn’t live chat support available: FTX does not offer live chat support. Although it has the most comprehensive help desk finding the information that you need could take time.

Fees

FTX is an equilibrated maker/taker fee structure. The fees for trading depend on 30 day trading volumes. FTT token holders are eligible for discounts on the platform fees they pay.

Here’s what you can expect from users in terms of fees for maker/taker.

FTX maker/taker fee structure

FTT tokenholders can enjoy discounts on their platform fee. Here are the discounts offered by tiered discount:

Fee discount chart on FTX.com

FTX users may be subject to fees for withdrawals and trading, as well as charges for creating leveraged tokens.

Security

FTX has industry-standard security options, including the following.

  • A custom-built hot-cold wallet solution
  • All hot wallet funds receive full external backing
  • Two-factor authentication (2FA), for each account
  • Optional 2FA/password for crypto withdrawals
  • Relationships built with industry-leading custodians

Open an FTX Account

Opening an FTX bank account is simple. The exchange walks through each step of the process from beginning to ending.

To get started, you will have to enter twice your email address and create strong passwords.

FTX requires customers who create accounts to verify their identities to trade crypto and make deposits. Unverified users are able to log in to their accounts and use the platform to explore it.

The platform is restricted to those who give basic information, such as their full name, birthday, country of residence, and address. Withdrawal limits apply. FTX’s full authentication process is required for all users. They must provide proof of residence, a government-issued ID, and undergo facial recognition. Once they have passed this verification, full platform access and unlimited withdrawals and deposits are available.

Customer Service

FTX is not able to provide 24/7 support via phone or chat. Customers who require assistance are encouraged by FTX to submit support tickets through their platform. FTX does not give an estimate of the time it takes to reply to a request for assistance.

You may submit a support ticket in addition to submitting a request via Telegram.

FTX Telegram Groups are publicly accessible so users should be careful when sharing their information.

FTX provides a wide range of articles to answer any questions new users might have about the exchange.

Satisfaction of Customers

FTX is receiving mostly negative reviews. This is similar to other cryptocurrency exchanges. FTX customer service is the primary reason that customers complain. The common thread among complaints was the length of time it took to get customer support to reply to support tickets.

As we have already mentioned, FTX has no time limit for customers who submit tickets. Some customers complained that they had to wait months to have their withdrawal requests approved.

Positive reviews praise FTX for its ease-of-use and low withdrawal fees.

FTX Exchange compared

Binance vs FTX

FTX and Binance at A Glance

AreaBinanceFTX
HEADQUARTERSNo headquartersNassau, Bahamas
COMPANY TYPECryptocurrency exchange, derivatives, NFTs, Earn, DeFiCryptocurrency exchange, NFTs, TC
FEES0.01% to .5%0.00% to 0.4%
SECURITYHighHigh
BEGINNER FRIENDLYYesYes
VERIFICATION REQUIREDYesYes
AVAILABLE CRYPTOCURRENCIES300+250+
PROPRIETARY TOKENYes (BNB)Yes (FTT)
ON-SITE WALLETYesYes
BUY/DEPOSIT METHODSACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit cardACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit card
SELL/WITHDRAW METHODSACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit cardACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit card
YEAR ESTABLISHED20172018
FIAT TRADINGYesNo
GOLD OR PRECIOUS METALSNoNo
Binance vs FTX table summary

Beginner Friendliness

Both platforms are relatively beginner-friendly which means it’s easy to start on both. For the novice, the interfaces on both platforms could be to be a little intimidating since some graphs and charts have an arduous learning curve.

An intermediate user can easily navigate the way to navigate both platforms. Binance however has advantages due to the fact that it has Binance Academy that provides an abundance of training for beginners who need some assistance getting started with all things crypto-related.

The Margin as well as Derivatives Trading

Binance, as well as FTX both, provide options for derivative trading and margin for their customers. This is the process of borrowing from lenders such as banks, traders, or brokers that are on the platform to maximize the potential profits by leveraging.

Binance provides a less extensive selection of cryptocurrencies that can be borrowed for margin trading and also a restricted selection in trading pairs. FTX in contrast offers a greater selection of options and trading pairs for those looking to make use of these options. For example, FTX goes as far as providing derivatives, such as permanent contracts and MOVE contracts, and even futures contracts.

Fee Structure

In terms of charges, both platforms offer almost identical options. Binance charges 0.1 percent for every spot trade, regardless of the currency you choose to use.

FTX also is charged the 0.1 percent charge for all transactions in spot trading However, it’s based on the currency being traded, as each comes with a different fee structure. The difference is that Binance has a less expensive withdrawal fee than the other since the fees are calculated according to the currency being transferred from or deposited into your account.

The two Binance and FTX provide fee structures that are based on the volume of trading they receive. Makers and takers on Binance are charged fees ranging from 0.02 percent up to as much as 0.1 percent, while FTX makers and takers are charged between 0% and 0.4 percent.

Trust and Security

Binance, as well as FTX both, has security features, to ensure that your money is secure. Binance holds around 10% of trade fees in a secured fund, which is used to provide an insurance policy in the event of the possibility of being attacked. This was in response to the phishing attack that occurred in the year 2019 and resulted in the company losing $40 million.

Since then, Binance has worked to rebuild trust among its users by implementing tools like a 2-factor authentication system and whitelisting of wallets and IPs for all of its accounts.

FTX uses a variety of security measures that protect the money of its users. The platform employs SSL encryption for every transaction, which means the information you exchange is secured by cryptographic encryption. You can also whitelist specific addresses as well as wallets on FTX.

Sign-up Procedure

The process of signing up for either platform is fairly simple as there are no strict know-your-customer (KYC) conditions. This means you don’t have to supply them with your identity card or proof of address as well as other personal details.

They just require you to sign-up using an email address with a valid ID and select a password that is secure. To be eligible for more generous withdrawal limits, your account needs to be checked manually, specifically on Binance. It may take a few days for your account to be cleared.

Available Cryptocurrencies

Both platforms offer a vast variety of digital currencies and tokens for trading with users of all. Binance has more than 300 coins. FTX even goes further by offering 275 coins for trading.

But in terms of trading pairs for both platforms, Binance holds the advantaged hand since its list is extensive compared to FTX. Below is a list of the most popular cryptocurrency that you can find on both platforms.

Binance

  • Bitcoin
  • Ethereum
  • Binance Coin
  • Litecoin
  • Cardano
  • Uniswap
  • Dogecoin
  • Ripple XRP
  • Solana
  • Polygon
  • Chainlink

FTX

  • Bitcoin
  • Litecoin
  • Chainlink
  • Solana
  • USD Tether
  • Dogecoin
  • TRON
  • SushiSwap

Highlight Characteristics

One of the best things you’ll see in both Binance and FTX is their lower transaction fees for transactions that are standard.

Customers can also benefit from more generous withdrawal limits for accounts that have been manually verified according to the exchange they choose to use. FTX is a good example. It offers an ATM card that lets you make use of your crypto assets with different merchants on the internet. Binance however, on its own is a launchpad that gives users the opportunity to invest early in upcoming crypto – and NFT-connected projects.

Our Verdict Too close to call

While they’re relatively new to the scene and despite being relatively new, the two companies Binance along with FTX have shown high levels of effectiveness in their operation. They provide a variety of cryptocurrencies to trade and various security measures to protect your funds. But in terms of charges charged by both trading platforms, Binance is a bit ahead of FTX.

The difference is that Binance has a more affordable withdrawal fee than its counterpart because they are calculated on the amount of money you withdraw from your account or transfer into it. The two Binance and FTX provide fairly comparable fees, and their general interfaces are identical.

To determine the best option between the two options, it is essential to be aware of your requirements as a trader. If you’re all about low costs, then Binance is the best way to take. However, if you want more limits on withdrawals with more derivatives available to exchange, FTX might be better to suit your needs in terms of trade.

FTX Vs Crypto.com

FTX Vs Crypto.com table summary

FeatureCrypto.comFTX
HEADQUARTERSSoutheast AsiaNassau, Bahamas
COMPANY TYPECryptocurrency exchangeCryptocurrency exchange
FEES0.036% to 0.144%0.02% to 0.07%
SECURITYHighHigh
BEGINNER FRIENDLYYesYes
VERIFICATION REQUIREDYesYes
AVAILABLE CRYPTOCURRENCIES100+250+
PROPRIETARY TOKENYes (CRO)Yes (FTT)
ON-SITE WALLETYesYes
BUY/DEPOSIT METHODSACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit cardACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit card
SELL/WITHDRAW METHODSACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit cardACH Bank Transfer, Wire Transfer, PayPal, and Credit/Debit card
YEAR ESTABLISHED20162018
FIAT TRADINGNoYes (Not in USA)
GOLD OR PRECIOUS METALSYes (PAXG)Yes (PAXG)
Binance vs FTX table summary

Beginner Friendliness

The two exchanges FTX both FTX and Crypto.com are user-friendly for beginners. Both exchanges feature intuitive interfaces which make it simple for anyone, even beginners, to exchange digital currencies. They also provide many products and features that are uncommon within the crypto market.

The exchanges are accessible for both Android and iOS devices, which is an advantage for new traders who need to be on the go. Additionally, both exchanges have mobile apps and an API to connect with third-party platforms. Of the two exchanges, Crypto.com’s mobile interface is the most user-friendly and it has more customer support tools for users in the event that users get stuck.

Fees

The two exchanges FTX and Crypto.com offer fairly low fees. Both exchanges have fees that are competitive which are typically less than other major cryptocurrency exchanges. Crypto.com has commissions that range between 0.036 percent to 0.144 percent, while FTX has fees that are based on a tiered fee structure, which ranges from to 0% to up to 0.07 percent.

The fact is, Crypto.com does have an advantage in terms of the fees for withdrawal and deposit. Crypto.com doesn’t charge fees for deposits, and there are no minimum deposit requirements. However, FTX charges a 0.0004 BTC fee for BTC deposits.

In the case of withdrawals, FTX is charged a cost for BTC withdrawals that are less than 0.01BTC and for all ERC-20 tokens as well as Ethereum. Withdrawals over 0.01 BTC are free. Crypto.com only charges an 0.0005 BTC fee for express withdrawals. In the end, Crypto.com is the better option for charges.

However, one caveat is Crypto.com application tends to have higher spreads which means you’re paying more for cryptocurrency.

Supported Payment Methods

FTX does not support bank transfers as well as wire transfer for withdrawals and deposits. For withdrawals and deposits made in crypto, FTX supports BTC, ETH, LTC, XRP, BCH, LINK, DOT, and TRX.

Crypto.com offers a wide range of payment options, including credit and debit cards, bank transfer, wire transfers, as well as withdrawals and deposits in crypto. The company also lets users purchase crypto with fiat currencies using its integrated exchange.

Overall, Crypto.com is the better choice for payments that are supported.

Trust and Security

The two FTX, as well as Crypto.com, are well-known for their security at the highest level. They employ state-of-the-art security measures to safeguard users’ funds and information.

Some of the security options that both exchanges share include 2FA security, cold storage as well as SSL encryption. Additionally, both exchanges have put in place KYC procedures to be in compliance with the anti-money laundering laws.

But one area where Crypto.com is distinct is their insurance policies. It has insurance coverage for user accounts up at $500m. It means that customers can be assured that their money is safe even in case of a security breach or other security breach.

Overall, Crypto.com is the better option when it comes to security and trust.

Variety of Products

The two exchanges FTX and Crypto.com provide a broad range of services and products. They offer spot trading and margin trades derivatives trading and much more. Additionally, the exchanges provide an array of options and services which are not common within the crypto world.

But one area in which Crypto.com stands apart is their customer support. It provides live chat support 24 hours a day while FTX provides only email assistance. This allows customers to seek help when they require assistance.

FTX’s offering of more sophisticated futures, spot market opportunities, leveraged tokens, and much more, is matched with Crypto.com’s DeFi-ready suite of products that allow you to earn high returns through their stake-taking program.

Both platforms are also equipped with an NFT market.

In the end, both FTX and Crypto.com provide a broad range of services and products. So, they’re in an equal position in this area.

Supported Cryptocurrencies

FTX offers a variety of cryptocurrencies, including BTC, ETH, LTC, XRP, BCH, LINK, DOT, and TRX. It also permits users to trade a range of fiat currencies like USD, EUR, GBP, and JPY.

Crypto.com is also able to support a wide variety of cryptocurrencies, which include BTC, ETH, LTC, XRP, BCH, and many more. The company allows its customers to purchase crypto using the fiat currency of their integrated exchange.

But, while FTX has over 300 cryptocurrency options as opposed to Crypto.com’s 250 coin collection, the selection of cryptocurrency is much larger than what you will find on Crypto.com and the other FTX competitors. For instance, some well-known coins like Cardano or Polkadot are not included in the list of FTX’s cryptocurrency options.

Here’s a brief overview of some currencies that you can find on each platform.

Crypto.com

  • Bitcoin
  • Ethereum
  • Cardano
  • Dogecoin
  • Vechain
  • Solana
  • Terra
  • Polkadot

FTX

  • Bitcoin
  • Tether
  • Ethereum
  • Dogecoin
  • Solana
  • BNB
  • XRP
  • Unique Specifications

The standout features of FTX outweigh those of Crypto.com.

The platform includes an option for margin trading with as much as 20x leverage. It also has a wide selection of derivative products, such as futures, options, as well as leveraged tokens.

However, Crypto.com offers a built-in exchange, which allows users to purchase crypto using an actual currency, and its most well-known feature, apart from the potential to earn returns with cryptocurrency is that its users can avail insurance coverage of up to $500,000,000.

Finally! Crypto.com offers an incredible crypto-based credit card offering benefits like no-cost Netflix as well as up to 8 percent in cashback in CRO.

Conclusion: FTX Better for Serious Traders

In terms of the winner overall, it’s all dependent on the type of prize you’re seeking. For traders with a sophisticated approach who want to have the tools they require to trade in crypto, FTX is the better option. It offers a broad variety of products and features that are uncommon in the crypto market.

The difference is that Crypto.com offers the most well-rounded choice because it doesn’t just have low fees, but it has a user-friendly interface, not to mention an array of DeFi features.

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