Figure Markets Review (2026)
Figure Markets is a crypto exchange and financial platform. It offers services such as:
- Trading cryptocurrencies including BTC, ETH, SOL, and more
- Providing crypto-backed loans at 9.999% to 12.62% APR
- Yield products like YLDS, an SEC-registered stablecoin, and Prime lending pools
We spent 7 hours researching and testing Figure Markets' platform to understand how Figure Markets works and whether it delivers on its promises. In our review you'll find its pros, cons, and an analysis of its services.
| Company Overview | Details |
|---|---|
Company Type | Cryptocurrency exchange and DeFi platform |
Self-custody crypto trading | Self-custody wallet; BTC, ETH, and SOL deposits sit in MPC accounts |
Crypto-backed loans | Yes |
Yield-generating products | Yes |
Trading fees | 0.1% maker and taker on crypto pairs |
Loan interest | 9.999% to 12.62% APR |
Supported crypto | 9 assets: BTC, ETH, SOL, XRP, LINK, UNI, HASH, USDC, USDT |
Requirements | Age 18+, SSN or ITIN, and a photo ID; no crypto trading in New York |
Who is Figure Markets for?
Figure Markets bridges the gap between traditional finance and decentralized crypto ecosystems, making it appealing to a specific segment of crypto users. Its hybrid approach provides the benefits of decentralization while maintaining ease of use more typically associated with centralized platforms.
Requirements You Must Meet
- Age: Must be 18 years or older
- Location: Crypto trading is not available in New York, and crypto loans are not offered in DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA
- Documentation: Your SSN or ITIN, plus a driver's license, passport, or state ID
- Technical requirements: Compatible device with internet connection
Figure Markets is best for…
Figure Markets is best for crypto investors who prioritize self-custody and security but don’t want to sacrifice user experience.
It’s ideal for those looking to earn yields backed by real-world assets rather than purely speculative crypto yields. The platform suits both crypto newcomers who appreciate a clean interface and experienced users who value on-chain transparency.
It’s particularly well-suited for investors who want returns from real-world loans, such as home equity lines, through Figure's Prime lending pools.
Figure Markets is not for you if...
Figure Markets is not for you if you're looking for a huge selection of altcoins. Large exchanges list hundreds of coins, and U.S. users here get 9 crypto assets, as of November 4, 2026.
New York residents can't trade crypto here, and they can only fund an account with stablecoins.
If you're a high-frequency trader requiring deep liquidity or advanced charting tools, more established exchanges might better serve your needs. Additionally, if you're uncomfortable with newer platforms that are still building their user base and liquidity pool, you might prefer a more established exchange.
Figure Markets Core Services
Let’s analyze the core services of the platform.
Crypto Exchange
Figure Markets’ exchange combines the speed of centralized platforms with the security of decentralized finance. It runs on the Provenance Blockchain. Your wallet is self-custody, and the BTC, ETH, and SOL you deposit sit in MPC accounts, where no single party holds the full key. You trade entitlements to those coins.
Key Features
- 0.1% maker and taker fee on crypto pairs, 0% on stablecoin pairs
- Self-custody wallet, with BTC, ETH, and SOL deposits held in Multi-Party Computation (MPC) accounts
- On-chain transparency for all transactions
- 9 crypto assets: BTC, ETH, SOL, XRP, LINK, UNI, HASH, USDC, and USDT
- Market and limit orders, with an order book in Pro Trade
- Real-time market data and depth charts
- Institutional-grade security protocols
- On-chain trading of Figure's own FGRS shares through OPEN
Crypto-Backed Loans
| Feature | Details |
|---|---|
Loan minimum | $5,000 to $250,001, depending on your state |
Interest rate | Term Loan: 9.999% APR at up to 50% LTV, 12.62% APR up to 75% LTV, as of November 4, 2026 |
Max initial LTV | 75% |
Liquidation | A partial liquidation may follow if a margin call at 80% or 85% LTV isn't fixed within 48 hours; full automatic liquidation at 90% LTV |
Term | 12 months (Term Loan), with interest-only monthly payments and the full principal due at the end; or no set term (Flex Rate Loan); no prepayment penalty |
Eligible collateral | BTC, ETH, or SOL |
Disbursement | USD to your bank (USDC for international borrowers) |
Need cash but don't want to sell your crypto? Figure Markets' lending service lets you borrow against your digital assets, so you keep your position and often get the cash the same day.
Key features
- Term Loan rates from 9.999% APR at up to 50% LTV
- Not offered in DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA
- 12-month Term Loan at a fixed rate, with interest-only payments and the full principal due at the end, or a Flex Rate Loan with no set term
- No prepayment penalties
- Funding often arrives the same day
- Maintain ownership of your collateralized crypto
- Loan-to-value (LTV) ratios up to 75% initial
- Margin call at 80% or 85% LTV, with 48 hours to fix it before a partial liquidation may follow
- Simple online application process
Prime (lending pools)
Prime, formerly Democratized Prime, lets you lend YLDS into loan pools from the Earn section of the app. The pools fund home equity lines, auto loans, small business loans, and crypto-backed loans, and each pool's rate moves with supply and demand.
Key features
- Pools backed by home equity lines, auto loans, small business loans, and crypto-backed loans
- Income generated from real-world assets, not just cryptocurrency speculation
- Rates that move with supply and demand in each pool
- Each pool shows its credit profile, such as average FICO score and LTV
- Add or withdraw whenever you like, with withdrawals within an hour, per Figure
- Not FDIC insured, and you can lose money
- You carry the risk if borrowers don't repay
- You lend YLDS, which you can buy in the app
- Live-rate pools you can browse in the Earn section
YLDS Stablecoin
YLDS is Figure Markets' SEC-registered yield-bearing stablecoin, the first of its kind registered with the SEC. It pays a variable rate tied to the Secured Overnight Financing Rate (SOFR), and interest accrues daily and is paid monthly. Legally, YLDS is an unsecured face-amount certificate backed only by the assets of Figure Certificate Company, and it is not FDIC insured.
Key features
- Variable rate tied to SOFR
- Surrender at any time for face value plus accrued interest
- First SEC-registered yield-bearing stablecoin on a public blockchain
- Unsecured, backed only by Figure Certificate Company's assets
- Not FDIC insured, and you could lose money
- Easy to buy, hold, and redeem
- No lock-up periods
- Automatic yield accrual
- Usable for trading or as stable value storage
- Reserves reported quarterly in Figure Certificate Company's SEC filings
Flex Rate Loan
The Flex Rate Loan lets you borrow against your whole Figure Markets balance, not just one coin. Its rate is variable and resets every hour through an auction in Figure's lending pools, and there is no set term.
Key features
- Your full account balance counts as collateral, including stablecoins
- Rate set each hour by a Dutch auction among lenders and borrowers
- No set term: you pay interest only while you borrow
- Deposits and asset sales pay down the balance automatically
- A 0.50% yearly matching fee is built into the hourly rate
- No prepayment penalty
- You may need to add collateral if rates or prices move against you
- Funds go to your bank or to a crypto address
- Offered only where Figure's crypto loans are available
Private Funds
Figure Markets provides qualified investors access to exclusive private funds focused on various digital asset strategies and real-world asset tokenization. These professionally managed funds offer diversification beyond standard crypto investments.
Key features
- Access to professionally managed investment portfolios
- Exposure to digital assets and tokenized real-world assets
- Regular performance reporting
- Managed by experienced investment professionals
- Built-in risk management strategies
- Potential for reduced volatility through diversification
- Quarterly liquidity options (fund-specific)
- Limited to accredited/qualified investors
- Transparent fee structure
On-Chain Stocks (OPEN)
Figure Markets now offers on-chain stock trading through OPEN, its On-chain Public Equity Network. You can trade FGRS, the blockchain-native form of Figure's own shares, against YLDS on Figure's ATS, with a 0.03% fee for makers and takers, as of November 4, 2026.
Key features
- Fractional ownership of traditional assets
- 24/7 trading availability (no market hours limitations)
- Convert regular FIGR shares into blockchain-native FGRS
- Transparent on-chain transaction records
- Reduced intermediary costs
- Programmable ownership through smart contracts
- Cross-border access to global markets
- Integration with existing Figure Markets wallet
- Regulatory compliance with securities laws
How to Activate an Account
Get the app or sign up on the website
You can start on Figure's website or in the Figure Markets app.
Download the app and create an account
Download the Figure Markets app and tap Create An Account. The app asks you to back up your recovery phrase first, so have a pen and paper ready. Step 5 explains how to keep it safe.
Add your contact details
Enter your profile information, email address, and phone number. Then type in the verification code sent to your phone.
Verify your identity
Next, the app checks your identity, which U.S. rules require. Here's what you'll do:
- Enter your country of citizenship and the last 4 digits of your Social Security number
- Fill in your details by hand if Figure can't find you: name, address, date of birth, and full SSN or ITIN
- Check everything before you submit, since you can go back and edit
- Share your background: employment status, industry, and source of funds
- Upload a photo ID, such as a driver's license, passport, or state ID
- Watch your application status in the app
Secure your self-custody wallet
Your Figure Markets wallet is self-custody, so only you can authorize its transactions. Keep these points in mind:
- Write down your recovery phrase and store it offline, since you can't reach your wallet without it
- Never share the phrase with anyone, because that could compromise your account
- Know where your coins sit: BTC, ETH, SOL, and USDC you deposit are held in MPC accounts, and you trade entitlements to them on the Provenance Blockchain
- View your recovery phrase later under Manage Accounts in the app
- Send a small test first when you move crypto out, since blockchain transfers can't be reversed
- Watch for scams: Figure's help center has a guide on how to spot them
Fund your account
Once you're approved, add money with one of these methods:
- ACH Transfer: Link your bank through Plaid. The money is ready to trade right away, but it needs up to 4 business days to settle before you can move it off the platform.
- Wire Transfer: The app shows the account details to give your bank. Your bank may charge a fee.
- Cryptocurrency Transfer: Tap Receive Assets, pick the coin, and send it to the address shown. Double-check the address first. If you live in New York, you can only deposit stablecoins.
- After your first deposit arrives, you're ready to trade, earn, or borrow.
Consider this before creating an account
Before signing up, ensure you're comfortable with the platform's developing status and limited cryptocurrency selection. The Figure Markets app is available on both iOS and Android, so download it and explore the interface before committing funds. Have your government ID ready for verification, and consider which funding method will work best for you, as ACH transfers can take several days to process. If you're primarily interested in their yield products, research current rates and terms, as these may change over time.
Figure Markets Costs
Figure Markets aims to differentiate itself with a transparent fee structure. Here’s a breakdown of their current costs:
| Fee Type | Amount | Details |
|---|---|---|
Trading Fees | 0.1% | Maker and taker fee on crypto pairs; stablecoin pairs cost 0% |
Loan origination fee | 0% to 1% | Charged at closing, per Figure's state fee table: 1% in most states, lower or capped in some |
Liquidation fee | 0% or 2% | 2% in 24 of the 41 states with loans, only if your collateral is sold |
Crypto-Backed Loans | 9.999% to 12.62% APR | 12.62% APR above 50% LTV, as of November 4, 2026 |
Figure plans fee tiers based on the size of each trade, down to 0% for makers on trades of $50 million or more. Until then, every coin trade pays the same 0.1%, and stablecoin pairs cost 0%.
Is Figure Markets the Right Choice for Your Crypto Needs?
Figure Markets stands out with its innovative approach to combining the best aspects of centralized and decentralized finance.
Their low 0.1% trading fee and self-custody wallet are real advantages. YLDS and the Prime lending pools also let you earn from real-world assets instead of crypto price moves alone.
The limits are real: 9 crypto assets, no crypto trading for New York residents, and no loans in 9 states and DC. If you mainly want low-cost BTC, ETH, or SOL trades, a crypto loan, or yield from real-world assets, Figure Markets is a fair option.
FAQs About Figure Markets
Is Figure Markets Legit?
Yes. Figure Markets is a brand of Figure Markets Holdings, Inc., a wholly owned subsidiary of Figure Technology Solutions, Inc., which is listed on Nasdaq (FIGR). Its crypto services run through Figure Payments Corporation, which holds state money transmitter licenses (NMLS ID 2033432; New York is pending). YLDS is registered with the SEC. Figure was co-founded in 2018 by former SoFi CEO Mike Cagney and June Ou.
What cryptocurrencies can I trade on Figure Markets?
U.S. users can trade 9 crypto assets, as of November 4, 2026: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Chainlink (LINK), Uniswap (UNI), HASH (the Provenance Blockchain token), USD Coin (USDC), and Tether (USDT). Crypto trading is not available in New York.
How does Figure Markets' self-custody system work?
When you join, you get a self-custody wallet on the Provenance Blockchain, protected by a recovery phrase that only you hold. BTC, ETH, SOL, and USDC you deposit are held in MPC accounts, where the key is split among several MPC hosts, and you trade entitlements to those coins. To withdraw them, the hosts must work together to sign the transfer.
What yields can I expect from Figure Markets' products?
Yields vary by product and change often. YLDS pays a variable rate tied to SOFR, with interest that accrues daily and is paid monthly. Prime pools pay variable rates set by supply and demand in each pool. Check the current rates in the app before you put money in.
How do Figure Markets' crypto-backed loans work?
You can borrow against BTC, ETH, or SOL without selling it. The Term Loan runs 12 months at a fixed rate: 9.999% APR at up to 50% LTV or 12.62% APR up to 75% LTV, as of November 4, 2026, including a 1% origination fee. You pay interest only each month and repay the full principal at the end. There is no prepayment penalty, and U.S. borrowers get USD in a linked bank account. A Flex Rate Loan with a variable rate and no set term is also available. Loans are not offered in DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA.
Can I use Figure Markets outside the United States?
Yes, in many countries. Figure Markets runs an international exchange for non-U.S. users and offers crypto loans to international customers outside a list of restricted countries. This review covers the U.S. service, where crypto trading is not available in New York.
Who owns Figure Markets?
Figure Markets is a brand of Figure Markets Holdings, Inc., a wholly owned subsidiary of Figure Technology Solutions, Inc. (Nasdaq: FIGR). Figure was co-founded in 2018 by Mike Cagney, the former CEO of SoFi, and June Ou. The platform runs on the Provenance Blockchain.