Figure Markets Review: Should You Trade or Borrow Here?

Figure Markets is more than a spot crypto exchange. Its homepage promotes buying and selling crypto, Pro Trade, crypto-backed loans, and Prime, a marketplace where borrowers and lenders use assets connected to real-world credit. It also offers YLDS, which Figure describes as an interest-accruing, SEC-registered public security, and highlights tokenized real estate and credit pools. The platform says its products run on Provenance, a blockchain designed for financial assets and settlement.

That mix may appeal if you want to explore crypto trading and tokenized credit in one account. It also means you should treat each product separately: a crypto trade, a loan, and an investment in a security have different costs and risks. Figure Markets lists no native exchange token. Its marketing refers to a wider range of assets, but check the current asset list and whether each product is available to you before planning a transaction.

The platform promotes crypto-backed loans with fixed rates and advertises borrowing at 50% loan-to-value. It also says these loans do not require credit checks. Those claims do not tell you the actual rate or the total cost of a loan: Figure Markets does not publish the APR, origination charges, repayment schedule or liquidation thresholds on its homepage. Ask for the complete terms before pledging collateral. If the collateral falls in value, you may need to add assets or risk liquidation, depending on the loan agreement.

Trading costs are also unclear. The homepage does not publish a schedule for trading fees, spreads, deposits or withdrawals. Compare the displayed quote with the amount you expect to receive, including any network or transfer charges, before confirming. Prime and YLDS involve different lending or investment risks; do not assume their advertised yield is guaranteed or equivalent to a bank savings rate. Read the applicable product terms and offering documents to understand charges and risks.

Figure Markets says its MPC wallets provide decentralized custody and give users control of Provenance-native assets. MPC, or multi-party computation, splits signing authority among components rather than relying on a single private key. That can work differently from a self-custody wallet where you hold the seed phrase yourself. Before transferring funds, understand who can authorize transactions, what happens if you lose account access, and whether withdrawals depend on Figure Markets or other providers.

The platform does not list an audit on the project information used for this review, and the homepage does not set out a complete custody architecture or incident history. Figure Markets also does not publish its exchange licence details or KYC policy on the homepage. YLDS is described as an SEC-registered public security, but that registration does not mean the entire exchange is SEC-approved, that the asset is insured, or that your funds are guaranteed. Review the relevant legal documents and security disclosures before trusting the service with significant funds.

Figure Markets is built around Provenance, so check that the assets you plan to use are supported on the correct network. The homepage names BTC and ETH among the assets users can buy, sell or borrow against, but it does not provide a complete current list of coins, trading pairs or deposit networks. A token sent over an unsupported network can be difficult or impossible to recover. Confirm the network and address in your own account before sending anything.

The service offers account sign-up and login, but it does not publish detailed information on mobile apps, account setup time or withdrawal processing times on its homepage. Do not assume a transfer is instant just because a transaction settles on-chain: exchange checks and payout processes can add time. Start with a small amount, check the destination address and network carefully, and learn the account recovery process before storing funds on the platform.

Figure Markets is not a straightforward choice if you want all costs, eligibility rules and custody terms spelled out before creating an account. Its homepage promotes competitive loan rates but does not publish the rates, and it leaves trading and withdrawal charges unclear. KYC requirements and detailed exchange licensing information are also not set out there. You will need to inspect the applicable account and product terms, and confirm that the services are available where you live.

The product range can be a drawback as well as a benefit. Trading crypto, borrowing against it, and holding an interest-bearing security expose you to different risks; they are not interchangeable ways to earn or store money. YLDS is a security, not simply a dollar token or insured deposit. Figure Markets warns that digital currencies are not legal tender and are not covered by FDIC or SIPC protection. Consider another provider if you need clearer public disclosures or a simpler custody model.

Before signing up, check whether Figure Markets and the specific product you want are available to you, and review the account terms for identity checks and eligibility. Confirm all trading and transfer charges in the transaction flow; the homepage does not publish a full fee schedule. If you are considering a loan, read the APR, repayment dates, collateral rules and liquidation terms rather than relying on the advertised 50% LTV figure alone.

For deposits, verify the exact asset, network and receiving address displayed in your account. Begin with a small test transfer if practical, then confirm it arrives before sending more. Review the MPC wallet's signing, access recovery and withdrawal process before leaving assets there. If you are considering YLDS or a Prime product, read its offering and risk documents; do not treat a stated yield as guaranteed. Keep records of your account and avoid putting in money you cannot afford to lose.