Figure Markets Crypto Exchange Review: Fees, Yields, and Real-World Asset Trading in 2025

Most crypto exchanges make you choose: Figure Markets lets you have both. If you want to trade crypto without paying fees, earn real interest on your stablecoins, and borrow against your Bitcoin-all while staying fully compliant with U.S. regulators-you won’t find many options that do it all. Figure Markets isn’t just another exchange. It’s a financial platform built from the ground up to bridge the gap between traditional finance and crypto, without sacrificing control or security.

What Makes Figure Markets Different?

Figure Markets launched in 2024, but its roots go back to Figure Technologies, the fintech company behind one of the largest digital mortgage platforms in the U.S. That background matters. While most crypto exchanges focus on trading volume and listing new altcoins, Figure Markets built its system around real-world assets: home equity loans, auto loans, and now commercial real estate. These assets are tokenized and turned into yield-generating products you can access directly from your wallet.

The platform runs on the Provenance Blockchain, a public proof-of-stake chain designed specifically for financial applications. This isn’t just marketing. It means every transaction, loan, and yield payment is recorded on-chain with full transparency. And unlike most exchanges, Figure Markets uses multi-party computation (MPC) wallets. That means you control your keys. No one else holds them. Not even Figure. That’s self-custody without the complexity of managing seed phrases.

Trading: Zero Fees, Limited Selection

If you’re tired of paying 0.1% to 0.6% per trade on Coinbase or Binance, Figure Markets is a breath of fresh air. There are no trading fees on any pair. Buy BTC, sell ETH, swap USDC for YLDS-zero cost. That’s rare in a space where even “low-fee” exchanges charge.

But there’s a trade-off. Figure Markets doesn’t list hundreds of tokens. You’ll find Bitcoin, Ethereum, USDC, YLDS, and a handful of tokenized real-world assets. No Shiba Inu. No Dogecoin. No obscure memecoins. That’s intentional. The platform targets serious investors who care about yield, compliance, and asset backing-not speculation.

If you’re looking to trade Solana, Polygon, or lesser-known DeFi tokens, you’ll need another exchange. But if you want to move between major assets without paying fees and then earn interest on the rest, Figure Markets is one of the few places that makes sense.

YLDS: The First SEC-Registered Yielding Stablecoin

The standout feature of Figure Markets is YLDS. Launched in July 2025, it’s the first stablecoin registered with the SEC that pays interest directly to holders. As of October 2025, it yields 3.85% APY. That’s not just better than traditional savings accounts-it’s better than most crypto yield platforms.

Here’s how it works: When you hold YLDS, you earn interest every day. The payments are automatic. No staking. No locking. No risk of slashing. The interest comes from the interest generated by real-world loans-mostly home equity loans-that Figure Markets has tokenized and sold to investors. Each YLDS token is backed by real assets on the blockchain.

Compare that to USDC, which pays almost nothing. Or to platforms like Celsius, which collapsed in 2022 because they promised high yields without real asset backing. YLDS doesn’t just say it’s backed-it proves it. The underlying loans are audited, regulated, and transparent.

Users report earning over $1,200 in six months on a $32,000 deposit. That’s not a gimmick. That’s compound interest from real loans.

Crypto-Backed Loans: Borrow Without Selling

Want to buy more Bitcoin but don’t want to sell your existing holdings? Figure Markets lets you borrow up to 75% of your crypto’s value with fixed rates and no credit check.

Here’s how it works: Deposit 1 BTC worth $60,000. You can borrow up to $45,000 (75% LTV) at a fixed rate. The loan is in USDC or YLDS. You keep your BTC. If the price drops, you’re not liquidated immediately. The system gives you time to add more collateral or pay down the loan. And since the loan is non-recourse, your other assets are protected.

This feature has been a game-changer for users who want to leverage their holdings without triggering taxable events. One Reddit user borrowed $50,000 against 1 BTC during a July dip, bought more BTC, and saw his position grow without ever selling. That’s smart, tax-efficient leverage.

How to Get Started

Getting started takes four steps:

1. Create an account with your email and password.
2. Complete KYC: Upload a government-issued ID. This takes about 2-3 business days on average, longer than Coinbase but typical for a regulated platform.
3. Deposit funds: U.S. users can link their bank account and send up to $25,000 via ACH with instant availability. International users deposit USDC using a unique Ethereum address provided by the platform.
4. Start using features: Trade, earn yield on YLDS, or take out a crypto-backed loan.

The mobile app (iOS and Android) is clean and intuitive. The web version works just as well. There are video tutorials that walk you through MPC wallets, yield generation, and loan setup. Most users need 2-3 sessions to feel comfortable with all the features.

Performance and Security

Figure Markets isn’t just growing-it’s profitable. In the first half of 2025, it generated $191 million in revenue and $29 million in profit. That’s unheard of in crypto. Most exchanges are still burning cash to gain users. Figure Markets is earning it.

Security is another strong point. CertiK, a top blockchain security firm, audited the MPC wallet system and called it “enterprise-grade.” That means your funds aren’t sitting in a hot wallet vulnerable to hacks. They’re split across multiple secure nodes, and no single entity can move them.

The platform processed over $2 billion in loan volume in Q2 2025. Nearly half of that came through Figure Connect, its partner network for banks and lenders using its blockchain tech. That’s not just retail users-it’s institutions trusting the system.

What’s Missing?

Figure Markets isn’t perfect. It’s not for everyone.

- Too few coins: If you trade altcoins, you’ll need another exchange. Only 15-20 assets are listed.

- Slow support: Customer service takes an average of 18.5 hours to respond. That’s slower than Coinbase’s 9-hour average.

- KYC delays: Three days is long if you’re trying to move fast.

- App syncing issues: Some users report delays between mobile and web balances.

- Concentration risk: 87% of yield products are backed by home equity loans. If the housing market crashes, yields could drop.

Analyst David Gerard warned in September 2025 that these yields might not hold up in a recession. He’s right to question it. But so far, defaults have been low. The loans are originated with strict underwriting standards, and many are first-lien mortgages.

Who Is This For?

Figure Markets is ideal for:

• U.S. residents who want to earn real yield without risking their crypto.
• Long-term holders who want to borrow against their assets without selling.
• Investors tired of paying trading fees.
• People who care about regulation and transparency.

It’s not for:

• Day traders chasing memecoins.
• International users who need direct bank deposits (yet).
• Those who want instant support or 300+ coin options.

What’s Next?

Figure Markets has clear plans:

• SEPA and SWIFT support by Q1 2026 (for non-U.S. users).
• Tokenized stocks by Q3 2026.
• Commercial real estate-backed yield products in late 2026.

The company is betting big on real-world asset tokenization, a market projected to hit $16 trillion by 2030. Figure Markets already handles 3.7% of that market-and it’s growing fast.

Final Verdict

Figure Markets isn’t trying to be everything. It’s trying to be the best at one thing: combining regulatory compliance, self-custody, and real yield in one place. And so far, it’s winning.

If you’re a U.S.-based crypto investor who wants to earn interest, borrow against holdings, and trade without fees-all while knowing your assets are legally protected and backed by real loans-this is one of the most compelling platforms available today.

It’s not flashy. It doesn’t have the biggest user base. But it’s profitable, regulated, and built for the long term. In a space full of hype and collapse, that’s worth paying attention to.