The FTX Exchange ranks among the world's most prominent centralized cryptocurrency exchanges and the top five crypto derivatives exchanges in terms of daily trading volume. It offers competitive trading fees and innovative features like derivatives, options, OTC trading, futures trading, leveraged tokens, and more than 300 cryptocurrencies. The FTX cryptocurrency exchange has its own native token, FTX, with the ticker FTT, which is an ERC-20 token on the Ethereum blockchain.
The FTX token has several use cases in the FTX ecosystem and is designed to increase network effects and demand for FTT and decrease its circulating supply.
Check the FTX Token current price, 24-hour trading volume, market cap, circulating supply, max. supply, historical statistics, etc., and get updates on FTT to USD price in real-time on CoinStats, one of the best crypto platforms around.
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What Is FTX Token (FTT)
FTX token is considered the official backbone of the FTX ecosystem. FTT token is an ERC-20 token on the Ethereum blockchain and also operates on the BNB Beacon Chain (BEP2) platform.
FTX token (FTT) holders get a discount on the FTX trading fees and can use FTT as collateral for future trading. Active traders on the FTX exchange can get a percentage difference as high as 60%. In addition, using FTT comes with insurance protection, which enables traders to continue trading during volatile markets without triggering margin calls. FTT can be used to create leveraged tokens, and the insurance is beneficial when using leveraged tokens where profits and losses are multiplied according to the leverage.
The token can be used as collateral against futures positions and staked to earn interest. Users can stake FTT tokens to validate a transaction. Staking FTT comes with many benefits, such as getting additional rebates and spinning the non-fungible swag wheel to win a free NFT. Other benefits include increased airdrop rewards, bonus votes, and IEO tickets.
The FTT price attained an all-time high of USD 79.68 on 9th September 2021, and the price dropped significantly afterward, in line with the entire crypto market, due to global uncertainties and inflation.
FTX Token Founders
FTX is a cryptocurrency derivatives exchange based in the Bahamas. Sam Bankman-Fried and Gary Wang created FTX in 2019.
Sam Bankman-Fried, the current president, was previously a trader, and Gary Wang, the current CTO, was a Google software engineer. In 2017, before founding FTX, the pair founded Alameda Research Ltd, a cryptocurrency liquidity provider and leading quantitative trading platform. Alameda assists FTX in 24/7 OTC services and maintains deep order books.
Sam Bankman-Fried graduated from MIT with a degree in Physics and then landed a job at the Wall Street trading firm Jane Street in 2014. He traded various ETFs, futures, currencies, and equities and designed their automated OTC trading system.
Gary Wang worked as a software engineer at Google and was a software engineer intern at Facebook. He has a Bachelor's degree in Mathematics and Computer Science from the Massachusetts Institute of Technology.
FTX is a cryptocurrency derivatives exchange based in the Bahamas that offers leveraged tokens and derivatives services. The FTX marketplace provides many advanced options to skilled investors and commercial trading organizations and also simple spot trading for newbies to the crypto industry.
FTX raised a valuation of $400 million from illustrious investment firms such as SoftBank, Tiger Global, and Temasek.
By the end of 2021, FTX had 5 million users, with daily volume peaking at a record $10bn worth of daily transactions.
Currently, the FTX exchange is worth a staggering $32bn, FTX US is worth $8 billion, and Sam Bankman-Fried has a personal net worth of $24bn.
How Does FTX Token (FTT) Work
The FTX derivatives exchange aims to fix the issue of forced liquidation that most leveraged trading platforms have. It deploys a backstop liquidity program to detect when a user has dropped below the maintenance margin and sends volume-limited liquidation orders to close down positions that drop below the maintenance margin.
Users pay fewer trading fees and receive socialized gains from the insurance fund with the FTT token. They can buy and burn their fees weekly and use them as collateral for futures trading. FTT is also available for staking, letting investors earn interest that way. Additionally, FTT can be used to create leveraged tokens. These use cases increase the market demand for the FTT token.
Note, however, that FTT is currently not available to traders in the United States.
Clawback protection, a controlled collateral pool, and global stablecoin settlement are among the characteristics that set FTX apart.
How to Buy FTX (FTT) Token
The FTX platform is the best place to buy and trade FTT tokens, and most of the token's use cases are applicable only on the FTX crypto exchange. While FTX crypto exchange is available in the United States and allows users to buy and trade in many major cryptocurrencies, it doesn't allow US citizens to trade in FTT tokens. For the countries where FTX token (FTT) can be purchased and traded, it's the best place to do so. Every week, FTX gives away three SRM tokens to every FTX token holder with over 500 FTX tokens (FTT).
To buy FTX token directly on FTX, you need to create an account on FTX and verify your identity.
The FTT token can also be traded on popular exchanges like Binance, Bitfinex, Mandala Exchange, Bybit, Huobi Global, and Ascend EX.
Comparing different exchanges will help you choose the platform that offers the features you need, such as low fees, an easy-to-use platform, and 24/7 customer support. You should also check whether the cryptocurrency exchange supports your preferred deposit methods, such as a credit or debit card, another cryptocurrency, P2p Trading, or a bank transfer.
Check out full guide on how to buy FTX Token and FTX exchange review.
