How & Where to Buy FTX Token (FTT)
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Why Should I Buy FTX Token (FTT)?
How and Where to Buy FTX Token (FTT)
FTX launched as a cryptocurrency exchange in May 2019.
Sam Bankman-Fried, a former trader at proprietary trading firm Janet Street Capital, is now the CEO and co-founder of FTX. Gary Wang, an ex-software engineer, is Chief Technology Officer and the other co-founder. Both of them studied at the Massachusetts Institute of Technology. Bankman-Fried gained a bachelor’s degree in physics, and Wang attained a bachelor’s degree in computer science and mathematics.
In a short period, FTX has become one of the largest cryptocurrency exchanges in the blockchain industry, growing in popularity with advanced and beginner traders alike. FTX promotes low trading fees and ongoing regulatory compliance.
“FTX was founded with the goal of donating to the world’s most effective charities. FTX, its affiliates, and its employees have donated over $10m to help save lives, prevent suffering, and ensure a brighter future.” – FTX website.
What Is FTX Token (FTT)?
FTX Token (FTT) is the native token of FTX, the crypto derivatives trading exchange.
The $FTT token increases demands and network effects for the token and helps to decrease its circulating supply, which helps with price stability.
The “FTX Token (FTT) is the backbone of the FTX ecosystem.” – FTX website.
The FTX team claim to have improved on the multiple issues typically associated with many other mainstream cryptocurrency exchanges:-
- Clawback prevention – FTX uses a three-tiered liquidation model to prevent clawback that leads to socialized losses often seen on other crypto derivatives exchanges
- Centralized collateral pool – FTX derivatives only require one universal margin wallet, unlike other crypto future exchanges where users’ collateral spreads across multiple token wallets
- Leveraged tokens – Traders can take leveraged positions without trading on margin. For instance, if you wish to short Bitcoin (BTC) on FTX, you can buy a 3x short BTC leveraged token. These tokens can be listed on any exchanges as they are ERC-20 compatible.
What Makes FTX Token (FTT) Unique?
Alameda Research (also founded by Sam Bankman-Fried), one of the leading companies and largest liquidity providers in the crypto trading space, backs FTX.
The FTX team consists of some of the industry’s top professionals and most experienced traders. Such expertise enables FTX to provide a broad range of services, such as product listing, collateral, liquidation processes, etc.
FTX also claims it can achieve fast development cycles, which means it can maintain a competitive pace for deploying cryptocurrency trading systems.
FTX has over 450 markets and more than 300 tokens listed. It’s a fast-growing crypto exchange with advanced options for traders, such as spot trading, futures, and margin trading.
How and Where to Buy FTX Token (FTT)
FTX supports a range of fiat currencies, including GBP, EUR and AUD.
- Open an account with FTX – before you can deposit, trade and withdraw, you must complete level-2 KYC verification (government iD, proof of address and facial recognition). Unverified users can only log in and browse the site
- Choose Deposit Methods – you can deposit with fiat currencies with a debit or credit card or by wire transfer
- Open the exchange tab – $FTT is paired to FTT/USD, FTT/USDT & FTT/BTC
- Choose a currency pair – and make your purchase
- Store your $FTT tokens – FTX has an exchange wallet, or you can choose an off-ramp cold storage wallet to secure your $FTT holdings
Note: The FTX website states that FTX Token (FTT) is not available in the United States or other prohibited jurisdictions.
How do I Sell FTX Token (FTT)?
It’s easy to sell your $FTT tokens on the FTX exchange, directly from the FTX wallet:
- You can sell your $FTX holdings on the wallet page
- Go to “Convert” and find $FTT
- Choose the asset you wish to convert, such as $USD
- If you cannot convert to your chosen fiat currency, convert to a stablecoin like $USDT
- Transfer the $USDT to a reputable off-ramp platform like Coinbase or Gemini
- When the transfer is complete, convert the $USDT in your Coinbase or Gemini account to fiat currency and withdraw to your bank account. You can then enjoy the profits you’ve (hopefully) made on your $FTT investment
Should I Buy FTX Token (FTT)?
Although we cannot provide investment advice, if you wish to invest in FTX Token (FTT), FTX itself is a reputable and established exchange.
Binance and Gate.io list FTX Token (FTT) and are trustworthy, established cryptocurrency exchanges.
How do I invest in FTX Token (FTT) Safely?
Suppose you wish to invest in FTX Token (FTT), purchase from a reputable cryptocurrency exchange like FTX, Binance, or Gate.io. After purchase, we advise storing your FTX Token (FTT) tokens securely in a cryptocurrency wallet.