What is FTX Token (FTT)?
The FTX Token (FTT) is an ERC20 token on the Ethereum blockchain, and also an SPL on Solana. It is the native cryptography of the FTX Derivatives Exchange. The FTX exchange is centralized and specializes in derivatives and leveraged products. The platform was launched in 2019, its team now includes members from a number of big tech companies like Facebook, Google, Jane Street, Optiver, and Susquehanna. The platform offers user-friendly desktop and mobile apps with multiple order types, making the exchange suitable for beginners and for experienced professionals.
What are FTX’s key features and how does it work?
FTX Exchange has several key products as part of its platform. These include futures, leveraged tokens, options, MOVE, and spot markets.
With futures, traders can take out both long and short bets on cryptocurrencies. Traders can make use of over 100 quarterly and perpetual futures pairs with margins of up to 101x. Stablecoins, for example, USD and USDT, are used as collateral in order to open and maintain positions.
The next product is leveraged tokens. FTX offers ERC20-based tokens that traders can use for up to 3X leveraged exposure against an underlying trading pair. For example, if a trader opens a BULL/USD - 3x long Bitcoin token and Bitcoin rallies 10% from the time of purchase, the leveraged token would gain 30%. There is no margin requirement for leveraged tokens on FTX.
Options allow traders to speculate on future price directions, and hedge against their open positions. FTX also offers traders a range of call and put options giving the right, but not the obligation, to buy or sell at a future strike price.
FTX Exchange’s MOVE service allows traders to enter contracts and bet how far the price of a cryptocurrency will move over a time period. If the price of the cryptocurrency moves over a specific dollar amount, either up or down, then traders can earn a profit.
FTX also offers over 100 different spot trading pairs. Many leading cryptocurrencies, such as Bitcoin, Ethereum, Binance Coin, Chainlink, and Ripple's XRP are available.
Staking forms a large part of the platform’s functionality. FTX’s token, FTT, can be staked in return for a multitude of rewards. These include increased referral rates, free NFTs, bonus votes in pools, waived blockchain fees, and IEO tickets for IEOs hosted in FTX. As well as a number of free ERC20 and ETH withdrawals daily. FTT tokens can only be unstaked after 14 days.
What can the FTX Token be used for?
The FTT token can be used to pay for trading Fees: FTX futures trading fees are less and OTC ranges are tighter as compared to other comparable crypto exchanges.
Also, FTT can be used for white label solutions as well as for collateral in futures trading. This comes as part of the platform’s efforts to increase the long-term demand for FTT. Similarly, upcoming projects can pay a fee using FTT in order to generate leveraged token listings with their own coin.
How to Buy FTT on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing FTT. Some reputable platforms include HTX、Bybit、Bitget, and others.
Step 2: Register an Account
Here, we'll register an account on theBybit(registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing FTT.
Step 5: Purchase FTT
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of FTT you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy FTT.
Step 6: Store Your FTT
After purchasing, you can choose to store your FTT in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and FTT assets, be sure to use a strong password and enable two-factor authentication.
FTT Price:FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019.The price fluctuates daily, You can go to the exchange: Bybit to check the price.
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