Nowadays, talking about cryptocurrencies is no longer an unfamiliar subject for many since discussions about it are rapidly circulating online. Even if there are certain concerns about it, most crypto enthusiasts are invested in giving it a try for the future. On that note, finding a great exchange and cryptocurrency can be tricky with the plethora of options available. Fortunately, you can try looking into the most popular choices and start from there to make things easier.
A good example of this is the FTX Exchange and its native coin, the FTX Token cryptocurrency. It’s a valuable asset that comes with many perks like low fees and various investment options. Know more details about it by reading this article at Cryptoshimbun.
History of the FTX exchange
On May 8, 2019, the FTX exchange and the FTX Token cryptocurrency (FTT) was released to the public by its co-founders Sam Bankman-Fried and Gary Wang. The two are currently working for the company as the Chief Executive Officer (CEO) and Chief Technology Officer (CTO), respectively. Apart from the platform itself, both of them are also leading the trading firm Alameda Research with the same positions.
The idea behind the FTX exchange was to create a crypto futures exchange that has a variety of services, low rates and a secure system. Hence, the platform was made by traders themselves ‘for traders’ so everyone can have a better trading experience.
What is the FTX Token cryptocurrency (FTT)?
Ranking 28th in the world according to crypto site CoinMarketCap, FTT is the native coin of the FTX exchange. It has over 253 million tokens in circulation according to its official website. Moreover, its latest market price is $44.98 with a total market capitalization of more than $11 billion. It reached an all-time high of $85.02 on September 9, 2021, while its all-time low was $0.8313 on September 7, 2019.
Know the different features of the FTX Token cryptocurrency by looking at the details below:
It’s backed by Alameda Research
Although it’s a new contender in the crypto sphere, Alameda Research is known as one of the best quantitative cryptocurrency trading firms in the world with a market value of more than $100 million. It quickly became the largest liquidity provider and market maker, ranking fourth in the crypto platform BitMEX in a year. Given this firm’s background, it’s proof that both the FTX exchange and its coin are of high quality and up to par with global standards.
It’s one of the ERC20 coins
FTT is one of the ERC20 coins, which means that they don’t run on their blockchains, but function in the Ethereum network instead. It’s known to be compatible with various kinds of wallets, whether hot or cold, making it easy to store in a safe place you prefer.
It can be held and staked
Once you buy FTT coins, you can choose to hold or stake them, whichever you deem is necessary. Holding refers to keeping your tokens as is without buying new ones or selling what you have. Meanwhile, staking is a process where holders of the said coin can validate transactions and gain perks from it.
It’s ideal for traders
FTX is marketed to be an ‘exchange designed by traders for traders’ which resolves various issues like high rates and limited services that most platforms fail to address. It’s a site that was created by a team of experts who have backgrounds in trading and in the tech industry, itself. That’s why it’s a great investment tool perfect for the long term.
Why you should hold FTT
Choosing to hold your FTT and not sell them even if the market changes has a lot of perks that you’ll enjoy. Find out what they are below:
- Trading fee discounts
If you hold your FTT on its home exchange, you can get a trading fee discount of up to 60%. This means lower costs for crypto transactions and tighter spreads that will help you in the long run.
- OTC discounts
Aside from trading fee discounts, holding FTTs gives you an OTC discount of up to 0.02% whenever you transact through their exchange. You can access it anytime through the OTC portal of FTX.
- VIP member status
Holding FTTs is one step to reaching a VIP member status in the exchange. You can increase your rank in the platform as long as you consistently deposit in your account and make transactions. Sit with the rest of the VIPs and enjoy amazing perks like a personal account manager and exclusive access to special events.
- Weekly SRM airdrops
Once you are an FTT holder, you are eligible to receive a weekly Serum (SRM) airdrop according to the FTX exchange. It’s a special perk for users who have more than 500 FTT on their accounts and is distributed to their wallets on Tuesdays after the FTT buy and burn.
FAQs about the FTX exchange and FTT
Know more about the FTX exchange and its native token, FTX Token cryptocurrency (FTT) by referring to this frequently asked questions section below:
How to register at the FTX exchange
Follow the steps below to register at the FTX exchange:
- Click the ‘register’ button found at the top right corner of the FTX homepage
- Enter your email and chosen password in the redirected page
- Tick the box once you agree with the exchange’s terms of service
- Press ‘create account’ to complete the process.
If you want, you can also sign in directly using your Gmail account through the ‘sign in with google’ option found on the registration page.
How to buy FTTs
Here’s a step by step guide on how to buy FTT coins at the FTX exchange:
- Go to the homepage of the FTX exchange
- Click the ‘FTT’ tab at the top part of your screen
- Fill in the amount of FTT that you plan to buy along with all the necessary information found at the right corner of the redirected page
- Log in to your account to complete the transaction.
Where can I buy FTT coins?
Aside from buying FTT coins from the FTX exchange itself, you can also purchase these tokens from any of the following exchange sites:
Benefits of staking FTTs
Once you stake the FTX Token cryptocurrency on its main platform, you are given the following benefits:
- Up to 40% referral rates
- 14% airdrop increase
- 0.003% maker fee rebate
- 50 bonus votes
- 1,000 free daily ERC 20/ETH withdrawals
- 6 IEO tickets.
Enjoy all the features of the FTX Token cryptocurrency today!
Whether you choose to buy or sell FTX Tokens, you can gain amazing perks like lower fees, fast service and great discounts. Although the crypto market can be volatile at times, it’s a worthy investment that will serve you well in the long term, especially with the increase of interest in cryptocurrencies. So, what are you waiting for? Start trading today and use all its features to your advantage.