Decided FTT is a good investment? You can get FTT on FTX today!
FTX has distinguished itself as one of the top exchanges for cryptocurrency. Founder and CEO of FTX Sam Bankman-Fried is a notable voice in the Web3 sector who famously found success through arbitrage trading Bitcoin at Alameda Research. He later went on to create the popular exchange FTX and its FTT token. FTX is known for some of the most advanced cryptocurrency derivatives in the space.
Derivatives are transferable arrangements that enable users to wager on whether the value of a fundamental item can rise or fall despite having purchased anything. Although potentially highly profitable, these sophisticated trading instruments should only be used by experienced traders because of the associated risk.
Let’s look into FTX’s Token FTT to see if it has merit and if its utility can benefit you and generate innate value.
What is FTX Token?
In April 2019, the FTX Token was introduced accompanying the FTX exchange and made available via a private initial coin offering (ICO). This FTT inception block was created on April 30, and the ICO token allocation began on July 27, 2019. The FTX token has a 350,000,000 FTT initial supply.
Additionally, FTT’s consensus mechanism is proof of stake (PoS). FTX encourages holders to stake crypto in exchange for stability in coin value and increases in returns. FTT also undergoes coin burns. To decrease the quantity of FTT, coin burns have regularly been deployed. Some FTT is typically extracted from the supply as a result of these coin burnings. Coin burns are used by cryptocurrency projects like FTT to generate favorable market movements by lowering inflation or making a token deflationary.
FTT is an ERC-20 token. ERC-20 tokens represent virtual currency that has been distributed on the Ethereum network instead of on its own network. An Ethereum-based specification defines performance details for tokens, and you’ll need a wallet that supports Ethereum to store FTT. Fortunately, ERC-20 is so widely used that you won’t have any trouble storing FTT.
FTX Token (FTT) Price History
As of February 2022, FTT is trading just above $40 with a market capitalization north of $6 billion. Currently, FTT has a circulating supply of around 138 million FTT coins and a max supply of about 352 million FTT coins.
In 2021, it saw highs of nearly $80 and lows of under $12. It currently ranks in the top 50 of all cryptocurrencies in terms of market capitalization.
FTX Token (FTT) Competition
FTT has many competitors, all of which are exchange tokens such as Binance’s BNB token, Kucoin’s KCS token and Crypto.com’s CRO token. All of these have their own unique benefits. For example, staking CRO for its 180-day lock-up period allows for up to 8% cashback and 100% rebate benefits for Netflix Inc. (NASDAQ: NFLX), Spotify Technology (NYSE: SPOT) and Amazon.com Inc. (NASDAQ: AMZN) Prime.
FTX’s token FTT is made for users of its exchange. Obtaining a reduction in transaction costs is one of the key advantages of using FTT. Cryptocurrency derivatives not only have a reduction in transactional costs, but they also have narrower margins. The percent discrepancy of fees among experienced traders on the FTX market would be as much as 60%. Investors can also use FTT as a kind of leverage for prospective holdings. Investors can avoid clawback by using FTT since it includes insurance coverage. Insurance yields a positive return in unpredictable marketplaces, giving investors a buffer to keep investing without having to worry about margin calls. When employing leveraged cryptocurrencies, the protection helps greatly.
As a good rule of thumb – it’s a good idea to use an exchange’s native token for whichever exchange you use most often.
How to Buy FTX Token (FTT)
FTT has grown in popularity, in both market share and general awareness. As a result, it is increasingly popular and simpler to get.
FTT is available on exchanges like Binance and FTX. Creating an account takes a few minutes, and customers may generally start trading the same day.
securely through FTX’s
website
Binance is the largest cryptocurrency exchange in the world by trading volume. In fact, it tops the ranks of cryptocurrency exchanges maintained by CoinMarketCap, which are ranked based on 24-hour trading volumes, exchange score and average liquidity. Binance triumphs over exchanges like Huobi Global and Coinbase, which follow closely in 2nd and 3rd places, respectively.
Previously based in Malta, the Binance Group is now based in the Cayman Islands. Binance has several locations and entities registered across the globe. In the United States, it’s known as Binance.US. The exchange in the U.S. uses the same cutting-edge technology and trading services as its global counterparts with the difference being U.S. regulatory compliance. It is operated by San Francisco-based BAM Trading Services.
Binance.US ranks 9th on CoinMarketCap’s list of the top 10 exchanges based on metrics like 24-hour trading volume, exchange score and average liquidity. Binance could be a good platform for you to invest in cryptocurrencies if you are a U.S.-based trader who trades frequently, doesn’t intend to pay high trading fees and needs access to a large number of cryptocurrencies.
Best For
- US Citizens
- Frequent day traders
- Users interested in Binance Smart Chain (BSC) and Binance Coin (BNB)
- Low trading fees
- Easy-to-use platform
- Wide selection of altcoins — it offers 51 cryptocurrencies apart from Bitcoin (BTC)
- Good customer service
- High liquidity because of large trading volumes
- Only residents of 43 states in the U.S. can trade on Binance.US. You cannot trade on this platform in New York, Connecticut, Hawaii, Texas, Vermont, Idaho and Louisiana
- Despite the wide selection of altcoins, the number of tokens offered on the U.S. platform is not comparable to the hundreds of choices available on the Binance global platform
- There is no option for telephonic customer support
Best Hardware Wallet For FTX Token (FTT)
If you’re thinking about buying FTT or currently own some, you should think where you’ll keep the coins. Although a cryptocurrency exchange is the most convenient way to hold cryptocurrencies, a physical wallet is frequently viewed as the most secure.
The secret keys required to transmit cryptocurrency are stored in hardware wallets.
Best Hardware Wallet: Ledger
FTT may be sent, received and staked via a Ledger hardware wallet, which is a market-leading brand. Nano S and Nano X variants are now available. The Nano S is a basic hardware wallet with only the most basic functionality. With a bigger screen and Bluetooth connection, the Nano X offers simplicity of use.
securely through Ledger Hardware Wallet’s
website
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
Best For
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Portable
- Long-lasting battery
- Bluetooth connectivity features
Bonus Section
Watch for market competition within the centralized exchanges to see how FTT stacks up against competing tokens.
Cryptocurrency Market Outlook
Almost all cryptocurrencies took a plunge near the end of January 2022. The start of February has seen a strong recovery, and it seems like it may be a good time to dip your toes in the market. Given the recent correction, however, it may take a while to reach new all-time highs.
Is FTX Token (FTT) a Good Investment?
FTX Token seems like a great deal because of the excellent management team behind its platform FTX led by Sam Bankman-Fried. Although competing coins are great for staking, FTX Token seems most beneficial for avid crypto traders from the trading fee reduction.
If you tend to use FTX’s exchange or derivatives, FTX Token is a sound investment and ripe for staking. It is also a good investment if you believe in FTX and its management; otherwise, look into other cryptos.
