FTX Token Price, Market Cap And How To Buy FTX Token: FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019. As of this writing, FTX Token price was $38.95 USD with a 24-hour trading volume of $87,686,145 USD.
What Is FTX Token (FTT)?
FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019.
The team behind FTX comprises some of the largest crypto traders over the past few years who, having found issues with most mainstream crypto futures exchanges, decided to launch their own platform. FTX claims that it stands out due to such features as clawback prevention, a centralized collateral pool and universal stablecoin settlement.
In regards to clawback prevention, a significant amount of customer funds on other derivative exchanges have been claimed by socialized losses. FTX reduces this by using a three-tiered liquidation model.
On existing crypto futures exchanges, the collateral is fragmented across separate token wallets; this can be difficult for traders as it prevents positions from getting liquidated. On the other hand, FTX derivatives are stablecoin-settled and only require one universal margin wallet.
Another feature of the FTT are leveraged tokens, which allow traders to put leveraged positions without the need to trade on margin. If a trader wants to short Bitcoin with 3x leverage, they can simply buy a 3x short Bitcoin leveraged token on FTX. These tokens are ERC20-compatible and can be listed on any spot exchange. FTX currently offers XRP, BNB, TRX, BTC, ETH, EOS, USDT and LEO leveraged tokens.
Who Are the Founders of FTX Token?
The FTX Token or FTT was founded by Sam Bankman-Fried and Gary Wang.
Sam Bankman-Fried is the co-founder and chief executive officer at FTX: Cryptocurrency Derivatives Exchange. He is also the CEO of Almeda Research and worked as a director of development at the Centre for Effective Altruism. He was also a trader at Jane Street Capital from 2014 to 2017.
Bankman-Fried studied physics and has a bachelor’s degree from the Massachusetts Institute of Technology.
Gary Wang is the co-founder and chief technology officer at FTX: Cryptocurrency Derivatives Exchange. He is also the chief technology officer at Almeda Research. Before this, he worked as a software engineer, after moving up from a software engineering intern at Google. He was also a software engineer intern at Facebook.
He has a Bachelor’s degree in mathematics and computer science from the Massachusetts Institute of Technology.
What Makes FTX Token Unique?
FTX is backed by Almeda Research, which is known as one of the leading companies in crypto trading and one of the largest liquidity providers.
As such, FTX is a product designed by professionals with confirmed expertise in the industry. They cover multiple services: from collateral to maintenance margin to liquidation processes and product listing. FTX also claims to be focused on fast development cycles, allowing them to deploy crypto trading systems at a competitive pace.
How Many FTX Token (FTT) Coins Are There in Circulation?
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading with a focus on institutional-grade solutions.
The FTX Token is the backbone of the FTX ecosystem, which was designed to increase network effects and demand for FTT as well as decrease its circulating supply. FTT has a circulating supply of around 94 million tokens as of February 2021 and a total supply of about 345 million.
How Is the FTX Token Network Secured?
FTT is an ERC-20-compatible exchange token. The Ledger Nano X/S hardware wallet allows users to securely store and manage the FTT tokens via its Ethereum app. Both the FTT and the leveraged tokens security audits are done by the Blockchain Consilium auditing firm.
How To Buy FTX Token.
Follow the steps below to start buying FTX on Supported Crypto Exchanges
- Sign up for an account .
First, enter a valid email address, create a new username and set a strong password to protect your account.
- Verify your account.
After providing your name, date of birth, country of residence and phone number, you can buy FTX on supported platforms.
- Deposit cash.
You can fund your account in a number of ways. How you do so will depend upon your location and preferences.
- Purchase FTX!
Once your account is funded with cash, you’re ready to purchase FTX.
With the recent hike in the price of FTX, there has been a high demand from potential investors who wish to buy and own FTX, A lot of crypto investors are searching the internet to get the right information on how & where to get their Token as well as storing them in a secured wallet.
Current Price Of FTX, Market Cap, And How To Buy FTX
FTX is a freely-tradable token, with the majority of volume on major exchanges occurring on Huobi, Coinbase, Uniswap (V2) and OKEx Gate.io. Pairs against other cryptocurrencies and stablecoins are active, as well as with fiat currency, including on Bankman-Fried’s FTX exchange
NOTE THAT: FTX cannot be directly purchased with fiats currency. However, You can easily purchase this token by purchasing USDT or any major Crypto Currencies like BITCOIN from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade FTX, in this guide article we will walk you through in detail the steps to buy and own your first FTX.
Register on Fiat_to_Crypto Exchange
Since you can’t buy FTX directly with Fiat Currency, You will have to buy one of the major cryptocurrencies (BTC, USDT, ETH). But in this case let’s consider USDT (USDT). You can perform this transaction on fiat-to-crypto exchanges, like Coinbase.com, Coinbase is one of the largest crypto exchanges that accept fiat deposits.
All you need to do, create account with them ( ensure you keep your password safely) after creating an account then move to the next step which is to buy USDT.
Buy USDT with fiat Currency
Once you finished with account creation and KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a direct bank transfer.
PLEASE NOTE: You will be charged higher fees when using cards but you will make an instant purchase. While a bank transfer attract lower charges but slower purchases, Though it sometimes depends on the country of your residence, some countries will offer instant cash deposit with low fees.
Now that you have successfully added your card to coinbase, you have to trade USDT, click the ‘Trade’ button right at the top left, choose USDT and confirm your transaction.
Transfer USDT to an Altcoin Exchange
After buying your USDT, it’s worthy of note that since FTX is an altcoin that can’t be traded in all Crypto exchange, we need to transfer our USDT to an exchange that FTX can be traded, Let say Gate.io. Many exchanges has their own policies as some has restrictions to some countries, for example Binance does not allow investors from USA as customers. So you have to choose an exchange that suit your location and create an account with them before proceeding to the next steps.
PLEASE NOTE: It is always advisable to set up 2FA authentication as it adds extra security to your account, It will protect you against crypto theft.
Deposit USDT to Your Preferred exchange
Depends on the policies of the exchange, you might be required to go through another KYC process, this usually takes minimum 0f 30 minutes and a maximum of a day, After the whole verification process you are now good to go.
Since we are now transferring our previously bought USDT from Coinbase to the exchange where FTX can be traded (Gate.io), click on ‘Copy Address’ or right-click on the full address and click copy to grab this address to your clipboard. Now head back to Coinbase, go to Portfolio page and click on the USDT on your asset list, then click on ‘Send’ on the right.
Under the Recipient field, paste the wallet address from your clipboard (from the exchange you want to send your USDT to), for security and accuracy reason, you should always check if both addresses are matching and Click ‘Send’ to proceed, you should receive a confirmation email instantly, click on the confirmation link on the email and your coins are on the way to your preferred exchange.
Now go to your exchange to confirm your USDT arrival, don’t worry if you haven’t seen your deposit almost immediately, It might be undergoing some network verification on blockchain network and this should take a few minutes for your coins to arrive. Depending on the network traffic condition of the USDT network, during busy hour it may take even longer.
You should receive a confirmation notification from your exchange once your USDT has arrived. guess what? You are now finally ready to purchase your Coin
At this stage which is the final of your purchase, held to your exchanging platform, then go to ‘Exchange’. make sure “USDT” is selected to be able to trade USDT to altcoin pair of your choice, in this case FTX . You should see FTX /USDT, select that pair and you should see a price chart of FTX /USDT in the middle of the page. All you need to do is to execute your order and you are done getting your FTX .
Some Top Exchanges You Might Love Base On Your Location
BitMart – Is one of the most trusted cryptocurrency trading platform which provides real-time trading services including Bitcoin (BTC), Ethereum (ETH) and other Altcoins. It accept American customers unlike BINANCE that doesn’t support American customers.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services.
Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here.
After Purchasing your FTX , and your plan is to hold it for long. You will have to open a secure wallet online or you make use of appropriate “Cold Wallet” as there had been too many hacking incidents associated with online and funds had lost severally.
How to safeguard your crypto from theft
- The likelihood of theft can be reduced in various ways. You can prevent theft of your cryptocurrency and coins by storing them on offline hardware.
- Hardware wallets and paper wallets must be locked in a safe when not in use. Put your private keys in a place like a bank safe deposit box or a remote safe location, far away from where your wallet is kept.
- Exchanges should only hold crypto that is needed for trading and exchange.
- Whenever you access your exchanges, wallets, or other online crypto service providers through your web browser, be sure to use a secure and trusted bookmark. The 5-dollar wrench attack can result in losses if you do not utilize multiple passphrases on your hardware wallet.
- Multifactor authentication can be improved by using an offline token generator like Google Authenticator.
- Multiple signatures can be applied to wallet funds.
- You should limit your exposure to the public in regard to crypto holdings and avoid discussing them in public.
- Make sure your wallet address is double-checked after pasting it, and provide an image of the wallet address when emailed, chatted, or otherwise sent via digital means.
Thank you for your time, note that this page is open for update and corrections. Please Note That, buying of crypto currencies is at your own risk, all our post is for education purpose and it’s advisable that you buy according to the dollars you can afford to lose. You can check out how you can buy Polygon.