How To Buy FTX Token (FTT)?
A common question you often see on social media from crypto beginners is “Where can I buy FTX Token?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Unfortunately, as of writing this FTX Token is not offered to citizens of The United States.
Step 1: Create an account on an exchange that supports FTX Token (FTT)
First, you will need to open an account on a cryptocurrency exchange that supports FTX Token (FTT).
We recommend the following based on functionality, reputation, security, support and fees:
Fees (Maker/Taker) 0.075%*-0.1%*
Available for Trade 500+
10% reduced trading fees*
Europe, Asia, Oceania, Africa
Fees (Maker/Taker) 0.020%*-0.070%*
Available for Trade 200+
5% reduced trading fees*
Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase FTX Token (FTT) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy FTX Token (FTT)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for FTX Token (FTT) or FTX Token (FTT) trading pairs. Look for the section that will allow you to buy FTX Token (FTT), and enter the amount of the cryptocurrency that you want to spend for FTX Token (FTT) or the amount of fiat currency that you want to spend towards buying FTX Token (FTT). The exchange will then calculate the equivalent amount of FTX Token (FTT) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of FTX Token (FTT) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
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.
Official website: https://ftx.com/