FTX Token (FTT) Review (1/10⭐)

›› Buy/Sell FTX Token here
 

FTX was among the largest cryptocurrency derivatives exchanges in the world, and used the FTT as its native token. The biggest holder of FTT token was Alameda Research, the sister company to FTX. The coin was created by Sam Bankman-Fried aka Scam Sam, and he served the role of CEO of the company. The FTT genesis block was generated in April 2019, but the token didn’t start trading on exchanges until later in 2019. FTX native coin was launched with the help of Almeda Research, an in-famous and bankrupt crypto trading firm. It works on several blockchains, including Ethereum, Binance, and Solana.

 

A Bit About FTX Token

This altcoin was started by Sam Bankman-Fried and Gary Wang, and they both hold important positions in the crypto exchange. It was mainly used on the FTX crypto exchange to give traders lower transfer fees. Crypto traders can now only purchase the token as on platforms like Binance JEX, HitBTC, and Huobi Global.

FTX Token (FTT) is the backbone of the FTX ecosystem.CryptoLists.com

 

FTT coin is the backbone of the FTX ecosystem, and it has a total supply of about 345 million coins. The crypto exchange helps to increase the demand for the token while reducing its circulating supply. A third of all fees generated on FTX is used to repurchase FTT tokens, and this goes on until at least half of all the FTT tokens are burned. Tokens bought this way will always be burned.

 

Utility of FTX Token?

This altcoin can be used as collateral for futures positions. Users who hold FTX coin for a set period of time will also qualify for lower trading fees, and these discounts range from 3% to 60% depending on the size of the holdings. You will have to purchase a minimum of $100 in FTT tokens in order to qualify for the discounts. It is worth noting that these discounts cannot decrease taker fees below 0.015%. Traders holding more than $1 million in FTT tokens will also get VIP privileges.

Holders of this cryptocurrency will also receive maker rebates up to 0.0030%, and once you get 25 FTT, you will enjoy 0% maker fees.

Traders on this platform can stake their FTT tokens and claim a range of benefits. These include the increased referral rebate rates, as well as lower maker fees and maker rebates that override the standard fee schedule. Staking the coin will also allow you to access bonus votes in FTX polls, and these are added on top of the standard number of votes for FTT held. Stakers also get to enjoy a number of free ERC-20 and ETH withdrawals per day.

 

Advantages of FTX Token

+ FTX coin is backed by the FTX crypto exchange and Almeda Research.
+ FTT was developed by respected and experienced individuals.
+ You can hold FTX coin to earn discounts on the trading fees.
+ The company burns tokens to control the circulating supply.
+ FTX coin is compatible with many reputable wallets.
 

Disadvantages

- The FTT coin hasn’t been around for a long time.
- Bahamas where FTX is based was put on the blacklist by European Union for tax aversion.
- Its price fluctuates significantly from time to time.
- FTT isn’t listed on many major crypto exchanges, since it's an competitor.
- Increased regulation of cryptocurrencies can negatively impact the FTT token.
 

Costs

▪ Rated at 1/10

The transfer cost of this token varies depending on the blockchain used. With Ethereum, transactions will cost about $20, but this fee varies significantly depending on the congestion of the network. On Solana, traders have to pay transfer fees of only $0.00025. The transaction fee on Binance Smart Chain varies from time to time, but it averages at about 0.0007 to 0.0010 BNB.

 

Reputation and Buzz

▪ Reputation rated at 1/10
▪ Buzz rated at 1/10

FTX is among the biggest crypto exchanges by trading volume, and it is constantly expanding to new countries and regions. It is popular for its low trading fees and the large number of trading products. The popularity of the crypto exchange has helped to boost the value of the FTT token significantly, particularly since the company incentivizes traders to hold the token. You can follow discussions on this company on Twitter, where its official page has more than 660,000 followers.

 

FAQ

Who created FTX coin?

FTX coin (FTT) was developed by Sam Bankman-Fried and Gary Wang. Sam currently serves as the CEO of the company, and he also heads Almeda Research. On the other hand, Gary Wang is the CTO of FTX and Almeda Research.

Is the FTX coin useful?

If you trade with FTX and hold this token, you get lower trading fees. That is the main advantage and why most people hold FTT.

Which wallets can I use to store FTX coin?

You can store FTX coin in ERC20-compatible wallets like Ledger Nano X, Atomic Wallet, Ledger Nano S, Trezor, KeepKey, My Ether Wallet, and Meta Mask.

Where can I buy FTX coin?

You can purchase FTX coin on crypto exchanges such as Binance JEX, HitBTC, FTX Exchange, Huobi Global, and Binance. The token is also available in many decentralized crypto exchanges.

How can I stake FTX coin?

To stake this coin, you should select markets on the FTX Exchange website, after which you can choose the FTT pair you want to stake. You can then go to the FTT page and choose the coin from the top toolbar. Finally, you can go to the staking section and add the amount you wish to stake.

Will FTX coin overtake ETH?

FTX coin has been noted to be highly valuable, but it cannot overtake ETH. This is because ETH has a lot of utility and enjoys the first-mover advantage. Also, FTX coin uses the Ethereum blockchain, which means holders of the token have to pay transfer fees in ETH.

 

History of FTX Token

September 2022 - The European Union is about to release a statement about Bahamas going into the black list. Holding the native FTT token can be risky if you live in Europe.

›› Trade FTX Token here›› Buy/Sell FTX Token here

Screenshots from FTX Token

Related crypto site? Learn more about FTX

FTT is a utility token for the exchange FTX, so it's worth reading more about the company behind below.

FTX was created in 2019 and is one of the newer cryptocurrency exchanges, but also one of the major ones. It was known for its low trading fees and the large number of crypto pairs. The company was incorporated in Antigua and Bermuda and has its headquarters in the Bahamas. It had more than a million users when the company went bankrupt in November, 2022...

›› Read our full FTX review here or more directly at their website here.

Trade With FTX Anywhere & Anytime.

›› Sign up at FTX here

 

More sites where to buy/sell/trade FTX Token

Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.