What is FTX Token (FTT)? Price, History & How To Buy It

Update: 16-11-2022: FTX has gone bankrupt so you should assume the FTX Token (FTT) has no value. The article below was written before this happened and is being kept for historical purposes only.

FTX Token (FTT) Price

Live FTT Price Chart From Binance

FTX Token (FTT) is the native utility token (exchange token) of the FTX exchange.

Holders of the FTT token can receive various benefits such as trading discounts and more incentives as the tokens grow in utility. It is commonly traded on most reputable cryptocurrency exchanges in the world.

FTX exchange’s native token is currently the 3rd largest exchange token by market capitalization.

 

How FTX Token (FTT) Works

FTX is among the most popular centralized cryptocurrency exchanges. The exchange was founded by Sam Bankman Fried (29), who’s currently ranked 32nd on the Forbes 400 list.

The young founder has achieved a significant amount in the crypto space, including starting his multi-billion dollar quantitative firm, Alameda Research.

FTX exchange has garnered more than 1,000,000 users, and it’s popular because it offers a host of trading instruments that many other crypto exchanges don’t. Some examples of what FTX offers are:

• Futures: The platform is host to futures contracts for a multitude of cryptocurrencies. Many users prefer the FTX platform because it has futures contracts available for some of the smaller cryptocurrencies on the market. The futures trading volume on this centralized exchange is unprecedented.
• Options: Users can quickly acquire options that are tradable almost instantly – they aren’t required to accept offers unless they want to trade.
• Perpetual futures: Another unique feature is trading perpetual futures, where users can partake in futures trading with no expiration date.
• Predictions market: Quite possibly the most innovative of all the trading features is the predictions market. Users can trade based on real-world predictions, like whether Donald Trump will become president of the United States in 2024.

 

Additionally, the user experience on FTX is simple and easy to navigate – users also have trading features such as leverage up 20x. Leveraged tokens trading works similarly to other centralized exchanges.

The FTX exchange has rapidly grown in popularity. Sam Bankman-Fried’s quantitative trading firm, Alamada Research, has helped the FTX exchange earn credibility and increase its user adoption.

 

What Is FTX Token (FTT) Used For?

FTT tokens are generally used to receive up to 60% trading discounts on the FTX exchange. If you as a user decide to buy an FTX token, you will be eligible for these trading discounts solely if trading on the FTX exchange.

FTX is among the favorite derivatives exchanges on the market and its native exchange token, FTT, has seen significant price appreciation since its launch.

As a crypto exchange, the FTX exchange offers that hold FTT tokens exclusive benefits – the benefits are limited to the FTX exchange.

The FTT token itself is a standard ERC20 token that serves a similar purpose to the HTX token or CRO (crypto.com) token.

 

Where To Buy FTT Tokens

FTX token (FTT) has quickly grown to become one of the most traded tokens on the market. It is also the 3rd largest exchange token in the world by market capitalization.

FTT tokens are commonly available and frequently traded on most centralized crypto exchanges. Before you’re able to purchase FTT, you’ll need to deposit fiat money onto an exchange, and sequentially FTT tokens will be credited to your FTT digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store FTT tokens.

Five of the most popular crypto exchanges are:

1. Binance
2. Coinbase
3. KuCoin
4. HTX
5. Crypto.com

 

All of the above exchanges allow users to buy, sell, transfer and store FTT tokens in a digital wallet on the exchange. You can use your debit or credit card to purchase FTT tokens on centralized exchanges.

How long has FTX Token (FTT) existed?

The FTX exchange was launched in May 2019, founded by Gary Wang and Sam Bankman-Fried. The FTT token was also launched at this time.

Currently, the FTX exchange has a daily trading volume of $10 billion, and it has more than 1,000,000 active users.

What’s controversial about FTX Token (FTT)?

When researching various exchange tokens, it’s important to consider the controversies surrounding them. FTT, like other exchange tokens, has been caught up in some notable controversies.

Let’s take a look at the top two controversies surrounding FTX Token (FTT):

• Market Manipulation Lawsuits – Sam Bankman-Fried is no stranger to controversy, and in 2019 he was tangled up in a market manipulation scandal. Bankman-Fried was accused of trying to dump a considerable amount of BTC onto Binance – which would cause artificial price movements.It’s believed he intended to liquidate BTC positions which would, in turn, have the same effect on the FTX exchange. Essentially, he could’ve stood to earn millions of dollars if it were successful – but it wasn’t. Binance’s manipulation detection systems blocked the action, and a great deal of speculation still resides surrounding the attempted and “continuous” manipulation that is prevalent.
• Sam Bankman-Fried Wants Crypto Regulation – Quite possibly one of the biggest controversies surrounding the project is that the founder openly supports public regulation of cryptocurrency.Bankman-Fried has emerged as a billionaire supporting crypto regulation – the exact opposite of what crypto was designed to be. Regulation endorses centralization, government-imposed laws, and reduces decentralization. Many people are in disagreement with Bankman-Fried’s views and see it as a direct threat to the decentralized nature of cryptocurrencies.

 

How many FTT tokens are there?

At the time of writing, FTT has a circulating supply of 137,072,627.52 FTT tokens (39% of the total supply).

The total supply of FTT is 332,941,964.

The max supply of FTT is 352,170,015.

Can FTT be mined?

FTX Token (FTT) is not a mineable cryptocurrency. FTT is an exchange token, and although it’s an ERC20 token, it is unmineable.

The creation and distribution of FTT tokens were facilitated by the FTX exchange. However, on some exchanges, users can earn rewards by staking their FTX tokens.

Exchange tokens are generally unmineable; this is to ensure the integrity and transparency that exchanges need to uphold regarding token supply and trading volume.

Exchanges prioritize transparency in their own tokens because it is critically essential to their reputation.

Exchange tokens are used to reduce users’ trading fees on a cryptocurrency exchange.

What is the market cap of FTX Token (FTT)?

The market cap of FTX Token (FTT) is:

FTX Token (FTT) market cap = total amount of coins in circulation x current market price of FTT

FTX Token (FTT) Market Cap = 137,072,627.52 FTT x $42,62 = $5,84 billion (27th largest market cap)

The recent growth of the FTX platform has resulted in the native FTT token seeing a momentous surge in price. The token has performed well and has continued to outperform most other exchange tokens – it’s currently the 3rd largest exchange token by market capitalization.

The market cap fluctuates according to circulating supply and market price.

 

Biggest Competitors Of FTX Token (FTT)

The biggest competitors to the FTX exchange are the likes of Binance, HTX, Crypto.com, and Coinbase.

All of the abovementioned centralized crypto exchanges have amassed major support from institutional investors and have millions of daily users.

The competition for the top spot among centralized exchanges is cut-throat and ultimately requires innovation and utility that attracts users to your platform over other platforms.

When considering the FTT token, the major competitors are the CRO token (crypto.com exchange token) and BNB (Binance’s exchange token). Both of these exchange tokens have a much higher market cap than FTT.

What are the future plans for FTX Exchange and FTT Token?

The FTX exchange has only been around for a few years and is relatively new to the space. With that said, it has performed incredibly well since its launch – rapidly growing into one of the most popular exchanges.

It currently has more than 1,000,000 daily users, and Sam Bankman-Fried has assured the community that he is actively looking to provide users with more features and a platform that rewards users.

Alameda Research is also currently investing in multiple projects in innovative crypto sectors such as blockchain gaming and metaverse projects.

Pros and Cons of FTX Exchange and FTT Token

Pros:

• Rapid Growth – Since launching in May 2019, the FTX exchange has already amassed a $10 billion daily trading volume and more than 1 million daily users.
• Unique Trading Options – Users can trade a variety of options, including perpetual futures trading, options trading, futures trading, and prediction trading. These options make the FTX platform unique compared to other centralized exchanges.
• 3rd Largest Exchange Token – Although the FTT token was only released in May 2019, it has grown to become the 3rd largest exchange token traded on crypto exchanges. It’s behind Binance’s BNB and crypto.com’s CRO token.

Cons:

• Circulating Supply Is Very Low – The circulating supply of FTT tokens is only 39% of the total supply. This lends itself to price depreciation when tokens are released into circulation in the future. This could cause a significant price drop.
• Market Manipulation – Sam Bankman-Fried has been caught up in market manipulation controversies – this could negatively affect the success of the FTX platform and FTT token.