As the FTX derivatives platform became more popular over the years, people got curious and asked important questions like “how to buy FTX (FTT)” and “where to buy FTT?”
If you’re planning to get FTT but don’t know where to start, you should read this article thoroughly. We will cover the basic steps of buying FTT, as well as some essential information about the FTX platform.
FTX (FTT) Buying Guide
Step 1: Find An Exchange That Supports FTT
To start buying FTT, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support FTT.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
- 500+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.075%*-0.1%*
- Sign-up bonus: 10% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 300+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.020%*-0.070%*
- Sign-up bonus: 5% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 250+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.1%*-3%*
- Sign-up bonus : Up to $100 in USDT vouchers*
- Available in North America, South America, Europe, Asia, Oceania, Africa
Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying an FTT token, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy FTX Officially?
Learning how to buy an FTX token is an easy thing to do. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the FTT ticker. You can also look directly for FTT trading pairs to save time. Afterwards, just enter the amount of the FTT tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About FTX (FTT)
FTX is a competitive derivatives platform backed up by a powerful liquidity organization known as Alameda Research. Aside from the support of Alameda, FTX has numerous strategies in place to ensure that all users’ investments remain secured and profitable.
In terms of revenue, FTX earns by collecting multiple transaction fees on exchanging, trading, and listings. While FTX’s revenue model seems simple, its investment protection models are diverse and multi-layered.
The FTX token also has different utilities that scale along with the platform’s inherent growth. By owning an FTX token, you’d gain an investment option that will make your portfolio more valuable and liquid.
How Does FTX Work?
The FTX platform allows you to purchase crypto derivatives. Basically, crypto derivatives are investment options that derive their value from an underlying asset. Investing in a derivative is similar to predicting the asset’s direction based on a contract. If you believe that the asset will go up and you entered a contract, a counterparty (opposing trader) will bet against your prediction. You will earn money if the price moves up and lose money if the price moves down. You can also enter a contract opposite to the situation mentioned above.
Aside from crypto derivatives, you can trade leveraged tokens (ERC-20 assets) in the FTX exchange. Leveraged tokens will expose you to profitable cryptocurrency markets with tons of choices changing day by day. Plus, you can send payments efficiently with FTX’s FTX PAY program.
What Makes FTX Unique?
FTX is unique because it offers numerous ways of portfolio diversification while maintaining the usefulness of its native token. Additionally, FTX’s multi-tiered methods of liquidation inspire confidence among investors – especially beginners.
The FTX platform also has accurate market insights powered by the collaborative efforts of professionals from Alameda Research. FTX’s accurate insights will help you make proper investment choices within a specified time frame.
Who Are the Founders of FTX?
The Founders of the FTX platform are Sam Bankman-Fried and Gary Wang. Bankman-Fried is also the CEO of FTX and Alameda Research. Aside from leading FTX to further success, he worked as a director of development at the Centre of Effective Altruism.
Gary Wang, on the other hand, is the CTO of FTX. He is responsible for heading the technological development of the platform and ensuring that all operational models are working accurately. Before becoming FTX’s CTO, Gary Wang once worked as a software engineer.
What Are the Use Cases of FTX (FTT)?
FTT has multiple use cases meant for crypto traders and investors. Knowing the use cases of FTT is a great way to determine your risk appetite and trading styles.
These are the common use cases of FTT:
- Revenue sharing through a repurchasing plan
- Lower trading fees
- FTT as collateral for futures
- Socialized gains from liquidity protocols
- Leveraged token listing fees
- White label opportunities
- FTT staking
Who Builds on FTX (FTT)?
The FTX (FTT) platform is meant for traders and crypto users who want to grow their portfolios through crypto derivatives. Project builders, however, can work with the FTX platform through the means of white label contract solutions.
Official website: https://ftx.com/
Essential Points of the FTX (FTT) Whitepaper
The FTX (FTT) Whitepaper emphasized the structure of the exchange and its multi-tiered liquidity mechanisms. The paper also highlighted the ways users can earn rewards through token utilization.
These are the strong points of the FTX (FTT) Whitepaper:
- Clawback prevention protocols
- Universal stablecoin settlement
- Leveraged tokens
- FTT staking rewards and incentives
- Availability of USDT futures
The Best Cryptocurrency Wallet for FTX
After knowing how to buy FTX token, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for FTT?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of FTT wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade FTT right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Cold Wallet for Crypto Winners
Now that you already know how to buy an FTX token, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor takes the crown of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for FTX (FTT)
Do you want to learn more about the FTX token and other crypto coins? Check out our crypto blog and get all the relevant information that you need!
Additionally, here are some important topics in our blog:
- Trading speculation about FTX (FTT)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works
- Up-to-date cryptocurrency news and developments