With the inception of blockchain technology, several sectors of commerce and economics are set to be revolutionized. By utilizing decentralization as its core, several cryptocurrencies and tokens have been improving various technological domains. They also have different attributes and various use cases.
One such cryptocurrency to look out for is the FTX token (FTT). Before we list several reputed exchanges from where you can buy the token, we will look at the exchange it is based on – FTX Exchange.
What is FTX?
FTX is the cryptocurrency exchange that hosts the FTX token – ticker name FTT. It was founded in May 2019 by MIT graduates Sam Bankman-Fried and Gary Wang. Sam Bankman-Fried is one of the most influential people currently in the cryptocurrency space due to his ideas and actions of philanthropy.
As a professional with previous experience in finance, Sam created the exchange with an ambition to give away all the profits he accumulates towards charity potentially.
FTX created a major foothold in the industry after that, generating a massive user base. With over 5 million active users, the exchange supports features like futures, leveraged tokens, and OTC trading. It is backed by Alameda Research, one of the world’s largest liquidity providers, and trades cryptocurrencies worth $600 million to $1 billion daily.
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FTT- Use Cases and Growth
FTT is the native token of the FTX exchange. Primarily, the token is used to lower trading fees or to serve as collateral against futures positions. It can also be used for staking to generate interest and win NFTs featured in the exchange.
The developers of FTT are also some of the best and most sought-after tech specialists with experience from companies like Facebook, Google, Optiver, Jane Street, etc. The project has been built keeping in mind several evolving aspects of cryptocurrency. It has features to enhance its network and demand eventually.
Some of the major features are –
Consistent and planned token burns-
These are crucial for reducing the supply and thereby increasing demand. ⅓rd of every FTT transaction will be used to buy back FTT and have them burned. The team plans on carrying out token burns till half of the total supply is destroyed.
Trading Fee Concessions for Holders
Holders of FTX tokens will be entitled to a subsidized fee for futures trading on the FTX exchange. As a growing ecosystem that will capture many future users, this fact can easily drive up demand.
Collateral for Trades
Future positions can be taken against FTT tokens. With the exchange planning to eventually introduce margin trading, the coin will surely get more traction.
Staking for Events and Awards
Exchanges host several events and programs where users must lock the native token to participate. As the cryptocurrency markets grow, such events or programs on exchanges will be surplus. This will make the FTT token an integral asset for those wishing to partake in the programs held on FTX.
Now that we understand the use case and other specifics let us get to the main part and look at some of the most efficient and popular cryptocurrency exchanges where you can buy the FTT token.
Best Exchange to Buy FTT Token in 2024
1. eToro
For all those crypto enthusiasts who are motivated by the decentralized factor, eToro is the best bet. The platform is one of the safest to begin the crypto journey as the Securities and Exchange Commission (SEC) regulates eToro, and it is also registered with the Financial Industry Regulatory Authority (FINRA).
Users don’t have to incur any deposit fee while funding their eToro account in US dollars. The best part for newbies is that eToro’s minimum deposit requirement for US users is only $10. This means you only need $10 to get started in the crypto world.
The news about the addition of the FTT token was announced on 31st May by eToro on its official blog. eToro also added 5 more cryptos on its platform. Users can trade and buy more than 60 cryptos on its platform.
Apart from investing in various cryptos, an investor could also stake in prominent cryptos and use the Crypto Portfolio feature. The feature makes investing much easier for investors as eToro manages the portfolio, and there is no need for research or continuous upkeep.
While eToro is one of the best and most popular choices, there are other exchanges too that you can explore. Read ahead about it.
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2. Binance
This name just had to be on the list. Binance is currently the No. 1 cryptocurrency exchange in the world. 
This is not only in terms of popularity but also several other factors like market share or trading volume.
Founded by Changpeng Zhao in 2017, Binance captured the market quickly, thanks to its major focus on altcoin trading and several features highly embraced by users.
Previously based out of China, Binance had to shift to Malta due to the cryptocurrency ban in the country. As of 2021, Binance had more than 28.6 million users. It currently has more than 600 currencies listed on the app to trade.
With experience creating high-frequency trading software and in the cryptocurrency domain, Changpeng Zhao created Binance by raising funds through an ICO(Initial coin offering). While the exchange has been exposed to several allegations and cases from government authorities regarding legal compliance, Binance has repeatedly proved its authenticity and transparency.
Binance listed FTT in December 2019, and since it is one of the most used exchanges, there hasn’t been any concern about liquidity since. The platform charges a 0.1% fee for buying tokens in the spot market. It provides a wide array of payment choices too. You can buy FTT in three pairs- FTT/USDT, FTT/BUSD, and FTT/BNB. You can also stake your FTX tokens on the Binance platform for decent returns.
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3. Bitstamp
Bitstamp is one of the oldest cryptocurrency exchanges but is still a prominent platform among many cryptocurrency enthusiasts. Based in Luxembourg, Bitstamp was created by Nejc Kodric and Damijan Merlak.
It was born as a result of the efforts by both founders in 2011 and intended to serve as an alternative to the then-leading Bitcoin exchange based in Europe- MT. Gox. With a powerful team of around 400 people, the exchange quickly created a vast network worldwide.
Bitstamp was sold to the South Korean gaming firm Nexon. The company owns about 80% of the exchange now. This hasn’t affected the quality of the trading experience that Bitstamp provides. Users need to finish KYC to buy or sell cryptocurrencies on the platform.
After some exposure to cyber attacks, the platform started consistently creating better safety options and has partnered with some of the best institutions in the industry to aid them, like the Chicago Mercantile Exchange. With only a limited number of cryptocurrencies, Bitstamp focuses on some of the most fundamentally rich cryptos. It also boasts an API feature that lets clients utilize custom software to control their accounts.
FTT was listed on the platform in June 2021 and is traded for a fee structure that depends on the amount of cryptocurrency bought. For trades below $10,000, the fee is 0.5%. The same goes lower as the amount traded increases even more.
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4. Huobi Global
As one of the most prominent exchanges in the Asian market, Huobi has been attracting users since its launch in 2013. The platform, founded by Leon Li and Du Jun, has offices in Hong Kong, Japan, South Korea, and the United States. It has also received investment from popular VC firms like Dai Zhikang, Zhen Fund, and Sequoia Capital.
Huobi provides a digital ecosystem that includes spot trading, staking, crypto loans, crypto yield products, derivatives trading, etc. With more than 400 cryptocurrencies available to trade, Huobi is popular for its user base and high liquidity. Huobi claims that as of today, the platform is host to tens of millions of users worldwide.
The client funds of Huobi are held in several cold wallets and are secured by a 20,000 BTC secured reserve fund to tackle extreme accidents and provide an added layer of safety. The exchange also received regulatory approval to conduct business in several other regions and states that it plans to expand its market in the West. Currently, the said user base extends to over 170 countries and regions.
Huobi listed the FTX token in July 2019. Currently, the platform has three FTT trading pairs- FTT/USDT, FTT/BTC, and FTT/HT. You can buy the token using several payment modes like debit or credit cards, P2P, or direct bank transfers. Trading fees are subject to the amount of cryptocurrency that you buy.
Bigger buys are incentivized by providing discounts on the fees. However, the base fee for a transaction is currently set at 0.2%.
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5. KuCoin
As an exchange that witnessed over 709% year-on-year growth in 2021, Kucoin is clearly a top choice for many when buying, selling, or storing cryptocurrency. It was founded in 2013 by Michael Gan, Eric Don, Top Lan, Kent Li, John Lee, and Jack Zhu as an alternative to difficult cryptocurrency exchanges for a beginner.
Currently headed by Johny Lyu and officially launched in 2017, the crypto exchange has managed to capture a major chunk of the retail market while gaining the name- The People’s Exchange.
Since the platform was built for beginners, the app’s interface is simple, creating a surge in mobile installations, which went as high as 755% in 2021. The platform also boasts backing from some of the biggest names in the cryptocurrency industry. The list includes Aura Network, Skynet EGLD Capital, Blofin, Xrush, Star Sharks, Ref Finance, and many more.
With over 10 million users, KuCoin claims to be No.1 in terms of globalization and features several offerings to help and educate traders worldwide. The service allows users to buy, sell, and trade digital currencies. The platform offers margin, futures, and peer-to-peer (P2P) trading options. In addition, users can stake or lend their crypto to earn rewards.
FTT is available in the USDT and BTC pair on KuCoin. It can be bought via all major modes of payment. The application doesn’t essentially require a verification process. It allows you to buy crypto by simply adding an email id to the account. KuCoin listed FTT for spot trading in September 2021.
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6. Bybit
Bybit is an upcoming exchange that has gained much traction in the past few months. Founded by Ben Zhou, previously from XM, one of the world’s biggest Forex brokerage firms, the platform Bybit dubs itself a “One-stop crypto destination.” Launched in 2018, the platform consists of more than 1.6 million users.
Bybit consists of around 230 tradeable tokens and keeps increasing by constantly looking for better projects to list. Investors like Galaxy Blitz, Paradigm, and Matter Labs have been a part of the project since its early days and seem to be getting ready to expand their business even more.
Founded on customer-centricity, Bybit aims to provide retail and professional clients worldwide with a professional, smart, intuitive, and innovative trading experience. In addition to providing a fair and efficient trading environment, the developers boast a 24/7 multilingual customer support service to assist clients promptly.
In an attempt to teach the newbies in the crypto community, Bybit strives to create content, too, that can be educating for everyone. The trading bots by the platform are another giant benefit. These bots can be utilized to carry out trades and generate profits too.
With various payment modes made available, the exchange consists of a 0.10% trading fee. The safety measures for Bybit are also set in place strategically, with features like enabling crypto withdrawal only thrice a day to add an extra layer of security.
The FTX token is available in the USDT pair on the platform. Bybit listed FTT in December 2021.
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Price Analysis of FTT Token
The current market conditions have paved the way for a considerably significant correction in the price of FTT. The price of FTT reached its ATH (All-Time High) in December 2021 as it hovered around the $80 level.
At the time of writing, FTT is priced at 25 dollars. This price may see decent growth as market conditions fare well. Thus, the current levels may be a good chance to start investing in FTT.
For more details, check out our FTT Price Prediction.
Is FTT A Good Investment?
Since the growth of FTT is tied directly to the growth of the FTX exchange, it is crucial that the exchange grows in value and more people eventually use it to trade cryptocurrency or carry out other activities. Some factors that can trigger this are as follows-
FTX has a Solid Security System.
Unlike many other exchanges, FTX has a vast team, powerful insurance plans, and many cryptocurrencies held in cold wallets that incentivize people to prefer the exchange.
FTT token Utility is Constantly Being Improved Upon.
While the token was previously only used to obtain a discount on trading fees, the exchange bought several other features to grow demand for the token. Going forward, this may include NFT drops, token airdrops, lucky draws, or lotteries that require the native token, i.e., FTT, to be locked up.
The Tokenomics of the Cryptocurrency is Foolproof.
FTT has a total supply of 331,581,594 tokens, of which 39% are currently in circulation. As mentioned in the beginning, every transaction involving FTT will record a small buyback. These tokens shall then be burned till half of the total supply is out of existence. Such a factor aligned with increased potential exchange usage will create more demand, thus increasing prices.
Goodwill and trust may sound like abstract terms, but they influence users’ minds. The CEO, Sam Bankman-Fried, has been extremely popular due to his charitable visions and actions towards the same. FTX, too has positioned itself as an organization with philanthropic views. This may also be a driving factor for growth.
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How to Buy FTT Crypto – a Tutorial
In this section, you’d become aware of the step-by-step process of investing in FTT tokens. We would give the demo on the eToro platform. However, the process is similar on other exchanges as well.
Step 1: Open an eToro Account
First of all, go to the eToro website and open an account.
You must give basic information such as your home address, date of birth, and social security number.
Step 2: Upload ID
On eToro, you must complete KYC formalities to buy FTT tokens in US dollars.
To complete this process, you can upload a copy of your state ID card, passport, or any other relevant documents.
Step 3: Deposit Funds
To buy an FTT coin, you must deposit a minimum of $10 in your account. Primary payment methods, including Visa, MasterCard, and ACH, are allowed for this purpose.
Step 4: Search for FTT
At the top of the eToro website, there is a search box. Once you search for the FTT token, you’d find the coin on the platform.
Step 5: Buy FTT
Now you must buy FTT coins by clicking ‘Trade’ in the top right corner.
On the next box that pops up, select an amount to invest in FTT and confirm the order with the ‘Open Trade’ button.
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Conclusion
Overall, we believe investing in FTT Token may be the right choice considering its technological advancements. But proceeding without your own research could be dangerous.
So, do your own research and buy FTT tokens only through a well-known and regulated platform such as eToro.
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