Cryptocurrency enthusiasts have been buzzing about FTX (FTT) for months now. While the FTX trading platform, bearing the same name, continues to be in the media spotlight, its associated token remains a topic of interest. Despite there being a significant decline in FTX value, the FTX token has managed to find some stability recently.
In this comprehensive guide to FTX crypto, we will take a closer look at this token, delving into its purpose and examining its price trends. Finally, we’ll provide our own assessment of FTX crypto to help you navigate this deceiving landscape.
FTX (FTT) is the native token of the trading platform bearing the same name. It was launched on May 8, 2019. Similar to many other trading platforms, FTX crypto provides users with access to interesting trading pairs. FTX has, for a long time, offered leverage on pairs like BTC/FTT, ETH/FTT, and XRP/FTT.
The FTX token is an ERC-20 token, which means it is built on the Ethereum blockchain. On the trading platform side, the token serves as an economic backbone. It also plays a role in securing transactions on the blockchain, of course. The FTX project had been quite popular among traders for a while. However, due to events in 2022 that impacted the platform, both the popularity and the value of FTT suffered.
Initially, FTT was designed to reward platform users. Over the years, the list of possibilities has significantly expanded. For example, FTX users could receive VIP coupons in the form of tokens based on the amount of FTX tokens they held.
When FTX crypto was launched on May 8th 2019, its initial price was $1.72. Continuing on an upward trend until 2021, FTX crypto began showing even more significant gains at the beginning of that year. In July, the token experienced its first peak, reaching a value of $57.99.
A few months later, in September 2021, the FTT token was trading at $77.69, marking the highest value ever recorded for the token. Subsequently, the price of FTT tried to stabilize, falling to values between $40 and $50. However, it was the year 2022 that proved to be fateful and dramatic for the cryptocurrency.
As the crypto market was already facing challenges, the FTX platform was announced to be insolvent. An investigation then revealed that its CEO, Sam Bankmann-Fried, was responsible for significant fraud. He was subsequently arrested in the Bahamas and brought to justice.
Today, the company and the FTX token are no longer under his ownership. John Ray III is now in charge of leading the platform. Currently, the FTX website remains inaccessible. However, the token is still widely traded, as indicated by its data reported on CoinMarketCap.
Initially, FTX crypto was designed to reward users of the FTX platform. Subsequently, the range of possibilities around the token expanded, offering traders more enticing features such as margin trading, additional trading pairs, and VIP rewards.
A staking system was also implemented to allow investors to earn interest on FTT crypto. The token was used as collateral, and the most active platform members could earn up to 60% annual interest on their staked tokens.
The FTX token is offered by Almeda Research, a leading company in cryptocurrency trading and one of the largest liquidity providers in the market. Consequently, FTX crypto was created by professionals and industry experts, as well as some of the biggest names in the trading world.
How FTX crypto works is relatively straightforward and similar to many other native tokens on current trading platforms. However, there are some unique, less common features to consider when it comes to FTX.
FTX offers a somewhat original model that includes various features catering to both individual and professional users. These features encompass a centralized collateral pool and a universal settlement system in stablecoins. Additionally, financial products like volatility indices are also part of the package.
The FTT token operates with a burn/share mechanism. In practice, a portion of the tokens is burned, and the platform’s generated revenues are distributed among users. The repurchased tokens behave similarly to those on other platforms like Binance or OKX.
FTX crypto also provides white-label solutions tailored for crypto-related institutions seeking significant liquidity. It’s worth noting that these services are accessible exclusively with the FTT token. Almeda Research played a crucial role in making these services possible.
Lastly, in a more conventional manner, it’s important to highlight that FTX was also used to reduce trading costs and associated fees. Moreover, commissions collected from a third of the burned tokens are utilized to purchase more FTT crypto.
If you’re looking to buy FTX, we’ve compiled a list of the best platforms to do so securely. On each of these platforms, you’ll find a safe option to purchase FTX.
eToro is the go-to platform for social trading. It allows novice traders to access the same opportunities as professionals. To achieve this, the platform offers users interesting features like copy portfolios and copy trading. In practice, users can automate the process of copying the trades and portfolios of renowned traders.
A news feed dedicated to each asset keeps you informed about the latest developments in the asset market. Personal news feeds and discussion options are also available. If you’re new to cryptocurrency and looking for where to buy FTX, we recommend considering eToro for your investment. The platform is gaining popularity, and its features are user-friendly.
The most popular and widely recognized platform for buying FTX is Binance. With an extensive array of features, tools, and trading pairs that seem endless, the platform has also added FTX to its offerings. Binance provides a wealth of information for each cryptocurrency.
Various staking options will appeal to more advanced users seeking innovative financial solutions. In terms of trading possibilities, FTX crypto can be traded against most of the popular stablecoins and cryptocurrencies of the moment.
However, it’s important to note that Binance is tailored to experienced crypto traders, and its complexity may be a significant hurdle for beginners. The platform is therefore best suited for knowledgeable users.
OKX serves as a gateway to the web3 world. Primarily focused on DeFi, this trading platform offers a considerable number of trading pairs and various tools. The site uses Trading View for interactive and comprehensive chart visualization. If you’re wondering how to buy FTX on OKX, rest assured that the process is exactly the same as on the platforms mentioned above.
The FTT price can be easily found on OKX. Nevertheless, this site is primarily designed for DeFi enthusiasts, staking solutions, and NFT purchases. The range of OKX’s products is intriguing, but it might seem too intricate and complex for a novice user. Therefore, make sure you fully understand the ins and outs of cryptocurrencies before investing on OKX.
Let’s now assess whether buying FTX is indeed a sound investment and if the current timing is favorable for buying it.
Predicting the future of FTX crypto is a complex task. The asset’s price primarily hinges on two factors: the developments surrounding the former CEO of the FTX platform and the management of John Ray III, his successor.
Currently, the FTX platform is no longer accessible to the public. The website is closed, and the functions once offered by FTT crypto are no longer available. Nevertheless, it’s still possible to purchase FTX on other platforms, as we’ve discussed.
In the event that the FTX platform were to reopen, the FTT token could easily regain its previous values. In such a scenario, an FTX (FTT) at $10 could be an intriguing possibility. Conversely, if FTX remains closed for some time, the token’s price could either stabilize between $1 and $2 or gradually lose value over the months and years.
Currently, the first scenario appears more likely. The FTX Euro price is expected to increase again, but it will take time and likely occur over the long term. This is because the damage caused by the former CEO of FTX takes time to rectify.
There are several pros and cons to consider when investing in FTX crypto.
What we like
Token with the potential for price increases
FTT offers numerous functionailities
What we don’t like
Complex to predict due to the platform’s situation
You now have all the information you need about FTX crypto. We’ve reviewed the various aspects of this somewhat unique token, as well as the latest updates regarding the FTX platform. If you find the FTT token’s functionality appealing and have positive expectations about its price forecasts, you now know how to safely purchase FTX.
Nevertheless, the future of FTT remains uncertain, despite the significant potential for long-term growth.
Our FTX crypto review, therefore, concludes with a blend of both positive and negative aspects. While, on the one hand, the token has a poor reputation due to its originating platform, we do have to acknowledge that it remains intriguing. However, it’s crucial to determine whether the FTX token’s reputation will ultimately impact its value and price in the coming months and years.
Lastly, we strongly recommend staying informed about the latest news to better anticipate cryptocurrency prices in general. While this holds true for all cryptocurrencies, it is especially valuable advice in the case of the FTT token.
About the author
A writer from the north of England, I've been fascinated by all things cryptocurrency since the early days of Bitcoin. I've written countless articles in the crypto space over the years, contributing to various websites in the process. I'm always reading and forever following the trends and expanding my knowledge so that I always have more to share!
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