Token Review: FTX Token (FTT)
Today we will talk about FTX Token (FTT)!
OVERVIEW
In the last review, I talked about KuCoin (KCS) If you missed my last review, you can recover it here and here
What is FTX?
An MIT physicist, Sam Bankman-Fried created this innovative cryptocurrency exchange in 2018 and launched it the following year, with the backing of a large financial institution: La Alameda Research. The company was co-founded by Gary Wang, and their idea was to offer a platform that would provide traders with a whole range of new cryptocurrency-related investment tools.
For being a recent exchange, it is achieving great success and has achieved high trading volumes, ranking third among crypto exchanges by daily traded volume. As I am writing this article, FTX has about $10 billion in volume traded every 24 hours. In addition, the giant Binance has decided to bet on this exchange and invest in it. Binance's supremacy is absolute, but it does not want to leave it to its opponents to take over new markets.
FTX fees
FTX remains a cryptocurrency exchange site despite offering a whole range of derivatives. The exchanges charge commissions that decrease as the monthly volume of trades executed on FTX increases.
The starting level involves a 0.02% of maker fee and a 0.07% taker fee. These numbers can go down if you hold FTT tokens or if you execute transactions of more than $2 millions over a 30-day period. If you transfer cryptocurrencies to the exchange site, you will not pay deposit or withdrawal fees.
For all fee details check this page: https://help.ftx.com/hc/en-us/articles/360024479432-Fees
Advantages and disadvantages of FTX
Advantages:
Advanced trading features including derivatives and margining.
Smooth user experience.
Competitive commissions.
Disadvantages:
Fewer cryptocurrencies than other competitors
Few customer service options
No staking or earn services
FTX App
In addition to the trading platform accessible directly from the FTX website, this exchange also offers a very comprehensive App.
If you are interested in analyzing the markets and making cryptocurrency forecasts to guide you in your strategies, better to use a PC screen. The smartphone is not suitable for studying charts, but it can help you keep track of your orders even when you are not in front of a computer screen. If you are interested in the App of this Exchange, know that it is available for free for iOS and Android users and you can download it from the respective stores.
Tomorrow we'll see new things about this exchange!
I invite you to follow me so you don't miss the second part of the article that will be released tomorrow.
Are you already a FTX user? Or do you prefer other exchanges? Let me know in a comment.