What is FTX Token?
FTX — Cryptocurrency Derivatives Exchange is a unique cryptocurrency exchange that enables you to trade futures and leveraged tokens on cryptocurrencies with an OTC section. The FTT token as the primary token of the platform profits from network effects and the growth of FTX.
FTX Token (FTT) was started alongside the FTX bourse in April 2019. It was proposed by an Initial Coin Offering (ICO). The FTT genesis block was listed on April 30th, and the distribution of ICO tokens started on July 27th, 2019.
FTT is an ERC20 token that runs on the Ethereum blockchain. The primary supply of FTX tokens is 350,000,000 FTT.
Key features of FTX Token
- Ability to prevent clawbacks: The modern futures systems have a decreased risk management system that produces consequences in millions of wastes through clawbacks. FTX’s three-tiered liquidation module helps to reduce the occurrence of clawbacks. To start with, FTX shuts down positions with rate-limited liquidation orders. The platform has a unique liquidity plan that happens to provide to accounts that face insolvency. The platform also leverages an assurance fund that helps prevent losses.
- Centralized collateral pool: FTX, unlike other futures exchanges, has a centralised collateral pool in which collateral is posted in different accounts and tokens. This equivalent system is used to mature conventional futures today, enabling dealers to post guarantees in a single currency. The system also provides universal stablecoin settlement, allowing traders to work stable coins as collateral for all modified products. By using stablecoins, traders get a USD supported price exposure without owning a bank account. At the moment, the only 2 stablecoins fit for this feature are USDC and TUSD.
- Non-inverted futures: Habitually, in the futures market, if a pair is stated as BTC/INR, it often implies INR/BTC. Nevertheless, for FTX, the futures continue inverted, which implies a user’s USD PnL is one’s actual number of BTC contracts. The order book shows the number of BTC contracts that a person owns.
- Leveraged tokens: These ERC-20 compliant tokens remain an extraordinary product by FTX and put on the crypto space map. Most spot markets do not have a way to short or become a leveraged position. However, the FTX leveraged token system lets traders take a short position without trading on a margin. The platform offers 3x, -1x, leveraged tokens for BTC, ETHC, XRP, EOS, USDT, BNB, TRX, LEO, and BCH.
- OTC portal: According to Alameda Research, the platform includes an OTC opening that allows merchants to transact with a single click of a button. The site provides traders with free access to Alameda’s extensive liquidity pool.
How to buy FTX Token?
One can buy FTX tokens in India by using the platform of BuyUcoin. It is a 5-step process. After opening a digital wallet, one has to register an account. Then complete KYC as it is mandatory in India. Once the KYC process gets completed, the users need to follow a 2-step verification followed by entering the bank details, then you can start investing in FTX Token.
Buy FTX Coin in India — Step by Step Guide For Beginners
BuyUcoin is an exchange that provides buying and selling FTX coins in India as well as other cryptocurrencies. Below is a step by step guide to buying FTX Token via BuyUcoin:
Step 1 — Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with other citizens. It is important to make in-depth research before you decide what one is best for you, however, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Step 2 — Register & Open an Account
When you enter the BuyUcoin/Signup account, register and open a service account. Choose your person or company form of account. Choose your country and adhere to the terms and conditions of your crypto-trading account.
Step 3 — KYC
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centres. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4 — Google 2 Step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If enabled, any time you log in to your BuyUcoin account, you will be asked to include a 6- digit one-time password with your email and password. This only functions when an email and password are entered.
Step 5 — Add Bank details
Add your name credentials, the account name of the holder and the IFSC code information.
Trade FTX Token
FTX has begun its enterprise first MOVE contracts. These are futures that expire to the raw amount BTC moves in a time period, letting users trade on the amount bitcoin is going to move without having to know the direction. Leveraged FTX tokens are ERC20 and BEP2 tokens that priorly consist of the leverage algorithm. These tokens permit investors and traders to put on short and leveraged positions without margin trade. Leveraged tokens are ERC-20 tokens that can be traded on any exchange.
Can I Use Regular Money to Buy FTX Token?
Yes, you may use conventional money or any fiat currency in India, such as INR, to acquire FTX Token, which can be stored in your wallet with a single touch to buy or sell your desired cryptocurrencies without any hidden transaction fees using one of India’s leading cryptocurrency exchanges, BuyUcoin.
Getting an FTX Token Wallet
BuyUcoin is a multi-currency crypto wallet where FTX Coin can be stored with high-end security features where cold storage wallets are used. Hardware wallets are the most secure wallets and if you want to store a lot of wealth in your wallet it is strongly recommended because they add an extra level of safety. Once we have sent the FTX Coin to your wallet, we will send you a confirmation email. The FTX Coin will appear in your wallet when you restart the BuyUcoin wallet.
FTX Token Exchanges
If you want to buy Bitcoin for FTX, an exchange called BuyUcoin is one choice. You may even buy FTX using your credit card or debit card through an easy-to-use interface. When you register, BuyUcoin requires your ID and address. This conforms to the anti-money laundering (AML) legislation and knows the legislation of your customer (KYC).
ID checks are considered the best methods by many exchanges, although technically not a legal requirement in most countries. It helps avoid the use of exchanges for criminal activity. But there are legitimate reasons why your ID should not be revealed to a trader who is aware of the trade and privacy.
Over the short period of time that FTX has been in the crypto space it has established a pace that other exchanges are obtaining hard to follow. Its unique and innovative products have left many amazed at the potential that the secondary markets hold. The FTX team is on a quest to provide never-before-seen derivatives, leveraged tokens, options, and volatility products to clients and other stakeholders.
Their robust and initiative platform is user friendly and makes it easy for first-time users to enjoy futures trading. Backed by a trustworthy team of creative and expert individuals, FTX is going great in the crypto market. The modern platform has already gained a name in the ever-changing crypto scene and promises to keep providing the area with innovative results. At this rate, FTX will soon rank as a top ten cryptocurrency with investors in millions.