What Is FTX Token?
FTX is a new derivatives exchange. As part of their brand, they launched the FTT token. The exchange differentiates itself from its competitors with the availability of multiple indices and leveraged tokens. They pride themselves on being a cryptocurrency exchange that’s built by traders for traders. Besides derivatives, you can trade options, volatility products, and leveraged tokens. Next to that, you can also speculate on the next US President or how the oil market is heading. They have a powerful team that left their positions at Wall Streets quant firms and Silicon Valley tech companies like Google and Facebook to build the FTX exchange collaboratively. By holding the FTT token, you enjoy the following benefits:
- Weekly burnings and buybacks of FTT tokens
- Lower trading fees
- Collateral for trading futures
- Rebates in OTC trading
The exchange has been around for little more than a year and has already attracted thousands of users. This is because of their robust UX and wide range of products, but also because of the strong partnerships. FTX managed to form partnerships with Binance, Circle, Paxos, Bitfinex, FBG Capital, and Alameda Research. The beauty of this company is its generosity towards the community. Since the start, they have donated over $10 million to charities worldwide to prevent suffering and save lives.
Pros and Cons of FTX Token
Let’s have a look at some advantages and disadvantages of FTX Token.
Advantages of FTX
- Wide range of products to trade with ranging from stocks to cryptocurrencies
- More than 45 tokens to trade with leverage
- Many benefits for FTT token holders such as weekly burnings
- Perpetual swaps for more than 15 assets
- Wide range of partnerships with established companies
Disadvantages of FTX
- Strong competition from BitMEX
- A relatively young company, not established yet