FTT is the native token for the FTX exchange. It was launched in May 2019 by the Alameda Research Team, and it quickly became one of the go-to derivatives platforms for traders. The exchange currently offers perpetual and quarterly futures, spot markets with fiat support, and leverage tokens.
This how to buy FTX article will outline the steps on how to purchase your first FTT token. The article will first list the top 5 exchanges that support it. The next section will illustrate the steps on how to buy the token on one of these exchanges. And finally, this guide will briefly list and outline what top wallet can store this token.
Where to Buy FTX (FTT) – Top 5 Exchanges
1. FTX Exchange
It shouldn't be a surprise that the first exchange on this list is the FTX Exchange itself, FTT's home platform. The exchange is centralized, and it requires traders first to sign up. However, traders do not necessarily need to provide Know-Your-Customer (KYC), those that do not face severe limitations.
Do note that all deposits and withdrawals are subject to inspection using Chainalysis, and FTX reserves the right to request additional information on a case by case basis.
The exchange is well known for storing most of its funds in cold storage, away from an internet connection, so you can be assured that your funds are relatively safe. They also have a high level of account security, such as two-factor authentication and whitelisting for address. They also have an insurance fund for traders who were not fast enough to stop from getting liquidated.
For a more comprehensive review, please click here.
Based in Malta, Binance is considered the largest cryptocurrency exchange in daily trading volume. Not least because traders can find up to 540 types of cryptocurrencies, including Neo.
Although originally a purely crypto-to-crypto exchange, it can now facilitate a limited number of fiat currency deposits and withdrawals, either through bank transfers or visa credit cards.
What makes Binance especially appealing are its low trading fees (0.01%). If you buy and hold its native token, BNB, you will have fewer fees to pay. In addition, there is no KYC required, so long as you deposit crypto on your account. You open an account, set-up your two-factor authentication, fund your account by depositing coins or buying coins using your visa credit card or bank transfer if the exchange platform supports your local currency.
For users with US passports, the platform announced it would restrict such traders. The main reason for this is that Binance launched a dedicated exchange for US citizens that complies with all regulatory requirements, called Binance.US.
For a more comprehensive review on Binance, please click here.
BitMax is a centralized exchange and trading platform based in Singapore. It was launched back in August of 2018 by George Cao, Ariel Ling, and Shane Molidor.
The exchange supports quite a number of cryptocurrencies, which includes the biggest names out there like Bitcoin, Ethereum, Litecoin, etc. It also supports 190+ trading pairs and 40 different margin trading pairs.
Unfortunately, this platform does not accept US investors. When it comes to trading fees, it may vary depending on your trading volume.
In regards to withdrawal fees, BitMax does charge, but they go to miners that verify the transaction of tokens from one wallet to another.
When depositing funds, you are not able to use wire transfers, but you can use a credit card or cryptocurrency.
For a more comprehensive review on BitMax, please click here.
CoinEx is a cryptocurrency exchange that was founded in December 2017. Its headquarters are in Hong Kong and it supports multiple languages and accepts users from over 100 different countries.
CoinEx uses the standard two-factor authentication but doesn't seem to offer any other advanced security features like an FTX or Bybit. Compared to other exchanges, setting up your account is relatively easy and straightforward. All you need is your email address.
When it comes to fees, they tend to vary, but the standard seems to be Maker @ 0.1% and Taker @ 0.1% for trading. When it comes to depositing funds, it is free. However, there are fees when it comes to withdrawal, but you can get a discount if you use their CoinEx chain.
For a more comprehensive review, please click here.
Folgory is a crypto exchange that was launched in May 2019. On its website, Folgory lists six features; the first three are expected and nothing special (managing your portfolio, buying and selling cryptocurrencies, and trading them). However, the other three are not so obvious: they have a professional dashboard, creating your own crypto without the knowledge of coding, and 24/7 customer service support!
It has the convenience of being available for both your desktop and mobile phone.
When it comes to fees, depositing crypto is free. There is also generally no minimum deposit amount.
However, if you are wanting to deposit fiat, though, you will be charged a fee, and there is a minimum amount. When withdrawing your crypto, there is a minimum amount that you will need to withdraw, as well as having to pay miners for the transactions. For trading fees, they charge a flat fee of 0.20% for both makers and takers.
When registering, you will need to do a KYC ID verification. Thus far, US investors are allowed to register and trade on the exchange.
For a more comprehensive review, please click here.
Step-by-Step guide on how to Buy FTX (FTT)
This section will outline the steps on how to buy FTX tokens (FTT) on the FTX exchange.
Step 1: Create an account on FTX
Hop on over to the FTX exchange site and click on the Register button on the top right of the screen. A pop-up box will appear. Tick the ‘I agree’ box and hit Click to verify.
Slide to complete the puzzle and proceed to the next step.
Only then will you be able to sign-up by clicking on it. If you have a referral link, enter it on the referral link.
A window will pop-up showing your ‘Fee Status.’ You will get a fee discount when you sign-up from a referral link. After reviewing, click on the ‘Close’ button.
Once you have opened an account, the next thing would be to initiate a two-factor authentication for extra security. To do this, go to your ‘Profile page.’
Then you click the dropdown for ‘Two Factor Authentication.
Hit on ‘Authy/Google Authenticator’ on the bottom right.
Install the Google Authenticator app on your mobile device. Once the app is installed, scan the QR code that is shown and enter the token or 6-digit code that the app generates. Click ‘Submit’ to continue.
That's it! Your account is secured with two-factor authentication!
Step 2: Deposit Funds
FTX is a bit flexible in that it allows you to deposit crypto or fiat currency. This next section will outline the steps on how to fill your bag before you can buy FTX tokens.
Click on the ‘Wallet' button on the top left of your screen.
In this example, the article will demonstrate how to deposit some Bitcoins (BTC). Locate BTC under Balances and click on Deposit next to it.
A pop-up window will appear showing the deposit wallet address. You can also deposit BTC via their SPL token program. Either copy the address or scan it with its QR code. Once done, close the window.
After depositing your FTX account, you will want to check your balance. To do this, go to the ‘Balances' section of your Wallet page. You can also toggle in between your crypto, leveraged tokens, and fiat balances.
Once you have confirmed that the funds are indeed in your balance, you can now finally buy some FTTs! Although there are different ways to do this, in this example, we will show you the most basic. To start, go to the ‘Markets’ page that is on the top.
Next, click on the ‘Spot’ section and look for the FTT/BTC pair from the list of choices. Once you find it, click on it.
Go to the order form and enter the amount of FTX Token you’d like to buy. It will automatically calculate its equivalent value in BTC. You also have the option to change the Order type and the order form to 3-parts by clicking on the button pointed by the second arrow in the image below.
Below you can see what the 3-part order form looks like. Please make sure that you understand everything before deciding to proceed with the order.
After verifying that all information is correct, hit on ‘Place Orders.’ You can easily view your order on the ‘Order History of your Account page.
That's it! Congratulations on buying your FTX tokens!
Best wallets to hold FTX Tokens
1. Atomic Wallet
The Atomic Wallet is a non-custodial, multi-currency wallet, allowing it to support hundreds of coins and tokens. It has been renowned for being so easy to use. It also has good security features such as fingerprint security. However, it is a hot storage wallet, meaning that you will need the internet to allow you to manage your cryptos. But, it is private, so no KYC is required.
Being a multi-currency wallet, it allows you to store a wide variety of tokens, both ERC20 and non-ERC20 tokens from other ecosystems such as Bitcoin, Litecoin, Ethereum, Neo, Algorand, etc. However, it cannot store ERC-721 tokens (non-fungible tokens).
What is cool about this wallet is that it has its own swap exchange, allowing flexible atomic swaps between tokens. It is integrated with Changelly's price feeds, making it susceptible to any price slippages that may occur on Changelly.
It has both a mobile and desktop wallet option, and it is available for both iOS and Android phones. The desktop wallet feature is compatible with Windows, macOS, Ubuntu, Debian, and Fedora.
Another cool thing is that the Atomic Wallet has its own native token, the AWC token, which allows you to stake and earn more AWC tokens, as well as receive other rewards and discounts. It has 24/7 customer service support, which is a big relief as you now have the assurance that you can receive almost instant help. You can either chat with a representative online or send an email.
One of the few downsides is that it does not have a multiple wallet feature.
2. Trust Wallet
The Trust Wallet is a non-custodial, multi-currency wallet. It can support up to 15 major cryptocurrencies and 20,000 supported tokens and also includes non-fungible tokens (NFTs). Like the other wallets mentioned above, easy to use. And just like the rest, it is a hot storage wallet, so you will need the internet to manage your cryptos.
It has its own built-in decentralized swap exchange, but it is limited as to the number of tokens you can swap for another. It is at least private, so no KYC is required. It also has good security features.
Like the Atomic Wallet, the Trust Wallet allows you to store multiple cryptocurrencies from multiple blockchain ecosystems such as Bitcoin, Litecoin, Tezos, Ethereum, and FTT.
It also has its own dApp browser, so you can access dApps through Trust Wallet without ever leaving it. It also supports multiple wallets, allowing you to store your funds in multiple wallets within just one app! It also has a good wallet connect feature, allowing you to connect to many more dApps compared to other wallets.
Its code is open-source, allowing anyone to check for faults and encourage constant improvement. However, it lacks live customer service support. You will need to use either Telegram or Discord to speak with someone if you are having issues.
Because the FTX token is an ERC-20 token, you can also store it on one of the most trusted, tried, and tested wallets; MyEtherWallet. All ERC20 tokens, including FTX Tokens, can be stored on the Ethereum blockchain using MyEtherWallet, without the need to download any clients or software.
MyEtherWallet offers traders and investors a web-based solution that allows them to log in from anywhere. With both a secure device and internet connection, you can use your Ledger or Trezor hardware wallet, your mnemonic key phrase, or a wide range of other sign-in methods to access your funds.
FTX Tokens can be sent directly to your MyEtherWallet address along with any other ERC20 coins you wish to keep safe. MyEtherWallet will always support new ERC20 tokens as they come online.
4. Lumi Wallet
Launched in 2017, the Lumi Wallet was initially only available to iOS users but had since also made it available for Android and you also have the option to download it on your desktop. It is non-custodial, meaning that your private keys reside within your device and not on any centralized and controlled server. It is able to store Bitcoin, Ethereum, Bitcoin Cash, EOS along with more than 1000 ERC-20 tokens, including FTT.
The wallet is also open source, meaning that it provides transparency and critique to its code, allowing it to quickly make any changes should someone find a bug ‘under its hood.' It has a built-in exchange, allowing users to exchange several dozens of cryptocurrencies within the confines of their wallet.
Another interesting fact is that you can use your credit card to buy any cryptocurrency from within your wallet. It also allows you to withdraw your cryptocurrency to your bank card directly from the wallet. The funds will automatically transfer your crypto into any fiat currency of your choice.
5. Nano Ledger S and X
The Ledger Nano S and X are cold storage, non-custodial, multi-currency wallets. Tokens are safely stored and can be managed offline. Unlike a mobile or desktop wallet, the Ledger is superior in terms of security. It is a highly technologically advanced device for safety and security of coins, which both can support over 1,100 coins. The price for a Ledger Nano S is $59 while the Ledger Nano X is $119, both in US dollars.
What is a great features is that you can swap tokens on the Ledger Life software itself. The Ledger is integrated with other Web3 wallets such as MetaMask, which allows you to securely connect your ledger with certain defi protocols.
Despite being able to support more than a 1,000 coins, the Ledger Nano S only allows you to only store a few tokens. This depends on memory space for each coin. For example, the necessary memory space to download the app to hold Ethereum and all ERC-20 and 721 tokens is big. But considering that many tokens are ERC-20, you would be able to store as many ERC-20 tokens as you please.
With HT being an ERC-20 token, this should not be a problem – it is just that it can only support a few blockchain ecosystems. The Ledger Nano X on the other hand, does allow you to store many more coins and tokens. It also has a built-in bluetooth feature. However, the S is cheaper than the X.
Despite its great reputation, both devices have been known to be confusing and time consuming to set up. In addition, because it is cold wallet, it is travel restrictive. You would be unable to access your funds from anywhere unless you take your ledger everywhere you go, which makes it risky for you to lose it.
In addition, scam emails with the company's own logo are common, which convinces users to download or upgrade a software, which is only a malware. Any true upgrade can be found on the Ledger Live software, which notify users when they log in. Users are never to download anything from any email they receive. Users are encourage to contact the company first before they proceed, just to verify if the email legitimately came from them.
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More Information About FTX
What is FTX?
As mentioned earlier, FTX is a futures trading platform. It is owned by FTX Trading LTD, a company that is registered in Antigua and Barbuda but with offices in Hong Kong.
The Team & Partners
The founder and CEO of FTX is none other than Sam Bankman-Fried, aka SBF. For those who are not familiar, SBF is the same person that took over and helped save the Sushiswap decentralized platform after its founder, Chef Nomi, pulled off an exit scam that threatened to bring the project down. SBF has many years of experience as both a trader and starting up other companies, namely Alameda Research, the same company that incubated FTX. He graduated from MIT and has a degree in physics.
FTX's CTO and co-founder is Gary Wang, a software engineer from Google who also founded Alameda Research. Another graduate from MIT, Gary has a degree in Mathematics with Computer Science.
The rest of the team members are comprised of well-established professionals from various fields.
FTX is also well backed by partners from many well-known external establishments. Enterprises such as Binance, Circle, Bitfinex, Paxos Pax, etc. have provided FTX with up to $8 million in funds.
FTX's native token, FTT, is the backbone of the platform's ecosystem. Traders holding FTT tokens can receive a discount on their fees. However, they can receive other benefits as well. This includes staking your FTT tokens, including higher referral rates, maker fee rebates, bonus votes, and increased airdrop rewards.
In addition, they have a buy and burn service, where FTX repurchases and burns tokens equal to:
- 33% of fees generated on FTX markets
- 10% of net additions to the insurance fund (‘Socialized Gains')
- 5% of fees earned from other uses of the FTX platform
Is FTX a Good Investment?
Considering that the FTT token's utilization is to hold and stake in order to receive discounts and other benefits, it is safe to say that any person who has either purchased the token or is looking to buy it has/will be making a good investment. You do not even need to use the platform in order to earn a profit – just holding onto the token can be enough for many to earn a profit when they sell it for a higher price.
When it comes to buying a cryptocurrency, there are many things to consider, but it will ultimately fall on you to decide which exchange and wallet is the right one for you.
To help you with this endeavor, here are several factors: is it convenient, secure, private, cost-efficient, and fast? In addition, each person will need to ask themselves these questions: how badly do I want these coins? Can I trust them with my personal information? Is it worth the cost? Are there other alternative coins to this one? One thing to keep in mind is that there is no ‘good fit for all.' What may work for one person may not work for you.
When it comes to choosing an exchange or wallet, you will need to consider these factors in order to make the best decision that is right for you. Each exchange and wallet has their advantages and drawbacks. So, it is up to the individual to decide which one best their criteria.