A Beginner’s Guide to FTX Token (FTT)

FTX Token (FTT) is the native cryptocurrency of the now-defunct FTX exchange, originally created to support trading activities on the platform. As a utility token, FTT offered several perks to users, including:

• Trading fee discounts

• Staking rewards

• Collateral for futures

• Access to VIP features and airdrops

Although FTX has declared bankruptcy, the FTT token still exists and is traded on various platforms. It’s available on multiple blockchains, including Ethereum, Solana, and Binance Chain. FTT is also deflationary, meaning the token supply decreases over time through periodic burns.

How Is FTX Token (FTT) Used?

FTT was designed to encourage participation within the FTX ecosystem. Key uses included:

• Trading Fee Discounts: Holders received up to 60% off trading fees based on how much FTT they owned (e.g., over $5 million worth for maximum discount).

• Collateral: FTT could be used as collateral for leveraged and futures trading.

• Staking Benefits: Stakers earned interest, increased referral bonuses, larger airdrops, and free ERC-20 withdrawals.

• OTC Discounts: High FTT holders received reduced fees on FTX’s OTC trading desk.

• VIP Status: Large FTT holdings granted access to priority order execution and special trading tiers.

While these benefits were tied to the FTX exchange, some may still function depending on third-party platforms that support FTT.

How to Store FTX Token (FTT)

You can store FTT using the following methods:

• Centralized Exchanges (CEX): If you’re actively trading, you might store FTT on platforms like Bybit or AscendEX. However, storing on an exchange is less secure due to potential hacking risks.

• Crypto Wallets:

  • Hot Wallets (e.g., Trust Wallet): Convenient for regular access and decentralized exchange (DEX) trading.

  • Cold Wallets (e.g., Ledger, Trezor): Best for long-term, secure storage offline.

• Personal Wallets: Wallets like MetaMask or Coinbase Wallet also support FTT and offer more control over your assets.

Important: Always safeguard your private keys and recovery phrases to avoid losing access to your tokens.

How to Buy FTX Token (FTT)

You can still purchase FTT tokens through several platforms. Here are some options:

Bybit

1. Sign up or log in to your Bybit account.

2. Use a debit/credit card to buy stablecoins or BTC.

3. Swap those for FTT via Bybit Spot trading.

AscendEX

1. Register an account on AscendEX.

2. Use the 1-Click Convert tool to convert other cryptos to FTT.

3. You can also deposit 300+ supported assets and trade them for FTT.

4. Credit/debit card purchases are also supported.

Binance

1. Create and verify a Binance account.

2. Buy FTT via:

   • Credit/Debit Card

   • Bank Deposit

   • Third-Party Payment (regional availability may vary)

3. Store or trade FTT directly in your Binance wallet.

Coinbase Wallet

Although FTT is not available for trading on Coinbase Exchange, you can hold it in Coinbase Wallet.

FTX Token Market Data (as of recent data)