FTX Token Price

The FTX exchange was launched in April 2019, offering OTC, binary options, futures, and leveraged trading of cryptocurrencies. It is backed by FTX Exchange, with Sam Bankman-Fried as its Co-founder and CEO.

The FTX exchange’s other Co-founder is Gary Wang, who, like Bankman-Fried, is a graduate of MIT. His previous experience includes interning as a software engineer at Facebook and Google.

FTX held three rounds of ICO in August, September, and October 2019, holding private sale events of its FTT crypto to raise funds. The initial supply of FTT was fixed at 350 million, 69% of which was allocated to investors, while 31% went to the founders and the FTX project.

In November 2022, the FTX exchange ceased withdrawals and new account creation, filing for bankruptcy in the wake of a crisis about mishandling and misappropriation of customer funds. The crypto community also unearthed an unhealthy link between FTX and Alameda Research, causing both companies to fold.

The results of the revelation not only caused the price of FTT to crash in the market but also shook investor confidence across the entire crypto market. Since then, several countries have halted FTX’s operations while many cryptocurrency exchanges have delisted FTT trading pairs on their respective platforms.

As the backbone of the FTX ecosystem, the FTT token used to serve many functions, including:

Receiving Discounts on Trading Fees on FTX

FTT holders who traded crypto assets using the FTX exchange could receive discounts on payment processor fees. However, users needed to hold a minimum of $100 worth of FTT in their accounts to access these promotional discounts.

Enjoying Other Special Rebates and Offers

In addition, users holding a specified minimum number of FTT crypto could also enjoy rebates on all OTC trading orders placed on the FTX exchange. They could also get a chance to upgrade their trading accounts by holding FTT tokens.

Accessing Airdrops of Certain Tokens Listed on FTX

FTT holders on FTX were entitled to receive weekly airdrops of specific tokens listed on the exchange. This option offered traders a unique and risk-free opportunity to diversify their portfolios without incurring additional costs.

Being Used as Collateral for Futures Trading

FTX Token could be used as collateral when indulging in futures trading on the exchange. In addition, FTX planned to use FTT as collateral when launching new services like margin trading services and for IEOs.

Crypto Asset to Trade and HODL

Prior to the collapse of the FTX exchange the FTX Token (FTT) was one of the largest cryptocurrencies by market cap and was the utility token of one of the biggest cryptocurrency exchanges worldwide.

Stake to Earn Rewards

FTX also supported FTT staking to increase engagement levels within their community of users by rewarding them from fees generated. Staking FTT could let token holders earn higher referral fees, enjoy additional discounts, get voting rights on polls, enjoy higher airdrops, get a certain number of free ERC-20 and ETH withdrawals daily and get tickets for IEOs hosted on the exchange.

Implementing a Token Burn Mechanism

FTX used one-third of trading fees earned to buy back FTT and burn the tokens regularly. The exchange planned to burn at least 50% of the total supply to create deflationary pressure and support the FTX Token price in the market.

Given the high volatility in the FTT price, KuCoin is closely monitoring the situation surrounding the FTX exchange and its native token. We may take measures to address the uncertainty should the need arise.

If you still wish to buy FTT, here’s how you can do so on KuCoin:

Register for an Account on KuCoin

If you are new to our platform, sign up for an account on KuCoin Exchange. When you log into your account for the first time, ensure that you complete the KYC verification. This will let you access our entire range of services and features.

Add Crypto Funds to Your Trading Account

To use the KuCoin platform, you must convert your trading capital from fiat currency into crypto. Head to our Fast Trade section to buy cryptocurrency using more than 70 payment options, from Visa and Mastercard to SEPA and PayPal.

You can also fund your KuCoin trading account by buying crypto using our P2P service or interacting with third-party sellers directly on our platform.

Buy FTT on KuCoin With Existing Cryptocurrencies

You can also buy FTX Token on KuCoin using your existing cryptocurrency holdings. Transfer them from your external wallet and into your KuCoin trading account to do this.

Trade FTT/USDT on KuCoin

Head to KuCoin’s Spot Trading section to look for the FTT/USDT crypto pair. Review the latest FTX Token price, FTT market cap, 24-hour trading volume, and relevant news before placing a new trade in FTT.

Enter the number of USDT you wish to exchange for FTT and verify the number of FTT crypto you can receive and the trading fees you have to pay. Once you have confirmed all details, click on ‘Buy’ to execute your trade.

Receive and Store FTT Securely

A few minutes after your ‘Buy’ order is processed successfully, you will receive the FTT tokens purchased in your trading account. You can continue to keep them on KuCoin, or you can transfer them to an external wallet with more security features for longer-term holding.

The FTX Token enjoyed a good performance during the crypto market bull run, increasing in value as the exchange gathered more users, liquidity, and trading volume across the board. However, the decision for FTX and Alameda Research to file for bankruptcy has driven down trading volumes of the FTX exchange and hit investor confidence in the FTT token significantly.

From a high of $30.52 in 2022, the FTX Token price fell to a low of $1.25 in the aftermath of the FTX collapse. With several exchanges delisting the FTT token’s trading pairs, we recommend you exercise caution in trading this token. The events leading up to FTX’s collapse underline the importance of DYOR (Do Your Own Research) before investing in any cryptocurrency, including FTT.