FTX Use Cases, Differentiators, and Competitors
What are the FTX Use Cases, Differentiators, and competitors? Read on
FTX is a centralized crypto exchange offering spot trade for hundreds of cryptocurrencies. It was founded in the year 2018 by an MIT graduate, Sam Bankman-Fried. FTX Token or FTT is the native cryptocurrency token of FTX exchange. Here are a few facts about FTX:
What is FTX?
- As per the official FTX website, FTX is a cryptocurrency exchange built by traders, for traders.
- FTX is incorporated in Antigua and Barbuda and headquartered in The Bahamas, therefore the FTX exchange does not support trading in US but FTX US provides the trading facility in USA.
- FTX offers both spot and perpetual trading. FTX has over 100 spot markets and over 250 perpetual and quarterly markets.
- FTX offers trading in 11 fiat currencies which include USD, EUR, GBP, and others.
- FTX Token or FTT is the native token of FTX exchange. It serves as a collateral on the exchange and it is used to power the FTX exchange.
- FTX Token can be used to lower the trading fees on the FTX exchange.
What are the FTX Uses and FTX Use Cases?
FTX is the 3rd largest crypto exchange in terms of volume and has around 290 coins listed on it. Here are some uses of FTX exchange and FTT Token:
- FTX exchange offers both long and short trades of cryptocurrencies and it offers both spot and perpetual trading.
- FTX through its mobile app offers advanced trading facility of more than hundreds of coins.
- FTX allows users to connect their wallets, place trades, exchange digital currencies, enter into derivative contracts, or buy/sell NFTs.
Use of FTX Coin or FTT
FTT is the backbone of FTX exchange offering holders trading on the FTX exchange multiple benefits. Here are a few uses of FTT:
- FTT is an ERC-20 token and it is widely used to avail discounts o trading fees on FTX exchange. In order to maintain the price of the FTX tokens, the FTX exchange regularly repurchases and burns its tokens.
- FTT can be used for staking on the FTX exchange which means a FTT holder can take part in the process of validating a transaction on the FTX exchange.
- FTT serves as a cushion or insurance for the traders on the FTX exchange. During the volatile market, FTT provides a net gain to the holders and helps traders continue their trade.
FTX Use Cases
The crypto market is expanding and multiple crypto exchanges have been developed offering lucrative benefits to the users. In this process, every exchange is trying to increase its partnership. Here are a few use cases of FTX exchange:
- In September 2021, FTX and FTX US in September signed Steph Curry from Golden State Warriors for a long-term promotional partnership.
- In August 2021 FTX entered into a long-term promotional partnership with “Shark Tank” host Kevin O’Leary.
How is FTX Different and Who are the Competitors of FTX?
- Compared to the rest of the exchanges, FTX offers reasonable trading fees. Added to it FTT holders will have more leverage on the FTX exchange.
- FTX also offers affiliate incentives to the new sign up.
- FTX allows users to create custom logins through the use of subaccount.
- In terms of security, a user is entitled to define his/her security permissions.
- FTX also tracks the activity of suspicious users on its platform.
Competitors of FTX
FTX is the third-largest crypto exchange in terms of trading volume. However, there is always a threat of some other exchange taking over. Here are a few competitors of FTX:
Binance: Binance is the largest crypto exchange offering over 1600 active markets. FTX has 427 active markets.
Coinbase Exchange: Coinbase is the 2nd largest crypto exchange in terms of volume traded.
Kraken: Kraken is just below FTX in terms of volume traded. Kraken has 212 coins while FTX has 290 coins.
What is FTX: Video Analysis