Review on FTX by Ogulnar Annamuhammedova
FTX: My review on the exchange FTX!!!
FTX is a cryptocurrency exchange that supports the so-called "leveraged tokens" and futures, there is also an over-the-counter (OTC) market here.
On conventional exchanges, there is no abundance of crypto futures and cryptocurrency indices, FTX was created in order to fill this niche, and technical solutions in the future can be transferred to conventional stock exchanges.
Judging by the start, there is interest in FTX, soon after the launch, the trading volume was $ 100 million directly on the exchange and another $ 30 million on the OTC market.
Peculiarities
Before the creation of the exchange, the team was an active trader in the derivatives market. In the White Paper, the developers say that they have repeatedly proposed to exchanges to improve futures trading, but their proposals were not taken into account. So the idea of creating your own exchange was born, as a result, FTX was created.
FTX is owned and operated by FTX Trading LTD, a company registered in the islands of Antigua and Barbuda. The authors of the project emphasize the close relationship and partnership with Alameda Research. It is one of the largest traders and liquidity providers in the crypto market. Alameda Research specialists may be recruited to work in FTX.
Cryptocurrency futures are traded on the exchange, in addition to this, there are contracts for crypto indices, for example, indices for coins with low, medium and large capitalization. On the OTC market, you can simply buy crypto from other bidders. The OTC market is integrated into FTX.
As for its own FTT token, the role of this coin is a bit like the role of BNB at Binance. FTT holders receive discounts on commissions, and due to good liquidity, you can simply invest in FTT or speculate with this crypt, making a profit due to fluctuations in its rate.
Founded in early 2019, FTX provides professional derivatives trading products including quarterly and perpetual multi-asset contracts, leverage tokens, and OTC services. Within a year of its founding, FTX has quickly grown into one of the most popular derivatives trading platforms, with an average daily trading volume of nearly half a billion US dollars.
As part of a strategic partnership, Binance and FTX will work together to further develop the cryptocurrency ecosystem. In addition to equity investments in FTX, Binance has also taken a long-term position with FTX Token (FTT) to help ensure the sustainable growth of the FTX ecosystem in line with the broader partnership framework.
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- Users can buy leveraged tokens like regular tokens in the spot market. However, they don't need to manage collateral, margin, liquidation prices, or anything else that a regular margin user should manage.
- There is a small commission. Apart from the standard trading fees, there are two types of fees with credit tokens. Creation and redemption fees are 0.10%; please note that you only pay if you create / redeem, not if you buy on the spot market or convert. Leveraged tokens are also charged a management fee of 0.03% per day. This is simply deducted from the net asset value of the leveraged tokens; You will not see an actual decrease in token balance or USD payment in your account.
