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It's barely two years old and it already has ambitions to compete with the biggest exchanges in traditional finance. The cryptocurrency exchange platform FTX is impressing with a success story worthy of the name. Find out what we think, who is behind FTX and what are the keys to its success.
Sam Bankman-Fried, the brains behind the FTX exchange
FTX's founder, Sam Bankman-Fried, is not even 30 years old and already has a solid background. A graduate of the Massachusetts Institute of Technology (MIT), his studies in physics didn't particularly prepare him for a career in finance. However, this did not prevent him from starting out as an ETF trader on Wall Street, at Jane Street Capital. For the young man, trading was born. Thus, in 2017, he created the cryptocurrency trading firm Alameda Research. Then, two years later, it was the turn of the exchange platform FTX, in association with Gary Wang, a former engineer at Google.
Test and review FTX 2021
Charity, a pillar of FTX
Sam Bankman-Fried has made money! His fortune has even been estimated at $10 billion by Forbes (today, it would be $8.7 billion). Rich as he is, he remains a billionaire with a big heart and he proves it with FTX. 1% of the platform's fees are donated to charity. So far, this represents nearly $3.4 billion, to which should be added $7.3 billion in donations, for a total of more than $10 billion that has been donated to the FTX Foundation Group, which then redistributes it to charities. At the 2021 edition of the Forbes Under 30 Summit, Sam Bankman-Fried had stated that it was her desire to make an impact on the world via donations that drove her to cryptos.
The meteoric rise of FTX
How has FTX managed to rise to the top of the must-have crypto currency trading platforms in such a short period of time? What you need to know is that FTX is not just a crypto trading platform. FTX is also an OTC (over-the-counter) market, tokenized stocks, a crypto payment service for businesses (FTX Pay) and even a marketplace dedicated to NFTs (FTX NTFs). Futures, leverage, staking... The platform knows how to diversify. Recently, it took a step towards traditional finance by offering tokenized shares with major groups such as Tesla, PayPal, Apple, Amazon and Google.
The FTX token, the native cryptocurrency of FTX
What is the FTX token or FTT? This crypto is the one from the FTX exchange. Currently, FTT is ranked 33rd in the most capitalized cryptocurrencies. Initially listed around €1.50, FTT has been trading over €20 in recent days, after reaching €53.44 on May 10, 2021. The ROI for the FTX token is currently over 2500%. In addition to the possibility of staking FTTs, owning them offers a discount on the fees applied by the exchange.
FTX marketing
FTX exchange can count on some great partners to make itself known. At the end of June 2021, celebrity couple Gisele Bündchen and Tom Brady joined the ranks of FTX. Model Gisele Bündchen has become an advisor on environmental and social initiatives, while her husband Tom Brady, an American soccer player who has won seven Super Bowls, is now an ambassador for the exchange. Last month, FTX announced a partnership with Major League Baseball (MLB). What a way to gain even more visibility!
Staking out FTT
It is possible to make FTT token staking offering many bonuses on the
platform in addition to lower trading fees.
· Increased referral bonus
· Reduced Maker Fee
· Competition
· Voting rights on the platform
· Airdrop of SRM tokens (Serum)
· Removal of withdrawal fees on ERC-20 tokens
· Tickets to participate in IEOs (private sales).
Trading and transfer fees
The big advantage of the FTX platform is that the trading fees are
particularly low compared to other market players.
Maker: 0.02%.
Taker: 0.07%.
By depositing $FTT you can further lower your trading fees on the
platform. From $3FTT staked you will receive an additional 3% discount
on your trading fees.
In comparison, the trading fees on Binance are 0.06% with a sponsorship
offer and with BNB tokens in your wallet, which is 3 times higher.
There are no withdrawal fees like on other platforms, except for some ERC-20 tokens and for very small amounts in BTC (0.01 BTC). From $25FTT staked, FTX allows you to withdraw one ERC-20 token for free and once a day.
Lending of cryptocurrencies
In the many features that FTX offers it is also possible to do
cryptocurrency lending. In other words, lend your cryptos to receive
interest on a passive income.
You can deposit crypto-currencies as well as fiat currency such as USD (US dollar) with annual returns between 1% up to 8% (variable).
What is the future of the FTX trading platform?
Can the FTX crypto exchange compete with Binance?
Based on data from CoinMarketCap, FTX ranks 4th in the top spot cryptocurrency exchange platforms, behind Binance, Huobi Global and Coinbase Exchange. To get ahead of Changpeng Zhao's exchange, FTX still has some way to go. Indeed, Binance has a daily trading volume more than ten times that of FTX! If FTX offers a large number of cryptos (239 against 374 for Binance according to CMC), the diversity of fiat currencies offered is clearly lower than that of the titleholder (10 fiat currencies against 46 for Binance).
Could the FTX platform dethrone traditional finance?
Lately, the rumor mill has been churning. FTX is reportedly considering buying traditional financial heavyweights, including Goldman Sachs and the Chicago Mercantile Exchange (CME). To put things in context, we need to go back to the interview Sam Bankman-Fried gave to the Financial Times. He said, "If we were the biggest exchange, [buying Goldman or the CME] would not be out of the question at all. In other words, this is not a bold statement of a future purchase, but simply Sam Bankman-Fried's hope: to make FTX a monster in the financial world.
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