A Detailed Overview of the FTX Exchange
The highlight of the month is our partnership with FTX. We made a precise and well-considered choice since we knew first-hand how easy was to do the wrong thing in this difficult task (learn more here). Hence, it would be interesting to lay out a balanced overview of the benefits of FTX. With that said, let's get started.
Trip Down Memory Lane
FTX, the crypto derivatives exchange, is built by traders, for traders. It serves both ordinary and institutional traders. It came into the world in late 2018 in Hong Kong. It was no accident that the founder chose it: there were strict rules in the US prohibiting many complex crypto products. As the company becomes a valuable asset in the startup scene of Hong Kong, the city's role as a biz center is becoming the subject of growing attention.
Before FTX came into existence, the devs had started Alameda Research Ltd. It is focused on crypto trading and provides various services in this area. It was thanks to it that FTX emerged, received powerful impetus for development, and attracted $8 mln for three rounds of financing.
The first two rounds were held several years ago, the third one ended last March and boosted investment from Liquid Value Capital. At the initial stage, the investors were: FBG Capital, Greylock Partners, Kenetic, eth. Later, Binance, a Bitcoin exchange giant, became the keynote investor. The results have taken care of themselves: now we have a platform with the support of leading crypto funds and earned user trust.
We wish to emphasize that the platform has quickly gained a firm foothold in the developing market. Unlike its competitors, it can boast a vast trading arsenal. The list includes futures, leveraged tokens, options, volatility index, MOVE contracts. The exchange also offers so-called tokenized stocks, tokenized derivatives that represent traditional securities. It is thanks to the unique and innovative products that FTX stands out from the crowd surrounded by similar offers and services.
Another exotic product is pre-IPO contracts, allowing people outside the US to buy large shares of private companies before they go public.
Please note that not all FTX products are associated with virtual currency. For example, there is a prediction market, where users are given the opportunity to trade the outcome of events such as hosting of the Beijing Olympic Games or Tramp's return to the US presidency in 2024.
The exchange was started by Sam Bankman-Fried, today's CEO, and Gary Wang, technical director. Sam, ex-trader, is one of the richest people in Hong Kong in 2021 and the richest person in the world under the age of 30, who made a fortune in the ultra-modern world of crypto (learn how to start working with the high-yielding alternative asset class in our article). Gary Wang worked as a software engineer at Google.
- according to Coingecko, the exchange has a high (10) reliability rating;
- as of August 2021, there are 264 virtual currencies on the exchange, the most in-demand is the BTC/USD pair;
- low commissions;
- unique financial instruments;
- public creators;
- such biggie as Binance is a strategic partner of FTX and its pioneer investor;
- its own token (FTT);
- great leverage up to 101x, allowing traders to increase profits;
- customer support in more than 10 languages;
- during its existence, the platform has had no serious accidents or break-ins.
The history of FTX is a story of well-deserved success. We hope that the offered arguments have convinced you of the reliability and attractiveness of the exchange. To find out even more advantages of FTX, check out user feedback on the web. If you would like to register, use the referral link https://ftx.com/#a=equite and you will be granted a 5% commission discount.