Obviously the crypto industry moves at a blazing rate. This video was in production, but only proves how fast content or ideas in this industry can change! As the world now knows, SBF has committed one of the largest frauds ever…but we are still sharing this video for EDUCATIONAL purposes to display how an idea, or topic on CRYPTO can change in the blink of the eye!
With Coinbase, Binance, Gemini, Robinhood, and other exchange platforms seeing success in the past few years because of the hype revolving around cryptocurrency and the number of people indulging in it, a lot of people have tried to come up with new innovative ideas, their own companies, and their platforms to take part in the cryptocurrency market.
FTX, a cryptocurrency exchange platform, is one of many aspirants. In this video, we’ll be taking a look at its origins, who founded it, why it came about, and of course, what FTX is.
The Origins of FTX
Created by Sam Bankman-Fried, FTX is a cryptocurrency exchange of Bahamian origins. It’s incorporated in Antigua and Barbuda, and as of the moment, an average of $10 billion trading volume happens on the exchange daily. Since FTX was made in 2018, it has pivoted itself to be a leading centralized cryptocurrency exchange specializing in derivatives.
Founder and creator Sam Bankman-Fried, or SBF for short, is an MIT graduate and former Jane Street Capital international exchange-traded funds trader who is the richest person in crypto. Mainly due to his FTX exchange, but also because of his Alameda Research trading firm.
He is currently one of the richest people under 30 in history, but he says that most of his wealth will eventually be donated to charity. With half of his net worth tied to FTX and a share of its FTT tokens, this philosophy has also helped assure that welfare is one that is protected in FTX.
What Is FTX Exchange?
The platform is similar to well-known cryptocurrency exchanges like Binance and Coin base and offers a range of trading products such as derivatives, options, volatility products, and leveraged tokens. It also provides spot markets through cryptocurrency trading pairs such as BTC/USDT and ETH/USDT.
The platform supports the most commonly traded cryptocurrencies and has an easy-to-use desktop and mobile trading app that draws crypto investors of all sorts. From those that are just beginning who want to give it a try to those that have made it their entire career, FTX exchange provides versatile options.
How Does FTX work?
FTX is had competitive futures and spot markets trading fees. The fees range from 0.04% to 0.07% for market makers and are based on their marker and taker model. On the other hand, their leveraged tokens have a creation fee and redemption fee of 0.10%, with a daily management fee of 0.03%. The exchange also supports nine fiat currencies, namely the U.S. dollar, Australian dollar, Hong Kong dollar, euro, British pound, Singapore dollar, Canadian dollar, Swiss franc, and Brazilian real.
How Do I Get Started on FTX?
Getting started on FTX is equally, if not easier, than other cryptocurrency exchanges. All you have to do is register on their website with your email address, accept their terms and conditions, and you’ll immediately have a level 0 FTX account that allows you to withdraw up to USD 1000.
Like other platforms, in order to get higher limits and more benefits, you’ll have to go through a process and submit certain requirements. Level 2, which is the highest, provides unlimited crypto and fiat deposits & withdrawals but requires you to submit your Full Legal name, Date of birth, Address, Proof of Address or Phone jurisdiction, Description of source assets, Passport, or other similar government-issued identification, and Facial verification.
Is It Worth Investing in FTX?
Definitely (NO, NOE WE KNOW SBF IS ONE OF THE GREATEST FINANCIAL FRAUDSTERS OF ALL TIME!), like Binance or Coinbase, there is a lot of money to be made on this platform. However, just like all other cryptocurrency exchanges, the risk of loss will always be present, so it’s important to weigh all your options and decide wisely.
Again, at Bizista we create content based on trending news and the latest local information we have access to. As we stated in this post, we are publishing this content to display how fast things change in the crypto industry, and through-out all financial markets! Use extreme caution because most are out to benefit from your loss! As the saying hoes, “trust, but verify”. Think for yourself, do your own research, and come to your own conclusions!
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