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Which Exchanges List FTT Coin? A Complete Trading Guide
The FTT coin, the native cryptocurrency of the FTX exchange, has been at the center of a lot of attention in recent years. Once a prominent token in the crypto market, its popularity was closely tied to the success of the FTX exchange itself. However, following the collapse of FTX in late 2022, the status of FTT coin has been a subject of great interest for traders and investors alike. Many are curious about which exchanges still list FTT coin for trading, and how it has affected its market liquidity and accessibility. In this guide, we’ll explore the exchanges that list FTT coin, the token’s current status, and provide a comprehensive look at its market situation post-FTX collapse. Whether you’re an experienced trader or a newcomer, this article will help you navigate the current landscape of FTT coin trading.
Understanding FTT Coin and Its History
FTT coin is the utility token of the FTX exchange, which was founded in 2017 by Sam Bankman-Fried and Gary Wang. FTX quickly gained traction due to its innovative products, competitive fees, and the use of FTT as a means of providing rewards and discounts for traders on the platform. The token offered users various perks, including lower trading fees, staking rewards, and access to exclusive features. However, the collapse of FTX in November 2022, triggered by liquidity problems and accusations of fraud, left FTT coin in a precarious position. Since then, the token has struggled to regain its former value, and its future remains uncertain.
Before the collapse, FTT was listed on numerous major exchanges, and its popularity helped bolster the success of the FTX platform. However, after the crisis, most exchanges quickly delisted the coin, and its market cap and liquidity dropped dramatically. The remaining listings of FTT are now few and far between, and the token is mainly traded on decentralized exchanges (DEXs) or through peer-to-peer transactions. But even in this reduced state, there is still some trading activity, with certain exchanges offering FTT coin for those who wish to buy, sell, or trade it.
Exchanges That List FTT Coin Today
Despite the controversy surrounding FTX’s collapse, some exchanges have continued to list FTT coin, albeit in limited numbers. Below are some of the exchanges that still offer FTT coin for trading:
1. Gate.io
Gate.io is one of the exchanges that continued to list FTT even after the FTX debacle. It offers a variety of trading pairs for FTT coin, including USDT/FTT, BTC/FTT, and ETH/FTT. While its trading volume is significantly lower than before the collapse of FTX, Gate.io remains a prominent platform for users seeking to trade FTT.
2. KuCoin
KuCoin, a well-known global crypto exchange, also lists FTT coin. Like Gate.io, KuCoin’s listing of FTT provides a platform for those wishing to trade the token in various pairs, such as USDT/FTT and BTC/FTT. KuCoin has maintained the listing despite the token’s volatility and its connection to the now-defunct FTX exchange. KuCoin has a reputation for listing both mainstream and lesser-known tokens, so it continues to be a viable option for FTT traders.
3. Uniswap (Decentralized Exchange)
On decentralized exchanges like Uniswap, users can still trade FTT via Ethereum-based ERC-20 token pairs. While not a centralized exchange, Uniswap allows traders to interact directly with the token without needing to rely on a third party. However, liquidity on Uniswap can be sparse, and the market depth for FTT is much lower compared to its peak in 2021.
4. MEXC Global
MEXC Global is another exchange that offers FTT for trading. Although its volumes have decreased significantly post-collapse, MEXC continues to provide FTT against USDT and other popular stablecoins. This platform remains one of the few centralized exchanges where you can still access FTT coin for buying or selling purposes.
5. Bitget
Bitget is a newer exchange in comparison to some of the older platforms like Binance, but it also continues to list FTT. It offers limited trading pairs for FTT, and the liquidity can be inconsistent. As of now, Bitget remains one of the exchanges providing access to FTT token, though with less market activity compared to the major players.
How to Trade FTT Coin on These Exchanges
If you wish to trade FTT coin, the process is generally the same as trading any other cryptocurrency. However, given FTT’s uncertain future and lower liquidity, there are a few extra steps and considerations you should keep in mind when trading FTT coin.
Step 1: Register and Verify Your Account
The first step is to choose an exchange that lists FTT coin, such as Gate.io, KuCoin, or MEXC Global. After selecting the platform, you will need to register for an account. Many exchanges require users to complete KYC (Know Your Customer) verification before allowing full access to their features. This process typically involves submitting proof of identity and address.
Step 2: Deposit Funds
Next, you will need to deposit funds into your exchange account. Most exchanges allow deposits in various cryptocurrencies or fiat currencies, depending on their supported pairs. If you intend to trade FTT against USDT or BTC, you can transfer your USDT or BTC to the exchange wallet.
Step 3: Place Your Order
Once your funds are deposited, you can search for the FTT trading pairs available on the exchange. These might include pairs like FTT/USDT or FTT/BTC. After selecting the appropriate pair, you can place a market or limit order to buy or sell FTT.
Step 4: Monitor the Trade
Given the volatility of FTT post-FTX collapse, it is essential to monitor your trade carefully. Since liquidity can be thin, prices may experience substantial fluctuations. Setting stop-loss orders and using risk management strategies can help mitigate potential losses.
The Impact of the FTX Collapse on FTT Coin’s Trading
The collapse of FTX had a severe impact on FTT’s trading volume and overall market perception. Once regarded as a promising utility token, FTT has seen a dramatic decline in value and liquidity since the exchange’s bankruptcy. The removal of FTT from major exchanges like Binance and Kraken further restricted its availability, making it harder for traders to access and trade the coin.
In the aftermath of FTX’s fall, many exchanges delisted FTT due to concerns over its future prospects and the potential for further market manipulation. This has resulted in a much smaller pool of available liquidity for the token, and as of now, only a handful of exchanges continue to list FTT for trading.
Is FTT Coin Worth Trading in 2024?
Whether FTT coin is worth trading in 2024 depends on various factors, including your risk tolerance and investment strategy. Given its connection to the failed FTX exchange, FTT carries substantial risk. The market for FTT has become highly speculative, with little fundamental support beyond its historical use on the FTX platform.
For traders seeking high-risk, high-reward opportunities, FTT may offer some short-term volatility for speculation. However, for long-term investors, FTT may not represent a promising asset due to its diminished value, lack of utility outside of FTX’s former ecosystem, and ongoing regulatory uncertainties surrounding the token.
FAQ: Common Questions About FTT Coin
1. Why did FTX collapse, and how did it affect FTT coin?
The collapse of FTX was primarily caused by liquidity issues and accusations of fraudulent activity. FTX’s bankruptcy caused the value of FTT coin to plummet, as the token’s value was largely tied to the exchange’s success. When FTX collapsed, trust in the token diminished, leading many exchanges to delist FTT.
2. Can I still trade FTT on Binance?
As of now, Binance does not list FTT. After the collapse of FTX, Binance and other major exchanges delisted FTT due to concerns over its market stability and association with the failed exchange. Currently, FTT is listed on fewer exchanges, mainly smaller or niche platforms.
3. Is FTT coin a good investment in 2024?
FTT is a highly speculative investment in 2024. Its price is volatile, and much of its value is tied to the legacy of the now-defunct FTX exchange. For those looking for long-term growth, FTT may not be an ideal investment. However, traders who are willing to take on higher risk might still find short-term opportunities, especially if there are any price swings or speculation surrounding its future.
4. How can I store my FTT tokens securely?
To store FTT securely, consider using a hardware wallet such as Ledger or Trezor, which provides offline storage and protection against hacks. Alternatively, you can store FTT in a reputable software wallet that supports ERC