FTX Staking Review – Supported Coins, APY, Fees Explained
Ftx You’ve probably heard about the possibility of investing in cryptocurrency. It is an important part of the DeFi community that has attracted people to cryptocurrency. Offering a way to make the money you earn work is a notion that will not go away. In this article, we’ll discuss the stake services provided by FTX One of the leading crypto exchanges around the world today. Let’s begin.
What are the best options to bet on FTX?
FTT
FTT is an ERC-20 token that acts as the native currency of the FTX exchange. It was launched on May 8, 2019, and is currently ranked 32nd according to the latest Coinmarketcap rankings. Staking FTT on FTX opens a user up to many benefits like:
- A higher proportion of referral reward points,
- Discounts and rebates on manufacturer fees,
- IEO tickets that grow with the stakes FTT rises,
- The relative increase in SRM as well as other airdrops
- Free ERC-20 withdrawals every day and more.
If you wish to untake staked FTT it is necessary to wait 14 days. If it’s urgent then you may pay a fee to untake immediately.
Also Read: FTX Vs Coinbase: Features, Fees and Security
SRM
SRM is the native token of the Serum exchange, a decentralized exchange that works around a high-performance on-chain CLOB(central limit order book.) It is ranked 109th by market cap with a market cap value of about $1B
SOL
The Solana coin hardly needs any introduction. It made the headlines in the crypto world after seeing significant gains that come on the backs of its superfast transaction speeds and very cheap fees. It is currently the fourth crypto by market cap with an impressive market cap of $75M+
RAY
RAY is the utility token of Raydium exchange , a decentralized automated market maker which utilizes access to Serum’s order book as well as its own liquidity. It is ranked 116th with a current market cap of about $934M.
Also Read: FTX NFT Marketplace Review – How to Make Use Of It (Fees and the Wallet)
What are the APYs and STAKING RATES FOR FTX?
FOR FTT
Staking FTT on FTX doesn’t come with direct benefits but comes with many perks, as mentioned earlier. In addition, the amount of FTT held determines the percentage increase in the SRM airdrops allocated(from a 2% increase for staking 25 FTT to a 14% increase for staking 1,000,000 FTT).
FOR SRM
The APY (Annual percentage yield) for staking SRM on FTX is 4% and is paid out hourly. The rewards are doled out in equal proportions as locked and unlocked SRM. Thus, you can gain double benefits on FTX by staking FTT to earn SRM and then staking the SRM rewards to earn even more SRM. To unstake SRM, you would have to wait for seven days unless you are willing to pay an unstaking fee.
FOR SOL
If you stake SOL on FTT, you get 6% APY rewards. As with SRM, unstaking takes seven days, but you can pay an unstaking fee if you want it right away.
Also Read: How do you Stake an Atomic Wallet? Do you think Staking On Atomic Wallet Safe?
FOR RAY
This is the most profitable staking venture in FTT at the moment. The APY is a juicy 20%. You can pay a fee to unstake immediately, or you would have to wait for seven days for free unstakings.
Also Read: How to Transfer Crypto (BTC, ETH, ADA etc.) To Kraken into Crypto.com?
Is it safe?
Bets on the FTX just like any other trade that is conducted on exchanges, can be secure as it gets. Take a look at the following reasons
- It is worth noting that the FX exchange hasn’t reported any major security breach since it was established at the beginning of the year. Although that’s too short a time frame to make a decision however it does give an indication of confidence in their security procedures.
- An insurance fund is set up to safeguard consumers against market reaction.
- In addition to being an insurer, FTX has committed 5percent of all FTT tokens that are not owned FTX held FTT tokens to protect the unjust losses suffered by customers.
- They’ve formed partnerships with major brands like the Binance, Circle, Paxos and others.
- The website is SSL-secured and regularly updated to stop hackers from getting into
- They also take user responsibility seriously and enforce two-factor authentication to protect their accounts from unauthorized use.
- FX is currently valued at $18 billion after having closed a $900M financing round on the 20th of July 2021. This is among the largest of any crypto company. With that kind of funding you can be sure they are aware of what they’re doing.
Also Read: How do I transfer cryptocurrency (BTC, ETH, ADA etc.) From FTX to Bybit?
Oft asked questions
WILL FTX ALLOW STAKING
Yes, it is. Four tokens are available that are put into FTX which include FTT, SOL, SRM and RAY. Staking FTT provides users with additional benefits such as no-cost ERC-20 withdrawals and more SRM airdrops, higher referral rewards, a rise in maker fee rebates, etc.
The only people who’ve been through KYC (Know the identity of your client) Registrations with the exchange can get staking reward. Furthermore, US residents cannot use or buy FTT tokens. This is illegal for the moment.
IS FTX.COM LEGIT
As the fourth most popular exchange in terms of spot volume and third in derivatives volume, FTX is a fairly solid exchange. Even though it’s new, it hasn’t been the victim of any major hacks since its beginning.
Additionally, it has a solid network of partners. It demonstrated this clearly with the 900-million dollars it raised through an initial round of capital that was closed on the 20th of July 2021 to make it a leading exchange. The partners that it has include Binance, Proof of capital, Circle, Paxos, among others.
Can you earn interest on FTX.US
Yes, you can. There’s a way of you to stake your crypto using the FTX.US app. But, you must be able to trade first and then put your crypto in the market following the steps in the tab ‘invest’ within the application. Once you’ve completed the required steps and the app has been set up, it will deposit your cryptocurrency into the appropriate DeFi pool and you’ll begin earning.
How long does it take to remove FTX from your account?
For FTT stakes, it takes fourteen days. It is seven days to do RAY SOL for staking, as well as SRM stakes.
How do you get 8percent off FTX?
There is no way to earn an interest rate of 8% on staking with the FTX however, you can get it by the staking of your assets through FTX.US exchange. Follow the instructions in the third FAQ in this article and begin earning.
