What is FTX IEO? How to Participate in Token Sales?
In this article, I will tell you how you can participate in token sales from the IEO (Initial Exchange Offering) section on the FTX exchange, and how you can buy cheap tokens before listed on the FTX.
I will explain all the steps on the FTX exchange, if you do not have an account yet, you can open an account from the link below and earn a 5% commission discount on all your trades for lifetime.
Register: Click for %5 Lifetime Discount
After you open your account on the exchange, you can choose the language you want from the language settings in the upper right corner.
You need to complete the KYC (Know Your Customer) process. For this, you need to click on your profile in the upper right corner, enter the settings section, and then complete the process in the Identity Verification section. In order to participate in IEOs on the FTX exchange, you must have completed the 2nd level in the verification step, it is not enough to complete the 1st level, remember this detail. You can find detailed official information about identity verification here. I recommend that you do not leave your verification process to the last minute, it can be overcrowded.
There is an active IEO for the PSY Options project on FTX, I will explain the rules for this project in the continuation of my article, depending on the time you read this article, it may be an IEO for another project, but in general, the logic of participation is the same.
The PSY Options project describes itself as an American-style options protocol running decentralized on the Solana blockchain. You can find detailed information about the project here.
If you stake $FTT, which is FTX’s own token, you can enjoy different advantages on the exchange. Some of those; commission discounts, free cryptocurrency withdrawals (including ERC-20), and the ability to participate in IEO sales. As you can imagine, these advantages may change depending on the amount of FTT you have locked.
What are the Participation Rules for PSY Options IEO?
Completed Identity Verification process (level 2)
Have a minimum of 150 FTT tokens locked. You can buy tickets according to the amount you lock. The more tickets you buy, the higher your chances. If you do not qualify, your money will be refunded.
- 150 FTT staked: 1 tickets
- 290 FTT staked: 2 tickets
- 420 FTT staked: 3 tickets
- 540 FTT staked: 4 tickets
- 650 FTT staked: 5 tickets
- 750 FTT staked: 6 tickets
If your ticket has the right to participate, you can bid at least 500 USD(T), maximum 600 USD(T) and 5 FTT (per ticket).
The sale will take place on January 18, 2022 at 16:00. If your ticket is eligible for participation, you have only 1 hour to bid between January 18, 16:00–17:00. To summarize briefly, you buy tickets depending on the amount of FTT you have locked, and you can bid if your ticket has the right to participate. Allocations are defined to randomly selected people and their tokens are deposited into their accounts. If you do not win at the end of the process, you have no loss and your money is credited back to your account.
My Opinions About FTX IEO
You can view all of the projects that are on sale through IEO here. Especially on the first day they were listed on the exchange, they all seem to have made a profit. Of course, it is not right to make a sense that you will profit 100% from here, when we look at the past statistics, it seems that this has been the case so far.
In projects that are on sale through IEO, it is necessary to play the game according to the rules. Based on my own observations, I can easily say that after the news of the IEO comes, many people panically buy FTX’s token, FTT, and then explore how to participate in the pre-sale. Those who could not win the right to participate, sell their FTTs in panic.
All cryptocurrency exchanges offer some advantages to people who buy and lock their tokens. The FTX exchange offers similar advantages to people holding FTT, you can check it out here. If you use exchange regularly, you need to lock FTT constantly in accordance with your own budget and keep USD(T) idle to use in such opportunities.
Although you have never used the exchange, when you hear the news of the IEO sale, research, buy FTT, try to add USD(T) to your account and try to learn other rules, usually most people are not able to participate.
It would not be wrong to say that the FTX exchange actually offers such opportunities for its loyal users.
⚠️ The information, comments and recommendations contained here and on my social media accounts are not within the scope of investment consultancy.