What is the purpose of FTX?

The exchange also embraced the emerging market for NFT collectibles, offering a platform for trading these unique digital assets. NFTs, or non-fungible tokens, represent a new frontier in digital ownership and have garnered significant interest from collectors and investors alike.

FTX, once a prominent player in the cryptocurrency landscape, offered a comprehensive trading platform for investors worldwide. It catered to a diverse range of traders, enabling them to engage in spot trading, where assets are bought and sold for immediate delivery.

Beyond spot trading, FTX also ventured into the realm of derivatives, providing users with advanced trading options such as futures contracts. These instruments allowed traders to speculate on the future price movements of cryptocurrencies, adding a layer of complexity and potential profit opportunities to their portfolios.

Leveraged trading was another key feature of FTX's platform, allowing traders to amplify their potential returns by borrowing funds from the exchange. However, this feature also came with inherent risks, as Leveraged positions can quickly turn into significant losses if the market moves against the trader's position.

Unfortunately, FTX's meteoric rise was followed by a dramatic fall. The exchange faced financial difficulties and ultimately filed for bankruptcy, shocking the cryptocurrency community. The aftermath of the collapse saw several of its executives facing legal charges, highlighting the risks associated with unregulated financial markets.