We are extremely proud to announce that we are opening our FTXChange (OTC trading smart contract platform) in Testnet which would allow users to buy and sell tokens securely which are not listed on any exchange.

What is OTC trading?

If you’re buying any tokens through a traditional exchange it can put you to various kinds of risks like losing funds because of exchange hacking, there have been several incidences recently wherein an exchange has been hacked and people have lost their valuable tokens. Also centralized exchanges do not provide you with private keys so the safety of your tokens is at the mercy of that particular exchange. Over-the-counter (OTC) or off-exchange trading is done directly between two parties without the supervision of any exchange and you receive the tokens that you had bought directly into your wallet of which you control the private keys.

Our platform FTXChange will work in the following way:

Maker

Makers are the users who will make orders.

e.g. Tom wants to buy 100 FTW with 10 CGAS so Tom is a maker here.

Taker

Takers are the users who will take the orders.

e.g. Sam wants to take the order that Tom made with sending 100 FTW and receive 10 CGAS.

Switch in smart contract.

Once the taker takes the order, FTXchange smart contract will switch their tokens straight away. The process will be automated and will not be susceptible to human error.

Fees

Only takers will pay the fees and we will keep our fee very low.

Instant lotto with FTXchange

We will distribute some amount of fees that we will generate from FTXchange to our users. Users who are holding some FTW will get free instant lotto tickets and winners of these lotto tickets will win the generated fees. However, we are going to limit tickets per user so that everyone gets a fair chance. More details about how this will actually work will come soon.

Features of FTXChange

Purely decentralized

Buy tokens with token hashes

Safe and Fast token swap

Low trading fee (Only takers pay. Less than 0.5%)

Integration with NLP (NEP5 Lottery platform)

White list for Maker tokens

Black list for Taker tokens

Key feature (buy with token hash):

Buying tokens with token hash would allow the buyer to buy the genuine token. There have been cases wherein users have been scammed and sold fake tokens by the sellers. Every token has its unique token hash and our smart contract will verify that a buyer ends up buying a genuine token so you nullify the risk of buying fake token here by this token hash feature.