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Using your IP address (117.72.124.64 is an example IP address) is the preferred entry for your hostname, but ftp.yourdomain.com will also work.
There are several advantages to using the IP address (which you will have been notified of in the welcome email) :
1) In the event that you are purchasing a new domain or transferring a domain to us, you can still connect to your site via FTP right away, even though your domain name may not have fully propagated across the whole internet.
2) Using your IP address also gets rid of unnecessary DNS traffic and therefore load on our DNS servers.
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