Looking to learn how to buy Fantom? You’re in the right place!
In the last years, several blockchain networks have arisen to outperform Ethereum (ETH), the second-largest cryptocurrency. Fantom is one such network that aims to be a better version of Ethereum (ETH) by delivering a wide range of benefits. According to its official literature, its mission is to “grant compatibility between all transaction bodies around the world.”
Fantom is a blockchain platform with smart contract capabilities. It’s a set of technologies and tools that enable the integration of smart contracts into decentralized apps (DApps) powering DeFi platforms. The Fantom platform is designed to run smart contracts rapidly and at a low cost, allowing DApps to realize their full potential.
FTM, the Fantom utility token, is used to pay network fees, earn rewards, execute financial transactions, and secure governance rights.
Read on to learn more about the Fantom platform, the FTM token, and how to buy Fantom in a few simple steps.
Let’s jump right in!
Step #1: Select a Crypto Exchange
You can purchase Fantom (FTM) tokens on several cryptocurrency exchanges. Visit the market page on CoinStats to view the exchange platforms supporting Fantom. Compare the exchanges’ security, user experience, fee structure, supported coins, etc., to choose the one with the characteristics you need, such as affordable transaction fees, an intuitive platform, round-the-clock customer service, etc. Also, consider whether the cryptocurrency exchange is regulated by the Financial Industry Regulatory Authority (FINRA) and allows you to buy Fantom using your preferred payment method.
Step #2: Create an Account
After you’ve chosen a cryptocurrency exchange that fulfills all your criteria, the following step is to register with the exchange using a valid email or mobile number. A link will be sent to your email, and you must click it to verify your email. Once the account is activated, you must create an elaborate password, and you’re good to go.
Some exchanges have strict KYC and AML requirements, and in order to get verified, you must provide personal information such as:
- Full name
- Residential address
- Date of Birth
- ID Document.
In some cases, you might also need to upload a selfie or undergo video verification to finalize the verification process.
Once your identity verification is complete, it’s recommended to activate two-factor authentication (2FA) for an extra layer of security.
Step #3: Deposit Funds
The next step is to deposit funds into your account. Many crypto exchanges support fiat currency such as USD, EUR, etc. Simply select your preferred deposit method, such as a bank transfer, wire transfer, credit or debit cards, e-wallets, PayPal, etc., and the currency you wish to deposit. Tap on “Deposit Funds,” enter the amount you want to deposit and click “Deposit.”
Some deposit methods are extremely fast, while others require a confirmation from authorities depending on the amount. Remember to evaluate the fees of different deposit methods since some have larger fees than others.
Linking your debit card to your crypto account is advantageous as it lets you make instant or recurring purchases, but be aware that it attracts an additional fee.
It’s usually free to make a bank transfer from your local bank accounts, but you should still double-check with your exchange.
Fantom can be traded for another currency like Ethereum or a stablecoin like Binance USD (BUSD); the trading pairs vary between exchanges, and you must search for Fantom on the spot market to select a pair from the list of available trading pairs.
Step #4: Buy Fantom
Follow the steps below to place a market order to buy Fantom instantly at the current market price:
- Click the search bar, enter FTM, and select “Buy FTM” or the equivalent.
- Choose the payment method and the currency you wish to use, and input the amount of Fantom or the fiat amount to be spent. Most exchanges automatically convert the amount to show you how many FTM tokens you’ll get.
- Double-check the transaction details and click “Confirm.”
- The Fantom tokens will be displayed in your balance once the transaction is processed.
You can also place a limit order indicating that you want to buy Fantom at or below a specific price point. Your broker will ask you the number of coins you wish to acquire and the maximum price you’re ready to pay for each once you’ve placed an order. The coins will only appear in your wallet if your broker fulfills your order at or below your requested pricing. The broker may cancel your order at the end of the day or leave it open if the price exceeds your limit.
If you’re planning to keep your newly purchased coins for an extended period, we highly recommend securely storing them in a hardware wallet.
To trade Fantom on spot markets, go to the Trade page and search for the FTM pairs (FTM/USD or FTM/USDT). Select the trading pair and check the price chart. Click “Buy FTM,” select the “Market,” enter your amount or choose what portion of your deposit you’d like to spend by clicking on the percentage buttons. Confirm and click “Buy FTM.”
Congratulations on adding Fantom tokens to your crypto portfolio!
Step #5 (Optional): Store Fantom
While your Fantom tokens can be stored in your brokerage exchange wallet, experts highly recommend storing your precious coins away from exchange wallets, as those might be susceptible to hacks and interference.
We highly recommend creating a private wallet with your own set of keys. Depending on your investing preferences, you might choose between software and hardware wallets:
If you’re looking to trade FTM regularly, software or hot wallets provided by your selected crypto exchange will suit you. The strength of software wallets lies in their flexibility and ease of use. A software wallet is the most easy-to-set-up crypto wallet and lets you easily interact with several decentralized finance (DeFi) applications. However, these wallets are vulnerable to security leaks because they’re hosted online. So, if you want to keep your private keys in a software wallet, conduct due diligence before choosing one to avoid security issues. We recommend a platform that offers 2-factor authentication as an extra layer of security.
Examples of software wallets include CoinStats Wallet, MetaMask, Coinbase Wallet, Trust Wallet, and Edge Wallet, amongst others.
Hardware or cold wallets are usually considered the safest way to store your cryptocurrencies as they offer offline storage, thereby significantly reducing the risks of a hack. They are secured by a pin and will erase all information after many failed attempts, preventing physical theft. Hardware wallets also let you sign and confirm transactions on the blockchain, giving you an extra layer of protection against cyber attacks. These are more suitable for experienced users who own large amounts of tokens.
Ledger hardware wallets are arguably the most secure hardware wallets letting you securely manage your digital assets. The Nano X is designed for advanced users and offers more storage space and advanced features than Ledger Nano S, designed for crypto beginners.
A hardware wallet is more expensive than a hot wallet, with prices ranging between $50 – $200.
Examples of cold wallets are Trezor Model T, Ledger Nano X, CoolWallet Pro, KeepKey, Ellipal Titan, and SafePal S1, amongst others.
Step #6 (Bonus Step): Track Fantom Tokens
The crypto market is volatile, and managing your portfolio could get tricky if you hold multiple assets. Utilizing a portfolio tracker will help you keep track of your Fantom tokens and all your crypto investments from one platform at all times. CoinStats offers one of the best crypto portfolio trackers in the market; you can find more information here.
You can also monitor the profit, loss, and liquidity of Fantom across several exchanges on CoinStats.
CoinStats supports over 250 cryptocurrency exchanges and over 7,000 cryptocurrencies. It offers charting tools, analytical data, advanced search features, and up-to-date news. Here you have the opportunity to connect an unlimited number of portfolios (wallets and exchanges), including:
- Trust Wallet
- Bitstamp and 500 others.
To connect, go to the CoinStats Portfolio Tracker page and:
- Click Add Portfolio and Connect Wallet.
- Click the wallet you want to connect to (e.g., Ethereum Wallet).
- Input the wallet address and press Submit.
What Is Fantom
Fantom is a high-performance, scalable, and secure smart-contract platform optimized to run smart contracts at high speed and low cost. Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which Fantom creators claim has been lowered to less than two seconds, using their in-house FTM token.
The Fantom Foundation, which oversees the Fantom product offering, was initially created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019. The platform consists of several components.
The platform is based on the Fantom Opera blockchain, an open-source directed acyclic graph (DAGs) network that is compatible with the Ethereum Virtual Machine and offers decentralized finance (DeFi) services to developers using its own bespoke consensus mechanism. It enables running current smart contracts and generating new contracts that interact with Ethereum contracts.
Lachesis, a leaderless Proof of Stake (PoS) model that uses a custom asynchronous Byzantine fault-tolerant consensus mechanism (ABFT), validates Fantom transactions. ABFT validations are faster and less costly than those using Proof of Work or traditional Proof of Stake systems. Transactions are completed in seconds rather than minutes through ABFT systems.
Every Fantom-powered DApp runs on its own blockchain network. These blockchains can have custom coins, economies, and governance rules. They’re all powered by the Lachesis consensus mechanism and can interact with DApps operating on various Fantom blockchain networks. This is why Fantom refers to its platform as a network of networks.
An EVM-compatible virtual machine allows the Opera blockchain to run Ethereum smart contracts and integrate with Ethereum-based DApps.
The Fantom utility token (FTM) is used to pay network fees, reward validators, execute financial transactions, secure governance rights, and reward validators.
The Fantom decentralized finance system consists of three parts:
- fMint allows you to mint fUSD; a stablecoin tied 1:1 to the US dollar. FTM and fUSD coins can be freely interchanged.
- fSwap is a decentralized exchange that allows you to convert over 175 synthetic tokens, including fBTC and fETH.
- fLend lets you earn interest by lending FTM and fUSD to the Fantom liquidity pool. You may also utilize fUSD as collateral to buy and sell synthetic tokens.
Finally, Fantom offers a wallet that can be used to store FTM, fUSD, and synthetic tokens. Fantom DeFi transactions may be carried out directly from the wallet.
How Does Fantom Work
Fantom’s components are modules that can be connected together by DApp developers. All of the platform’s components have stand-alone functionality and integration links that allow them to be combined into applications on the Fantom smart contract platform at a low cost.
In other words, the Fantom platform is a full-service ledger for DApps. Every DApp has a user interface, some sort of database, and custom code to perform calculations and other functions. Every DApp benefits from a reliable, distributed, decentralized ledger for validating and recording transactions. Fantom provides the ledger – not only with a blockchain and an API but a whole suite of utilities and tools that offer an easy-to-use interface for developers to implement DApps.
Traditional blockchain developers face the blockchain trilemma, which challenges them to balance transaction speed, security, and decentralization. Blockchains based on Bitcoin, Ethereum, and other popular platforms can optimize one or two of these variables, but not all three.
Fantom claims that its ABFT consensus protocol provides complete security and decentralization while enabling efficient transaction processing and low gas fees. Simple FTM transactions are completed in less than a second and cost only $0.0000001.
How Many Fantom (FTM) Coins Are in Circulation
The FTM token was introduced through an initial coin offering (ICO) in June 2018. The total number of FTM coins available is limited to 3.175 billion. There are presently 2.54 billion tokens in circulation.
Fantom made 40% of the entire token supply accessible for purchase during the ICO. The remainder is set aside for market development (30%), advisers and contributors (15%), and Fantom project team members and founders (15%).
How Is the Fantom Network Secured
The Fantom ledger is secured by Lachesis, the project’s ABFT consensus algorithm. Lachesis, according to Fantom, offers four major advantages.
First, it is asynchronous. Nodes don’t have to wait for other nodes to act before executing commands. This results in higher transaction throughput and better performance in executing and finalizing transactions.
Second, Lachesis is completely decentralized and leaderless. No participant is privileged in validating or safeguarding the network,
Third, Lachesis is secure. The ABFT consensus algorithm is specifically designed to provide accurate information even when some nodes act maliciously.
Finally, Lachesis gives immediate final confirmation, eliminating the need for waiting 30 minutes or more for block confirmations.
Can I Buy Fantom on Binance
Binance exchange offers the lowest fees in the industry and high liquidity, allowing you to sell and buy digital assets quickly to capitalize on market opportunities.
To buy Fantom FTM on Binance, you must first register a Binance account and authenticate your identity by providing identification verification papers. Once your account has been created and verified, Binance will let you buy Fantom FTM or any other cryptocurrency using Bitcoin or fiat deposits with debit or credit card and wire transfer.
Fantom (FTM) is accessible on Binance in ten different trading pairs. You must first buy Bitcoin, USDT, ETH, or BUSD via peer-to-peer trading, a bank transfer, or a credit/debit card to purchase FTM. You might also use the CoinStats app comparison service to choose which asset to trade Fantom against.
Once you’ve decided the asset you want to trade FTM against, for example, Bitcoin (BTC), the next step is to buy the necessary quantity of Bitcoin to buy FTM. After adding BTC to your wallet, go to FTM/BTC trading pair and trade Bitcoin for Fantom.
How Can I Buy Fantom in the US
Binance.US is a popular exchange to buy, sell, and trade Fantom.
Can I Buy Fantom on Crypto.com
With the Crypto.com app, users can now purchase Fantom FTM at face value in USD, EUR, GBP, and 20+ other fiat currencies and spend it at over 60 million stores globally using Crypto.com Visa Card.
Follow the steps below to buy FTM on Crypto.com:
- Connect your Crypto.com App account to your Defi Wallet account.
- Select a wallet for the coins you want to buy.
- Connect your wallet to your Crypto.com App account. Remember that each wallet may only be linked to one Crypto.com App account at a time.
- Enter the details for the credit/debit card you plan to use on the Crypto.com App.
- Search for FANTOM under the ‘Buy’ tab in the bottom navigation bar.
- After picking FANTOM from the coins section, click the ‘Buy Now’ button.
If two or more networks support the coin, you must select the network you want (you won’t see the option to choose a network if the coin is only supported on one network).
- Enter relevant information about the purchase amount as well as the credit/debit card that will be used. Please remember that your Crypto.com account is tied to your purchase limit.
- You’ll have 15 seconds to double-check your information and complete your transaction.
- Enter your Crypto.com App account’s passcode. Depending on your credit/debit card issuer, you may need to go through 3DS verification.
- All you have to do now is wait for your coins to arrive!
Please note that as your transaction is on-chain, the processing time may vary. The order status will change to “Completed” after you get the coins. Check the balance in your wallet.
Fantom has a new approach to DeFi, making it an excellent alternative for developers looking to avoid the blockchain trilemma and maximize network use. Furthermore, Fantom’s scalable smart contracts may be used in payments, smart city initiatives, and supply chain payments. In fact, several of them are already in use worldwide.
As more Ethereum alternatives develop, there is a lot of rivalry in the blockchain market. However, Fantom’s acyclic graph dag (DAG) technology, along with scalable and efficient smart contracts, distinguishes it as a noteworthy platform expected to acquire significant popularity.
You may also visit our blog for more information about wallets, crypto exchanges, and tokens, such as How to Buy Chiliz and other cryptocurrencies.
The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats portfolio tracker to buy, sell, or hold any security, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice. This is not an endorsement of any specific provider.
Cryptocurrencies are highly volatile and sensitive to secondary activity, do your independent research, obtain your own advice, and only invest what you can afford to lose. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision. Performance is unpredictable, and the past performance of Fantom is no guarantee of its future performance.
There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your own circumstances and take the time to explore all your options before making any investment.
Source by coinstats.app