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 nameResidential addressDate of BirthID 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 confirmation from authorities depending on the amount. Remember to evaluate the fees of different deposit methods since some have larger fees than others.
Credit or Debit Card
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 pai