Historically, blockchain transactions have been plagued by sluggish speeds and hefty fees. Thankfully, a fresh wave of blockchain platforms has emerged that address these hurdles. Fantom, with its native token FTM, aims to upend the blockchain industry, positioning itself as a credible contender in the cryptocurrency space. If you’re considering exploring the potential of Fantom, you’ve come to the right place.
If you want to buy Fantom, we suggest using a regulated cryptocurrency exchange like BYDFi. In this guide, you’ll find the step-by-step process for investing in FTM with BYDFi.
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What is Fantom (FTM)?
FTM is the native token of the Fantom network used for staking, voting, executing payments, and handling transaction fees on Fantom.
Fantom (founded in 2018) is a blockchain platform often viewed as a viable alternative to the Ethereum network. This decentralized, permissionless network offers developers a scalable framework to design, develop, and roll out decentralized applications (dApps) and cryptocurrency projects that support smart contracts.
Fantom seeks to resolve the “blockchain trilemma,” i.e., the decentralization, security, and scalability tradeoffs often encountered by many blockchains, implying that enhancing two typically necessitates a compromise on the third. Fantom tries to overcome this trilemma with its pioneering proof-of-stake (PoS) consensus algorithm called Lachesis.
Given the potential volatility of the cryptocurrency market, it’s crucial to conduct thorough research before making any investment decisions and only invest what you can comfortably afford to lose.
Once you have fully comprehended the risks, here are the steps to buy the new FTM coin.
Where to buy Fantom (FTM)?
To buy Fantom, you’ll need to use a crypto exchange. For this, we recommend using a regulated cryptocurrency exchange BYDFi.
BYDFi offers a wide array of trading services to users worldwide. With its diverse range of services, including spot transactions, crypto derivatives like contracts for differences (CFDs), leveraged tokens, as well as margin and copy trading, BYDFi truly is an all-inclusive trading platform catering to the needs of novice and experienced traders alike.
The platform also makes it easy for users to deposit and withdraw funds, providing swift and convenient alternatives for converting fiat currency into crypto and vice versa.
To learn more about BYDFi you can read our in-depth review here.
How to buy Fantom (FTM) in 2 minutes: Step-by-step
Now, let’s delve into the step-by-step process of buying FTM with BYDFi.
Step 1: Create a free account on the BYDFi website or app
You can create an account with BYDFi through the BYDFi mobile application or through your web browser. There are two options for registering with BYDFi:
- Input your email address;
- Click on “Send” to receive the verification code delivered to your registered email address;
- Enter the email verification code sent to you;
- Create a password;
- Click on “Get Started” to finalize your registration.
- Choose your country/region and provide your mobile number;
- Click on “Send” to obtain the verification code;
- Input the SMS code sent to you;
- Create a password;
- Click on “Get Started” to finalize your registration.
KYC (Know Your Customer) verification:
KYC safeguards your account from potential risks such as fraud, corruption, money laundering, and terrorist financing. Upon completion of the KYC process, you’ll be able to fully utilize BYDFi’s features and enjoy a higher limit for transfers and withdrawals.
Step 2: Decide on the amount and buy Fantom
Navigate to “Buy Crypto” on BYDFi’s main page to buy crypto with your preferred fiat currency. Note that fiat deposits are provided by third-party service providers and not processed by BYDFi.
Select the fiat currency you want to pay with. Currently, 54 fiat currencies are supported.
Then, select the cryptocurrency you want to buy. You can enter the deposit amount based on the cash or cryptocurrency amount you’re comfortable with (provided that the service provider’s purchase limit conditions are met).
After selecting “Buy Now,” you will be directed to the service provider’s page, where you will need to complete the KYC process with them (BYDFi’s KYC record cannot be directly used for the service provider’s KYC).
Step 3: Review the fees and confirm your order
It is important to note that purchasing crypto with BYDFi via fiat currency will incur transaction fees from service providers. You will need to check the official website of the respective provider for the actual cost.
There is no additional transaction fee from BYDFi.
The cryptocurrency will typically be transferred into your BYDFi account within 2 to 10 minutes post-purchase. Note that it may take longer based on the condition of the blockchain network and the service quality of the corresponding service provider. For new users, the process may take up to one full day.
Step 4: Set up storage
After purchasing your crypto, you can either store it in your personal crypto wallet or keep it in your BYDFi account.
Your digital assets held with BYDFi are securely stored in offline, deep cold storage wallets, eliminating any risk of a single point of failure.
Moreover, BYDFi employs multi-signature technology for deposits and withdrawals, defending against potential attacks and losing access to keys or facilities.
Even in a worst-case scenario where the entire system, including the web server, transaction engine, and database, is hacked, the intruder would not have sufficient keys to steal the funds as no private keys are stored on any of the cloud servers.
FTM price today
The total supply of Fantom is 3.175.000.000 FTM, according to CoinMarketCap. As of June 7, 2023, the current circulating supply is 2,791,025,295.59 FTM.
Pros and cons of buying Fantom
- Readily available: Many cryptocurrencies, especially more niche ones, are difficult to buy. Fortunately, Fantom is available on many crypto exchanges such as BYDFi;
- Variety of uses: Uses for FTM include staking, governance, network fees, and payments;
- Potential for high returns: Given Fantom’s notably smaller market capitalization compared to giants like Bitcoin or Ethereum, it could theoretically offer a higher potential for doubling your investment. For instance, it’s much easier for a company valued at $1 million to grow to $2 million than for a company worth $500 billion to reach a $1 trillion valuation. This principle, known as the law of large numbers, implies that larger-cap assets, unlike smaller ones, have their growth potentials inherently restricted. Typically, as companies mature and expand, their growth rates are likely to decelerate.
- Volatility: Like all cryptocurrencies, the price of FTM can fluctuate greatly, leading to potential losses, particularly for those who invest without understanding the market;
- Regulatory uncertainty: Cryptocurrencies’ legal status and regulatory environment vary by country and are still in flux, potentially impacting the value and usability of FTM;
- Fierce competition: There are many other blockchains also trying to solve the issues of scalability, security, and decentralization, including Ethereum, Cardano, and Solana;
- Adoption challenges: For Fantom to succeed, it requires widespread adoption by developers, businesses, and users.
Mistakes to avoid when investing in cryptocurrencies
As a relatively new asset class, crypto is expectedly more volatile than, say, stocks or bonds. Furthermore, due to the comparatively lax regulatory oversight in the cryptocurrency sector, these digital assets are often more vulnerable to fraudulent practices like pump-and-dump schemes or rug pulls, posing a significant risk to both novice and seasoned investors alike.
In fact, although cryptocurrency broker-dealers in the US are required to register with the Financial Industry Regulatory Authority (FINRA), which imposes several requirements on them, including implementing and maintaining both anti-money laundering (AML) and customer identification programs (CIPs), crypto assets themselves are not regulated.
Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at the most common mistakes to avoid when investing in cryptocurrencies to best protect yourself and your money:
- Not researching the crypto token you want to buy: Make sure you understand how the particular cryptocurrency you’re interested in works and what the risks are;
- Not using a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
- Using a sketchy exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
- Not securing your account: Use two-factor authentication and a strong password to protect your account;
- Not using a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
- Investing money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
- Forgetting your investments: Because of the extreme volatility of crypto markets, monitoring your investment is crucial. Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy Fantom instantly
How to buy Fantom online?
To buy Fantom online, you will have to register with a regulated crypto exchange, such as BYDFi, that offers the token. Following registration, you can buy Fantom through that exchange using your chosen fiat currency.
Where to buy Fantom?
You can buy Fantom with a regulated cryptocurrency exchange such as BYDFi.
How to buy Fantom with a credit card?
You can buy Fantom with a credit card on the crypto exchange BYDFi through a third-party service provider.
How to buy Fantom in the US?
You can buy Fantom in the US through a regulated trading platform that offers Fantom, for example, via the crypto exchange BYDFi.
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