Fantom facilitates the creation of decentralised applications (dApps), with a focus on high throughput, fast transaction speeds, and security—issues that many other blockchains struggle with. This guide will explain how to buy Fantom’s native FTM token and explore why the project shows promise.
If you’re looking for a simple way to buy Fantom, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell Fantom and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing Fantom.
If you want to buy FTM, you will need to start by finding a suitable crypto exchange. Consider aspects such as safety and how easy the platform is to use when making your choice. Check the next section for recommendations or select from our top recommendations below.
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Now it is time to create an account with your chosen platform. You will need to provide your name and contact information, while some platforms will also ask for a photo ID and proof of address. You can fund your account once it has been verified by going to the deposit page and choosing your preferred payment method.
If you have just deposited British pounds, you will need to search the platform for the FTM/GBP trading pair (or the trading pair relevant to whatever currency you deposited). Enter how much you wish to buy in a buy order. You can buy immediately with a market order or at a specified price with a limit order.
Fantom is a blockchain platform for digital assets and dApps—that is, applications that run on the blockchain. It provides a secure, fast, and low-cost environment for dApps that can scale to meet the needs of a large number of users.
As more people start to use blockchain dApps, these issues become more pressing, as blockchains such as Ethereum currently struggle to cope with the growing number of users, leading to slow and expensive transactions. This makes these blockchains less suitable for certain applications.
Fantom deals with this with its unique consensus algorithm, Lachesis, which overcomes the limitations of other consensus algorithms. This opens up a range of use cases for Fantom, and it has already seen the deployment of more than 80 dApps, including decentralised exchanges (DEXs), lending and borrowing platforms, cross-chain bridges, and non-fungible token (NFT) platforms.
The primary token of the Fantom network is FTM, which can be used for payments, on-chain governance, network fees, and staking to secure the network.
If you want to invest in Fantom, you have options, as the token can be bought for the long term or the short term. Both of these approaches have the potential to generate profits, so it is simply a matter of choice which you opt for.
Buying and holding Fantom is a fairly self-explanatory strategy and very easy to implement. There is no need for long hours of analysis or learning complicated concepts to potentially make a profit from this strategy.
What’s more, your FTM doesn’t have to sit in a wallet doing nothing—you can stake it to help secure the network. Stakers are rewarded for this with more FTM.
Private wallets can be a good way to self-custody your tokens if you’re going to be holding onto them for a while. This is because they can be more secure and give you full ownership of your tokens.
Those holding a large amount of FTM for the long term may prefer to pay for hardware wallets such as Trezor, BitBox, or Ledger as they are the most secure. Smaller holders may prefer software wallets as they are free, easy to use, and can be downloaded to your desktop or mobile.
As the price of FTM is quite volatile, traders can also generate more frequent profits by buying and selling their tokens over shorter periods of time. This requires more effort and time, while skills such as technical analysis also come in handy for trading strategies.
Traders are less likely to opt for a private wallet as constantly transferring tokens between a wallet and an exchange can be inconvenient. A web wallet may be a better option, although they are less secure. Exchanges tend to provide free web wallets.
This is a decision you will have to make for yourself after reviewing the information available. The scarce maximum supply of FTM could prove to make it a good store of value in the long term.
Its utility on the Fantom network for governance and payments drives demand for FTM, while the ability to earn staking rewards both creates demand and reduces the supply available on the market—a positive combination for FTM value.
Yet another source of FTM demand is from users and developers on the network who need to pay fees. This means FTM could become more valuable as the ecosystem grows to accommodate more dApps and users.
Fantom is already an attractive network thanks to its aforementioned speed, security, and scalability. The fact that it can run Ethereum dApps and bridge to other networks could see it develop a large and thriving ecosystem of blockchain-based applications.