How to Buy Fantom | Where, How and Why

Are you looking to know how to purchase Fantom? You’re in the right place!

Many other blockchain networks have emerged to surpass Ethereum (ETH), second-largest cryptocurrency. Fantom, one of these networks, aims to become a better version Ethereum (ETH), by offering a broad range of benefits. According to its official literature, its mission is to “grant compatibility between all transaction bodies around the world.”

Fantom, a blockchain platform that supports smart contracts, is called Fantom. It’s a set of technologies and tools that enable the integration of smart contracts into decentralized apps (DApps) powering DeFi platforms. Fantom is designed to enable DApps realize their full potential by running smart contracts quickly and inexpensively.

FTM (Fantom Utility Token) is used to pay network charges, receive rewards, make financial transactions and protect governance rights.

Continue reading to find out more about Fantom, FTM token and how you can buy Fantom.

Let’s jump right in!

What’s Fantom?

Fantom is an open-source, secure and high-performance smart-contract platform. It can run high-speed smart contracts with low cost and at high speeds. Fantom seeks to resolve problems with smart-contract platforms. Particularly, transaction speeds. Fantom’s creators claim that Fantom has reduced the time it takes to complete transactions to two seconds.

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. It consists of many components.

Fantom Opera is an open source directed acyclic network (DAGs) that can be used to create the platform. The blockchain is compatible and allows developers to access decentralized finance services (DeFi) using its unique consensus mechanism. It allows the creation of new smart contracts, as well running existing ones.

Lachesis, a Leaderless Proof of Stake (PoS), uses a customized asynchronous Byzantine fault tolerant consensual mechanism (ABFT) to validate Fantom transactions. ABFT validations work faster and are less expensive than Proof of Work, or other Proof of Stake system. Transactions with ABFT systems are quicker than traditional Proof of Work or other Proof of Stake systems.

Every Fantom DApp operates on its own Blockchain network. They can be equipped with custom currencies, economies and governance rules. They’re all powered by the Lachesis consensus mechanism and can interact with DApps operating on various Fantom blockchain networks. Fantom describes its platform as an ecosystem of networks.

Opera’s virtual machine can be EVM-compatible and run Ethereum smart contracts. It also integrates with Ethereum-based DApps.

Fantom’s utility token FTM (Fantom Utility Token) can be used to pay network fee, reward validators and execute financial transactions. It also secures governance rights and rewards validators.

Fantom’s decentralized financial system is made up of three components:

• With fMint, you can create fUSD (a stablecoin that is 1:1 tied to the US Dollar) You can interchange FTM and USD coins.
• fSwap allows you to exchange over 175 synthetic tokens such as fBTC, fETH and more.
• With fLend, you can earn interest by lending FTM to Fantom and fUSD. You could also borrow fUSD for collateral in order to purchase or sell synthetic tokens.

Fantom has a wallet available that allows you to store FTM or fUSD and other synthetic tokens. Fantom DeFi transactions are possible directly from your wallet.

Fantoms: How does it 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.

Fantom’s platform, or as it is commonly known, provides a complete service ledger that can be used to support DApps. Every DApp comes with an interface, a database and custom code for performing calculations. Each DApp has a trusted, distributed, decentralized blockchain for verifying 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.

Blockchain developers are faced with the blockchain trilemma. This is where they must balance security, transaction speed and decentralization. While blockchains built on Ethereum and Bitcoin can optimize some of these variables but not all, they are better than others.

Fantom claims its ABFT consensus protocol, which Fantom says provides security and decentralization along with efficient transaction processing. FTM transactions can be completed in less time than 1 second, and they cost just $0.0000001

How many Fantom(FTM) Coins are in circulation?

In June 2018, the FTM token was launched through an initial coin offer (ICO). FTM tokens are limited to just 3.175 million. At the moment, there are 2.54 billion FTM coins in circulation.

Fantom offered 40% of all token supplies for sale during the ICO. Rest is for market development (30%). Advisors and contributors (15%). Fantom founders and members of Fantom’s project team (15%).

How is the Fantom Network secured?

The Fantom ledger is secured by Lachesis, the project’s ABFT consensus algorithm. Fantom cites four main advantages to Lachesis.

It is first, asynchronous. Nodes don’t have to wait for other nodes to act before executing commands. This allows for higher transaction throughput as well as better execution and completion of transactions.

Lachesis, second, is totally decentralized and leadershipless. The network is not protected or validated by any participant.

Lachesis, third, is secured. The ABFT consensus algorithm was specifically created to give accurate information, even when certain nodes behave maliciously.

Lachesis also provides immediate final confirmation, meaning that there’s no waiting for block confirmations.

What are the best ways to invest in Fantom?

If you’re new to the crypto industry, figuring out how to effectively acquire your tokens might be a difficult undertaking. However, here’s our guide for buying FTM quickly and easily.

Step 1: Choose an exchange

Fantom (FTM) is offered by several cryptocurrency exchanges. Fantom tokens are ERC-20 tokens used on three major networks, including the ERC20 platform on the Ethereum network, BEP2 on the Binance Chain, and Opera FTM on Fantom’s mainnet Opera chain. To select the trading platform that suits best your investment needs, it’s a good idea to look into the features and services each exchange offers, such as its reputation, exchange commission, customer service, deposit methods, etc., to identify the most trustworthy and feature-rich exchange and avoid those that participate in dangerous or opaque operations.

Binance

The Malta-based cryptocurrency exchange, founded in China in 2017, has grown to become one of the world’s largest platforms in trading volume. With low fees and a variety of deposit and payment options as well as more currency and trading pairs than 99 percent of its rivals, Binance is the preferred exchange. Binance has something for everybody.

Check out:Binance Review

Gemini

Gemini was founded in New York by the twins Winklevoss. It is a highly-convenient exchange where customers can buy, sell and store digital assets. It’s a New York trust company regulated by the New York State Department of Financial Services (NYDFS). Gemini is the only exchange where funds are actually covered against theft. Many of the most popular cryptos are available only in USD.

Check out: Gemini review

FTX

This exchange is believed to be the best futures exchange, as it offers strong leadership and low cost leveraged trading, up to 101x. FTX offers futures, leveraged tokens spot markets options and MOVE contract. You can reduce your fees by using the FTT coin native to your country.

Step #2:  Register and Fund Your Account

To trade, after selecting an exchange you will need to visit its account creation page. You’ll be required to complete KYC verification and register for an account. The next step is to deposit fiat currency, such as USD, EUR or other currencies. To buy Fantom or other cryptocurrency, you must first deposit fiat currency (USD, EUR etc.). Fantom can also be bought using bank transfers, credit cards, debit cards, and cryptos from cryptocurrency wallets. The platform, your location and preferences will dictate the method of payment you use for the FTM token.

Step #3: Place an order

Most crypto exchanges allow instant deposits. This allows you to instantly buy Fantom FTM coins.

From the drop-down menu select Fantom and enter the amount to be spent. Next, choose the FTM pairing that corresponds with the currency you are using, like FTM/USD. Now, you’re all set for your Fantom purchase.

You can also buy Fantom on CoinStats by clicking the “Buy Fantom” button, which will connect you to one of the supported exchanges.

Optional: Step 4: Buy a wallet

Although each cryptocurrency exchange may have its own wallet, hackers and cyber-attacks can still be a problem. So, it’s highly recommended to store your cryptocurrency tokens in your private wallet securely. There are two types of software wallets: Hot Wallets and Cold Wallets. Because they offer safe offline storage as well as backup, hardware wallets (also known as Cold Wallets) are more reliable. This is a better option for users with large token collections.

Hardware wallet: Ledger

Software wallet: CoinbaseWallet

Are Fantoms available on Binance

The Binance Exchange has the best fees and liquidity in the market. This allows you to quickly sell or buy digital assets to take advantage of the current market opportunity.

First, register an account on Binance to buy Fantom FTM. Next, provide identification verification documents and proof of identity. Binance will allow you to purchase Fantom FTM, or other cryptos with Bitcoin or fiat deposits using debit or credit cards and wire transfers once your account has been verified.

Binance allows you to trade Fantom, or FTM (for Bitcoin), in 10 different trading pairs. To purchase FTM, you must first acquire Bitcoin, USDT or ETH via peer-to–peer trading or bank transfers. To choose the asset against which Fantom to trade, you can also use CoinStats’ app comparison service.

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. Once you have added BTC to your wallet go to FTM/BTC trading pair to trade Bitcoin for Fantom.

Where can I buy Fantom?

Binance.US, a well-known exchange for Fantom, allows you to trade, buy and sell Fantom.

Crypto.com: Can I buy Fantom?

The Crypto.com app allows users to purchase Fantom FTM for face value in USD or EUR and use it to buy Fantom FTM from over 60,000,000 stores worldwide using the Crypto.com Visa Card.

You can buy FTM at Crypto.com by following the steps:

• Your Crypto.com app account can be connected to your Defi Wallet Account.
• Choose a wallet to hold the coins that you wish to purchase.
• You can connect your wallet with your Crypto.com Account. Each wallet can only be connected to one Crypto.com app account.
• Please enter the information for your credit/debit cards that you will use in 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).

• Please enter the necessary information regarding the amount of the order and the card credit/debit that will be used. Remember that Crypto.com accounts are tied to the purchase limit.
• You’ll have 15 seconds to double-check your information and complete your transaction.

• Enter your Crypto.com App account’s passcode. 3DS verification might be necessary depending on which credit or debit card issuer you have.
• You just need to sit back and wait for your coins!

The processing time for your transaction may differ depending on whether it is already on-chain. The order status will change to “Completed” after you get the coins. You can check the balance of your wallet.

Conclusion 

Fantom’s new DeFi approach makes it an attractive alternative to the traditional blockchain-based approaches. This allows developers to minimize network usage and avoid the Blockchain trilemma. Furthermore, Fantom’s scalable smart contracts may be used in payments, smart city initiatives, and supply chain payments. Many of these smart contracts are in widespread use today.

There is much competition in the Ethereum market as more Ethereum alternatives are developed. 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.

For more information on wallets and crypto exchanges and tokens such as How to Buy Chiliz, you can also visit our blog.

Investment advice

Information on this site is for your informational purpose only. CoinStats does not endorse any specific product or service. It does not endorse any particular provider.

The volatility and vulnerability of cryptocurrencies makes them vulnerable to secondary activity. Do your research and get your advice. Only invest the amount you can afford. 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. Fantom’s past performance is not indicative of future results.

Trading stocks and CFDs can be risky. CFDs can result in losses between 74-89% for retail investors accounts. Before making an investment, you should carefully consider your situation and explore your options.