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!
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.
How Do You 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: Select an Exchange
There are several cryptocurrency exchanges that offer Fantom (FTM). 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.
The Malta-based cryptocurrency exchange, founded in China in 2017, has grown to become one of the world’s largest platforms in trading volume. Binance has become the go-to exchange for millions of people, with low fees, various deposit and payment options, and more currencies and trading pairings than 99% of its competitors. There is something for everyone here.
Also See: Binance review
Gemini, founded by the Winklevoss twins, is an ultra-convenient and reputable exchange that allows customers to 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 one of the few exchanges where your funds are genuinely covered in the event of theft. The majority of the popular cryptocurrencies are exclusively available in the USD.
Also See: Gemini review
With strong leadership, low costs, and leveraged trading up to 101x, this is perhaps the exchange of the future developed by traders for traders. Futures, leveraged tokens, spot markets, options, and MOVE contracts are all available on FTX. Fees can be significantly reduced by utilizing the native FTT coin.
Step #2: Register and Fund Your Account
After selecting an exchange, you need to go to its account creation page to register an account and undergo KYC verification to start trading. You must then deposit fiat currency (USD, EUR, etc.) or another cryptocurrency to buy Fantom and other cryptos. You can use a bank transfer, credit or debit card, or crypto from a cryptocurrency wallet for buying Fantom. The payment method you use to purchase the FTM token will be determined by the platform, location, and preferences.
Step #3: Make a Purchase
Most cryptocurrency exchanges provide instant deposits, enabling you to buy Fantom FTM tokens as soon as your funds arrive.
Choose Fantom from the drop-down menu, input the amount you want to spend, and select an FTM pair that corresponds to the currency you wish to use, such as 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.
Step #4: Purchase a Wallet (optional)
While each crypto exchange has its own crypto wallet, the risk of cyber-attacks and hacks is still high when using them. So, it’s highly recommended to store your cryptocurrency tokens in your private wallet securely. We distinguish between Software Wallets (Hot Wallets) and Hardware Wallets (Cold Wallets). Hardware wallets, also known as Cold Wallets, like Trezor or Ledger, are the most reliable options, as they come with safe offline storage and backup features. These are more suitable for experienced users who own large amounts of tokens.
Hardware Wallet: Ledger
The Ledger brand offers high-quality wallets for storing digital assets offline. You must first install the Fantom Opera software on your Ledger to receive your Fantom tokens. The Ledger features a simple UI and can be synced by Bluetooth or USB.
Software Wallet: Coinbase Wallet
FTM was just added to the Coinbase wallet. The Fantom DeFi applications are also accessible directly from the Coinbase wallet. Coinbase’s desktop and mobile interfaces are very simple to use. The Coinbase wallet is one of the most secure software wallets on the market because of its multilayer authentication.
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.
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