How to Buy Fantom (FTM)

Source: Unsplash

Legacy blockchains like Bitcoin and Ethereum have some limitations. So, Fantom has capitalized on these limitations to develop a reliable system.

Fantom is a supercharged, scalable, secure and directed acyclic graph (DAG) smart contract platform.

It aims at becoming an intrinsic part of the next generation blockchain ecosystems. Moreover, its low-cost ecosystem is ideal for decentralized finance protocols.

Decentralized finance (DeFi) is a catalyst for the explosion of the crypto market in 2021. Through DeFi, crypto holders can earn more yield on their holdings. This is in comparison to what they would gain from a bank-based savings account.

Currently, most DeFi protocols run on the Ethereum network. Consequently, this causes a lot of problems for users because transactions are slow and expensive.

Fantom continues to expand market share and reach within the crypto space quietly. The protocol has been offering high scalability, low costs with a positive tone of voice. Also, it’s an alternative for DeFi users and developers alike.

Since September, the combined value locked (TVL) in the Fantom DeFi protocols has skyrocketed to $800 million.

What is Fantom

Fantom is a blockchain that’s solving the scalability, security and transaction speed issues of existing blockchains. The Lachesis consensus mechanism ensures fast, secure transactions when moving digital assets around Fantom.

According to Fantom’s official website, the project provides a platform to build and deploy DAPPs. It also offers non-fungible tokens (NFT) as part of its ecosystem.

The Fantom Foundation intends to build infrastructure for a more democratic and efficient future. Yet, solving challenges of older blockchain projects like Bitcoin.

Fantom is looking for ways to make decentralized cryptocurrencies faster, more secure, and scalable.

How to Buy Fantom

If you are new to the crypto space, purchasing tokens might be a bit difficult. In this guide, we’ll show you how to make your first investment in Fantom (FTM). We promise it’s pretty simple to get acclimated.

Open an Online Account

In the world of cryptos, there are several exchange sites to choose from. It’s important to research several trading platforms and avoid those that engage in risky or non-transparent practices.

One such exchange site is Gemini. Get started with Gemini today. Sign up for an account and enjoy the security of the regulated cryptocurrency exchange platform, designed to make trading simple!

To create a Gemini account, follow these few steps. First, visit their homepage and submit all required information, including name, email address, password, then wait for an activation code via email!

Link your bank account to your Gemini exchange. Ensure your name is the same. The next step will be completing your KYC process with proof of residence and identity documents like a passport or driver’s license scan.

Buy a wallet (optional).

The best way to keep your cryptocurrencies safe is by acquiring a hardware or software crypto wallet. These wallets are generally more secure than storing your tokens on an exchange.

If there is a hack, your tokens will stay safe in the wallet because crypto exchanges only hold custody of the funds. 

Make your purchase

Once you have set up your trading platform account, you’re ready to purchase some cryptocurrency. You can find a variety of cryptocurrencies available for sale on the market.

Enter the ticker symbol of Fantom. FTM will allow you to enter how many coins you would want. That is simple, and you will be owning some FTM.