In this Cryoptobuyclub guide, we will cover steps on how to buy any coin on Fantom network. We will refer to the coin you want to buy as Fantom Coin, so you can replace the coin name as per your need.
What is Fantom?
Fantom is a blockchain platform with the goal of providing a quick and safe framework for decentralized apps and real-time transactions. It employs a new consensus method known as “Lachesis,” which is intended to be quick and scalable, and the platform supports smart contracts written in Solidity, Ethereum’s programming language.
Fantom seeks to address some of the issues that are present in existing blockchain networks, such as sluggish transaction rates and exorbitant prices. Fantom seeks to develop a platform suited for usage in real-world applications and broad adoption by utilizing a novel consensus method and a high-performance network design.
FTM, Fantom’s native money, is used to pay for transactions and participate in the consensus process. The platform is open-source, with a community of developers, academics, and users driving its development.
Pros and Cons of Fantom Network
Fantom Network has pros and cons like any technology. Fantom network benefits and cons:
Pros:
- Scalability: Fantom’s innovative consensus method and efficient network architecture enable tremendous scalability. The network can process many transactions fast and efficiently.
- Speed: The Fantom network processes transactions faster than other blockchain systems, making it ideal for real-world applications that require rapid and safe transactions.
- Security: Fantom uses a safe, tamper-proof consensus method and other security features to protect against bad actors.
- Interoperability: Fantom can easily interact with other blockchain networks.
Cons:
- Low adoption: Despite its intriguing qualities, the Fantom network has few applications and users.
- Complexity: Fantom’s technology is complicated, which may deter some users.
- Volatility: FTM, Fantom’s native cryptocurrency, is volatile like most cryptocurrencies. Its price fluctuation can be risky for investors.
- Legislation: Cryptocurrencies and blockchain systems are regulated differently worldwide, and Fantom’s regulation is unclear.
- Fantom could be a strong and innovative blockchain platform, but like any new technology, it’s vital to weigh its pros and risks before investing.
How to buy any Fantom coin?
Your first step will always be to buy BTC/ETH/USDT. They can then be converted to Fantom coin . Transfer BTC/ETH/USDT to an exchange that supports Fanton coin. Finally, exchange it for Fantom coin. Please follow our step-by-step guide below to buy any Fantom coin.
The well-known website Coinbase has already enabled trading for Bitcoin Cash, Ether, and Litecoin, but what about what’s commonly referred to as altcoins? Here’s how you can buy any Fantom coin!
Step 1: Register on Fiat-to-Crypto Exchange
The first thing you will need to do is register with one of the many exchanges that allow fiat-to-crypto purchases. You can buy cryptocurrency on exchanges or peer-to-peer. On exchanges you can use fiat money to buy cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC).
In this case, we need to buy USDT (USDT) from Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
SIGN UP ON COINBASE & GET $10!
This can be done by going to the website and clicking “Sign Up.” You will be required to enter your name, email address, create a password and verify your email address.
Verify Coinbase Account
After your account has been created, you will be required to go through the KYC (know your customer) process. The KYC process also requires you to provide proof of identity and proof of residency.
During the KYC process, you may be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding up your driver’s license or passport. Once this is complete, you should have successfully registered and can now buy cryptocurrency!
Step 2: Buy USDT with fiat money
Select USDT and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some USDT. However, don’t close Coinbase just yet — we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow — it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step 3: Transfer USDT to an Altcoin Exchange
You can use USDT to buy most coins and tokens in the market. The quickest way to buy Fantom Coin is to transfer your USDT to Binance (or the exchanges listed above for US traders), convert USDT into FTM, then send it to your own wallet via Binance Smart Chain and swap your FTM for Fantom Coin on SpookySwap.
Now you will need to find an exchange that allows you to deposit USDT and trade it for Fantom coin. As Fantom Coin is currently listed on SpookySwap we will guide you through how to convert your USDT on the platform.
We’ll be using Binance, but there are many other exchanges like ByBit, Kraken, KuCoin, Bitmart, and MEXC that offer Altcoins.
Learn more: How to buy Crypto from PancakeSwap using MetaMask Wallet
Step 4: Convert your USDT into FTM on Binance
Now head over to Binance.com and create an account there. It’s a super easy process that shouldn’t take more than five minutes. (Traders from the United States can also use the exchanges listed above)
Once you’re set up on Binance, it’s time to convert some USDT into FTM. You can do this by going to “Funds” and then “Deposits & Withdrawals,” where you’ll see a list of different coins supported by Binance. Scroll down until you find USDT in the list and click the Deposit button for it.
Binance will give you a unique address to send your coins to copy this address and paste it into your Coinbase wallet (it will look something like this: bbq3dgjm…).
Once you’ve transferred your USDT to Binance, it will take about 10–15 minutes for your funds to become available for trading. Once they’re available, trade your USDT to Fantom Coin (FTM).
Step 5: Transfer FTM to your own wallet
Okay, so this is the trickiest part of the process. You need to create your own wallet to hold both FTM and Fantom Coin.
Now head over to SpookySwap. First of all, if you haven’t done so already, please sign up for an account by clicking on the yellow button in the top right corner. That’s where you’ll store your Fantom Coin tokens and access a wide range of new features.
Once you’ve signed up, click on the “Connect Wallet” button. This will open MetaMask, a browser plugin that will allow you to send your FTM tokens to SpookySwap.
If you’ve already got a Metamask account, skip ahead to the next part. If not, go to MetaMask.io, click “Get Chrome Extension”, and install it.
If this is your first time connecting with MetaMask you should be asked immediately if you would like to add the Binance Smart Chain network to your MetaMask, please do proceed with this step as it is very important that you make sure you are sending your FTM via the right network.
Then go to Binance and click on the “Wallet” tab at the top of the screen.
Click on “Withdraw”, then search for “FTM”. Paste your own wallet address where you see an option named recipient address to withdraw FTM; then on the transfer network, make sure you have selected Binance Smart Chain (BSC) or BEP20 (BSC).
Click submit and follow the verification steps afterward. After successfully withdrawing your FTM it should arrive very shortly in your Metamask wallet.
Now you’re ready to buy Fantom Coin!
Step 6: Connect MetaMask with SpookySwap
Here’s how you can connect to SpookySwap and start swapping tokens using MetaMask:
1. Log into your MetaMask account.
2. Head over to SpookySwap, at the right top corner click on Connect Wallet.
3. Now select MetaMask, follow the instruction to link it with SpookySwap on Fantam Network.
4. Finally, you’re ready to buy Fantom Coin.
Step 7: Swap FTM for Fantom Coin
Now select Swap from the top menu bar.
On the top field enter the amount of FTM you would like to exchange for Fantom Coin. You can go back and change this number anytime before proceeding with “Swap”.
Now click on the other field and choose Fantom Coin from the list. The corresponding amount of Fantom coin should show up immediately. Verify and then proceed with “Swap”.
Now MetaMask should pop up and ask you if you want to allow SpookySwap to spend your FTM tokens, click confirm. Wait for the confirmation popup until it shows “Transaction Submitted”.
You can see your Fantom Coin in your MetaMask Wallet. Congratulations! You have finally bought Fantom Coin!
Conclusion
Fantom’s blockchain technology provides quick, secure, and scalable infrastructure for decentralized apps and real-time transactions. Fantom could outperform other blockchain platforms with its unique consensus method and high-performance network architecture. However, it may be exposed to regulatory and market hazards as a new technology. Before investing in Fantom or FTM, weigh the advantages and downsides and do your research.
Frequently Asked Questions
How can I buy Fantom coin with PayPal?
Sure! If you want to use PayPal, you’ll have to purchase bitcoins first, then exchange those bitcoins for $BDOGE using a service like Binance.
I want to buy Fantom coin, but I have a lot of cash. Is there an easy way to convert my cash into Fantom coin without having to buy bitcoins first?
Yes! You can use Binance to exchange your cash directly for $Fantom Coin. However, you should know that Fantom Coin is not available to purchase directly with cash. Even though some ATMs support Fantom coin, they are less than 1% of all cryptocurrency ATMs.
Is it possible to buy Fantom Coin with Bitcoins?
Yes, it is possible to exchange bitcoins for Fantom Coin on the Binance platform.
Can I buy Fantom coin with Skrill?
Europeans can use BitPanda to buy BTC, ETH, or USDT with Skrill. Ethereum or BTC can be converted to Fantom Coin on Binance.
What is the best payment method to buy Fantom coin?
The cheapest way to do this is to buy bitcoins with a bank account (or BTC/ETH/USDT directly with a bank account) and exchange USDT for Fantom coin.
How can I protect the Fantom coin after I buy it?
You must store your Fantom coin in a secure wallet. Leaving Fantom Coin on an exchange only puts you at risk of losing money if the exchange is hacked. Your account can also be hacked, so it’s important to use 2FA.
How can I sell Fantom coin?
Binance and SpookySwap are good places to exchange your $Fantom Coin for any other cryptocurrency. If you want to exchange it for regular currency, trade Fantom coin for bitcoin and exchange BTC for dollars, euros, or other currencies.
Can I mine Fantom coin instead of buying it?
You cannot mine Fantom coin as it has a different network structure than Bitcoin. You can only buy Fantom coin from an exchange.
