Are you looking to expand your crypto portfolio and want to add Fantom to your investment? To be honest that’s a brilliant move. With the bearish winter currently pommeling the entire crypto market and pushing digital asset prices down, now is an awesome time to get FTM token for a steal.
In today’s guide, we will focus on how you can buy FTM online. We will also recommend the best exchange where you can easily buy Fantom tokens. Let’s cut to the chase and bring you all the juicy details.
What is Fantom
Fantom is a layer-1 blockchain project, whose main objective is to provide an alternative option to the high cost and low speeds associated with the Ethereum network. Just like Hadera Hashgraph, Fantom runs on a direct acyclic graph blockchain.
Use the Ethereum network on a particularly congested day and you’ll be mad at the insane fees you’ll be charged. Sometimes, the fees are even higher than the crypto you have in your wallet. While the insane fees sometimes charged on the Ethereum network has forced many crypto enthusiasts to consider other blockchain solutions, projects like Fantom are providing solutions to some of the lapses of the Ethereum network.
For starters, Fantom is a smart contract supporting blockchain. Transactions on the Fantom network are powered by its own native FTM token. Following a whooping $40 million raise, Fantom launched its mainnet in December 2019. What’s special about Fantom is that it is fast and cheap. In 2021, Fantom proved that it was in the league of its own by launching its own decentralized finance (DeFi) industry.
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As at July 2021, the price of FTM tokens rose from a meager $017 to as high as $3.48 at the start of January 2022. This shows just how important Fantom is playing its role as an alternative to Ethereum.
How does Fantom work?
The Fantom blockchain is powered by some of the leading blockchain technologies including a directed acyclic graph, which allows Fantom to deliver impeccable transaction speeds. Thanks to Fantom, blockchain transactions appear like hashgraph, which demonstrates how fast transactions are on the Fantom blockchain. Just so you know, this blockchain project uses the same technology as Hadera Hashgraph.
Another brilliant technology powering the Fantom blockchain is the leaderless consensus mechanism, Lachesis. This technology is a variant of proof of stake. What’s different between proof of stake and the leaderless consensus mechanism used by Fantom is that Fantom can operate without any hitch even if the third transaction data is fraudulent.
In simple terms, Fantom’s blockchain node is designed to validate transactions independently, without having to work through a que of transactions. While transactions on popular blockchains like Ethereum and Bitcoin take several minutes to complete, on the Fantom blockchain, it only takes a few seconds.
Unlike Solana, Fantom is compatible with Ethereum Virtual Machine (EVM). What this means is that Fantom users can easily port decentralized applications over to Fantom. Let us also quickly add that FTM is available as an ERC-20 and a BEP-20 token.
What’s unique about Fantom?
To understand just how amazing Fantom is, you need to see it from the context of the so-called L1 wars. Ethereum has long been trolled by its sluggishness and expensive gas fees, compared to other blockchain networks. Even with the recent upgrade of the Ethereum blockchain, nothing has changed in terms of speed and transaction cost.
Thankfully, blockchain projects like Fantom have decided to take the bull by the horn by launching their own blockchain technology, which addresses the failure points of the Ethereum network. To stand out from the pack, Fantom has also launched its own DeFi industry, giving DeFi enthusiasts more exciting options.
What is Fantom’s circulating supply?
Fantom is designed to have a maximum supply of 3.75 billion tokens. Out of the maximum supply, the current circulating supply is pegged at 2,766,390,476 FTM tokens.
Is Fantom a good investment?
To know whether FTM is a good investment, it’s important to look closely at its performance in the last couple of years. Even though past performance doesn’t guarantee future results, looking at past performance, will help you make an informed decision.
Although the current bearish winter in the crypto market has significantly pushed down the value of most digital assets, Fantom has persistently shown that it is a force to contend with.
In 2021, FTM price rallied from $0.17 to as high as $3.48. This singular move saw investors put in a lot of money in the Fantom ecosystem.
Unfortunately, much of the crypto market has come under heavy selling pressure for most of 2022. This has seen top digital assets, including the likes of Fantom, lose nearly 90% of their value from their all time high.
While the current FTM token price may discourage investors from putting in their money, one thing we have come to realize is that the bearish market is an opportunity to jump in on a very good crypto project like Fantom with solid fundamentals.
If you were previously disappointed about not buying into Fantom earlier because the price was too high, now will be an awesome time to add FTM token to your crypto portfolio as it is a tad cheaper.
Where can you buy Fantom?
You can buy FTM tokens from dozens of decentralized or centralized exchanges where the token is listed. According to CoinMarketCap, some of the top places to buy FTM tokens include KuCoin, Binance and Kraken.
Let us also quickly add that Fantom is supported by cross-chain bridges such as Wormhole and Multichain. Plus, since it is issued as both an ERC-20 and BEP-20 token, you can trade this digital asset on PancakeSwap and UniSwap respectively.
How to buy FTM
Even though there are several ways to buy and trade FTM, the easiest option is to open an account with an exchange like Kraken, Binance, and other exchanges where it is listed. That said, brokers like eToro have made it insanely easy for users to buy and trade FTM. Many users love eToro because they make the entire process of buying and trading FTM seamless.
How to trade FTM on eToro
- Before you can start trading FTM on eToro, you need to first open an account, that’s if you don’t already have one. If you’re signing up for an account for the first time, it will interest you to know that signing up for an account on eToro takes only a few minutes. More so, you’re only required to submit basic information.
- After signing up for an account, you’ll need to have your eToro account funded. Thankfully, eToro supports multiple payment methods, including credit/debit cards, PayPal, bank transfer, and more, so funding your account won’t be an issue.
- With your account now funded, you can navigate the eToro dashboard and click on the “Trade Markets” option.
- On the page that pops up, select crypto.
- Scroll down through eToro’s crypto selection and choose yearn.finance (FTM).
- Click on the buy button and choose the amount of FTM you would love to purchase.
- Click on the open trade option, and you’re good to go.
Now, the big question is, how do you know that you’re getting a good FTM price on your trade? Well, that’s pretty simple. eToro provides you with different features, including a chart, which lets you see the current FTM price. Also, you get added information about this digital asset, making it easy for you to decide if investing in FTM is a good move.
Besides making it easy for investors to buy FTM tokens, eToro is loved by many users because of its transparent trading fees. With eToro, you don’t have to worry about being charged any hidden fees.
If your goal is to invest in FTM and you’re looking for a broker that makes the entire process seamless, you won’t go wrong to give eToro a try.
Frequently asked questions?
Is FTM legit?
When it comes to transparency and legitimacy, very few crypto projects offer what you get with FTM. To start with FTM is listed on some of the top leading cryptocurrency exchanges including the likes of Binance and Kraken. Keep in mind that these exchanges do in depth security research before listing FTM tokens. So if they have gone ahead to list FTM on their platforms, it means the project is legit.
More so, since the project launched in 2019, there hasn’t been any complaint of users losing their money. Plus, they have a large market cap and an active community constantly saying a lot of amazing things about them.
Is there any risk of investing in FTM?
If you have been investing in cryptocurrencies, you’ll know that this industry is not immune to risk. So yes, there are quite some risks that come with investing in cryptocurrencies. One thing you should know about the crypto market is that it experiences sudden surges either up or down.
Because of the risks associated with cryptocurrencies, it’s best to invest something you’re comfortable losing. What this simply means is that you should never be tempted to invest emergency funds or money you’ll be needing any time soon.