How to Buy FTM Easily
Before we look at how to buy FTM in a straightforward way, let's look at the history of the token and the Fantom project.
Founded in 2018, Fantom is a layer 1 project that uses a single consensus layer to support the creation of multiple chains.
Fantom uses a novel consensus mechanism developed by the Fantom Foundation called the "Lachesis Protocol". Lachesis can provide security to multiple layers, the first one being Fantom's Ethereum Virtual Machine (EVM)-compatible smart contract chain called Opera.
Its unique consensus Lachesis allows it to be plugged into any distributed ledger. This also enables Fantom to deliver fast transaction speeds, low transaction costs, and deterministic finality while remaining permissionless, decentralized, and open-source.
The FTM Token
FTM is the native token of the Proof-of-Stake (PoS) network, which is used to maintain on-chain governance and pay block rewards to validators and delegators who stake FTM. You can also utilize FTM for sending and receiving payments, paying network fees, smart contract deployment fees, and transaction fees. Additionally, the token can be used as collateral on the network's DeFi ecosystem.
FTM tokens can be stored safely in the platform's official wallet, fWallet, enabling staking, sending, receiving, and accessing the DeFi ecosystem.
As of writing, FTM is trading at $0.4357. Its all-time high (ATH) was hit a year ago, according to CoinGecko.
Late in November 2022, Fantom Foundation's "Architect," Andre Cronje, released the firm's financial records. They reveal that it had $340 million worth of digital assets and had been earning more than $10 million annually.
"Over 450,000,000 FTM, > $100,000,000 in stables, > $100,000,000 in crypto assets, $50,000,000 in non-crypto assets", he noted.
How to buy FTM with a CEX
If you are interested in this project, the easiest way to buy FTM is from a centralized cryptocurrency exchange. As a prominent high-performance, scalable, EVM-compatible, and secure smart-contract platform, FTM is available on several major exchanges such as Binance, Crypto.com, KuCoin, OKX, Bybit, Bitfinex, Huobi, Gate.io, Kraken, Bitstamp, and Gemini.
Create an Account
Once you decide which crypto exchange you want to use, based on factors like low fees, ease of use, crypto selection, and customer support, register on the platform.
To create an account on an exchange, your email address and identity will need to be verified. For this, you must provide personal information such as full name, residential address, date of birth, photo ID, and identification documents. Make sure you activate 2FA once your identity verification is complete.
Make a Deposit
Once verified, you can deposit funds to your account using the payment method that best suits you. Debit cards, credit cards, PayPal, wire transfers, and online banking payments are widely accepted at many exchanges.
To fund your account, tap "Deposit Funds", enter your desired amount, and click "Deposit".
On the exchange, search for FTM, enter the amount you want to purchase, and click on the buy button. You'll find the tokens in your exchange wallet right after that. You can now withdraw your FTM tokens to your personal wallet.
How to buy FTM with a DEX
If you don't want to go through KYC or want to use a decentralized exchange (DEX), FTM is also available on DEXs like Uniswap, Babyswap, Sushiswap, and Apeswap.
Download a Wallet
For this, you must first get a wallet like MetaMask, Coinbase Wallet, or Trust Wallet, which supports several assets and blockchains. Next, you must set it up by choosing a username and password.
However, remember to save the recovery phrase of 12 random words you will get while creating a new self-custody wallet. This is the key to your crypto, as anyone with your recovery phrase has access to your crypto. Keep it safe and protected, and do not share it with anyone.
Once done, fund it with crypto, which you can buy directly within the wallet or transfer from an exchange or another wallet.
Swap tokens to get FTM
Now go to the DEX of your choice and click "Connect to a Wallet". There, select the wallet you want to connect to. Once connected, use the swap feature, which is generally available on the main page.
Once there, click on the crypto asset icon you have and want to swap from, such as USDT or ETH, enter the number of tokens you wish to swap, and select the token you want to swap for, which is FTM in this case. Finally, click on the swap button.
You'll be asked to approve the transaction. Remember to leave enough tokens to cover transaction fees. Once you have confirmed the transaction in your wallet, you'll have FTM tokens in your wallet.
After you have bought your crypto, you can either hold it in your exchange account or software wallet or store it in your personal hardware crypto wallet. It is recommended to move your funds to a wallet that you control. Only keep funds on an exchange that you can afford to lose.
When you are ready to trade or sell your cryptocurrency, you can send it to the exchange from your wallet. This is much safer than leaving it on the exchange, giving you more control over your funds.
Author: Guarav Roy
Gaurav has been writing professionally since 2017. So far, he has assisted over 100 companies in various domains, including e-commerce, blockchain, cybersecurity, digital marketing, and much more. He is also keen on learning a new skill every year. In his free time, he likes playing games on his Xbox and scrolling through Quora.