A Beginner’s Guide to Buying Fantom Cryptocurrency in Australia
If you’re based in Australia and looking to buy Fantom – the process is very simple. All you need to do is find a regulated exchange, deposit some funds into your account, and decide how many Fantom tokens you want to buy.
Fantom is one of the most popular cryptocurrencies in the market. The token is renowned for its incredible contributions in decentralized finance, given that it is based on the blockchain network.
Fantom is a blockchain project that aims to solve major problems associated with smart contracts, specifically the scalability of blockchains. It’s a DAG-based (Digital Acyclic Graph) blockchain platform capable of running smart contracts and where users can build decentralized apps and exchanges. Fantom also has a native token - FTM which is a utility and governance token. FTM is also a tradable asset and has attracted several investors since its launch.
If you are obsessed with Fantom too and want to invest in it, in the first place you should learn about this project and know how Fantom works. This guide intends to introduce you to everything you need to know about Fantom cryptocurrency before you purchase it. Apart from the information, you will also find the best platforms to buy Fantom coins in Australia.
How To Buy Fantom In Australia – Quick Guide
To help you buy Fantom coins as quickly as possible, we broke the process down into a few easy steps:
- Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
- Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time.
- Step 3: Deposit – Fund your new eToro account with a minimum of $10.
- Step 4: Search for Fantom on eToro – Search for FTM or Fantom in the eToro crypto market.
- Step 5: Buy FTM – Enter the amount of the worth of Fantom you want to purchase in United States Dollars (USD), then click Open Trade.
That’s it! By following these easy steps, you can invest in Fantom in Australia in less than 5 minutes.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Where To Buy Fantom In Australia
If you want to buy Fantom in Australia, the only place to do it is from a cryptocurrency exchange. There are several crypto exchanges in the country, and you research the ones that support Fantom and AUD.
List of the best Exchanges to buy Fantom (FTM) in Australia:
Looking where to buy Fantom in Australia right now? Below you will find 4 of the best brokers that allow you to buy Fantom in Australia.
- eToro - Best broker to buy Fantom (FTM) in Australia
- Binance - Best exchange to buy Fantom in Australia for asset diversity
- Coinbase - Best exchange to buy Fantom (FTM) for beginners
- OKEx - Best broker to buy FTM in Australia for low-cost
What Is Fantom Coin?
Fantom coin is the native token of Fantom blockchain which is a Defi project founded in 2018 and based in Korea, Seoul. It’s a platform on which developers can build dApps and use FTM coin to pay for transaction fees or for creating smart contracts. Fantom is not the only player in the market and it competes with such popular blockchain projects as Ethereum and Cardano. So, how does Fantom differ and what unique technology does it offer to become an exceptional project?
The problem with the blockchains is that after a particular time when there is a large number of transactions on their network the scalability suffers and they are not capable of running so many transactions in a short time. Bitcoin, for instance, which is the largest crypto asset by its market cap, is capable of running 7 transactions per second.
That’s why some Defi projects aim to create a more scalable platform. But still, they need to sacrifice another blockchain component - either security or decentralization. This problem is known as Scalability Trillema and requires developers to do away with one of these three blockchain components to work efficiently. However, Fantom claims that it has succeeded in solving this trilemma and creating a fast, secure and decentralized blockchain platform.
Due to this, Fantom is capable of running thousands of transactions in a second and the transactions are verified in 1-2 seconds. Meanwhile, Fantom keeps its platform secure and decentralized, with low transaction fees that cost a fraction of a cent.
To power its network, Fantom also issues a cryptocurrency - FTM, which has several use cases within its network. It can be used to pay for network fees and acts also as a governance token meaning that those who own FTM coins can vote on changes regarding the Fantom project. Users can also stake their Fantom coins to secure the network and generate rewards for it.
Fantom Price History, Source: coinmarketcap.com
Where To Buy Fantom Coin In Australia - Best Brokers And Exchanges
Though Fantom is a relatively new token, it has already become quite popular to be listed on several cryptocurrency exchanges. This can be a great plus, as you have a big selection of platforms where you can buy Fantom. Still, you can’t select any of these platforms as not all of them are secure and efficient.
To find a good cryptocurrency exchange, you must consider checking some functions to make sure they can provide a safe, easy-to-operate, and functional platform. Our experts have already done complete research and analyzed several cryptocurrency exchanges and their properties. So far, our research indicates that eToro and Binance are the best platforms to buy Fantom coins in Australia.
eToro is a reputable online brokerage platform that operates in more than 100 countries, including Australia, the US, and the UK. The assets supported by this broker are versatile: along with cryptocurrencies, you can trade on eToro stocks, forex, commodities, indices, etc.
The best thing with eToro is that you can buy and sell these assets with zero commissions. The only trading fee eToro charges for standard contracts is the difference between buy and sell prices. eToro is a secure platform regulated by ASIC in Australia, FCA in the UK, CySEC in Cyprus, and registered with FinCEN. It provides a beginner-friendly platform where users can enjoy its simple design and easy-to-operate interface. eToro’s social trading platform is another way to be up to date about the market and boost your trading skills.
eToro is quick to operate and offers cost-effective trading. Creating an account with eToro may take you up to 30 minutes. It also requires you to verify your account which is a compulsory step to protect its platform from malicious attacks. The broker guarantees an excellent trading experience with quickly executing trades, a good selection of trading tools, a social trading platform and useful educational content.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Binance
Being one of the most widely used cryptocurrency exchanges, Binance offers a secure, cost-effective, and versatile trading and investing experience. It supports a wide selection of cryptocurrencies and NFTs, which you can buy in a matter of minutes and securely store on your exchange account or transfer to its software wallet. Along with providing an easy-to-use interface for beginners, Binance stands out with a good selection of advanced tools for professionals. Binance offers one of the most competitive pricing structures in the industry though it may be a bit pricey when it comes to bank card transactions.
A Step-by-step Guide To Buying Fantom In Australia
If you want to buy Fantom tokens, there are two main ways for you to do it:
Buying Fantom with other cryptocurrencies
The first way of buying Fantom tokens is by using other cryptocurrencies. All you need is to buy other cryptocurrencies and then exchange them for Fantom tokens. This option is not available on all exchanges.
For example, if you want to buy Fantom using Bitcoin, look out for the pair labelled Bitcoin/Fantom, and this will exchange your Bitcoin with Fantom tokens.
Buying Fantom using fiat currencies
The other way for you to buy Fantom is by using fiat currency and, in this case, the AUD. As mentioned earlier, before registering with an exchange, ensure that it supports AUD.
To start buying Fantom tokens, follow these simple steps:
Step 1: Register with an exchange
The first step you need to take is to register with an exchange account. Australia has several crypto exchange companies, and all you need to do is choose the company that best suits your needs and one that supports Fantom and AUD. Some details will be requested of you to open the exchange account, including your name, telephone number, email address, and more.
Because of compliance measures given to exchanges, you will also have to verify some details you have provided through basic KYC rules. To verify, you will need supporting documents such as a government-issued ID, proof of address, and others.
When setting up the account, you need to set a strong password and multi-factor authentication to ensure that you keep your account safe from any third-party interference.
Step 2: Fund your account
The second step is to fund your account so that you can buy Fantom tokens. To fund the account, link your bank account to the exchange, or you can also link your credit card or debit card.
Step 3: Buy Fantom
The third and most important step is to buy Fantom now. Now that you have funded your account with either AUD or other cryptocurrencies, you can now exchange them for Fantom tokens.
If you want to buy using cryptocurrencies, select the pairs matched against the Fantom tokens. These pairs will be listed as ETH/FTM, BTC/FTM, and others. To buy with AUD, you can select the pair written AUD/FTM.
After selecting the pairs you would like to exchange with, confirm your transaction and an email will notify you that the transaction has been processed.
Don't Miss: Fantom Price Prediction
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
How To Buy Fantom Coin With A Credit Card?
If you intend to buy Fantom coin with a credit card, you need to provide your card details to the broker with which you make an investment. Hence, it’s crucial to select a trustworthy platform that will be secure enough to guarantee the safety of your details. eToro is among the most secure brokers that support buying Fantom coins with a credit card.
For this purpose, you must visit the broker and create an account. If you use a regulated broker, there is also a need to verify your account which is for safety purposes. After it, you can finally link your bank card to your brokerage account and transfer the money you want to invest in Fantom. When your account is charged you can get to buying Fantom coin.
How To Sell Fantom
After you have bought Fantom tokens and want to sell them after some time, you can follow the same process as buying the tokens.
Sign in to your exchange account and go to the sell section of the exchange. Afterwards, you can select the amount you want to sell and receive funds that you have exchanged for the tokens.
If the exchange does not support the exchange of Fantom to AUD directly, you can exchange the tokens for other cryptocurrencies that you can later sell for AUD. Once you have your funds back, you can later withdraw them from the exchange account.
Here’s How You Can Start Trading Fantom Coin In Australia
Trading Fantom can help you make good rewards using the volatility and price movements of this cryptocurrency. Here is what you need to do to start trading Fantom in Australia.
Register for an Account and Verify It
In the first place, you must have a trading account that you can open on any trustworthy brokerage platform just by clicking on the “Sign Up” button. After finishing the account creation process, you must also verify your address, email, phone number and identity to complete the registration process.
Deposit Money in Your Account
Before you start trading Fantom coin, you also need to charge your account with some funds. Bank cards and e-wallets are preferable for trading transactions because these are the fastest ways of depositing funds on your account.
Develop a Trading Strategy
You can bring your trades to a new level if you have an efficient trading strategy that can help you reduce losses and make reasonable trades. To have a good plan you must do a lot of research, taking into account everything that can affect the Fantom value. Based on your research you can develop either a long-term or a short-term strategy depending on your trading goals and budget.
Start Trading Fantom Coin
At this point, you are completely prepared to start Fantom coin trading. So, visit your account, search the coin name and click on the “Trade” button to open a position.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Which Wallets Can I Use To Hold Fantom Tokens?
There are two ways you can hold crypto tokens. One of these wallets is the online crypto wallet that will store your tokens online. Online wallets are also known as hot wallets, and they allow you to withdraw and sell your crypto whenever you want to.
The other type of wallet is the cold wallet. This allows you to hold your Fantom tokens for a long time without having to sell them. Cold wallets are safe because they store your tokens offline on external devices such as a USB drive.
Best Digital Wallet For Fantom Coin
When it comes to securely storing your Fantom coins, there are two basic ways of doing it. These options are software and hardware wallets. A software wallet is a decentralised app that acts as hot storage for your funds because you can not only keep your coins on it but also use its in-built exchange to transfer, receive, buy, sell and even stake cryptocurrencies. Among the best hot-storage wallets to use for storing FTM coins are eToro’s Money wallet and Binance’s Trust wallet.
Store, buy, sell, send and receive more than 100 cryptocurrencies with eToro’s Money wallet
In contrast to software wallets, hardware wallets are cold-storage and are specifically designed to store your cryptos. Hardware wallets are more secure and are used as offline storage for your assets. The best hardware wallets to use for Fantom storing include Trezor and Ledger Nano wallets.
Should You Buy Fantom Coin Right Now?
Fantom can be a good buy for you if you are looking for a promising cryptocurrency project that can take a good place in the market and bring you high rewards. It’s an affordable cryptocurrency and has big plans for the future of the DeFi industry. And if Fantom can succeed in accomplishing its goals, it can really become a game-changer in the market. Still, you need to also keep in mind that Fantom has great competitors in the market, so consider that there is some risk that Fantom can fail.
Read Also: Will Fantom Make Me Rich In 10 Years?
Key Things To Consider Before Buying Fantom In Australia
Some things you should consider before buying Fantom in Australia include:
Availability
The first thing you need to consider is the availability of Fantom tokens. You should select the tokens with a high supply circulation in the market because this will enable you to buy and sell at will.
Usability
The best tokens are those that can be used for purposes other than trading. Conduct research on whether Fantom can support other DeFi projects because this will raise its future value.
Volatility
You also need to check the volatility of the token. Every cryptocurrency is very volatile because its prices will keep changing. You need to invest in Fantom if you are aware of the high risk involved.
Conclusion
In conclusion, Fantom aims to become a fourth generation blockchain that combines scalability, security and decentralisation to create an efficient, low-cost and fast-operating network. It sets ambitious goals which can bring a lot of popularity to Fantom if the team succeeds in its plans. Fantom has a native cryptocurrency which apart from its multiple uses within the network is also a tradable asset.
Fantom is an excellent investment as it’s affordable and is listed on several cryptocurrency exchanges. To buy Fantom coin in Australia, you need to select a cryptocurrency exchange which you can find in our list of the best brokers. Create an account with the broker and fund it to purchase Fantom coins.
eToro – The Best Platform To Buy Fantom In Australia
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
FAQs
What is Fantom coin?
Fantom coin is the native cryptocurrency of the Fantom blockchain and is used as a utility and governance token within the Fantom ecosystem. Holders can also stake it and get rewards.
Where can I buy Fantom coin in Australia?
You can buy Fantom coin in Australia on a cryptocurrency exchange that lists FTM and accepts Australian customers. eToro is the best platform to invest in Fantom in Australia.
What is the maximum supply of Fantom coin?
The maximum supply of Fantom coin is 3,175,000,000 coins. The current circulating supply is 2,545,006,273 FTM coins, according to the Coin Market Cap.
Who is the founder of Fantom coin?
Fantom blockchain was founded in 2018 by computer scientist Dr. Ahn Byung Ik. The CEO of the platform is Michael Kong.
What is the market cap of Fantom coin?
The current value of the FTM coin is $1.1 and it has a market cap of $2,821,939,627 which makes it the 42nd largest cryptocurrency by its market capitalization.
Are Fantom tokens volatile?
Just like with the other cryptocurrencies, Fantom tokens are highly volatile because their prices keep fluctuating.
Can I buy Fantom with a credit card?
Yes, that is one of the options some exchanges will give you to fund your account.
Read More:
How to Make (or Lose) Money With Fantom (FTM)