How to Buy Fantom in the UK
A Beginner’s Guide to Buying Fantom Cryptocurrency in the UK
If you’re based in the UK and wish to buy Fantom – the process is very straight. All you need to do is find a regulated exchange, deposit some funds, and decide how many Fantom tokens you want to buy.
Cryptocurrencies have become a highly viable investment vehicle. Many people are turning into crypto despite the high volatility of the market. The strong trend that has happened since the beginning of the year has made investors more interested in the crypto market as they look for a way to reap huge returns from the sector.
There are many types of cryptocurrencies that an individual can invest in, including Fantom tokens. Fantom is a cryptocurrency that you can invest in when you want to diversify your crypto portfolio from the basic currencies such a Bitcoin and Ethereum.
When you read this guide, you will be equipped with knowledge about how to buy Fantom in the UK and some things you need to consider before investing. However, it would help if you first considered the high risk of investing in cryptocurrencies before diving into the market.
What's in this guide?
- QUICK GUIDE: HOW TO BUY FANTOM IN THE UK
- A step-by-step guide to buying Fantom in the UK
- How to sell Fantom
- Which wallets can I use to hold Fantom?
- How Fantom works
- Key things to consider before buying Fantom in the UK
QUICK GUIDE: HOW TO BUY FANTOM IN THE UK
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Fantom
- Enter how many Fantom tokens you want to buy
- Check the details and confirm your purchase
A step-by-step guide to buying Fantom in the UK
When you want to buy Fantom in the UK, follow these simple steps:
Step 1: Open an exchange account
The first thing you need to do is to open a cryptocurrency exchange account. There are several exchanges in the UK, and all these come with different ways for you to buy Fantom tokens. Before choosing the exchange, you should ensure that it can support Fantom coins.
Opening an account is a very easy process. All you need to provide is your names, your contact details, and proof of address. In addition, you may be required to verify some details that you have provided through submitting documents such as your government-issued ID and a proof of address document.
Opening the exchange account will only take a few minutes. To set up the security of your exchange, you need to provide a multi-factor authentication process that will keep the account secure and ensure there is a minimized chance of your account being accessed by someone else without your authorization.
Step 2: fund the account
The second step is to fund the exchange account, so you can have a way of buying Fantom tokens. The most basic way of funding your account is by using a credit card or a debit card. You can also link your bank account directly with the exchange and deposit the funds you would like to spend.
If the exchange does not allow the direct purchase of Fantom using GBP, you can choose to exchange other cryptocurrencies for the Fantom coins. Some tokens that you can use in the trade include Bitcoin and Ethereum, the most popular cryptocurrencies.
Step 3: Buy Fantom
After depositing funds into the exchange, the third step is to buy Fantom tokens. Buying is also a very easy process. All you need to do is go to the buy-side of the exchange account, enter the amount you want to spend, confirm the transaction and you will receive a notification in your email stating that your transaction has been processed.
To buy Fantom tokens, you can place either a market order or a limit order. The market order will enable you to buy the tokens at the ongoing prices, while the limit order will allow you to buy the tokens when the prices reach a certain low level.
Step 4: Store your Fantom tokens in a crypto wallet
The fourth step is for you to store the Fantom tokens in a crypto wallet. There are two main types of crypto wallets: a hot wallet and a cold wallet. The hot wallet is the one that allows you to store your tokens for a short while online as you trade them to earn quick returns.
The other type of wallet is a cold wallet that will store your tokens offline. Cold wallets are highly secure because your tokens will not be available online and will be less susceptible to loss. It is ideal for those who want to store Fantom for long and those who want to hold large amounts.
How to sell Fantom
Selling Fantom is as easy as the process of buying the tokens. All you need is to go to the sell-side of your exchange account and then enter the amount you would like to sell. Confirm the details, and the transaction will be processed.
There are two ways of selling Fantom tokens. You can sell them for GBP or other cryptocurrencies. All you need to do is lookout for the pair that you want to exchange with. Pairs are often named FTM/BTC, ETC/ETH, or ETC/XRP.
Which wallets can I use to hold Fantom?
As mentioned earlier, there are two main ways for someone to hold Fantom tokens. One can use hot wallets or cold wallets. Hot wallets are usually found in the exchange account, and they will keep your tokens online, so it is easy for you to retrieve them as you sell regularly.
On the other hand, cold wallets are stored in external devices such as USB drives, and they keep your tokens safe away from any online interference.
How Fantom works
Fantom works like all the other cryptocurrencies. The token is based on a decentralized system, which ensures there are no intermediaries involved in buying and selling the tokens. Investors of these tokens buy when prices are low and sell when prices are high to earn returns.
Key things to consider before buying Fantom in the UK
Some things you need to consider before buying Fantom include:
One of the things you need to assess is the performance of the tokens. Check how Fantom tokens have been doing in recent months, which will help you make an informed decision.
Cryptocurrencies are highly volatile, so you need to check whether you can manage the high risk of investing in this market.
Check whether Fantom has other uses other than being traded to make money. When a token has several uses, it ensures that its future price is protected from a large market dip.
Fantom is one of the most popular cryptocurrencies. The token has become very popular in the market because of maintaining a certain price threshold. Follow the steps above and become part of the crypto community by buying the Fantom in the UK.
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Virtual currencies are highly volatile. Your capital is at risk.