How to Buy Fantom in the UK – Beginner’s Guide
The world of cryptocurrency has evolved significantly over the years, and investors are constantly on the lookout for the next big thing. Fantom (FTM) is one such digital currency that has been making waves in the crypto space. If you’re a resident of the UK and are interested in purchasing Fantom, you’ve come to the right place. In this beginner’s guide, we will walk you through the steps to know how to buy Fantom in the UK, starting from acquiring Bitcoin to finally investing in FTM. So, let’s get started!
Step 1: Acquire Bitcoin
Before you can invest in Fantom, you’ll need to obtain some Bitcoin (BTC) first. Bitcoin is the most widely accepted cryptocurrency and serves as a gateway to many other digital assets, including Fantom. Here are some steps to acquire Bitcoin:
Create a Cryptocurrency Wallet: To buy and hold Bitcoin, you’ll need a secure digital wallet. There are various types of wallets, such as hardware wallets, software wallets, and mobile wallets. Choose one that suits your preferences and provides strong security features.
Choose a Reputable Exchange: Look for a reputable cryptocurrency exchange where you can purchase Bitcoin. Some popular options available in the UK include Coinbase, Binance, and Kraken. Register an account on your chosen exchange and complete the necessary KYC (Know Your Customer) verification.
Deposit Funds: Deposit fiat currency (like GBP) into your exchange account. This can usually be done via bank transfers, credit/debit cards, or other payment methods supported by the exchange.
Buy Bitcoin: Once your account is funded, you can place an order to buy Bitcoin online. Specify the amount you want to purchase and confirm the transaction.
Transfer Bitcoin to Your Wallet: For added security, transfer the newly acquired Bitcoin to your personal wallet. This way, you have full control over your assets.
Step 2: Research Fantom (FTM)
Before diving into the world of Fantom, it’s essential to understand what you’re investing in. Fantom is a high-performance, scalable blockchain platform designed for decentralized applications and smart contracts. Its unique technology and growing ecosystem make it an attractive investment option. Research Fantom thoroughly, explore its use cases, team, and recent developments to make an informed decision.
Step 3: Choose a Fantom Wallet
Just as you did with your Bitcoin, you’ll need a secure wallet to store your Fantom tokens. Fantom supports various wallet options, including official wallets like the Fantom Opera Wallet and third-party wallets like MetaMask. Ensure that your chosen wallet is compatible with Fantom (FTM) and provides the necessary security features.
Step 4: Find a Suitable Exchange
Once you have Bitcoin in your wallet and are well-informed about Fantom, it’s time to find an exchange where you can trade your Bitcoin for Fantom. Several exchanges list FTM pairs, allowing you to exchange your Bitcoin for Fantom. Some popular exchanges that may offer FTM trading include Binance, KuCoin, and Uniswap.
Step 5: Buy Fantom (FTM)
Here’s how to buy Fantom (FTM) with your Bitcoin on an exchange:
Sign Up: Create an account on the exchange if you haven’t already, and complete the required KYC verification.
Deposit Bitcoin: Transfer your Bitcoin from your personal wallet to the exchange.
Place an Order: On the exchange, locate the FTM trading pair (e.g., BTC/FTM) and place a buy order specifying the amount of Fantom you want to purchase.
Confirm the Purchase: Once your order is executed, you will have successfully bought Fantom.
Step 6: Transfer Fantom to Your Wallet
For added security, it’s recommended to transfer your newly acquired Fantom to your personal wallet. This way, you have full control over your assets and reduce the risk of losing them in case of exchange-related issues.
Diversify Your Portfolio: While Fantom may be a promising investment, it’s essential to diversify your cryptocurrency holdings. Diversification can help spread risk and reduce the impact of a poor-performing asset.
Start Small: If you’re new to cryptocurrency investing, it’s wise to start with a small investment. This allows you to gain experience without risking a significant portion of your capital.
Stay Informed: The cryptocurrency market is highly dynamic, with prices subject to rapid fluctuations. Keep yourself informed about market developments, news, and updates related to Fantom to make informed decisions.
Hodl Strategy: Many cryptocurrency investors adopt a “Hodl” (hold) strategy, where they buy and hold assets for the long term. This approach can help you ride out market volatility and benefit from potential long-term gains.
Security and Safety
Enable Two-Factor Authentication (2FA): Implement 2FA on your exchange and wallet accounts for an extra layer of security. This adds a verification step beyond just a password.
Use Cold Storage: Consider using hardware wallets or paper wallets for storing your Fantom tokens. These are offline storage options that are more secure than hot wallets connected to the internet.
Beware of Phishing Scams: Be cautious of phishing attempts and fraudulent websites. Always double-check the URL of the sites you visit and never share your private keys or sensitive information with anyone.
Cryptocurrency transactions may have tax implications in the UK. It’s advisable to keep accurate records of your crypto trades, including acquisition and disposal dates and amounts. Consult a tax professional or use tax software to calculate and report your cryptocurrency gains and losses when filing your taxes.
The regulatory landscape for cryptocurrencies is evolving. Stay updated on the latest regulatory changes in the UK, as they may affect how you buy, sell, and hold cryptocurrencies.
Best Sites to Buy Bitcoin
Since Bitcoin is your gateway to investing in Fantom, here are some popular sites for buying Bitcoin online in the UK:
Coinbase: Coinbase is known for its user-friendly interface and is a great option for beginners. It supports GBP and offers a secure platform for buying Bitcoin.
Binance: Binance is one of the world’s largest cryptocurrency exchanges. It provides access to numerous cryptocurrencies and trading pairs, including Bitcoin.
Kraken: Kraken is a well-established exchange known for its security features and a wide range of supported cryptocurrencies, including Bitcoin.
LocalBitcoins: If you prefer a peer-to-peer approach, LocalBitcoins allows you to buy Bitcoin directly from other users in the UK. It offers various payment methods to choose from.
Remember to conduct your research and compare fees, security measures, and available features when selecting a platform to buy Bitcoin.
Investing in Fantom in the UK can be a rewarding venture, but it comes with its own set of challenges and considerations. Make sure to acquire and store your assets securely, stay informed about the market, and manage your risks wisely. By following these steps and staying vigilant, you can navigate the crypto market with confidence. Happy investing!