One of the cheapest and easiest ways that you buy Fantom (FTM) directly with GBP is via CoinJar (1% fees).
Check out this post to learn more.
Summary: Buy Fantom in the UK
Here’s a quick overview of some places where you can buy Fantom (FTM) in the UK.
|CoinJar||UK Bank Transfer||1.00%|
|CoinJar||Credit & Debit Card||2.00%|
|Gemini||UK Bank Transfer||1.99% (if > £150)|
|BC Bitcoin||UK Bank Transfer||5.00%|
|Crypto.com App||UK Bank Transfer||Variable|
|Crypto.com App||Credit & Debit Card||2.99% + Variable|
How to Buy FTM
CoinJar has a simple web interface and mobile app that makes it easy to buy cryptocurrencies like Fantom (FTM).
You can deposit GBP with a UK bank transfer, or you can instantly buy whatever cryptocurrency you want with a credit or debit card.
CoinJar normally charges a fixed fee of 1% when you buy Fantom (FTM), but you’ll be charged twice as much if you use a credit or debit card.
Although using a credit or debit card is instant, depositing GBP with a UK bank transfer is pretty fast too. After my first deposit, I’ve found that anything I send over to CoinJar is credited within minutes.
Established in 2014, Gemini is a cryptocurrency broker (and exchange) that’s available in 50+ countries – which includes the UK.
You can deposit GBP using a UK bank transfer (FPS, CHAPS, and SWIFT), as well as credit and debit cards.
Depositing GBP with a UK bank transfer is the cheapest option, but you’ll still pay at least 1.49% in transaction fees plus another 0.50% convenience fee. If you buy less than £150, then you could pay a lot more.
3. BC Bitcoin
Founded in 2017, BC Bitcoin is a highly rated cryptocurrency broker (4.9-stars, 500+ reviews on Trustpilot).
Through its website, or even over the phone, you can buy Fantom (FTM) and nearly any other cryptocurrency that you want. Privacy-focused cryptocurrencies, like Monero (XMR) or Zcash (ZEC), are the main exceptions to this.
You can buy cryptocurrencies on BC Bitcoin using a UK bank transfer (via Faster Payments), SEPA bank transfer, or a credit/debit card.
However, fees are quite high. You’d normally be charged 5% in fees when buying Fantom (FTM) with a UK bank transfer.
If you place an order of £5000 or more, this’ll be reduced to 4%.
Unfortunately, the minimum order value is higher than many other places (min £250). However, you can buy multiple cryptocurrencies at the same time if you reach out to them via live chat or over the phone.
What is Fantom (FTM)?
Fantom (FTM) is the native token for Fantom, a network of blockchains that offers smart contract capabilities for DeFi (decentralised finance) applications. The token is officially called FTM, but most people refer to it as Fantom for convenience.
The Fantom platform was released to the public in 2018. It was created by an international team of blockchain and computer scientists at the Fantom Foundation that included Ahn Byung Ik and the foundation’s CEO, Micahel Kong.
Fantom is designed to provide faster transaction confirmations and lower fees without compromising security or the decentralisation of the network. It operates using a DAG-based aBFT consensus algorithm called Lachesis. The FTM token is vital to the security and governance of the Fantom ecosystem.
There is currently about 2.6 billion Fantom (FTM) in circulation out of a maximum supply of 3.175 billion. The rest of the FTM supply will be released as staking rewards over the coming years.
Here’s a look at how the Fantom network and the FTM token works:
Fantom (FTM) offers a number of benefits for anyone who holds the token. But, to understand the benefits of FTM, you need to know what the token is used for in the Fantom ecosystem.
Fantom (FTM) has 4 primary functions:
- Security: FTM is used to secure the Fantom network through a proof-of-stake system.
- Payments: You can use FTM for quickly sending and receiving payments with minimal fees.
- Governance: The Fantom network has a unique governance system that’s wholly operated through FTM staking.
- Fees: Users of the Fantom network can pay for their transaction fees using FTM.
Therefore, holding FTM gives you 2 key benefits besides the potential for long-term value growth: Access to governance votes and the ability to earn staking rewards.
The interest rate for FTM staking can vary, but the rate has been as high as 13% in the past. You can earn higher staking rewards with FTM by keeping your tokens locked up for up to a year at a time.
Best Fantom (FTM) Wallets
Fantom (FTM) is a fairly tricky cryptocurrency to store because there are 3 types of FTM tokens:
- Opera: Used on the main Opera chain of the Fantom ecosystem.
- ERC-20: Lives on the Ethereum network.
- BEP2: Operates on the Binance Chain.
As a result, not all wallets are compatible with all FTM tokens. In particular, keep in mind that FTM tokens held on the Opera Chain have Ethereum address structures, but they aren’t Ethereum addresses. That means that you can’t send them to Ethereum or ERC-20-compatible wallets. If you do, your tokens could be lost forever.
However, there is an official FTM wallet called the PWA wallet. You can use it to receive, send, store, and stake any Opera FTM. It’s compatible with nearly all operating systems and it also has a browser extension that’s compatible with Chrome and Brave.
Note that you must swap ERC-20 FTM tokens for Opera FTM tokens before sending them to the PWA wallet.
Alternatively, there are a number of other online wallets that can support FTM. These include:
- MetaMask: This is one of the most popular hot wallets out there. Plus, you can send your FTM Opera tokens to any Ethereum address on a MetaMask wallet. However, doing so takes a bit of configuration for your wallet (read more about the steps involved on the Fantom Foundation Blog).
- Atomic Wallet: A fantastic multi-currency wallet, Atomic Wallet is a streamlined hot storage system that supports all ERC-20 tokens. It comes with a superb wallet interface that’s available both on desktop and on mobile devices. Note that you can currently only send ERC-20 FTM tokens to Atomic Wallet—not FTM Opera.
- Trust Wallet: The Trust Wallet is a hot wallet that was developed by the team at Binance. However, it is completely separate from the Binance Exchange and your private keys aren’t stored on the exchange. Trust Wallet is currently capable of supporting both ERC-20 and BEP2 FTM tokens.
You can also store Fantom (FTM) on hardware wallets such as:
The Ledger Nano S and X are two of the most popular hardware wallets on the market. They offer an excellent wallet interface called Ledger Live. Plus, both the Nano S and Nano X support FTM Opera tokens. Read more about how it all works before you get started.
Both the Trezor One and Model T also support FTM Opera tokens and ERC-20 FTM tokens. The ERC-20 FTM tokens are fully sported by Trezor Suite, the wallet’s desktop interface. Meanwhile, the FTM Opera token can be managed using a Trezor wallet through MyCrypto or MyEtherWallet.
Thanks for checking out this guide about how to buy Fantom in the UK!
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