Based in the UK and looking to get your hands on some Fetch.ai (FET)?
The cheapest option I’ve been able to find for UK residents is Coinbase Pro (max 0.5% trading fees). However, this isn’t a beginner-friendly option.
For more details (and further options) check out the full post.
Want to Buy Fetch.ai (FET) in the UK?
Here’s a quick overview of places where I’ve found that you can buy Fetch.ai (FET) in the UK:
|Provider||Payment Method||Trading Fees|
|Coinbase Pro||UK Bank Transfer||0.50% or less|
|CoinJar||UK Bank Transfer||1%|
|Gemini||UK Bank Transfer||1.99% (if > £150)|
|Crypto.com App||UK Bank Transfer||Variable Exchange Rate|
|Crypto.com App||Debit Card||2.99% + Variable Exchange Rate|
|Gemini||Debit Card||5.48% (if > £150)|
How to Buy Fetch.ai UK
1. Coinbase Pro
Coinbase Pro is the cheapest place that I’ve been able to find where you can buy Fetch.ai (FET) in the UK.
However, you can’t directly buy Fetch.ai (FET) with GBP on Coinbase Pro.
This means that you’ll have to:
- Deposit GBP with a UK bank transfer. Because this is processed via Faster Payments, you should find that anything you send over is credited quickly.
- Buy Tether (USDT) with your GBP account balance on Coinbase Pro. You’ll pay a maximum of 0.01% in fees for this trade.
- Buy Fetch.ai on the FET/USDT market using the Tether (USDT) that you’ve just bought. You’ll pay a maximum of 0.5% in fees for this trade.
While it does work out quite cheap to use Coinbase Pro for buying cryptocurrencies like this, it’s worth knowing that it’s not beginner-friendly. If you just want something that’s quick and easy to use, then you’d be better off looking elsewhere.
Founded in 2013, CoinJar is a cryptocurrency platform that’s available to UK and Australian residents.
Using their web interface or mobile app, you can quickly and easily buy a growing number of cryptocurrencies – which includes Fetch.ai (FET), as well as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC).
You have two ways that you can buy Fetch.ai (FET) on CoinJar:
- You can deposit GBP with a UK bank transfer (via Faster Payments), and then use your account balance to buy Fetch.ai (FET). You’ll pay a 1% fee for this.
- You can instantly buy Fetch.ai (FET) by using a UK debit card. You’ll pay a 2% fee for this.
Either way, CoinJar is a much more beginner-friendly place to buy cryptocurrencies like this.
3. Crypto.com App
You’ll find that Crypto.com advertise that you’re able to buy Fetch.ai (FET) and other cryptocurrencies at “true cost”.
However, I’ve consistently found that you’re quoted prices that are more than 1% above the exchange rate that you’d find on popular exchanges with lots of liquidity (e.g., Binance).
So, while it’s free to deposit GBP with a UK bank transfer and there are no explicit fees, you will be paying a hidden fee to exchange GBP for Fetch.ai (FET) or something else.
You can also use a debit card to instantly buy Fetch.ai (FET). However, you’ll pay an explicit fee of 2.99% for the added convenience – which is on top of the exchange rate markup that’s applied.
What is Fetch.ai (FET)?
Fetch.ai (FET) is the utility token for Fetch.ai, a decentralised machine learning platform. It’s primarily used to pay transaction fees on the Fetch.ai network and secure the network through staking.
The main goal of Fetch.ai is to give developers the artificial intelligence (AI) tools they need to optimise real-world systems. For example, Fetch.ai could be used to make the global shipping industry more efficient through a seamless integration of AI and blockchain technology.
Founded in 2017, Fetch.ai is the brainchild of a Cambridge, UK-based team of developers and entrepreneurs that included Humayun Sheikh, Toby Simpson, and Thomas Hain. The company launched the FET token in 2019 to help power and secure the Fetch.ai network.
Check out this quick video to learn more about what Fetch.ai does and how it works:
Using machine learning and AI, Fetch.ai provides an open-source, permissionless, and decentralised platform where anyone can access the data and tools that can make their systems, products, or services, as powerful and efficient as possible.
At its core, Fetch.ai relies on an open economic ledger that’s built on the Cosmos-SDK framework. This ledger records every transaction that autonomous economic agents (AEAs) make when they trade information with each other.
AEAs are digital entities powered by AI that can act on your behalf (or that of your company) without the need for external inputs or control. In other words, AEAs can be programmed with smart contracts to function as a digital representative of a company or individual.
These AEAs can then collect and process all the data that a company or individual needs to optimise its services in real-time. AEAs are also capable of machine learning, too, so they’re constantly improving their own performance.
The idea of AI and machine learning-powered systems can seem quite complicated, so let’s consider an example.
Here’s a video from the University of Cambridge that shows how Fetch.ai could be used to create an autonomous supply chain:
In this scenario, all of the components of the supply chain have their own AEAs that act on their behalf to negotiate the best possible prices and delivery times. This creates the most efficient possible supply chain, which ultimately reduces waste and lowers costs for the consumer—all by using AI.
Fetch.ai’s native token, FET, is designed to power and secure the entire Fetch.ai network.
There are many uses for FET within the Fetch.ai ecosystem, including:
- Powering AEAs: FET is a utility token that lets you create, train, and deploy autonomous economic agents (AEAs). Without FET tokens, AEAs can’t operate within the Fetch.ai network.
- Paying Transaction Fees: Any fees you accrue on the Fetch.ai network are paid in FET. For example, if a company’s AEA needs data from another AEA to optimise its performance, it will pay for that data in FET.
- Securing the Fetch.ai Network:ai operates using a unique slot-Proof-of-Stake (sPoS) consensus protocol. Holders of FET tokens can stake their tokens to validator nodes that help to secure the overall network and process transactions.
The primary benefit of holding Fetch.ai (FET) tokens is that they let you earn staking rewards. When you stake your FET tokens, you can earn approximately 10% APY as a reward for participating in the network.
Additionally, FET token holders can place governance votes on proposed changes to the Fetch.ai network. Fetch.ai’s governance process is still in its early stages of development, but the hope is that the network’s governance will become entirely decentralised in the future.
Best Fetch.ai (FET) Wallets
Storing the private keys to your Fetch.ai (FET) tokens is complicated business because there are multiple versions of the FET token.
FET was originally launched as an ERC-20 token. However, the Fetch.ai mainnet went live in 2021 and the network is transitioning toward using the native version of the FET token for all staking and governance purposes.
If you currently buy your FET on a centralised exchange, it’s most likely going to be the ERC-20 version of the token. According to Fetch.ai, only Binance and a few other exchanges have migrated to the Fetch.ai mainnet and currently support native FET tokens.
Always double-check which version of FET you have before you send your tokens to an external wallet. If you send your FET to the wrong wallet, it may be lost forever.
Best ERC-20 FET Wallets
If you have the ERC-20 version of FET, you can manage your tokens from most popular Ethereum software wallets – such as Atomic Wallet, Trust Wallet, and Coinbase Wallet.
You can also manage your ERC-20 FET on many popular hardware wallets, such as:
However, if you want to bridge your ERC-20 FET to the Fetch.ai mainnet, the company recommends using MetaMask. You can then use your MetaMask wallet to swap your ERC-20 FET for native FET using the Fetch.ai Token Bridge.
Best Native FET Wallets
If you have Native FET tokens or if you want to bridge your ERC-20 FET, you need to have a wallet that operates on the Fetch.ai mainnet.
Fetch.ai recommends using the Cosmostation Wallet for managing Native FET tokens. Cosmostation is available as an iOS and Android app. It can connect to the Fetch.ai staking platform, too, so you can earn rewards directly from your wallet.
If you want to use a hardware wallet for your FET, you can use a Ledger Nano S or Nano X. However, to manage and stake your tokens, you need to connect your Ledger to the Cosmostation Web Wallet.
Thanks for checking out this guide about how to buy Fetch.ai (FET) in the UK!
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