Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps including our very own Reaper Farm. FTM is the primary token on the Fantom network used for securing the network through staking, for governance, for payments and for gas fees. If you would like to unlock a multitude of DeFi experiences on the Fantom chain, step one is to acquire some FTM. Binance is the largest centralized cryptocurrency exchange with the highest volume and lowest slippage. This guide will walk you through “on-ramping” or purchasing FTM on Binance.
Note: this guide is for Binance.com. Users from the US, please use Binance.US.
Register for an account on Binance
Head over to Binance or download the app to register an account. Choose a sign up method from the following options: phone, email, Apple or Google. This tutorial will use the email method.
Enter your email and password. It is important to choose a secure password, if your account is compromised you put your assets at risk. It is highly recommended that you set up two factor authentication with an authentication app like Authy after you have finished setting up your account. Read and agree to Binance’s Terms of Service and click Create Account.
Verify your identity
The next step is to verify your identity. This ‘KYC’ or know your customer step is common among most centralized exchanges. It will be easiest to complete these steps using the Binance app on your mobile phone as you will need to use a camera.
First provide your full name, date of birth and current residential address. Next you must upload images of your identity documents. You must use a valid government-issued document for verification such as a driver’s license, passport or national ID. The final step is a face verification process which is completed by following instructions on the app. Avoid using accessories such as caps or glasses and ensure that lighting is sufficient. In our experience, verification should only take a few minutes and then your account should be ready to go.
Now that you have verified your identity, you will now be able to purchase FTM on Binance. You can purchase FTM using a number of different options including bank deposit and credit/debit card.
To purchase using a bank deposit, hover over the Buy Crypto button in the top menu and select Bank Deposit. Select the currency you would like to deposit and click continue. Then enter the amount you would like to deposit and select continue. You should now be provided with bank details for you to make your deposit. Once your account has been funded, you are ready to buy FTM.
The easiest way to buy FTM is to hover over the Buy Crypto button in the top menu and select Cash Balance. From here enter the amount you would like to spend in FIAT and select your currency. Then choose FTM in the receive tab. You will be able to preview how much FTM you will receive for the transaction.
After you click continue you will be taken to an order confirmation page. Click confirm to execute the transaction.
Spot Trading on Binance
For advanced users, you can save on fees by using the spot trading method. To access this, hover over Trade and click on Spot. Search for FTM in the right hand corner and choose the pair you would like to trade.
You can choose between limit orders or market orders. Limit orders allow you to set a bid price. The sale will only go through when a seller makes an offer at or below your bid price. This allows you to purchase FTM at a discounted rate if you can find a seller. A market order processes the order at the market rate or the current ask price. Enter the desired amount and select buy FTM.
This method is very similar to the cash balance method. Hover over the Buy Crypto button in the top menu and select Credit/Debit Card. Select the currency you would like to transact with and enter the amount you would like to spend. Then choose FTM from the receive tab. After clicking continue, you will be prompted to enter your credit/debit card details. Finally, you will be provided with a confirmation screen. Click confirm to execute the transaction.
Congratulations! You have now successfully purchased FTM. Your FTM can now be found in your Fiat and Spot wallet. From here you can withdraw your FTM to your self-custodied crypto wallet such as Metamask.
For more information, please see the documentation on Binance’s website. You can also check out Coin Bureau’s Complete Beginner Guide to Binance.