Buy Fantom in Canada
Fantom made simple
Everything you need to know about Fantom and how to start investing in it.
-$0.01 (-0.95%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- 0.604252 - 0.6912136
Ethereum is the reigning champ of the smart contracts platform. But it’s an aging regent, and lots of people find its transactions too slow and expensive. Challengers like Fantom, Solana and Cardano have sprung up to best Ethereum at its own game, each promising low transaction costs and staggering levels of throughput without sacrificing on security.
Fantom uses something called a directed acyclic graph blockchain, which expresses transactions as a graph of hashes. It also uses its own consensus mechanism called Lachesis, a way of processing transactions faster than other systems of its kind by having validators confirm transactions independently of one another.
All of these new technologies are fancy ways of justifying Fantom’s fast speeds and low costs; transactions are near instant and cost a fraction of a fraction of a penny. Practically, all this means that decentralized finance applications, like NFTs, lending protocols and decentralized exchanges, are cheap and quick to use on Fantom.
A coin called FTM powers the network. It works a little like how Ethereum and Bitcoin work on their own blockchains: you cover the cost of sending a transaction in FTM, and this money goes to the people who validate those transactions. This process is called mining on Bitcoin, since it involves the creation of new Bitcoin with powerful computers. But on Fantom, and other blockchains like it (the technical term is proof-of-stake), it’s called staking, since those who own lots of coins get first right to validate transactions.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Fantom?
Fantom (FTM) is the native currency of the Fantom blockchain. You can also help process transactions by staking Fantom. For doing so, you’ll earn more Fantom. Transactions on Fantom aren’t necessarily as simple as moving the coin between wallets: like Ethereum, the Fantom blockchain supports smart contracts, automated bits of blockchain code that power decentralized applications. You can also spend FTM within decentralized finance applications that are native to Fantom.
Is Fantom a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Fantom or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Fantom safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Fantom prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Fantom to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Fantom
Want to take a deeper dive? Check out these articles about Fantom and the world of crypto.
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What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Fantom with just $1. It’s that simple.
Fantom is a smart contract-enabled blockchain, a little like Ethereum, Solana or Cardano. Smart contracts allow for the creation of decentralized applications (dApps), like decentralized exchanges and non-fungible tokens (NFTs). A coin called FTM serves as the backbone of the network: it’s used for paying transactions, voting on how the network should be run and for securing the network through staking. You can also use it within dApps that run on the Fantom blockchain.
There’s a total supply of 3.175 billion tokens, of which 2.55 billion are in circulation as of November 1, 2021. This is a hard cap; according to the team, it “always will be”. Once the remaining tokens have been given out, no more FTM can be created. This limits inflation.
You can spend FTM on processing transactions on the Fantom blockchain, just like you’d use ETH to send your Ethereum transactions or BTC to move Bitcoin between wallets. You can also spend FTM within decentralized applications on Fantom, vote on governance proposals to upgrade the network, or lock it up to earn rewards for processing transactions.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Fantom transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Fantom’s current market cap is 2,088,140,317.
The current price for Fantom in Canadian dollars is $0.65.
Buying Fantom with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Fantom 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Fantom. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.