Before we get into how to buy FACTOM Let’s have look at what Factom actually is. The recent announcement regarding the development of Factom has brought it into the limelight of crypto nerds and investors across the globe. Factom is a data layer for the blockchain and it enables you to secure millions of new records, transaction and other sorts of data with a single hash every ten minutes. You can also audit these records in real time with factom. In short Factom actually embrace the existing blockchain for more secure, private and transparent transaction.
Where to buy Factom ?
And if you are the new user in crypto space, you will have to acquire few initial things in order to acquire Factoids. You cannot buy Factom with fiat currencies but you can exchange FCT with other crypto coins such as Bitcoin, Ether, and Litecoin.
Buy BTC/LTC/ETH from Coinbase
In order to buy BTC or ETH or LTC, you will have to sign up with exchanges which sell any of these coins.
We suggest you sign up with Coinbase. While signing up, you will be asked for identity and residence verification as a part of know your customer and anti-money laundering process to prevent criminal activities. The exchange will link up to your bank account or debit/credit card and once done, you can move to next step.
Buy some BTC or ETH. Buying the whole Bitcoin or Ethereum might be expensive so it will be ambiguous to buy any of these coins in the small fraction. Transfer them to your preferable wallet or you can keep them on online wallets provided by the exchange. After acquiring some BTC or LTC, you will transfer them to an exchange that trades bitcoin with FACTOM.
Buy FACTOM using Bitcoin
Factoids are currently trading on the limited number of exchanges and can be directly exchanged with bitcoin. Bittrex and Poloniex are the two of the popular exchanges from where you can exchange your pre-acquired crypto coins with Factoids.
Other exchanges such as Upbit, Bit-Z and Liquid also the good place to trade. Bittrex and Poloniex are the most user-friendly, easy to use and low in fees. Though Poloniex is the largest outlet of Factom token.
To Buy FACTOM on Bittrex follow these steps:
- Set up a Bittrex account using the following steps on their web page
- Ones you login, go to settings
- Complete the basic requirements
- Have bitcoin or etherium in your account
- Click the + symbol by either one you are using
- An address will be generated
- Copy the address and send currency to it
- Click on Bittrex logo and it will take you to a page with all market logo
- Click on either BTC-FCT
- Go to trading section and enter the amount of neo you want to buy
- Add 0.025 units for transfer fee
- In front of the bit label click on the price dropdown and choose bit option
- Once the section is filled up click on buy FACTOM
- Then transfer your FACTOM to your wallet (recommended) OR you can choose to keep it on Bittrex exchange.