How to buy Factom – The Complete Buyers Guide

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In this guide on how to buy Factom, we will walk you through the different steps you need to take for buying the cryptocurrency Factom (FCT).

We will talk about the different options that are available so that you can easily make a decision which suits you the best.

We will also briefly explain what Factom is, how it works and why it might be worth investing in.

The steps for buying Factom are not that hard and with this guide, we will make it even easier for you to buy it. We will go through all the steps, the payment methods and where you can easily buy Factom in no-time.

How to buy Factom picture

How to buy Factom options

  1. Buying FCT with a Credit Card or Debit Card
  2. Buy FCT with Bank Transfer or Wire Transfer
  3. Buy FCT at a crypto exchange
  4. Buying FCT with PayPal
  5. Buy FCT with Skrill and Neteller

What you need to be aware of is that Factom is the first usable Blockchain innovation to resolve real-time business issues.

It does this by offering a record-keeping system that can never be altered by developing a data layer at the top of the Bitcoin Blockchain.

What Is Factom

The technology of Factom is one that decentralizes all record-keeping through making sure that the integrity of data being kept stays intact. It offers total transparency and at the same time, maintains user privacy in a virtual world.

Furthermore, Factom is a distributed and decentralized protocol that runs on top of Bitcoin crypto. What this means is that nobody has the power to control it, and the software is operated by people all around the globe for the protocol to work.

Also, the software is actually open-source, and everyone is free to make use of it for just about any purpose. Factom is known to give developers the equipment to develop a new generation of applications that make use of Blockchain

Factom (FCT) Harmony Connect feature screenshot

Moreover, Factom is the best platform for a vast range of applications, which includes:

  • Monetary systems
  • Medical records
  • Voting systems
  • Legal applications
  • Supply Chain Management, and so much more.

The underlying token of Factom is known as Factoid, and its ticket is FCT. FCTs are utilized as anti-spam techniques. This means that, when you buy entry credits with the tokens, it allows you to perform actions on the network.

Where To Buy FCT

There are various crypto exchanges you can purchase FCT from. So, you do not need to keep on wondering where to buy the coin. Also, you don’t have to bother yourself on how to buy it?

You will have a few different options for buying FCT. It depends on what payment method you prefer to use!

  1. You can buy another coin like BTC or ETH first with your credit card or debit card and then buy FCT at a crypto exchange
  2. You can buy FCT directly at a crypto exchange
  3. You can buy BTC or ETH first with PayPal, and then buy FCT at a crypto exchange
  4. You buy can BTC or ETH first with Skrill or Neteller, and then buy FCT at a crypto exchange

How To Buy Factom With Credit Card and Debit Card

Coinbase exchange photo

It is quite easy to buy FCT, so long as you are purchasing either Ethereum or Bitcoin first with your credit card or debit card. After the purchase, you can convert it to FCT. The steps that will guide you include:

  • Purchase ETH or BTC at any exchange you like such as CoinBase or Changelly
  • Transfer the crypto to any of the exchanges that support FCT like Bittrex or VCC exchange
  • Exchange BTC or ETH to FCT on that same exchange.

We will guide you through the steps for both Coinbase and Changelly here below!

To buy FCT with a card using Coinbase follow these steps:

  1. First, go to Coinbase and sign up
  2. Add your card to Coinbase (link it) and then select BTC or ETH and the fiat currency you want to buy with (USD, EUR, GBP)
  3. Then proceed through the steps and buy BTC/ETH
  4. Send BTC/ETH to either VCC exchange or Bittrex
  5. Buy FCT there
  6. Send your FCT tokens to a Factom wallet address that you own (learn more about Factom wallets here)

To buy FCT with a card using Changelly follow these steps:

Changelly Crypto Exchange

  1. First, go to Changelly and select BTC or ETH and the fiat currency you want to buy with (USD, EUR, GBP)
  2. Then proceed through the steps and buy BTC/ETH
  3. Send BTC/ETH to either VCC exchange or Bittrex
  4. Buy FCT there
  5. Send your FCT tokens to a Factom wallet address that you own (learn more about Factom wallets here)

Guide to Buying Factom With Bank Transfer Or Wire Transfer

Kraken cryptocurrency exchange

If you would prefer to buy with a bank transfer then similar to as paying with a card you first need to buy either BTC or ETH and then transfer it to an exchange that trades FCT.

You can make a bank transfer to either Coinbase or Kraken for example. They are two good sites and very reliable.

We will guide you through both options here below:

  1. First, go to Kraken or Coinbase and sign up
  2. Proceed through the steps and provide them with your details (ID, bank account, etc)
  3. Make a deposit (it will take 1-2 days for it to arrive usually)
  4. Buy BTC or ETH with the funds
  5. Send BTC or ETH to a cryptocurrency exchange like VCC exchange or Bittrex
  6. Buy FCT there
  7. Send your FCTs to a safe Factom wallet address that you own

Done!

Buy Factom at a cryptocurrency exchange

When it comes to buying altcoins people usually use a crypto exchange to buy them. That means that you first need to buy another cryptocurrency like BTC or ETH. And then with those BTC or ETHs, you can buy FCT.

The two main cryptocurrency exchanges that trade FCT and with good trading volume are:

PayPal

Buying Factom With PayPal 

FCT cannot be directly bought with PayPal for the main time. Buy, if you want to make use of PayPal, you will need to purchase BTC or ETH first and exchange it for FCT. This exchange can be done on LocalBitcoins and LocalCryptos.

Use LocalCryptos to buy BTC or ETH and then send those to an exchange to buy FCT

The steps for using both are as follows:

  1. First, you go to either LocalBitcoins to buy Bitcoin, or LocalCryptos to buy Bitcoin or Ether with your PayPal balance
  2. Then you send those BTC/ETH to a crypto exchange that trades QTUM, like LBank
  3. Then you can buy FCT at VCC exchange or Bittrex using your BTC/ETH
  4. Then send your FCT to a good Factom wallet

Buy Factom With Skrill And Neteller

To do this, the Europeans are allowed to make use of BitPanda to buy either ETH or BTC first. It is then converted into FCT on Binance.

Factom (FCT) Key USPs screenshot

Where to store your Factom cryptocurrency

You have some different options available for storing your FCT. We have written about the best wallet options for Factom here.

These are the best options from that list summarised:

  1. The Factom Enterprise wallet (desktop wallet)
  2. Ledger Nano S (hardware wallet)
  3. Ledger Nano X (hardware wallet)
  4. Factom paper wallet by Factoidpapermill
  • You can learn more about using a Ledger Nano S for your Factom wallet here
  • You can download the Ledger Live application here
  • And you can buy yourself a Ledger Nano S or X here

Wrapping It Up

The distributed ledger Technology of Factom is capable of securing thousands, if not millions of real-time records in the Blockchain. This is done with a distinct hash through the aid of cryptographic isolation.

Meanwhile, both businesses and governments can utilize the technology of Factom to record their information so that it can never be modified, backs, or even erased.

To learn more about Factom we suggest you visit their website or their own Factom Reddit page here

Find other guides on buying cryptocurrencies

  1. How to buy NEO guide
  2. How to buy EOS
  3. How to buy Electroneum
  4. How to buy QTUM

Written by:

Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier

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