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Learn More about buying FTM in India
How to buy Fantom in India
Is FTM a good investment in India?
FTM (Fantom) is a cryptocurrency that was first introduced in 2018. The price of Fantom in the ICO was $ 0.04 and the token sale ended on June 17, 2018. Since then, FTM's value has risen 11.88 times compared to the US Dollar, increased by a factor of 3.61 when compared to Ethereum, and gone up 3.26 times versus Bitcoin. FTM's price was initially listed on various cryptocurrency exchanges in late 2018 at a price of around $0.03. Over the next year, FTM's price remained relatively stable and only saw slight fluctuations. In 2020, FTM's price started to gain traction as more people became aware of the project's innovative technology and growing partnerships. By the end of the year, FTM's price had increased to around $0.18, a six-fold increase from its initial price. In early 2021, FTM's price continued to soar as demand for the token increased. At its peak in April 2021, FTM's price had reached an all-time high of $0.66. Therefore, Fantom's best year was 2021, when the price of FTM rose 13,172.55% from $0.016957 to $2.25. The average annual growth of Fantom over the past 6 years has been 2,630.02%. In the year 2022, the whole crypto market was experiencing difficulties. Even the biggest and most popular cryptocurrencies were dropping dramatically but again, by the start of 2023, the prices are showing positive rises eventually. Many experts have predicted a good future for the FTM token as they forecasted the price would hit the $6.40 mark by 2025. Please keep in mind that this is not meant to be taken as a buying signal. It is recommended for you to research information on the crypto market and receive professional advice from the market experts before attempting to invest in FTM cryptocurrency.
What is Fantom ?
Fantom is a smart contract platform based on directed acyclic graph (DAG) technology that provides developers with decentralized financial services (DeFi). By using its proprietary consensus algorithm, Fantom aims to solve problems related to smart contract platforms, especially transaction speed. According to the Fantom developers, they have been able to reduce the transaction time to less than two seconds. The Fantom Foundation, which oversees the launch of Fantom products, was established in 2018, and the launch of the platform's main network, Opera, dates back to December 2019.
As an open source, customizable and scalable platform that is developed to overcome the limitations of previous generation blockchain networks, Fantom’s main goal is to build a better and more efficient future and to create an infrastructure in order to help people improve their quality of life through the latest developments in the world of technology. Fantom is part of the digital revolution, with its influence on all aspects of life, including: the adoption of digital assets on a global scale, digital economy and payments, as well as digital identity and medical records.
Check out Fantom official website for more information.
Is Fantom legal to buy in India?
Yes, it is allowed to trade, buy and sell cryptocurrency in India. In March 2020 the Supreme
Court of India issued a case on the regulation and acknowledgment of the use of digital
currency inside the country. As stated in the above-mentioned document “Technological
innovations, including those underlying virtual currencies, have the potential to improve the
efficiency and inclusiveness of the financial system.” Since then, the Indian government has
been considering the creation of a new legal framework for cryptocurrencies.
Is Fantom taxed in India
Yes, cryptocurrencies are taxed in India. Before 2022, the Indian government did not have a
clear stance on the classification and taxation of cryptocurrencies such as Bitcoin. However,
recently the Indian authorities recognized cryptocurrencies as Virtual Digital Assets (VDAs) and
established a tax framework for them. This is the first time that cryptocurrencies have been
acknowledged and taxed in India, as the Income Tax Department (ITD) introduced a new
section, Section 2(47A), into the Income Tax Act to define the term Virtual Digital Assets (VDAs)
and the regulations around its taxation. The definition is comprehensive and encompasses
various types of crypto assets, including cryptocurrencies, non-fungible tokens (NFTs), tokens,
According to the above-mentioned Tax Act, if you engage in cryptocurrency trading, selling, or
spending, you will be subject to a 30% tax on any profits you make. Additionally, if you sell
crypto assets that are worth more than INR 50,000 in a single financial year, you will also be
subject to a 1% Tax Deducted at Source (TDS). Furthermore, if you are seen as earning income
from other sources in cryptocurrencies, you may also be required to pay income tax at your
individual tax rate. In conclusion, you may be required to pay a 30% tax on the following
cryptocurrency transactions: Selling cryptocurrencies for Indian Rupees or another fiat currency,
Trading cryptocurrencies for other cryptocurrencies (including stable coins), Using
cryptocurrencies to purchase goods and services.
It is important to note that the tax treatment of cryptocurrencies in India may change in the
future as the government continues to consider new regulations. We would recommend
consulting a local tax expert or financial advisor for the most up-to-date information on the tax
treatment of cryptocurrencies in India.
After you've bought Fantom in India
By using your FTM (Fantom) crypto tokens, you can engage in the following activities: You can have transactions done: FTM is used as a medium of trade for goods and services within the Fantom network. You can use it in Staking: FTM can be staked so that you can participate in the network’s consensus mechanism and earn rewards. Governance: you as an FTM holder, can participate in the governance of the network by voting on protocol upgrades and other important decisions. Dapps: FTM can be used as a means of exchange within decentralized applications built on the Fantom network so the future of FTM owners is bright in regards to the wide-spread usage of Dapp technology.
Who can buy Fantom in India?
In India, anyone who is 18 years of age or older and has a valid government-issued ID, such as
a PAN card or Aadhaar card, can buy cryptocurrency. The ideal method of acquiring digital
assets in India would be through using a cryptocurrency exchange. Additionally, it's important to
only use trusted and regulated exchanges for buying and selling cryptocurrencies. Our
exchange offers you the opportunity to buy, sell, and trade cryptocurrency with high security
while operating legally within India. Plus, a variety of convenient payment methods are offered,
including Apple Pay, Google Pay, credit and debit cards, bank transfers, and PayPal, without
any transaction fees.
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Frequently asked questions
There are several reasons that make FTM tokens valuable. These factors are: Utility: FTM tokens are used as a means of payment within the ecosystem, to access products and services. Demand: As the usage and adoption of the platform increases, demand for FTM tokens also increases, leading to an increase in value. Scarcity: FTM tokens have a limited supply, making them scarce, which can drive up their value. Governance: FTM tokens give holders the right to participate in the platform’s decision-making processes, such as proposals for protocol upgrades and new feature developments. Network effects: As more users and developers join the platform, the value of the network grows, driving up the value of FTM tokens.
In India, cryptocurrency is subject to taxes, and it’s important to report it correctly to avoid
penalties and fines. You are advised to keep detailed records of all your cryptocurrency
transactions, including the date of the transaction, the type of cryptocurrency, the amount, and
the value in INR at the time of the transaction. Also, keep proof of payment of taxes, such as the
receipt of tax payment, as you may need to provide it as evidence in case of an audit. It’s
important to consult a tax expert or a financial advisor if you’re unsure about how to report
cryptocurrency taxes in India, as the rules and regulations can be complex. Filing taxes correctly
can help you avoid penalties, fines, and legal issues in the future.
In India, according to the Income Tax Act, there are some situations where you will not have to
pay taxes on your cryptocurrency. These include:
● Transferring crypto between your own wallets: When you transfer crypto from one of
your wallets to another, you won’t have to pay taxes on it.
● Receiving gifts of crypto: If you receive a gift of cryptocurrency worth up to RS 50,000 or
more from close family members, you won’t have to pay taxes on it.
It’s important to note that these exemptions are subject to change and it’s always best to consult
a tax expert to determine your specific tax liabilities.
For the purpose of buying Fantom tokens, there is no set minimum price officially. The minimum order amount to purchase FTM on our exchange is $10. There are as well numerous payment methods available for your consideration.
The adoption of cryptocurrency in India is growing, but the exact number of individuals owning
crypto assets is not publicly available. Moreover, it is challenging to determine the exact number
of crypto owners as many people hold crypto assets anonymously. However, according to triple
A data in 2022 collected by crypto professionals, it’s estimated that about 11.5% of the Indian
population, which would be around 157 million people, may hold some sort of crypto assets.
Get a safe and reliable wallet if you want to store your FTM tokens a bit more securely. The Fantom Wallet, which can be accessed via their website, would be the ideal substitute. As far as the Fantom ecosystem is concerned, the organization promotes the wallet as the most secure and reliable way to keep your FTM. These types of wallets can be downloaded on your computer, tablet, or phone. In addition, our exchange also provides a secure digital wallet with added features and convenient access to a variety of trading options and payment methods, which will make your trading experience easier.