How & where to buy Bytom (BTM) online
Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
On this page, find out everything you need to know before you invest in Bytom tokens. We list the best places to buy Bytom tokens online, explore the project’s recent performance as an investment, and look to the future. Read on to get started.
What are the best exchanges to buy Bytom on?
If you have already decided that you want to get BTM now, click on any of the recommended trading platforms below to sign up and purchase coins. Otherwise, to keep learning about Bytom, keep scrolling down this page.
How to buy Bytom online – a step-by-step guide
Step 1. Find an exchange
The simplest, fastest and most affordable way to purchase crypto tokens is through a cryptocurrency exchange: a giant marketplace where users can purchase and sell different tokens.
However, few exchanges aside from TOKOK, OKEx Huobi Global and Bittrex currently support Bytom because of its fringe nature. However, to purchase Bytom from any of these exchanges, you will need to fund your account with a cryptocurrency like Bitcoin. Here are the best platforms to get crypto right now:
- Binance: Binance is the most popular trading platform based on trading volume, and it is frequented by both beginners and experts alike. Join Binance now >
- Bittrex: Bittrex provides high-power analytical tools but doesn’t overcomplicate things with its clean, simple interface. Sign up with Bittrex today >
Step 2. Sign up and fund your account
Now you have selected an exchange, it is time to create an account and add funds to it. To do this, fill out the contact details that are required, provide a copy of your photo ID if needed, and add funds from an accepted source. These days, most exchanges accept fiat money like USD and EUR from a bank transfer or credit card, though some will require crypto from a wallet.
Step 3. Purchase
Now, it comes to purchasing Bytom coins. To do this, search for the coin’s ticker, BTM, enter the number of coins you want to purchase, check you are happy with the price and associated fees, then execute the transaction.
Step 4. (Optional) Get a suitable wallet
If you want to trade Bytom, you should skip to the next section. However, if you want to hold BTM tokens for the long term, a wallet should be a serious consideration. These are secure storage facilities for your crypto funds, and they protect your capital from online attacks and theft. Here are two of the best wallets to use right now:
- CoolWallet: Combining hardware storage with digital access makes CoolWallet one of the most flexible wallets that you can use right now. Set up Coolwallet today >
- Freewallet: Freewallet is an easy-to-use, low-fee option that has quickly become one of the most popular wallets on the market. Join Freewallet now >
How to trade Bytom – step-by-step guide
Step 1. Find a broker
The best way to trade cryptocurrencies like Bytom is through a broker because these are online services that allow you to quickly and easily open and close market positions. However, no brokers currently support BTM as an asset.
As Bytom becomes more popular, this may change, and this page will be updated as a result. In the meantime, it may be wise to keep an eye on eToro or Robinhood because these major brokers are the most likely to list BTM first.
Step 2. Deposit money
Just as we explained the process of signing up to an exchange, you have to do the same with a broker. So, fill out any necessary contact details, provide your ID, and add funds via a bank transfer, credit card or even PayPal (in some cases).
Step 3. Learn how to perform technical analysis
Technical analysis will be key to your ability to know when to enter a trade and when to exit one. Make sure you complete our short-term trading course if you aren’t already familiar with this, and then get to work figuring out exactly what forms of technical analysis you want to focus on.
Step 4. Decide whether to go long or short
When trading BTM, you can go long (if you believe it will rise in value), or go short (if you believe it will fall in value). This means you can make money regardless of how the market moves. It is important to understand the difference between these two positions before you start trading.
Step 5. Make the trade
Now the previous four steps have been completed, you can start trading Bytom. However, if you still have a few doubts and want to practice your trading strategies before risking real money, use a demo account for the first few weeks until you have a firm grasp of the basics.
Should I invest in Bytom?
Bytom is a Chinese blockchain platform that intends to allow easy asset digitisation and rapid transactions. Given the strong reputation of the development team and the fact the project has already secured some partnerships with influential crypto players, it could be poised for sustained growth over the next few years.
Whether or not you should invest also depends on the broader mood of the market. If times are looking bullish, expect an altcoin like Bytom to perform well. However, in bear cycles, altcoins like Bytom are likely to struggle.
The company has cash to burn and if it can market itself successfully, could start to expand its reach beyond the Chinese market. If you believe in the central premise of the project and like the look of the team and brand, investing is certainly something to consider more closely.
If you still haven’t made up your mind about BTM yet, check out the pros and cons of Bytom below.
- A unified application for putting assets on the blockchain
- The developers have extensive track records working in the Chinese cryptocurrency space.
- Bytom has already achieved some significant partnerships with major companies
- The Bytom team managed to raise a sizeable amount of money from public and private pre-sales, giving them cash to burn for a while
Now, check out the additional considerations you should make below and decide if you want to invest in Bytom.
1. Is now a good time to buy Bytom?
This really depends on what kind of investor you are. For long-term investors, Bytom’s abilities to provide high throughput via a flexible and secure multi-asset, cross-chain protocol could lead the price of BTM upwards. Moreover, founders Duan Xinxing and Chang Jia have the crypto-specific experience needed to inspire confidence in the project.
For short-term traders, you won’t be interested in what the price of BTM will be in a few years; you are interested in the here and now. So, you need to focus on technical analysis so you can predict where the market is likely to move next.
For more information on Bytom’s recent price performance, check out our latest BTM analysis pieces below:
2. What problem does Bytom solve, and what are its investment prospects?
Bytom provides a comprehensive package of blockchain-based innovation, allowing digital and real-world assets such as currencies, securities, dividends and bonds to be tokenised with their information stored on the Bytom chain. This information is then contained in a new, fast and flexible market, allowing users to exchange, gamble, or engage it.
Since its ICO in June 2017, the project has struggled to get off the ground in terms of the price of BTM, and its inability to make sure its mining algorithm is perfected is part of the problem. Right now, the company faces a great deal of competition, especially from protocols like Synthetix and UMA, which offer similar features with more users and stronger brands.
For the latest news on Bytom and the cryptocurrency sector the project inhabits, click on any of the articles we have linked below:
3. Do you want to hold Bytom for the long term?
There are two distinctly different ways you can seek exposure to the price performance of BTM: purchasing it and holding it for the long term, or trading it for accelerated returns. Here are the considerations you should make for each route.
Considerations for a long term investment strategy
Long-term investors need to focus on sourcing a trustworthy crypto exchange to purchase BTM tokens. Then, you should consider getting a crypto wallet to store your Bytom safely.
Considerations for a short term trading strategy
If trading is more up your street, find a broker with low trading fees that supports BTM. Then, you need to conduct technical analysis and decide whether you want to go long or short.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >