How to buy Fetch.ai coin online
This beginner’s guide introduces you to Fetch and explains how it works. Read on to find out some of the pros and cons of investing and where to buy FET coins.
Compare where to buy Fetch, and open an account
To buy FET straight away, visit one of the brokers below. These are some of the top brokers as reviewed by our team of crypto experts. If you’re not ready to invest yet, keep reading to learn more about the Fetch mission.
What is Fetch?
Fetch is a platform that uses artificial intelligence to solve real world problems. It’s created a digital version of the world where AI can perform complex tasks in seconds. By interacting with this digital world, the AI can benefit humans by rerouting journeys to avoid traffic, finding the best energy supplier, and organising supply chains.
The FET token is the means of payment for all transactions on Fetch. Developers have to use FET to add new agents and access some core functionality, while the AI agents use it to buy data or services from each other.
Fetch was formed in 2017 and its initial launch took place in 2019. Some of its team were involved in Google DeepMind, a project that also uses AI and machine learning to solve real world problems.
How does Fetch work?
Fetch works by creating an AI ‘representative’ for every person and organisation who signs up to the platform. These agents can interact both with each other and the digital world designed by Fetch, essentially trading information to achieve the goals assigned to them.
While this is starting to sound a bit apocalyptic, Fetch uses blockchain technology to prevent the robots from taking over. Each entity has an ID stored on the blockchain that’s checked every time they trade to make sure they are who they claim to be, and each new transaction is added to the blockchain so the flow of information and assets can be tracked.
How to buy Fetch online – a step-by-step guide
Step 1. Find an exchange to buy Fetch
To buy FET coins you need to find an exchange. At the moment you can only buy Fetch using another cryptocurrency. The best way to do it is to deposit fiat currency (like GBP, USD, or EUR) and use that to buy Bitcoin first.
A couple of the top exchanges you can use are:
- Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
- Bittrex: Bittrex is an intuitive platform that’s ideal for beginners. It has nearly 200 cryptos available to buy and sell, with even more different pairs to choose from. Join Bittrex today >
Step 2. Sign up and fund your account
To sign up for an exchange account you’ll normally need to verify your account with a form of photo ID. On some exchanges you need to perform more extensive verifications to access their more advanced features.
Step 3. Buy Fetch
To buy FET you need to buy a different cryptocurrency first. Bitcoin is the best way to do this, and once you’ve got some look for the FET/BTC pair and hit buy to execute your trade.
Step 4. (Optional) Get a suitable wallet
You can get a wallet to store your coins. This isn’t necessary, as you can leave your coins to be stored on the exchange. However, wallets offer much more security and keep you in control of your coins.
Here are two of the top wallet providers available:
- Freewallet: An online wallet that lets you access your coins through its app, Freewallet lets you hold over 100 different cryptos securely. Get Freewallet now >
- Ledger Nano S: The Nano S is a hardware wallet about the size of a USB stick. It keeps your private keys completely offline, safe even if it’s connected to an infected PC. Sign up for the Ledger Nano S >
How to trade Fetch – a step-by-step guide
Step 1. Find a broker
Trading Fetch means signing up for a broker with low trading fees. To trade successfully you want to make a lot of deals and you certainly don’t want to give up too much of your money each time.
Step 2. Deposit money
You can use fiat currency to fund your broker account. Be sure to check whether you’re entitled to any rewards or incentives when you sign up.
Step 3. Decide how you’d like to trade
Trading cryptocurrency can be done in a few different ways. A couple of the most popular are using contracts for difference and spread betting. You’ll find a lot of traders use CFDs to speculate on the price performance of different assets without needing to own the asset itself.
Step 4. Start trading
Before you start trading you might want to see if your broker offers a demo account. These accounts are ideal for beginners as they let you practice trading without the risk of losing lots of money.
Trading at its most basic level is simple: just decide whether you think a coin is going to go up or down. If you think it’s going to go up, you can back it by taking a long position. If you think it’s going to go down, you can back against it by going short.
There are more advanced strategies as well that you can use when you’re more familiar with the process. One of these is trading with leverage, which is a way of making big trades by putting up only a fraction of the overall value. This can open you up to big losses if the market moves the wrong way, so be careful.
You should always take some time to think over any investment, and this is particularly true of cryptocurrency. Here are some pros and cons of the FET coin, followed by three questions to ask yourself before you invest.
- FET is required if you want to be involved on the platform
- It’s the only currency that you can use on Fetch
- The company has a wealth of institutional knowledge about AI
- Fetch is still a developing technology
- Some tokens were stolen during a hack of the KuCoin exchange
If you still aren’t ready to buy, here are some more questions to think about before you invest in Fetch.
1. Is it a good time to buy Fetch?
It depends on your investment goals. If you want to get involved in the platform, buying FET tokens is the only way to join in. As an investment, the Fetch network is relatively new and you want to make sure it can entice new users in the long term. That said, it is fairly inexpensive and could be a way of diversifying your crypto portfolio, as few other coins offer anything like Fetch.
Short term traders should think about finding a broker with low fees so you can trade FET quickly to try to make a profit. Here you can find the latest market analysis to help you try to time your market moves:
2. What problem does Fetch solve, and what are the coin’s investment prospects?
Fetch uses artificial intelligence and machine learning to solve complex real world tasks quickly without the need for human intervention. It creates a platform fuelled entirely by one cryptocurrency and uses blockchain technology to solve practical problems.
As an investment, FET’s prospects rely on more people joining the platform. As it’s the currency that fuels everything on the network, and you need FET both to join and to perform tasks, the price is likely to grow with demand.
Fetch is still developing its technology, so you should do your research before making any investment. The news is a good place to start to find out where the project is at and if there are any big developments you should be aware of. Here is all the latest news to keep track of:
3. Do you want to hold Fetch for the long term?
You should hold Fetch for the long term if you want to participate in the platform. It’s also a way of investing in future technology. However there are still many unknowns with Fetch as its still in the early stages of its development, you should track the latest news so you know where the project is at.
Considerations for a long term investment strategy
If you want to get in on the ground floor of Fetch’s project or use your coins on its platform, you want to invest straight away. The best way to do this is by finding an exchange to buy FET tokens now. You could also think about getting a wallet to store your coins.
Considerations for a short term trading strategy
Short term traders want to think about picking the right broker before you start. This means finding one with low fees and no restrictions on trading. Then you can learn about trading strategies like day trading to try to gain an edge on the market.