How to buy TomoChain token online
This page outlines everything you need to know before you invest in TomoChain. We discuss the history of the platform, its current status, and its future outlook.
Compare where to buy TomoChain tokens, and open an account
If you want to buy TOMO tokens now, follow one of the links in the table below and sign up to a reliable platform. If you need to know more before you buy, scroll down for more information.
What is TomoChain?
TomoChain is a blockchain devoted to scalability and fast transaction speeds, and the TOMO native token powers the platform. It supports up to 5,000 transactions per second, with 2-second transaction times and low transaction fees. By contrast, notable blockchains like Ethereum can only process 15 transactions per second, but Visa or Mastercard support 6,000 transactions per second.
There are several services housed under the TomoChain umbrella including Tomo Wallet and the TomoApp, which is a decentralised Q&A social network. Founded by Long Vuong in 2016, TomoChain is aiming to beat several rivals to the punch. For example, blockchains like QuarkChain are scalable up to 1 million transactions per second, and the development team behind Ethereum is hard at work trying to solve its scalability issues.
How does TomoChain work?
TomoChain employs a proof-of-stake (POSV) mechanism known as staking to reach a democratic consensus. This is different from the majority of blockchains – such as Bitcoin – that use hardware mining to validate transactions. All TomoChain users have to do is stake their TOMO tokens online and they receive a reward for securing the network. Holders of TOMO also get to vote on platform governance.
Within its consensus mechanism, TomoChain uses sharding – a technology popularised by Zilliqa – to achieve scalability. This involves dividing up blocks so they can perform transactions independently and at the same time before adding them back together at the end of the blockchain. The result is a higher throughput and more efficient blockchain that can better compete with the speed of centralised finance.
How to buy TOMO online – a step-by-step guide
Step 1. Find an exchange to purchase TOMO
When it comes to buying TOMO, the best place to go is a reliable crypto exchange. We have compiled a wide range of reviews to set you in the right direction, but to save you some time, we have listed two of the best TOMO exchanges below:
- Binance: One of the world’s most popular crypto exchanges. Binance supports the vast majority of crypto tokens, including TOMO. Get started buying TOMO by opening a Binance account today >
- Bitpanda: Bitpanda is a rapidly growing crypto exchange that supports a variety of coins, and it is a good place to buy TOMO tokens. Open an account with Bitpanda now >
Step 2. Sign up and fund your account
Get the ball rolling by choosing a crypto exchange and creating an account. For many exchanges, you will need to pass an identity verification check, so keep a copy of your photo ID to hand.
When it comes to funding your account, most exchanges accept funds in the form of fiat currency and you can also use crypto like Bitcoin. Simply load your chosen funds into your account and you are good to go.
Step 3. Buy TOMO
Now your account has been validated and funded, you can use it to purchase TOMO. If your account is funded with fiat money like GBP, look for the TOMO/GBP pair, and if your account is loaded with a cryptocurrency like Bitcoin, search for the TOMO/BTC pair. See if you are happy with the exchange rate and make your transaction.
Step 4. (Optional) Get a suitable wallet
If you aim to take advantage of a long-term price increase by holding onto your TOMO tokens for an extended period of time, consider opening a crypto wallet. They help protect your tokens by providing an added layer of security, and they can come in both online and offline forms.
We have listed two of the best wallets for storing TomChain tokens below to point you in the right direction.
- Ledger Nano S: As one of the world’s top hardware wallets, the Nano S is an offline solution that protects your TOMO from online attacks and comes in the form of a convenient device that is around the same size as a USB stick. Get a Nano S and store TOMO now >
- BitLox: Another hardware wallet, BitLox has a variety of different versions that have varying levels of security features. It is a reputable option for storing TOMO, can get a BitLox now >
How to trade TOMO – a step-by-step guide
Step 1. Find a broker
If you want to trade, you need to open and close positions quickly to take advantage of short-term market fluctuations. Brokers make this task easy to accomplish.
Before choosing a broker to trade TomoChain, make sure that the platform actually supports TOMO tokens. As a relatively new crypto, TOMO is yet to be widely adopted. Not many brokers support it, but if any are likely to it will be one of the top ones like eToro or Plus500. If you want to find some additional options, consult the table at the top of the page.
Step 2. Deposit money
Simply deposit fiat money like GBP, USD or EUR into your broker account. An important thing to remember is that before you make a trade, check that you are happy with the trading fee because you will not get this back.
Step 3. Decide how you’d like to trade
Trading TOMO can be done in a variety of different way, but everything revolves around technical analysis and key indicators. This includes things like bases, bollinger bands and stochastic oscillators. If you can spot a pattern as this develops and buy your TOMO at a good price point, you could be in for meaningful rewards.
Step 4. Start trading
When your account is fully funded and ready to trade, make sure that you are comfortable with the risks and have sufficient experience. If you need some time to learn the ropes, just use a demo account. These are accounts that function just like the real thing except with virtual money, and they can be a great learning tool before put your capital on the line.
When trading TOMO, you can go short if you think the price is gong to fall, or you can go long if you expect the price to rise. Either strategy can be effective if employed at the right time.
In addition, you can also choose to trade with leverage. This allows you to gain more exposure to the price of TOMO than your initial investment would usually allow, but this also applies if the price falls. We advise inexperienced traders to steer clear of leverage.
Once you have settled on a trading strategy and feel ready to implement it, keep your eyes peeled for optimisations that can enhance your strategy further, and never be afraid to admit you have got something wrong. Above all, never risk money you can’t afford to lose.
If you aren’t quite ready to decide if investing in TomoChain is right for you, here are some of the pros and cons.
- Much more scalable than most blockchains
- Rewards all users, even those without powerful hardware
- Small core team has strong background
- Development team has good experience
- Not as scalable as rival blockchains like QuarkChain
- Very similar to blockchain-based blogging and social media website, Steemit
- If Ethereum solves its scalability issues before TomoChain takes off, there could be major problems
- Lack of a coherent marketing strategy
If you still aren’t ready to buy TomoChain tokens, check out the 3 questions below and see if they help you make up your mind.
1.) Is now a good time to buy TOMO?
This entirely depends on your own investment strategy and financial outlook. If you aim to speculate on long-term price increases by holding your TOMO tokens for a prolonged period of time, the fundamental growth of the TomoChain platform could drive the price of your TOMO up. If this is a thesis you buy into, now could be a good time to buy TOMO.
Contrastingly, if you are a short-term investor, the growth prospects of TomoChain are much less relevant. You should be focusing on technical indicators to plan a good entry point before selling for an elevated price.
Whatever route you choose to take, keep informed about TomoChain by reading our latest analysis:
2.) What problem does TomoChain solve, and what are TomoChain’s investment prospects?
TomoChain solves issues pertaining to scalability that have long affected blockchains. It is designed in a way that benefits all users rather than just those with warehouses full of tech. If TomoChain can market itself better and launch its platform successfully into the mainstream before any of its rivals, TOMO tokens could be poised for significant growth.
It remains to be seen how the next few years will pan out, but with an experienced management and development team driving this project, and with plenty of technical aspects to like, TomoChain appears to be positioned quite well in the short-to-medium term.
To stay up-to-date with the latest developments surround TomoChain and TOMO tokens, click on one of our latest news pieces below:
3.) Do you want to hold TOMO for the long term?
You can buy TOMO for the long term or trade it in the short term, and both of these methods can be profitable if performed correctly. The following section explains the things you should consider when investing in or trading TOMO.
Considerations for a long term investment strategy
Investigate the fundamental, underlying value of the TomoChain network and predict the value of TOMO in the future. If you believe there will be profitable growth, sign up to a crypto exchange and buy some TOMO now. If you are planning on holding your tokens for a while, opening a crypto wallet to store them in adds a level of security.
Considerations for a short term trading strategy
If trading TOMO in the short term is of interest to you, sign up to a low-fee broker and conduct some technical analysis on the price of TOMO. If you can time your entry well, profits could be on the horizon.