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How to buy Phantasma (SOUL)
Learn how to buy Phantasma (SOUL) in our step-by-step guide.
Phantasma (SOUL) is in the top 1,000 cryptocurrencies by market cap, valued at $20,383,704.
Phantasma is a highly volatile asset capable of major price swings in a single day. Today SOUL is trading for $0.170417, which is slightly down from yesterday's trading price of $0.1710081581. Phantasma's seen a decrease of -87% over the past year.
So before you buy Phantasma, make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Phantasma.
How to buy Phantasma in 4 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchangesThe easiest way to buy Phantasma is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an accountTo create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a depositOnce verified, you can deposit USD using the payment method that best suits you – cryptocurrency, card and bank payments are widely accepted.
Buy PhantasmaYou can now exchange your funds for Phantasma. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Phantasma to your personal wallet.
Where to buy Phantasma
Find an exchange to buy, sell and trade SOUL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How we keep this Phantasma guide up-to-date
- SOUL price data is regularly updated through data feeds so you always have the latest information.
- Phantasma performance data is regularly updated using automated comparisons and AI systems built by our technical experts Zak Killermann and Helen Hu.
- Key information on coins and how to buy them is regularly reviewed by our editorial team of James Edwards, Frank Corva and Billy Endres.
- Our coin coverage and exchange information is regularly reviewed by our publishing experts Louise Vinciguerra and Molly Wiltshire-Bridle.
How do I find the best places to buy Phantasma?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Phantasma?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Phantasma.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing SOUL with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Phantasma?
Once you've created an account, you will need to deposit funds to buy SOUL with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to to buy SOUL:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase SOUL by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for SOUL on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Phantasma?
The easiest way to buy SOUL is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Best Phantasma wallets to store your SOUL
You can keep your SOUL on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your SOUL below.
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Is Phantasma a good investment?
Altcoins can be extremely risky investments. As a result, all aspects of both the cryptocurrency and associated protocol should be thoroughly evaluated. Here are a few important considerations to take into account before investing in SOUL:
- Staking to earn free transactions: Token holders can stake SOUL to earn rewards paid in KCAL. This enables holders to earn passive income on top of speculating on the price of the asset. Accumulating KCAL also means that all transactions completed within the ecosystem become free. Innovatively, Phantasma also has a unique staking feature that allows users to direct staking rewards to a different wallet, thereby enabling people to easily introduce their family and friends to the ecosystem.
- Inflation: SOUL has a yearly inflation of approximately 4.5%. This includes a yearly 3% inflation plus 125,000 SOUL that are distributed as monthly rewards. Interestingly, the token’s entire supply is already circulating, which reduces the risk of a large volume of tokens hitting the market in the future. Additionally, the inextricable link between Phantasma’s two tokens prevents devaluation, as the supply of KCAL is correlated to the number of SOUL stakers (network participants) in the ecosystem.
- Small ecosystem: While the protocol was launched in 2018, the ecosystem has not experienced as many users and developer adoption as other competing layer-1 blockchains. However, this also means that there could be a high potential for growth.
- Decentralized storage: As part of Phatasma’s decentralized storage solution, token holders are granted 40 kilobytes worth of storage for each SOUL staked within the ecosystem. Staking SOUL token is the only way to access decentralized storage on Phantasma. While not a requirement for everyone, having access to decentralized storage is an additional perk not offered by many other competing layer-1 blockchains.
- Multi-chain support: The Phantasma protocol is compatible with Ethereum, Neo, and the Binance Smart Chain. SOUL and other Phantasma-native tokens can be transferred to these blockchains to leverage the larger ecosystems that they host. This enables Phastama users to participate and enjoy the benefits of decentralized finance (DeFi) and other crypto-related decentralized applications (dApps).
- Scalability: In addition to interoperability, the Phantasma Chain can process 5,000 tps, which is approximately 333 times faster than Ethereum. High transaction throughput is attractive to both users and developers looking to build dApps within the ecosystem. The more dApps built within Phantasma, the higher the demand will likely be for SOUL.
- Security:The network has, so far, not suffered a security breach, which is encouraging to see. However, Phantasma’s network is relatively small in comparison to giants like Ethereum, Solana, and Cardano, which could make it easier to perform a 51% attack. Furthermore, it utilises oracles to bridge to different networks, which could pose additional vulnerabilities.
Today's Phantasma price versus ATH
Compare today's price of Phantasma ($0.170417 USD) against its all-time high (ATH) price of $3.96 on December 01, 2021. The closer the bar is to 100%, the closer SOUL is to reaching its ATH again.
How do I trade, convert or sell Phantasma?You can convert or sell your SOUL with the same exchange you bought it through:
- Sign in to the exchange you have SOUL on.
- If you store your Phantasma in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of SOUL you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Phantasma.
- Complete your transaction and move your SOUL to a wallet for storage.
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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