Flow blockchain is a decentralised network built for the digital communities that want to scale. It was developed by Dapper Labs and is gradually becoming the network for next-generation apps and games due to its user focus and low transaction fees.
The FLOW crypto powers the blockchain network, and the digital asset is traded on multiple exchanges.
This guide explores what the Flow blockchain is and how to buy the FLOW Crypto token.
Best Exchanges to Buy Flow Crypto
- 1 Best Exchanges to Buy Flow Crypto
- 2 What is Flow?
- 3 Flow Wallets
- 4 How to Buy FLOW Crypto on Binance
- 5 Conclusion
- 6 FAQs
This section reviews some of the best places to buy Flow below. We assessed these platforms based on their fee structure, ease of use, funding options and many more.
1. Binance.US: Best Overall Exchange to Buy FLOW Crypto
Binance.US is our overall best platform to buy the FLOW cryptocurrency. Binance.US is a regulated version of the global exchange focused on the US market, spun out from the Binance Global brand.
Much like its parent organisation, Binance.US has a strong market depth. The exchange offers access to over 150 digital assets, including the FLOW crypto. New traders can get started with as low as $10.
Users are also treated to the same trading experience as the global company with trading products that include spot, margin trades, futures, and perpetual trading. This allows users to better trade different crypto derivatives within the same platform.
Supported payment methods include bank wire transfers, debit cards, PayPal, crypto transfers, and peer-to-peer (P2P) solutions. The platform charges a nominal trading fee of 0.10%, while holders of its native token, BNB, receive a 25% discount on their trading fees. This puts the overall figure at 0.075% for BNB holders using Binance.US.
It’s quite straightforward to buy the Flow coin on Binance.US. The platform employs the same trade execution engine Binance uses, which processes over a million orders per second. Traders can easily execute trades once their accounts are funded with the minimum deposit. Binance.US also uses a suite of security protocols to keep customer funds safe. This includes address whitelisting, cold storage support, and other risk management systems to thwart suspicious activities on the platform.
Binance.US is exclusively regulated by the US Securities and Exchange Commission (SEC).
- Low trading fees
- High liquidity
- Multiple payment options are available
- Secure platform
- Regulated by the SEC
- Limited crypto assets compared to competitors
2. Coinbase: Best Beginner-Friendly Platform
A powerhouse in the crypto market, Coinbase is a top alternative for investors looking to buy the FLOW cryptocurrency. The platform’s superpowers lie in its beginner-friendly layout. The platform has a clean and simple interface that makes it easy for anyone to buy, sell, and store cryptocurrencies like FLOW.
Overall, the Coinbase exchange is built for beginners. The registration process is swift, and there are multiple learning opportunities for traders new to the world of cryptocurrencies.
Coinbase stipulates a minimum deposit of $2 for new traders. This means traders can buy FLOW for the lowest amount possible. However, the exchange’s fee structure is a bit complex.
Coinbase charges several fees when investors deposit, trade, or withdraw on the platform. For instance, the exchange charges a fee of between $0.99 to $2.99, depending on the trade size, which ranges from $10 to $200.
Trades above $200 are levied a percentage-based fee starting from 0.5% to 5%, which is pretty steep. Funding and withdrawal methods are also charged separately. For instance, if investors fund their accounts with ACH, it’s free, while the fee for bank wire is 1.49%. Debit card purchases are charged 3.99%. Furthermore, there’s a 2% withdrawal fee when traders send their earnings back to their payment method.
As per supported crypto assets, Coinbase tops the ranks as users can trade over 10,000 digital assets on the platform. This points to deep liquidity within the ecosystem.
Platform security includes 2FA, address whitelisting, and cold wallet storage. Coinbase is a publicly-listed company and is licensed by the Financial Conduct Authority (FCA), New York Digital Assets Financial Services (NYDFS), and Financial Crimes Enforcement Network (FinCEN).
- 10,000+ digital assets support
- Beginner-friendly and easy-to-use platform
- Low minimum deposit of $2
- Regulated trading platform
- Complex fee structure
Best Beginner Friendly Exchange to Buy Flow Coin
3. Kraken: Best Reliable Crypto Exchange
Kraken is our final pick for the best crypto exchange to buy FLOW crypto. Founded in 2011, Kraken exchange is one of the oldest crypto exchanges, with over 4 million users globally.
Just like Coinbase, Kraken also scores high for ease of use. The exchange offers a quick and clean user interface that suits new traders. In addition, Kraken features a learning hub that includes tutorials and how-to guides to help novice traders new to trading. However, there are some complaints surrounding the platform’s verification process.
The platform enables trading for over 150 digital assets. Traders can trade, send, and store popular cryptocurrencies like Bitcoin, Ethereum and Flow.
Kraken’s minimum deposits vary depending on the funding option used. Kraken offers multiple funding options, including bank wires, ACH, digital wallets, and card purchases.
The lowest deposit minimum is $1 for US customers who use the FedWire option via the MVB bank. This deposit option is free and is processed within 24 hours. The exchange charges a fee of 3.75% plus 0.25 cents per transaction for card and digital purchases via Apple and Google Pay. ACH purchases are levied a processing fee of 0.5% on the total spend.
Security protocols on Kraken include 2FA, address whitelisting, and cold storage support. The exchange also offers the “Global Settings Lock (GSL)”, a security feature that prevents wholesale changes to the trader’s Kraken account. This security feature was designed to act as the last line of defence in case of a compromised sign-in password and 2FA.
Kraken is regulated by the FinCEN, FINTRAC in Canada, AUSTRAC in Australia, and the FSA in Japan.
- Large inventory of supported crypto
- Highly regulated platform
- Free bank wire deposits
- Multiple security features
- Slow verification process
Best Reliable Crypto Exchange to Buy Flow Coin
What is Flow?
Before investing in the flow coin, it is important to understand what the Flow blockchain aims to achieve and its use cases.
So what is Flow?
Flow is a high-performance proof-of-stake (PoS) blockchain network. The protocol began on the Ethereum network before migrating to its PoS network.
Flow blockchain became popular following the launch of its non-fungible token (NFT) collection, CryptoKitties. The digital cat-like collection caused the Flow network to shoot into blockchain stardom, and the increased network activity created a need for Flow to leave the Ethereum network.
Since its switch to its protocol, the Flow network has focused on creating a decentralised, scalable, secure, and green blockchain. The protocol has since become a development hub for decentralised applications (dApps). According to its website, over 1000 projects are currently building on the smart contract, censorship-resistant network.
The Flow blockchain has seen explosive growth due to several in-house structural frameworks. These include:
Numerous PoS blockchain networks rely on sharding technology and rollups to address the issues around scalability. However, the Flow blockchain uses what it terms the multi-node architecture.
The framework, technically more suitable for dApp development, follows what is called the paradigm of pipelining. In the simplest terms, the protocol splits tasks into multiple layers wherein the collection nodes batch the work, consensus nodes secure the network, the execution nodes do the work, and the verification nodes validate the transaction. This makes the Flow blockchain scale to millions by default while also making network participation more accessible with the lower entry bars.
Other benefits include increased decentralisation, removing complexity and ensuring a greater user experience.
The Flow blockchain uses a distinctly unique programming language called Cadence. The programming language is easy-to-learn, making it easy for dApp developers to begin building on the blockchain in less than 24 hours.
Cadence comes with loads of impressive tools, including an easy-to-read syntax and static type system, which reduces the runtime errors while developing. This boosts productivity as smart contracts can learn and audit themselves easily. Also, Cadence allows users to create unique blockchain assets with ownership tracking features within the programming language.
Due to its knowledge of crypto adoption, the Flow blockchain aims to provide a frictionless and seamless interaction between fiat and crypto-assets. This makes it easy for businesses to onboard more customers who are open to using digital currencies.
The Flow blockchain has come a long way from its early stages. Initially, the blockchain network was built to cater for the needs of its CryptoKitties NFT collections. However, the project has since exploded in use cases. Over 7,000 developers are currently building on the platform.
The secret lies in its developer-rich templates, such as in-build logging support and a short time-limited edit feature for smart contracts deployed on the network. These developer-friendly features have attracted several builders to run their applications on the Flow network.
Like most blockchain networks, the Flow blockchain is powered by its in-house digital asset, FLOW. FLOW has multiple operational use cases and is used in facilitating peer-to-peer (P2P) transactions, earning rewards for value-added to the protocol, delegating tokens for staking purposes, participating in governance and most importantly, providing security, computation, and storage services on the network.
Wallet storage is one of the most important aspects of cryptocurrency investing. Being able to store your digital assets properly is critical to protecting the asset.
A cryptocurrency wallet allows investors to store and send their digital assets securely.
Today, crypto wallets also offer features that make it convenient for traders to buy crypto, earn passive income on their assets, and store digital collectibles, otherwise known as non-fungible tokens (NFTs).
Before explaining the types of wallets, we must explain how storage works on crypto wallets. Crypto wallets have two keys – the private and the public key.
The public key is the public address where the investor receives their cryptocurrencies. On the other hand, the private key is used to prove ownership and verify transactions. This is critical since cryptocurrencies sit on the blockchain. Anyone with access to the private keys controls the digital assets.
Generally, crypto wallets come in different categories. They are:
A hardware wallet is a physical device. These wallets store digital assets like Bitcoin and Ethereum offline and away from the internet. Thanks to this storage pattern, it is nearly impossible for a hacker to steal an investor’s coins.
Many in the crypto space acknowledge hardware wallets as the safest of all wallet types because their private keys are stored offline. This makes them especially ideal for long-term holders or people with large amounts of cryptocurrencies who value security above all else. However, while focusing more on security, they do not prioritise convenience. Since their private keys are stored offline, transactions cannot be initiated on the go.
Software wallets are applications that users install on their devices to help store their coins. They work like regular apps – once an investor installs them and sets them up, they are ready for use.
Unlike hardware wallets, software wallets store their private keys on the user’s device connected to the internet.
This means traders can enjoy easy access to the assets when needed and make quicker transactions. However, investors must be especially careful with their gadgets since a security breach on their devices could lead to a loss of funds.
Software wallets are further grouped into mobile and desktop wallets. However, they all work the same way – with a few modifications based on the device. Software mobile wallets are dedicated apps designed to work on mobile phones. A good example is the Metamask wallet. Desktop wallets are designed as desktop apps that can be accessed on a personal computer, like the Exodus app for desktops.
What is the Best FLOW Wallet?
We recommend the Binance wallet as the best wallet for storing FLOW crypto. As its name suggests, the Binance wallet was developed by Binance – the world’s largest cryptocurrency exchange.
The Binance wallet is automatically created once an investor registers an account with the exchange. The Binance wallet supports over 600 cryptocurrencies, including Flow. Investors can also use the digital wallet to manage digital collectibles.
The Binance wallet provides the same security features as the Binance exchange. These include two-factor authentication (2FA), email and SMS authentication for transactions, and advanced access control (users can obtain opt-in features like IP and wallet address whitelisting).
However, the Binance wallet is not self-custodial. This means that Binance remains in control of users’ private keys. This means that Binance is liable for any security breach from their end that results in a loss of funds to the investor.
How to Buy FLOW Crypto on Binance
Now, let’s look at the process for purchasing FLOW cryptocurrency. Here’s a breakdown of how to make a purchase using Binance:
The first step is to visit the Binance home page and click on the “Get Started” button. Choose the “Create A Personal Account” option and enter the required details.
A verification link will be sent via email. To proceed, click the verification link, and the newly created account will be authenticated.
Verify Your Identity
Binance requires users to complete an ID verification process as a regulated broker before accessing its suite of services. The investor must visit the “Identification” tab on the broker’s page to upload any government-issued identification card. This could be your driver’s license or international passport.
In some cases, investors might have to share proof of residence and complete a facial verification process before accessing certain features on the site. Altogether, the process should take no more than 30 minutes.
Make a Deposit
The next step after KYC is to make a deposit. Funding an account on Binance can be completed using various methods – bank transfers, credit and debit cards, and payment processors like PayPal and Banxa.
Simply go to the “Wallet” section and choose “Deposit”. Select between fiat and crypto and enter the payment details to complete the deposit.
Once the account is funded, go to the “Buy Crypto” section and choose “USDT” among the available coins.
Type in the desired purchase amount and click on “Buy USDT” to complete the purchase. This way, the user has converted their funds into USDT – a dollar-backed stablecoin.
Trade USDT for FLOW
With the USDT wallet, head to the “Trade” section and choose “Spot”. Once on the spot trading page, search for “FLOW/USDT” among the trading pairs. Other trading pairs are available for the Flow coin, including FLOW/BTC, FLOW/BUSD and FLOW/BNB. For this illustration, we’re sticking with FLOW/USDT pair.
Select the pair of choice, entry price and the amount of USDT to trade for FLOW. We recommend that investors keep the entry price close to the current FLOW price so that the buy order can be filled quickly.
Once the order details are confirmed, wait for the FLOW price to hit the desired entry price and the order will be completed.
The Flow blockchain is a fast-rising star in the decentralised economy. The project’s appeal as a Web3 hub for legacy-facing companies puts it in a top spot to see phenomenal growth in the coming years.
While investors can easily buy FLOW on various cryptocurrency trading platforms, Binance.US remains our top pick. Binance’s low fees and high liquidity structure make it a desirable location for novice and professional traders alike.
What exchange can I buy flow?
FLOW is available on several exchanges across the market. However, we suggest buying the asset on Binance, Coinbase or Kraken. These platforms are regulated in the United States and offer investors multiple payment options to buy the digital asset. Not sure which to pick? We recommend Binance.US for its deep liquidity, swift trade execution and low trading fees.
Can you buy FLOW in the US?
Yes, you can buy FLOW in the US via Binance.US – the American subsidiary of the global Binance platform. Binance.US offers all features available on Binance, including the ability to trade Flow. The exchange is fully regulated in the United States and has the lowest trading fee in the market.
How do I get a FLOW token?
Users can obtain FLOW by purchasing it from any of the brokers we reviewed above. However, we suggest using Binance for its impressive liquidity and security features. Setting up a Binance.US account is easy. The fees are extremely low, and the platform supports multiple payment options.
How do you buy Flow Coin on Binance?
To buy FLOW on Binance, an investor must register and validate their identity on the platform. Once they’re done with the KYC procedure, the next step is to fund their account using their preferred payment option. Binance.US offers many options on the platform. Once the account is funded, they can easily buy the Flow coin.
Is FLOW listed on Coinbase?
Yes, FLOW is currently listed on Coinbase. New users can easily sign up for a Coinbase account and validate their identity with a valid driver’s license or official passport. With a starting deposit of $2, the FLOW token can be purchased within minutes on Coinbase.