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
The FLOW token commands a sizable market position. The cryptocurrency ranks as the 33rd most valuable crypto asset by market cap.
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: Best Overall Exchange to Buy FLOW Crypto
Binance.US ( for USA Users ) or Binance ( for International Users) 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).
Pros
- Low trading fees
- High liquidity
- Multiple payment options are available
- Secure platform
- Regulated by the SEC
Cons
- 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).
Pros
- 10,000+ digital assets support
- Beginner-friendly and easy-to-use platform
- Low minimum deposit of $2
- Regulated trading platform
Cons
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.
Pros
- Large inventory of supported crypto
- Highly regulated platform
- Free bank wire deposits
- Multiple security features
Cons
- Slow verification process
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:
Multi-role Architecture
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.
Resource-oriented Programming
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.
Other developer tools on the Flow network include the Flow Go software development kit (SDK) for rapid modular development, Visual Studio Code Extension, Flow Playground graphics user interface (GUI), and the Flow Javascript SDK. These all add to a great developer experience.
Consumer Onboarding
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.
Developer Ergonomics
The Flow blockchain has come a long way from its early stages….
Read More: Where to Buy FLOW Crypto Token (& How To) Complete Guide for 2022
