With Paris Saint-Germain’s “PSG”, FC Barcelona’s “BAR”, Juventus Turin’s “JUV” and several more, Socios is the largest provider of fan tokens. In addition, the platform offers other privileges for fans in the US, England and around the world. Maybe you are only interested in the tokens as an investment and less in the club affiliation? Even then, you’ll need to download the Socios Football app and sign up.
How and where do I get Fan Tokens?
Fan tokens are NFTs, which are unique, special cryptocurrencies that grant you special ownership rights. There is a limited amount of them. When you buy a Fan Token, you get special privileges at football (soccer) clubs, discounts, voting rights or access to special events. Like other cryptocurrencies, you trade Fan Tokens on the Internet on online trading platforms or using an app. All you need is an internet-enabled device and some startup capital.
Findingthe right fan platform
First, as an American or English fan, you need the right online trading platform. Among them are exchanges like Binance, where you can buy a large number of cryptocurrencies. However, the (currently) best platform for trading fan tokens is Socios. The platform does not only specialize in football tokens. Formula 1 tokens are also available. For this, it offers a unique marketplace and cooperates with the clubs, teams and squads. In football (soccer), you can buy fan tokens of the following clubs and associations, among others:
- FC Barcelona
- AC Milan
- Atlético de Madrid
- Manchester City F.C.
- The national team of Portugal
- BSC Young Boys
The marketplace can be accessed via the dedicated Socios football app. In our Socios guide and tutorial, we explain the registration and purchase process using the app. There are also criticisms about Socios regarding the operation of the app – you should check Trustpilot before signing up.
Step 1: Download Socios Fan App
Let’s start our fan token guide and tutorial by downloading the app. The app is available for both Android and iOS devices. If you have an Android smartphone, then go to the Google Play Store and then search for Socios. Then download and install the app. For the iOS device, the process is no different. Here, search for the app in the Apple App Store and initiate the installation process.
Step 2: Sign up on the Socios app
After the app is installed on your smartphone, open it. Then, enter your phone number. The app will then send an activation code to your phone number. You have one minute to enter the six-digit code. If that doesn’t work, then another code can be sent. Then you enter a user name and a valid e-mail address. You also confirm the general terms and conditions. The simple registration process is now complete. Your own account is now on the first verification level.
Navigation and search forfavorite teams
Next, the app gives you a brief demonstration of the essential steps. After you have read through the short tutorial, the main window of the app opens. Right after that, it’s on to picking your favorite teams. This will give you the latest news, info and access to chats depending on your choice. You can skip this section by tapping the arrow at the top. The navigation is located in the bottom bar. “Home” will take you to the dashboard with the latest news, polls and information about the current prices of fan tokens.
Screenshots of the Socios app: is your favorite club included?
Step 3: Top up your wallet
After that, tap on “Wallet” in the bottom bar and then tap on Chiliz (CHZ). Chiliz is the cryptocurrency for trading fan tokens on the Socios Fan app. Now, according to our instructions, proceed as follows:
- Select the orange icon under which it says “Recharge”. In the window that opens, there is a Euro amount and the number of CHZ you could buy for it
- Select the amount you want to pay and then go to “Proceed to payment”. The app will then show you the available payment providers. Currently, these would be Skrill, Rapid Transfer and credit card.
- Select a payment method that suits you in the US or UK. You will then see an overview of the total costs. Depending on the payment service provider, there are different fees that have to be paid in addition to the euro amount. The chosen payment service provider also decides how the further payment process looks like. If you have used it before, the following steps should look familiar
- By clicking “Buy now”, the app will redirect you to the payment service provider, where you will enter your data and complete the purchase.
Step 4: Exchange Chiliz for Fan Tokens
The next step in our fan tokens tutorial is to exchange these Chiliz for the football tokens. To do this, click on “Home” again and then on “Market” in the top bar. A listing of all available football tokens that you can buy will open. At the same time, the listing shows the respective price and the price development of the last hours. Select a fan token and then tap on the two arrows next to it. For our Socios guide and tutorial, we’ll pick the YBO Fan Token of the Swiss football team Young Boys. The app will then ask you if you want to buy or sell the cryptocurrency. We select “Buy YBO.”
In the trading window that then opens, you can enter how many of the tokens you want to purchase. At the same time, the app will show you the price to be paid for them in Chiliz. Then go to “Buy YBO”. If the available balance of Chiliz is enough, then the Socios Fan App will automatically exchange the CHZ into YBO. The app immediately keeps the YBO in the wallet.
Optional step: verify account further
If you want, you can upgrade your account to a higher level by properly identifying yourself and confirming your authenticity. For some features, this might be necessary. A higher level also allows you to trade higher amounts per day. However, this is not necessary to buy tokens with the Socios Football app
If you want to verify yourself, this is how it works:
- From the home dashboard, go to the profile icon in the upper left corner and then to “Verify Identity”
- Select “Level 2” and enter your first name, a last name, date of birth and nationality here
- Then tap “Continue” and the app will ask you to identify yourself with your documents
- Socios will accept a current driver’s license, passport, or ID card. You will take a photo of the documents, clearly showing the label and image
- After you upload the documents, Socios takes a while to verify them
- At “Step 3,” you upload proof of residency. This can be a recent bill (for example, an electricity bill), a bank statement, or an official letter. It is important that the address is clearly visible on it.
Why do I need to verify my account?It is EU-wide standard to identify oneself on online trading platforms. This means that websites and companies comply with "Know your Customer" (KYC), "Customer Due Diligence" (CDD) and "Anti-Money Laundering" (AML) regulations. Operators thus protect themselves against criminals who, for example, want to use the trading platforms for money laundering.
The wallet of the Socios Fan App
The fan tokens are subsequently located in the app. This also serves as a wallet (ectronic wallet for the football cryptocurrencies). Only cryptocurrencies that can be purchased on the marketplace can also be stored in this wallet. To access the wallet and trade the tokens, proceed as follows:
- Click on “Wallet” in the bottom bar. Here you will see the available crypto balance of all purchased Fan Tokens.
- You can sell the tokens by clicking on “Withdraw”.
- Click on “Receive” and you will get an address for crypto transfers.
- Click on “Transactions” and you will get the transaction history of the wallet.
FAQ – Frequently Asked Questions
If you want to sell the fan cryptocurrencies again, then go to the Socios marketplace. Then click on the token and subsequently on “Sell”. However, for this you need to verify yourself on level 2. After the sale, you will receive the initial currency Chiliz (CHZ) again.
Click on “Wallet” in the bottom bar of the Socios app. Here you can see the available crypto balance of your Fan Tokens. You can see the increase in value of the Fan Tokens in the Dashboard, Wallet, and Marketplace.