Fairies

There are 4 types of fairies:

Fire Fairy, Water Fairy, Light Fairy, Dark Fairy

How do I get them?

Fairies are awarded when you complete Time-Space zones.

Fire Fairy: Time-Space 25
Water Fairy: Time-Space 33
Light Fairy: Time-Space 41
Dark Fairy: Time-Space 45

What do they do?

Depending on what fairy you have, it'll strengthen your attacks according to the element. For example, if you're using an attack with a fire based element, then a fire fairy would strengthen that attack. If you're using an attack that's water based, then a water fairy would strengthen that attack and so on.

Training Fairies

Faries will also level up. The stronger the fairies are, the stronger your attacks will be. To level them up, just keep them equiped and they will slowly level as you kill monsters and what not.
Fairies gain 1 exp point per monster hunted that is not more then 10 levels below the character's level. When the fairy levels up, it will add 1% to it's element. The max level for a fairy is 50%.
Special Fairies

Do you see the fairies flying above the character's heads? The big red fairy, next to the 2 fire fairies, is actually a fire fairy also. This fairy can be obtained from the cash shop or if a person is selling it. It cannot be obtained from any quest. This particular type of fairy can grow up to 70%, whereas a normal fairy would only grow up to 50%. These special fairies can be bought starting from 0% or 40%. Take a look in nosmall and check it out for yourself.