How to buy Band Protocol online

Band Protocol gives blockchain apps a way to access real time data from anywhere on the internet. Find out about how it works and how to find its native cryptocurrency.
By: James Knight
James Knight
When he isn’t at work, James is an avid trader and golfer who likes to travel. He once fed,… read more.
Updated: May 12, 2021
Tip: our preferred broker is, eToro: visit & create account

This introductory guide helps you get to grips with everything you need to know about Band Protocol. It explains the protocol does, what makes it valuable, and where to find its coins.

Compare where to buy Band Protocol, and open an account

You can get tokens straight away by visiting one of the brokers below. Our team of crypto experts have reviewed all the most popular brokers to find the best one for your individual needs. If you want to learn more first, keep reading.

1
Min. Deposit
$50
Exclusive promotion
Our score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Wire Transfer, Bank Transfer
Full regulations list:
CySEC, FCA
2
Min. Deposit
$1
Exclusive promotion
Our score
9.3
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Description:
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Payment Methods
Cryptocurrencies
Full regulations list:
3
Min. Deposit
$20
Exclusive promotion
Our score
8.7
Margin Trading with full legal compliance
Cryptocurrency staking
Various Payment options
Start Trading
Description:
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.
Payment Methods
Credit Card, Debit Card, Wire Transfer, Cryptocurrencies, Skrill
Full regulations list:

What is Band Protocol?

Band Protocol connects blockchain apps with internet data. Like a scanner that digitises offline data so it can be searched online, Band Protocol grabs real time data from internet sources so it can be used by apps on the blockchain. This is particularly useful for apps in decentralised finance that need the most up to date information on exchange rates or commodity prices to offer their services.

The BAND token is Band Protocol’s native cryptocurrency that’s used to ensure the best possible search performance, it rewards users for good behaviour and pays the transaction fees. Band Protocol raised most of its initial funding in 2019 and is now backed by a group of investors that includes the cryptocurrency exchange, Binance.

How does Band Protocol work?

Band Protocol works by using its software to respond to data requests. The software finds the data online, sends it back to the app that requested it, then stores a record of the transactions on a blockchain of its own which is public and can be verified.

The BAND token is a crucial part of the process, as it encourages individuals to use their computer power to run these searches. To contribute, a user has to stake a set amount of BAND that can be destroyed if he returns poor results or acts maliciously. So BAND helps to keep the search decentralised, without a single point of failure, and incentivises good behaviour.

There are positive incentives too, as successful stakers are paid a reward out of the fees charged on each transaction and newly created new tokens. The inflation caused by minting new coins is deliberate, as Band Protocol wants to have as many people contributing to the process by staking their coins as possible.

How to buy BAND online – a step-by-step guide

Step 1. Find an exchange

The easiest way to get your hands on some coins is to join an exchange. Although you might find an exchange that lets you swap fiat currency (like GBP, USD, or EUR) for Band Protocol, more likely you will need to transfer your money into another cryptocurrency first. Here are two of the top exchanges to use:

  • Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
  • Bittrex: Bittrex is a cryptocurrency exchange that focuses on flexibility and security. It offers all the most popular cryptos and a few different ways of trading. Join Bittrex now >

Step 2. Sign up and fund your account

To start using an exchange you’ll need to sign up for an account. Signing up is easy, but you’ll usually need to verify your identity by providing a form of photo ID. Funding your account can be done with fiat currency, but for BAND you’re going to need to transfer that currency into a cryptocurrency first. The best way to do this is with Bitcoin.

Step 3. Purchase

Once you have your cryptocurrency ready to go, just look for the BAND/BTC pair and execute the trade. This process is the same whichever crypto you choose, just search for the right pair and you’re good to go.

Step 4. (Optional) Get a suitable wallet

The final step is to get yourself a wallet to store your new coins. This isn’t necessary, as many exchanges offer some kind of wallet service of their own. For the most secure storage, however, you need a wallet. If you plan on holding a lot of BAND tokens or many different crypto coins, a wallet might be the best way to go.

Here are two of the top wallet providers available:

  • BitLox: A hardware wallet that holds your coins completely offline. It offers a few different wallet options depending on the level of security you’re looking for. Get a BitLox wallet now > 
  • StrongCoin: StrongCoin is an online hybrid wallet that lets you store your coins on your desktop, laptop, tablet, or mobile device. Sign up with StrongCoin >
1
Min. Deposit
$1
Exclusive promotion
Our score
10
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Payment Methods:
Cryptocurrencies
Full Regulations:

How to trade Band Protocol – a step-by-step guide

Step 1. Find a broker

To trade Band Protocol you want to find a broker with low trading fees that lets you trade as much as you want. At the moment, there aren’t many brokers that offer BAND trading. This might change in the future, and if it does eToro and Plus500 are two of the top brokers around.

Step 2. Deposit money

You can deposit fiat currency into your brokerage account and start trading straight away. Some brokers have deposit limits or reward schemes, so make sure you know what you’re entitled to before you start.

Step 3. Decide how you’d like to trade

With a fully funded broker account, you need to decide how you want to trade. One of the most popular ways to do this with cryptocurrencies is by using contracts for difference (CFDs). CFDs let you speculate on price movements without owning the asset itself, so it can be a great way of getting involved in cryptos that might be too expensive to own directly.

Step 4. Start trading 

Now that you have a strategy, it’s time to get going. The last decision boils down to whether you think BAND is going to go up or down in value. If you expect it to go up you should take a ‘long’ position while, for the pessimistic among you, ‘shorting’ an asset means backing it to go down.

Once you’ve got to grips with the basics, you can start to experiment with  more advanced trading strategies. One of these is trading with leverage, a way of making much bigger trades by only putting up a small percentage of the overall amount.

That smaller amount is called the ‘margin’. Trading on the margin can open up much bigger wins but it also makes it much more risky by introducing big losses into the mix as well. You should only use the margin if you know what you’re doing and understand the dangers.

1
Min. Deposit
$50
Exclusive promotion
Our score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Wire Transfer, Bank Transfer
Full regulations list:
CySEC, FCA

Still undecided?

There’s no problem with taking some time to think about investing in cryptocurrency. We’ve put together some pros and cons as well as a few final questions to help you decide what to do.

Pros

  • You can earn rewards by staking your coins
  • Band is a way of investing in the technology as it operates ‘cross-chain’
  • Holding BAND coins gives you voting rights on the platform’s future

Cons

Finally, here are three more questions that you should think about before you invest in Band Protocol.

1. Is it a good time to buy Band Protocol?

It depends on what your goals are for investing in crypto. BAND could be a good way of getting exposure to the performance of the blockchain as a whole, but its high inflation means it might not be the best option to simply hold.

In the short term, the prospect of inflationary pressure is less important. You might want to think about the competition, or decide if the current BAND price lends itself to trading opportunities. You can follow any market analysis for signs of anything that might affect Band Protocol below:

2. What problem does Band Protocol solve, and what are the coin’s investment prospects?

Band Protocol solves the problem of connecting internet data sources to the blockchain. It makes it cheaper and faster to access up to date information, as data takes less than six seconds to show up. This is a big boost for apps in decentralised finance or betting, that need real time information to operate.

BAND’s investment prospects depend on the continued growth of new apps on the blockchain. There is some competition, notably from Chainlink, that it needs to overcome to benefit from that. As an investment you should also consider the inflation factor, as the value of your holdings will decrease if you don’t do anything with them.

You should always do your research before you invest in anything. As BAND holders can vote on the future of the platform, including things like the inflation and transaction costs, these could change at any time. Stay on top of the latest news below:

Google Cloud has joined hands with Band Protocol to integrate its oracles on Google BigQuery, an enterprise data warehouse that powers swift SQL queries. Band Protocol unveiled this news through a blog post on April 15, noting that this integration would help deliver instantaneous and accurate…

3. Do you want to hold Band Protocol for the long term?

If you believe in the continued growth of app development on the blockchain, then Band Protocol might be a good coin to hold. For traders, meanwhile, it’s more about price analysis and reading charts than holding on for the long term. With that in mind, here are some final considerations for you to think about, depending on your time horizons.

Considerations for a long term investment strategy

The biggest consideration for a long term strategy is the inflationary effect. If you’re thinking long term, read up on how to stake your coins on Band Protocol and protect yourself against your coins losing value. Once you’ve done that, the best place to buy Band Protocol coins in the UK is on an exchange

Considerations for a short term trading strategy

In the short term you don’t need to worry about inflationary trends or the wider state of the blockchain. The important things to think about are finding a broker with low trading fees and learning more about the different strategies you can use to trade.


Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Financial writer
When he isn’t at work, James is an avid trader and golfer who likes to travel. He once fed, rode, and ate an ostrich all on… read more.