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How to buy Harmony One coin online
In this beginner’s guide you’ll get a background on what Harmony is and how it works. Find out what makes Harmony different from other marketplaces on the internet and whether that makes it a coin worth investing in.
Compare where to buy Harmony, and open an account
The ONE token is available from any of the brokers below. These are also some of the best trading platforms, that have been reviewed and approved by our team of cryptocurrency experts. If you want to learn more about the Harmony platform first, then scroll down to keep reading.
What is Harmony?
Harmony is a software platform for building applications. These apps are marketplaces where people can buy and sell assets from each other directly without going through a central body. Every transaction on Harmony is paid using its ONE token, which is also used to pay fees, vote on governance issues, and earn rewards.
One of the pioneers of this type of decentralised software is Ethereum, and Harmony builds on that technology to create a platform that can be used on a much wider scale. The Harmony team boasts a lot of software engineering experience, as it’s full of alumni from Amazon, Apple, and Google.
How does Harmony work?
Harmony works by removing the middleman and replacing it with peer-to-peer transactions. Customers can deal with each other directly, as a history of every transaction is stored on a public blockchain. Whenever a new trade happens, Harmony checks the blockchain to make sure everyone owns what they say they do, and verifies the transaction by adding it to the chain.
What makes Harmony different is its use of ‘sharding’. Normally, blocks are added one at a time. With sharding, a block is broken down into lots of different pieces – shards – that can all process transactions at the same time, before coming back together as a single block to be added to the chain. This lets Harmony cope with many more transactions than the likes of Ethereum and Bitcoin.
How to buy ONE online – a step-by-step guide
Step 1. Find an exchange
An exchange platform is the best place to buy ONE tokens in the UK. With most exchanges, you can use fiat currency (like GBP, USD, and EUR) to fund your account, and then you can transfer that directly into Harmony, or into another cryptocurrency like Bitcoin first. A couple of the top exchanges around are:
- 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 >
- BitMEX: BitMEX offers one of the most reliable peer-to-peer bitcoin trading services and much lower fees than most CFD trading platforms. Join BitMEX now >
Step 2. Sign up and fund your account
When you join an exchange you usually need to sign up for an account before you can start trading. This is simple enough, but make sure you have a form of photo ID handy to verify your identity. Then you can deposit funds in whichever fiat currency you like to get started.
Step 3. Purchase
The Harmony token goes by the ticker ONE. If you’re using a fiat currency, you want to find the ONE/USD or ONE/GBP pair, for example, while if you’re using Bitcoin it would be the BTC/ONE pair. Then you can look up the current exchange rate, choose an amount, and execute the trade.
Step 4. (Optional) Get a suitable wallet
You can store your new coins in your exchange account, but if you want more security you can get a wallet. Wallets are a way of storing your coins with a private key that only you know, and come in online or offline forms depending on how much security you want.
Here are two of the top wallet providers available:
- Ledger Nano S: A hardware wallet that stores coins entirely offline. A very secure wallet, it keeps the coins safe even if it comes into contact with an infected computer. Get a Nano S today >
- BitLox: BitLox is another hardware wallet but comes with a variety of different options depending on the level of security you’re looking for. Join BitLox now >
How to trade Harmony – a step-by-step guide
Step 1. Find a broker
When you trade Harmony you want to find a broker with low trading fees. If possible you want one with the most flexible trading options as well. You want to be able to trade as much as you want in any way you choose, so don’t settle for any less.
Step 2. Deposit money
Before you start trading you’ll need to fund your account. You can do this with fiat currency – like GBP, USD, or EUR – but there could be fees associated with deposits and withdrawals. Make sure to read the small print so there aren’t any surprises.
Step 3. Decide how you’d like to trade
When you decide to trade you’ll probably find your broker offers two options for how to do it. These are trading CFDs and spread betting. You can read more about each trading method in our guides and use that to decide which one you prefer.
Step 4. Start trading
The final step is to get stuck in and start trading. If you’re new to cryptocurrency, you might think about starting with a demo account. Most brokers offer these as a way for beginners to get to grips with the market without the risk of losing a lot of money.
The basics of trading are that if you like a coin, you should buy it – also known as taking a ‘long’ position – while if you have a reason to think it’s going to fall in price, you should sell – ‘short’ – it instead.
From within that basic framework you can use more advanced features as well. One of those is leverage, a way of making bigger trades to the tune of many times your initial deposit. That deposit serves as collateral and is known as ‘the margin’, while your broker puts up the rest. Just be careful: the broker can ask for more margin at any time, and you’re still on the hook for the full value of the trade.
Here are some pros and cons to help you decide whether you’re interested in Harmony. Below that are a few more questions, based on whether you have a long term or short term approach.
- ONE is an inexpensive, entry level coin for beginners
- The project is run by engineers with lots of successful tech experience
- Harmony was the first of these platforms to launch with ‘sharding’ technology
Now that you have a better idea of the best bits, here are three more questions to think about before you invest in Harmony.
1. Is it a good time to buy Harmony?
A lot depends on what your goals are. If you want to hold for the long term you need to think about whether you want to use your coins on the platform, as staking them can earn rewards. If you believe in the future of decentralisation but aren’t sure which platform is best, then using ONE as an inexpensive way to diversify your portfolio could also make it a good time to buy.
Short term traders want to find a broker with low fees and keep tracks on the current ONE price to try to time their entry into the market. It might be an idea to learn more about technical analysis to see how to predict price moves. All types of traders can use the latest market analysis to help them invest:
2. What problem does Harmony solve, and what are the coin’s investment prospects?
Harmony solves the problem of blockchain technology struggling to cope with a high volume of transactions. A good comparison for how fast these platforms need to operate to be realistic alternatives to real world markets is Visa. Visa can process about 2000 transactions per second. Harmony’s goal is over 10 million.
That is a long way off, but Harmony was one of the first decentralised platforms to go live using sharding, and the coin’s investment prospects depend on how well it compares to the competition. As the currency that powers the network, ONE’s price is likely to increase as more people join it.
There’s a fierce battle between platforms like Polkadot, Algorand, and Zilliqa to rival Ethereum and be the leading decentralised platform. This means research is very important, part of investing in ONE is knowing what everyone else is doing, and you can follow the latest news right here:
Is Harmony (ONE) a good buy in July 2021?
Harmony price analysis: will ONE hit a wall at $0.151?
3. Do you want to hold Harmony for the long term?
If you like Harmony’s prospects to overtake other decentralised platforms, you might want to hold for the long term. Similarly, if you want to use your coins to help power the platform and earn rewards, you should buy some to hold on to.
Considerations for a long term investment strategy
Investors with a good feeling about Harmony’s prospects should find an exchange and buy some coins straight away. Then you can think about getting a wallet to store your coins. Long term investors should also follow the news, not just to track Harmony but also to follow the developments of all its many competitors.
Considerations for a short term trading strategy
Short term traders should also follow the news, you want to know when anything happens that might cause a jump in ONE’s price. But the most important thing is to find a broker with low trading fees so that you can make as many trades as you want.
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.
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