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. You can find out more about the ONE token and discover where to buy ONE coins.
Compare where to buy ONE, and open an account
Use one of the brokers below to buy ONE straight away. Our team of crypto experts assessed all the options to find the best brokers around. If you aren’t ready to buy yet, keep reading and learn more about Harmony.
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, and ONE 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 Harmony online – a step-by-step guide
Step 1. Find an exchange to buy Harmony
To buy Harmony you need to find a reliable cryptocurrency exchange. With most exchanges, you can use fiat currency (like GBP, USD, and EUR) to fund your account, but you’ll find you need to buy ONE with another cryptocurrency. The best way to do this is to buy Bitcoin and use that to buy ONE.
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. Buy Harmony
As we discussed earlier, you’ll need to buy a cryptocurrency like Bitcoin first before you can buy Harmony. Once you’ve done that, remember that the Harmony token goes by the ticker ONE. Look for the ONE/BTC price and hit buy.
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 or to trading in general, 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.
When you start trading you’ll be taking a position on ONE depending on how you feel about it. Buying it means taking a long position, while selling it means taking a short position. Remember to stay up to date with all the latest news in crypto and stick to a trading strategy.
More experienced traders can think about trading with leverage. This is a way of making bigger trades by only putting up a small amount of the total – known as the ‘margin’. While this opens up big profits, it’s also very risky and can lead to big losses as well.
Don’t worry if you aren’t sure whether to buy yet. Here are some pros and cons to help you decide whether now is a good time to buy ONE. Below that are a few more questions to help you come to a decision.
- 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
- There’s lots of competition from similar platforms, like Ethereum
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 ONE’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:
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.