How & where to buy Harmony One coin online

By:

James Knight

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

Updated: May 11, 2023

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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.

What are the best exchanges to buy ONE on?

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.

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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.

You won’t find Harmony available with many brokers yet. As it grows that may change, and you can use the likes of eToro or Robinhood to trade when it does.

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.

Still undecided?

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.

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:

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.