How to buy Harmony (ONE) 2023
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Below is a step-by-step guide to buying Harmony (ONE). The process involves first obtaining Bitcoin, which is then traded for ONE on Binance, a reputable crypto exchange.
You can achieve the most competitive rates by trading Bitcoin for Harmony on an exchange. This is also a great option if you’re looking to buy other cryptocurrencies, as having Bitcoin makes trading on exchanges easy. In this guide, we will use Binance exchange…
Why Should you buy Harmony One?
One of the significant problems that Ethereum has faced in recent times is its scalability. As of April 16, 2021, the average transaction fee on Ethereum is over $60. Harmony has its own blockchain sharding protocol for scaling Ethereum.
Harmony is fully interoperable with the Ethereum ecosystem and has a transaction confirmation speed of 2 seconds. It was launched back in May 2019 on Binance Launchpad. Since then the price of the coin has gone up by 750% from $0.02 to $0.15.
It is one of the first blockchain platforms to combine both sharding and staking. Harmony calls it ePOS (Effective Proof of Stake). It prevents centralisation by distributing equal rewards to both top stakers and casual stakers.
Where to buy Harmony One Coin
This guide assumes you already have Bitcoin. If you don’t, you can buy Bitcoin at any of the following options:
- Binance (recommended; buy with £GBP or €EUR)
- CEX.io (recommended; buy with £GBP)
- Sign up for an account and buy BTC straight away with your debit or credit card, or bank transfer.
- Local Bitcoins (buy with £GBP)
- Buy BTC from other Brits using bank transfer.
- Coinbase (buy with EUR)
or, click here for a detailed guide on buying BTC in the UK
Waiting for a bank transfer or verification? Get a head-start by signing up for your Binance account while you wait…
How to buy Harmony One Coin on Binance
Bitcoin (BTC) -> Harmony (ONE)
Now, we will use Binance (the most popular crypto exchange) to buy Harmony with Bitcoin…
- Register for a Binance account here
- Deposit Bitcoin to your account (your Binance Bitcoin wallet) by heading to Funds -> Deposits in the top menu
- Select BTC from the drop-down menu, and copy your BTC Deposit Address
- Send your Bitcoin to this address.
i.e. if you purchased BTC from CEX.IO, use their ‘withdraw’ page to send BTC to your Binance BTC wallet.
- Once Bitcoin has reached your Binance wallet, head to Exchange -> Basic via the top navigation bar.
- Use the panel to the right side of the screen (which shows many currency pairs alphabetically, starting AMB/BTC, ARK/BTC, etc.)
- Type ONE in the search bar
- Click the ONE/BTC link to reach the market page
- Using the Buy ONE panel, set your Buy parameters, and click the green buy ONE button
- This places an order, which can be monitored via the Orders tab in the top navigation bar, or directly below the Buy box in the Open Orders pane
- When your order is filled, the exchange is complete, and your ONE will appear in your ONE wallet under the Funds -> Balances page.
Congratulations, you have purchased Harmony Protocol (ONE)
Confused by different order types?
– Limit: allows you to specify the price at which the order will ‘fill’. If the price is rising, the order may not get filled, but if it does get filled it will always be at the price specified (or, sometimes a better price).
– Market: buy or sell at the current price. Market orders always get filled, but in a volatile market are often risky as you won’t know the exact buy/sell price until after the order has filled.
– Stop-Limit: we recommend you read Binance’s article about this type of order.
Something else? Contact us and we’ll do our best to help.