How to Buy Band Protocol – Beginner’s Guide

BAND is the native token of the Band Protocol – a cross-chain data oracle that facilitates the exchange of information between on-chain and off-chain data sources.

The BAND price opened 2022 at just over $5 and hit a high of over $7 shortly after. During the bear market this year BAND token retraced to near $1 before bouncing. BAND could currently be in an accumulation phase and a buying opportunity for investors.

This guide reviews both where to buy Band Protocol and how to buy Band Protocol token step by step. We also chart the BAND coin’s price action and potential future price based on the BAND roadmap.

Where to Buy Band Protocol – Best Platforms Reviewed

The Band protocol aims to make blockchain more inclusive by bridging off-chain and on-chain data sources – which has led it to be listed on many crypto exchanges. eToro is the latest trading platform to have listed BAND shortly after Bitstamp. Binance was the first exchange to add support for the token, followed by Crypto.com and Coinbase.

1. eToro: Overall the Best Platform to Buy Band Protocol

eToro listed BAND on July 7th, 2022, which led to an increase in the price, showing strength despite the ‘crypto winter’ at the time. At the time of writing Band Protocol is also up over 5% on the day, so this coin is attracting some buyer interest.

Along with Band Protocol, eToro also added support for OXT and SKL on the same day, raising the total number of crypto assets listed on the platform to 76.

Launched in 2007, eToro was originally a stock and forex trading exchange. It started crypto listings in 2013, when it offered Bitcoin.

eToro also introduced the concept of social trading, allowing traders to interact and learn from each other and make estimations about the price of assets.

This social trading aspect introduced Copy Trading, an algorithmic tool that allows veteran investors to compound their earnings and novice traders to invest profitably by copying the investment strategies of pro traders who are part of the Popular Investor Program. Under this program, traders with positive ROI can compound their earnings by letting other investors replicate their investment portfolio.

eToro also supports Smart Portfolios – a collection of selected assets for those looking to diversify their investments. There are nine crypto smart portfolios, including DeFi crypto, Crypto Portfolio, and more. Some use automated trading and outperformed the bear market.

eToro has 27 million users who find it a secure platform because it comes under FCA, CySEC, and ASIC regulations. Being FCA compliant makes eToro suitable for US-based traders.

eToro has several beginner-centric tools such as eToro Academy and paper trading that allow beginner investors to learn and practice trading and investment before starting trading with real money.

Leverage trading on cryptos is unavailable, and eToro takes a spread (+1%) fee rather than the standard maker/taker commission. BAND staking is not available on eToro yet, but investors can stake Ethereum, Cardano, and Tron.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

2. Bitstamp: Buy Band Protocol in the United States

Bitstamp is another old crypto exchange on this list, having started crypto trading operations before eToro. It is known for its simple-to-use interface, low fees, and regulatory compliance and operates similarly to eToro.

Bitstamp added support for BAND on May 12, 2022, leading the BAND price to grow by 20% from $1.5 to $1.8. The exchange provides spot trading for BAND/USD and BAND/EUR pairs. With the addition of BAND, Bitstamp now supports 70+ cryptocurrencies, including 1INCH, INJ, RLY, RNDR, and VEGA, added on the same day as the Band Protocol.

Bitstamp fee is based on a tiered system based on the 30- day trading volume. The fee starts at 0.5% for the trading of up to $10,000. The fee is then lowered depending on the tier the trading volume falls under.

Bitstamp offers many charting tools for professional BAND traders can use. It provides complete price analytics such as Fib Retracement Levels, Exponential Moving Average, and RSI. The in-house analytical tool of Bitstamp has also gained popularity among veteran traders seeking more insight into the crypto market.

Like eToro, Bitstamp provides staking but currently only supports Ethereum 2.0 and Algorand. The platform says that more crypto assets will be added in the future under the Bitstamp Earn Program, which is also open to American investors.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

3. Crypto.com: Trade BAND on Margin

Crypto.com listed BAND on July 31, 2020, allowing users to buy BAND at true cost using EUR. USD, GBP, and more than 20 fiat currencies. Both spot trading BAND-USDT and perpetual future BANDUSD-PERP pairs are available on Crypto.com. Advanced traders can also margin trade BAND-USDT on up to 10x leverage.

Crypto.com charges fees using a maker/taker fee model. The maker fee ranges from 0.04% to 0.10% based on the trading volume of crypto assets, while the taker fee of 0.10% to 0.16% is charged per transaction. The trading platform’s mobile app allows investors to buy BAND or other crypto assets using fiat at a 2.99% to 3.99% processing fee.

To reduce the fee, investors can stake CRO – the native token of Crypto.com.

Other than a traditional exchange, Crypto.com is also a DeFi lending platform. It also allows investors to earn interest on their crypto holdings using the Crypto Earn program, which offers up to 14.5% APY. Crypto.com’s flagship product, however, is the Crypto.com Visa debit card – allowing users to pay retailers using crypto. The card once allowed users to earn up to 8% cashback, but it has since been reduced to 5%, and the cashback rewards and removed for the lower-tiered cards.

Crypto.com also has an in-house trading bot which is an automatic dollar-cost averaging system. It allows its investors to slowly scale into a position over a timeline while not using their computers or mobile devices – acting as a hedge against the volatility of the crypto market.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

4. Coinbase: Also Supports BAND

Coinbase listed BAND on August 13, 2020, shortly after the first expansion of the BAND price after being listed on Crypto.com. In addition to BAND, Coinbase supports 200+ cryptocurrencies, including big-cap altcoins such as DOGE and low-cap NFT coins such as GMT. The BAND pairs available on Coinbase are BAND-UD, BAND-USD, BAND-GBP, and BAND-BTC.

Like eToro, Crypto.com, and Binance, Coinbase also has a staking program – allowing users to stake one of the listed assets and earn up to 5.75% APY.

Coinbase is the most popular cryptocurrency exchange in the United States. Unfortunately, BAND is not available for trading in New York. Whether or not the token will be available in the future will depend upon state regulations.

The US users with access to BAND can buy it using USD. Coinbase, like Crypto.com, follows a maker/taker fee model, with a maker fee from 0.00% to 0.4% and a taker fee ranging from 0.05% to 0.6%.

Another notable feature of Coinbase is the Coinbase earn, allowing users to win cryptocurrencies by taking quizzes. Currently, investors can only win GRT or AMP tokens. There is no news about if more crypto assets will be added as rewards.

Coinbase is even planning to move its Coinbase pro advanced trading features to its main version – allowing beginner-level traders to get access to pro tools as well.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

5. Binance: Buy BAND at 0.10% Maker/Taker Fee

Binance was the first cryptocurrency exchange to support the Band Protocol. It introduced the Band Protocol token sale on the Binance launchpad on September 6, 2019, following a lottery and airdrop format. It dropped 631,000 BAND tokens during the airdrop session, followed by a 30-day lottery.

Binance is the world’s leading cryptocurrency exchange with over 600 cryptocurrencies. It currently serves nearly 100 million customers across 180 countries. US users can’t directly use Binance to trade crypto. They must use Binance.US, Binance’s offshoot cryptocurrency exchange with over 100 crypto assets – including the BAND-USD pair.

Binance has the lowest trading fee among the listed crypto exchanges. It charges 0.10% per transaction. Using BNB coins to buy BAND reduces the cost even further.

With the Binance Earn program, users can earn a passive income of up to 35% APY through their cryptocurrency holdings. The program has Defi Staking, Savings, Dual investments, and Yield farming. BAND holders can lock their BAND tokens on Binance Earn for up to 30 days and earn 11.2% APY.

One of the biggest drawbacks of Binance is the interface. Originally designed for institutional investors, the interface has many nuances that beginner investors have to learn before trading buying BAND.

When it comes to security, Binance provides robust protection with its multi-tier and multi-cluster system architecture and SAFU (Secure Access Funds for Users) to protect users’ accounts.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

What is Band Protocol?

Band protocol is a cross-chain oracle platform that dapps use to obtain real-world data from web-based APIs.

Let’s say you are writing a dapp that automatically executes trades whenever a predetermined condition is met. For example, you’ve proclaimed giving out free Ether if the gas price fell by $10 or more in 30-days.

Now the problem arises as dapps run on the blockchain, and the gas price gets updated/reported on a website that isn’t on the blockchain. The question here is— How will the smart contracts import the cost of the gas on the website? And if that doesn’t happen, how will the trade get triggered? It won’t.

Now to address this issue, Brand protocol comes into the picture. It is one of the blockchain oracle platforms that run on its own blockchain – a Cosmos-compliant public blockchain known as BandChain.

In September 2019, the Band protocol crew launched a project called ERC-20 on the blockchain of Ethereum. However, they later moved it to the Cosmos network with some added features and a simplified structure in 2020, resulting in Band protocol V2.0.

BandChain is an independent blockchain developed with the Cosmo SDK. It runs on the delegated proof-of-stake (PoS) mechanism and is customized for computing oracles— data sourcing, aggregation, and settlements.

The Band protocol successfully supplies reliable, real-world data for the new user on blockchain and unleashes varieties of used cases for developers. Moreover, the blockchain allows adopting any kind of real-world data – sports, feed data, weather, etc. – as a faction to their dapp logic.

Being a cross-chain oracle platform, Band protocol is capable of providing data for multiple blockchains, which includes Ethereum as well. This is one of its prime attributes that sets it apart and is rare in the crypto industry. In fact, in 2020, Band was the first company in blockchain to adopt API initiatives among other renowned brands such as Microsoft and Google.

BAND Token

BAND token is the native token of the BAND protocol used as collateral by the nodes. The nodes are responsible for verifying the real-world data sent to various blockchains requesting them.

These nodes are of two types— validators and delegators.

BAND validators work the same way as other validator functions built on the Cosmos SDK. However, they have the ability to execute requests to retrieve external data, and that’s what makes them unique.

It goes like a user submits smart contract details to the BandChain for aggregation whenever they request data in the platform. After that, the validators are selected pseudo-randomly on the basis of their average stack weight to provide the desired data.

The data will then be present on the BandChain and available for the requested/interested users. And for doing so, the validators earn a fee.

Band Protocol Team

Band protocol was founded in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn, and Paul Chonpimai. Soravis Srinawakoon is the CEO of the protocol and had visioned the notion before he started working on it. It was initially launched on the Ethereum blockchain as an ERC-20 project in September 2019. However, it transitioned to the Cosmos network with the release of Band protocol v2.0 in June 2020.

Is BAND a Good Investment?

Band protocol’s adaptability is a significant characteristic that distinguishes it from its competitors and makes it potentially valuable for the myriad of the dapps. Ethereum is one of the major cornerstones of the dapps, but experiences challenges with the elevated transaction feel.

That said, the Brand protocol is one of the emerging alternatives that offer less congestion and advanced technical advantages, as it works across multiple blockchains and relies on community data sources.

Regarding the future of Band protocol, its success may depend on Cosmos. Even though it is blockchain agnostic, its own blockchain – BandChain – is based on Cosmos, which defines itself as the “Internet of Blockchains,” which promotes cross-chain compatibility.

Based on these reasons, BAND can possibly be lucrative in the future. But again, the coming time will only tell its success.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

BAND Price

The Band protocol is first introduced to the general crypto crowd through the Binance airdrop and lottery. The token was priced at $0.60 during that time. It wasn’t until BAND’s listing on Crypto.com that it experienced its first pump and the BAND price went up to $14.

After accumulating within this region for 20 days, the price was corrected. BAND then traded sideways between $6-$11 until the beginning of 2021. The BAND token experienced its second major pump in February 2021, and the price went to $18.

It was in April 2021 that BAND Price achieved a blow-off top and reached its all-time high of $21.11. There were many steep corrections afterward, and the BAND price opened 2022 at $5.1.

The BAND price chart then followed many volatile patterns and some days of sideways trading before it entered the 2022 bear market and dropped to $1.2 before steeply bouncing. The price peaked at $1.6 in June 2022, followed by a small correction.

At the time of writing, the BAND price is accumulating between $1.3 and $1.5, with the current market cap of $46.9 million.

BAND Price Predictions

At the time of writing, BAND is trading at a 5x higher price than its 2019 bear bottom. Throughout its existence, BAND has traded in volatile ranges and achieved its ATH levels due to FOMO, speculation, and cross-chain utilities of the Band Protocol.

The crypto has achieved large engulfing green candles even after hitting the bear bottom of 2022 – leading many investors to warn newcomers not to fall for the trap.

BAND Price Daily Candlestick Chart

The daily candle chart depicts the tokens’ volatile price action in the bear market. Crypto experts claim that the massive green wick in early June resulted from FOMO since the price showed the same volatility at the lower levels.

Currently, the BAND price is hovering over $1.2 support and yet to have a significant trading day to test $2 (0.786 fib).

Fibonacci Retracement Levels (Daily Candlestick Chart)

While some crypto investors remain wary, Band Protocol token does have some bullish developments. Recently, the Band Protocol partnered with Astar Network, a multi-chain smart contract network on the Polkadot hub. The development is fairly recent, and its effect is yet to be seen on the daily candles – but the crypto watchers are hoping for the large engulfing patterns to return.

As for reaching its ATH levels, the BAND price has to surge by a massive 18x of its current value, which isn’t going to happen anytime soon.

Best Ways to Buy Band

Below listed are the three most common ways through which you can buy Band:

Buy BAND using a Credit/Debit card

It is the easiest way for new users to proceed and buy BAND. For example, eToro accepts three credit and debit cards— Visa, Mastercard, and Maestro. Crypto.com also allows users to invest in crypto using the same fiat methods, but the transaction fee is 2.99%.

Buy BAND using PayPal

Investors who want to buy BAND using PayPal can use eToro.

Buy BAND Without KYC

Changelly is a crypto swapping platform that allows users to swap their bands without providing KYC.

Best BAND Wallet

All cryptocurrency exchanges offer a software wallet to store BAND and other crypto assets. Most users rely on eToro Money.

It is a multi-crypto wallet and supports 120+ coins, including BAND.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

How to Buy BAND – Complete Tutorial

Here are the steps to follow to start buying BAND:

Step 1- Open a Crypto account

Visit the eToro site and click on any of the sign-up buttons. Enter the necessary details on the the form that pops up and click on the “Create Account” button.

Step 2- Upload the KYC Documents

eToro requires KYC verification before you can start investing. Upload a government-issued ID.

Step 3- Deposit the Initial Funds

eToro offers several fiat methods to top up the eToro account. You can use debit or credit cards, PayPal, Neteller, or bank transfers to deposit the initial funds.

Step 4- Search for BAND

Enter BAND in the eToro search bar. Click on it to review its price chart, current market cap, news, and other information.

Step 5- Buy BAND

Click on the trade option and select the amount. Select “open trade” to confirm the order.

How to Sell BAND?

Selling your BAND token is simple. You’ll find your open position in your portfolio, displayed on the left side of the eToro menu. Once you find it, click on the red cross option to close your open position, which means to sell BAND back into cash. Once done, click on “close trade” to conclude the process.

Conclusion

The Band protocol is a cross-chain oracle platform that can make the blockchain ecosystem more inclusive. However, the current BAND price action is volatile. While the current pattern shows a buying opportunity, it is recommended that investors wait for the bottom. It is recommended to use eToro – a social trading platform, to keep an eye on the latest trends about the Band Protocol before investing.

eToro - Top Crypto Platform

Our Rating

• Free Copy Trading of Professional Traders
• Free Demo Account, Crypto Wallet
• Open to US & Worldwide - Accepts Paypal
• Staking Rewards, Educational Courses

Buy Crypto

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

FAQs on Buying BAND