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How to Buy the Sandbox in 2024
The Sandbox is a virtual metaverse where gamers can play, build, own, and monetize their virtual experience. The project has gained a lot of attraction that has grown it’s market cap to $609 million. This page covers if The Sandbox is a good investment and the best platforms to buy the coin, along with their pros and cons.
Key Takeaways
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The Sandbox is an NFT marketplace where gamers can trade land and digital items.
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Currently, the Sandbox is the 4th biggest marketplace for NFTs.
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Users can create their own game using virtual tools without coding experience.
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The Sandbox map has 166,464 lands that make up the metaverse. Each piece of land is an NFT that can be traded between players.
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The Sandbox has a referral program that pays you 10% of the NFT sales made by those who you direct to the platform.
What Is the Difference Between Owning The Sandbox vs a Derivative Product
Investors in cryptocurrency opt for owning coins because they have full control of their money. They can transfer coins between wallets, sell whenever, and make payments. Crypto exchanges are the best option to acquire The Sandbox because they have the best fee rates and withdrawals are fast.
However, with a derivative product, you won’t own the coins but instead, invest in a CFD. This means you’ll be speculating the price of the coin and do not convey any ownership of SAND. Therefore, most crypto investors avoid derivative products because the broker that issued the contract will be in control of their money.
Different Ways to Buy the Sandbox
The Sandbox is one of the fastest-growing NFT metaverse projects today, which means it’s available on most platforms. Below are the main options for purchasing The Sandbox.
Crypto Exchanges: Perhaps the best method to purchase The Sandbox is an exchange like Binance because it offers the lowest fees. Also, exchanges have excellent security and let you enable 2-step authentication. Moreover, The Sandbox has multiple trading pairs with exchanges like SAND/BTC, SAND/ETH, and SAND/USDT.
Decentralized Exchanges: Those who want to buy SAND anonymously can use a decentralized exchange. These platforms don’t require you to complete a KYC process and let you purchase The Sandbox instantly. However, this method requires more technical skills since you’ll need to set up a crypto wallet.
Banks: Nowadays, banks are adopting cryptocurrency more and more. Therefore, your bank can offer CFDs in crypto under their investment tabs. This option lets you track your funds from one application, but banks tend to have much higher fees.
Brokers: The easiest method to invest in SAND is using a broker like eToro due to its straightforward interface. Also, users can purchase crypto instantly with their bank cards and manage their portfolios with the mobile application. However, you won’t own the cryptocurrency and be buying a derivative product instead.
Where to Buy the Sandbox
Binance
The best platform for buying The Sandbox is an established exchange like Binance since it offers the best fee structure. Furthermore, the crypto exchange has multiple trading interfaces depending on your investment strategy. Users can quickly convert coins using the basic trading platform and margin trade. Also, The Sandbox has multiple trading pairs to provide convenience to clients.
- Binance has multiple trading platforms
- Huge selection of cryptocurrencies and trading pairs
- Withdrawal fees with SAND are low
- Must complete a KYC process to lift restrictions on your account
- Massive fees for buying SAND directly with your card
eToro
eToro is a broker platform that lets investors purchase stocks and cryptocurrency. The platform is convenient to use and avoids complicated trading interfaces. Therefore, beginners can find a broker much easier to use than a crypto exchange.
- Great selection of cryptocurrencies
- The platform is straightforward to use
- Quick sign up process
- $200 minimum deposit
- Higher fees compared to crypto exchanges
How to Buy the Sandbox Online?
The purchasing process of The Sandbox is straightforward if you use a platform like Binance. Here is a step-by-step guide for creating an account and buying SAND.
Step 1: Sign Up for an Account
Open the official Binance website and select the register button to begin. Next, click your country of residence and write your email with a strong password. Then accept the terms of service of Binance.
Step 2: Click the Verification Email Sent to You
After, you’ll receive a verification email in your inbox that you need to open. Once you click the link, you’ll gain access to your Binance dashboard.
Step 3: Verify Your Identity
Then verify your identity by uploading a picture of your passport, driver’s license, or ID card. Also, you’ll need to provide proof of your address by uploading a document of your utility bill, phone bill, or bank statement. After completing these steps, you’ll have full control of your account.
Step 4: Fund Your Account
Next, deposit funds into your account using one of the methods provided by Binance. Bank payments are the fastest and let you buy SAND instantly.
Step 5: Press the Convert Button to Acquire SAND
Afterward, open the convert page and select SAND as the coin you want to purchase. Input the number you want to buy and review the order. Once you’re satisfied, press the convert button to acquire SAND.
How to Trade the Sandbox?
Trading The Sandbox is available on brokers and crypto exchanges. However, perhaps using a broker is easier for beginners due to its user-friendly interfaces.
Step 1: Sign Up for an Account and Verify It
Create an account with your selected broker and verify your account.
Step 2: Fund Your Account
Deposit money into your account using your bank card or an e-Wallet.
Step 3: Click on The Sandbox
Go to the crypto markets section and click on The Sandbox. A trading interface will open that lets you buy and sell SAND.
Step 4: Review Your Order
After, write the number of coins you want to purchase and at which price. Then review the order and make sure everything is correct.
Step 5: Click the Buy Button
Lastly, click the buy button, and the trade will execute. Afterward, you can see the recently purchased SAND in your portfolio.
Crypto Investment Strategy
When investing in a highly volatile asset like The Sandbox, it’s important to create a plan beforehand. This is because new investors often fail due to emotional trading. There are 2 main strategies outlined below.
Short-term Holding: Those who want gains quickly can use a short-term strategy. This investment plan requires you to buy SAND and hold for days or weeks, waiting for the price to increase. Once the value goes up, investors will sell their stock for a profit. Afterward, they wait for the price to fall again to repeat the process.
Long-term Holding: This strategy is the easiest to implement because it doesn’t require in-depth knowledge about trading. HODLing (hold on for dear life) is a widely known and most profitable investment plan in the crypto community. It requires buying SAND and holding it for years until the price reaches your goal.
How to Store the Sandbox?
After buying SAND, the next step is to store them safely in a crypto wallet. Currently, investors have two options – hot and cold wallets. Furthermore, The Sandbox is an ERC20 token, meaning it’s available on hardware and software wallets.
Those participating in a short-term strategy may want to use a software wallet since you can quickly transfer funds to an exchange. The best options are Exodus and MetaMask, as they have the best user experience.
On the other hand, if you want to hold coins long-term, using a hardware wallet is the best option. This is because your coins are safe from malicious attacks, and nobody can hack into them. Although hardware wallets require an initial investment, the benefits outweigh the price.
Below are some of the best hot and cold wallet options:
Hot Wallet
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Exodus
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MetaMask
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CoinBase wallet
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Gemini Wallet
Cold Wallet
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Trezor One
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Ledger Nano S
What Are the Different Ways to Pay for the Sandbox?
Investors have numerous methods to purchase The Sandbox, but the availability highly depends on the platform you decide to use. Below are the most popular options that are widely available.
Credit /Debit Card
The quickest method to purchase SAND is via your bank card because payments are instant. Simply input your details, and you’re all set. Also, this type of payment is secure and available on most crypto exchanges.
- Lets you buy SAND instantly
- Secure payments
- Available on most platforms
- Banks often deny payments to crypto platforms
- Decentralized exchanges do not accept credit or debit cards
Bank Transfer
Another method to purchase The Sandbox is via Bank Transfer. First, you’ll need to deposit funds into your account using this method and then use the trading interface to purchase SAND. Also, remember to write down the reference number correctly.
- Local transfer times are fast
- Low fees
- Reliable transfer method that has multiple layers of security
- Your bank can deny the payment to the exchange or broker
- Sending money to an international platform can have much longer transfer times
Cryptocurrency
Centralized and decentralized exchanges allow you to swap your tokens for SAND. Input your preferred trading pair and write the number of The Sandbox you want to purchase. However, decentralized exchanges can be challenging for beginners since you need to learn about gas fees and how to set up a crypto wallet.
- Anonymous when buying SAND
- Exchanges have multiple trading pairs
- Fast withdrawal times after buying The Sandbox
- Not available on brokers
- Ethereum based exchanges have huge gas fees
What to Consider When Buying The Sandbox?
When buying The Sandbox, there are some considerations to make. Below are the most important factors that should impact your investment decision.
Fees: All platforms have service costs that you can read on their dedicated fee structure page. Usually, there is a small fee on all trades called maker or taker fees. Also, platforms can apply deposit and withdrawal fees.
Volatility: The Sandbox is a highly volatile asset, so invest what you can afford to lose. The market can easily swing in either direction, and nobody can predict the future of SAND. Therefore, do your own research and don’t rely on the opinion of others before investing.
Regulations: When buying SAND, do your due diligence beforehand and only use a regulated platform. They are audited regularly to comply with laws and provide a fair experience to clients. Platforms that are not licensed cannot be trusted, and you could potentially get scammed.
Investment Strategy: Many beginners fail because they didn’t stick to an investment plan. Therefore, they trade emotionally without researching the market movement and lose money. When investing in a strong project like SAND, it’s vital to create a plan and avoid decisions based on emotions.
Is It Safe to Buy the Sandbox Online?
As mentioned above, only use platforms licensed by a respected authority since they can be trusted with your money.
Also, withdraw your SAND to a hot or cold wallet because it’s safer than holding on to an exchange.
Moreover, you can enable 2-step authentication to protect your crypto accounts further. However, if your account gets compromised, have your crypto addresses whitelisted beforehand. This prevents any transfers to wallets other than the ones you own.
How to Sell the Sandbox?
To sell The Sandbox, go to the trading interface of the platform you’ve decided to use. Then select the trading pair for SAND and input the number of tokens you want to sell. After, review the order and click the sell button. Now the trade should execute, and your portfolio will be updated.
Is It Worth Buying the Sandbox Right Now?
The Sandbox is a huge metaverse project with a market cap of $609.1 million. The token costs $0.25 – a significant drop from it’s all time high of $8.40. However, the expectations with this coin are high because of the recent trends with NFTs and the metaverse. Also, the team behind SAND has a clear vision and aims to provide a widely adopted game.
In my opinion, The Sandbox is an excellent project to hold long-term because of the hype surrounding the metaverse. The project has thousands of daily users, and the team is providing more content regularly. However, remember that metaverse tokens are highly volatile, and the market can swing in either direction.
Final Thoughts
The best option to buy The Sandbox is an exchange like Binance since they have a convenient purchasing process. Also, exchanges have multiple payment options, including e-wallets, bank cards, and cryptocurrency.
Moreover, remember to whitelist your crypto addresses to protect your funds from getting stolen. In addition, most platforms let you enable 2-step authentication, which adds another layer of security.
FAQs
Can I buy The Sandbox without an ID?
Investors can purchase SAND without an ID by using a decentralized exchange. These platforms don’t require compiling a KYC process, letting users purchase crypto anonymously.
Can I buy The Sandbox instantly?
Investors can choose the market option on the trading interface to purchase SAND instantly. Also, some platforms have a section to buy crypto with your bank card that transfers the coins to your portfolio straightaway.
Do I have to be 18 to buy cryptocurrency?
Centralized exchanges and brokers require clients to complete a KYC process with an 18-year-old minimum requirement. Therefore, you’ll need to be at least 18 years of age to use centralized options. However, decentralized exchanges have no KYC processes, so you can buy crypto without an age requirement.
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