​​How to Buy The Sandbox (SAND) in 2 Minutes | Step-by-Step

In the intersections of blockchain, gaming, and virtual worlds, a new digital frontier has captured the attention of gamers and cryptocurrency enthusiasts alike: The Sandbox. This unique blockchain-based virtual world has pioneered a dynamic platform where users can create, own, and monetize their gaming experiences, fueled by its native cryptocurrency – the SAND token.  If you want to buy SAND, we suggest using a regulated cryptocurrency exchange like BYDFi. In this guide, you’ll find the step-by-step process for investing in SAND with BYDFi. 

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

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What is The Sandbox (SAND)?

Founded in 2011 by Pixowl, The Sandbox is a virtual gaming world on the Ethereum (ETH) blockchain where users can build, control and sell their game experiences using the platform’s utility token SAND. The platform utilizes both decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs) to establish a decentralized foundation for a flourishing gaming ecosystem.

As per its official whitepaper, the principal objective of the Sandbox platform is to integrate blockchain technology into mainstream gaming. The platform’s key strategy involves nurturing a “play-to-earn” model that enables users to be both creators and players at the same time. 

Once you fully understand the risks, here are the steps to buy The Sandbox token. 

Where to buy The Sandbox (SAND)? 

To buy SAND, you will need to use a regulated cryptocurrency exchange, such as BYDFi.

BYDFi offers a comprehensive collection of trading services to users worldwide. The platform caters to a range of traders with its diverse range of services, including spot transactions, crypto derivatives like contracts for differences (CFDs), leveraged tokens, as well as margin and copy trading.

BYDFi also makes it easy for users to deposit and withdraw funds, offering fast and user-friendly methods for exchanging fiat currency into crypto and vice versa.

To learn more about BYDFi, you can read our in-depth review here.

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

500,000+ Users

Get Started

How to buy The Sandbox (SAND) in 2 minutes: Step-by-step

Now, let’s dive into the step-by-step process of buying SAND with BYDFi. 

Step 1: Create a free account on the BYDFi website or app 

You can create an account with BYDFi via the BYDFi mobile app or through your web browser. There are two options for registering with BYDFi: 

Email registration:

1. Enter your email address;
2. Click on “Send” to have the verification code sent to your registered email address;
3. Enter the email verification code mailed to you;
4. Create a password;
5. Click on “Get Started” to complete your registration.

Mobile registration:

1. Select your country/region and provide your mobile number;
2. Click on “Send” to receive the verification code;
3. Enter the SMS code sent to you;
4. Create a password;
5. Click on “Get Started” to finish your registration.

Step 2: Decide on the amount and buy SAND

To buy SAND with your chosen fiat currency, navigate to the “Buy Crypto” section on BYDFi’s homepage. Note that fiat deposits are handled by third-party service providers and are not directly processed by BYDFi.

Choose the fiat currency you want to pay with. Currently, 54 fiat currencies are supported.  

Then, select the cryptocurrency you want to purchase (in this case, SAND). You can enter the deposit amount based on the cash or cryptocurrency amount you’re comfortable with (as long as you meet the purchase limit conditions set by the service provider).

Pick the service provider you want to deposit with. Visa, Mastercard, SEPA, as well as Apple Pay and Google Pay transactions are supported. 

Once you click “Buy Now,” you’ll be redirected to the service provider’s page. Here, you’ll need to go through their Know Your Customer (KYC) procedures (note that the KYC record from BYDFi cannot be used directly for the service provider’s KYC process). 

Step 3: Review the fees and confirm your order

Buying crypto with fiat currency on BYDFi will incur transaction fees imposed by service providers. You’ll need to review the official website of the relevant provider for the exact cost.

BYDFi charges no extra transaction fees.

Step 4: Set up storage

Once you’ve made your crypto purchase, you can keep it in your personal crypto wallet or leave it in your BYDFi account.

Digital assets stored in your BYDFi account are securely stored in offline, deep cold storage wallets, thereby eliminating any single point of failure risk. Furthermore, BYDFi uses multi-signature technology for deposits and withdrawals, protecting against potential attacks and the risk of losing access to keys or facilities.

Even under the most severe conditions, such as a complete system breach, including the web server, transaction engine, and database, a hacker would not possess enough keys to steal the funds since no private keys are stored on any cloud server.

SAND price today

Pros and cons of buying The Sandbox (SAND)

Pros

• Gaming and NFTs: The gaming industry is not only vast but continues to grow. The innovative fusion of gaming with NFTs opens up thrilling opportunities, and should The Sandbox successfully capture a slice of this market, the SAND token could see an uptick in value;
• Potential for high returns: Given SAND’s significantly smaller market capitalization compared to behemoths like Bitcoin (BTC) or Ethereum, it could provide a higher likelihood of doubling your investment. For instance, it’s much easier for a company valued at $1 million to grow to $2 million than for a company worth $500 billion to reach a $1 trillion valuation. This principle, known as the law of large numbers, suggests that the growth potentials of larger-cap assets are inherently limited, unlike their smaller counterparts. In short, as companies mature and grow, their growth rates tend to slow down.

Cons

• Volatility: Like all cryptocurrencies, the price of SAND can swing significantly, leading to potential losses, especially for those who invest without a solid understanding of the crypto market;
• Regulatory uncertainty: Cryptocurrencies’ legal status and regulatory environment differ by country and are constantly changing, potentially impacting the value and usability of SAND;
• Limited audience: Realistically, the SAND token holds value primarily for gamers or game developers. 

Mistakes to avoid when investing in cryptocurrencies

Given their relatively recent arrival on the financial stage, it’s understandable that cryptocurrencies are often more volatile than traditional asset classes such as stocks or bonds. Furthermore, coupled with light regulatory scrutiny, these digital assets are often more vulnerable to fraudulent practices like pump-and-dump schemes or rug pulls, posing a significant risk to both novice and seasoned investors alike. 

In fact, even though cryptocurrency broker-dealers in the United States are obligated to register with the Financial Industry Regulatory Authority (FINRA) – an action that imposes various mandates, including the implementation and maintenance of anti-money laundering (AML) and customer identification programs (CIPs) – the crypto assets themselves remain unregulated.

Tips when starting out with crypto

To better safeguard yourself and your funds, let’s delve into some common pitfalls that you should steer clear of when investing in digital currencies:

• Not researching the crypto token you want to buy: Make sure you understand how the particular cryptocurrency you’re interested in works and what the risks are; 
• Not using a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
• Using a sketchy exchange: Ensure the exchange has a license from appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where they’ll keep your money and what happens to it if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
• Not securing your account: Use two-factor authentication and a strong password to protect your account;
• Not using a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
• Investing money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
• Forgetting your investments: Because of the extreme volatility of crypto markets, monitoring your investment is crucial. Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in. 

Crypto trading tips

Cryptocurrencies’ inherent volatility opens up a wide range of trading opportunities. Essentially, these price swings allow traders to utilize strategies like cryptocurrency day trading or scalping. These enabe you to gain from the abrupt price shifts in a specific cryptocurrency.

Therefore, beyond investigating the crypto market and its patterns, it could be worthwhile to familiarize yourself with various advanced trading methodologies, such as:

• Learning technical analysis; 
• Employing various technical analysis tools such as oscillators,  moving averages, Bollinger bands, support and resistance, and so on; 
• Familiarizing yourself with chart patterns such as the double top pattern and head and shoulders;
• Mastering day and swing trading, as well as scalping techniques.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs about how to buy The Sandbox (SAND) instantly