How To Buy Ravecoin Online in 2022
With more cryptocurrency enthusiasts looking at altcoins that might have a big future, Ravencoin has attracted the attention of many. In 2021, the coin’s value rose significantly and surpassed its all-time high.
If you’re thinking about purchasing some RVN for yourself, it’s a good idea to do a little research first. On this page, you’ll discover everything you need to know about buying Ravencoin. We’ll discuss the best places to purchase them, the payment methods you can use, and where you should store them after getting a hold of some.
Best brokers to buy Ravencoin in 2022
There are different ways to buy Ravencoin, some of which will suit your needs better than others. To help you research more efficiently, we’ve put together a list of the best providers below.
What Is the Difference Between Buying and Trading Ravencoin?
You can profit from cryptocurrencies such as Ravencoin in several different ways. The two most common options are buying and trading.
Although both might seem identical if you’re not experienced with cryptocurrencies, they’re somewhat different from each other.
Buying Ravencoin: When you buy a cryptocurrency, you own the coins outright. You can use them for anything you want and should store them in a wallet afterwards.
Trading Ravencoin: Trading Ravencoin means that you buy the underlying assets with the aim of profiting based on market movements. However, you do not own the coins outright.
How To Buy Ravencoin Online?
When you’re ready to purchase Ravencoin, the process is quite simple. Follow the steps below to get started.
Step 1: Find a cryptocurrency exchange where RVN is listed.
Step 2: Complete any necessary know your customer (KYC) checks. You’ll need to submit a copy of your photographic ID — such as a passport — plus proof of your home address.
Step 3: After your account is verified, add funds to it.
Step 4: Buy your RVN and put your coins in a secure wallet.
How To Trade Ravencoin?
To trade Ravencoin, you’ll need to follow a different set of steps.
Step 1: Find a broker that lets you trade Ravencoin assets
Step 2: Pass the KYC checks to verify your account.
Step 3: Add money to your account using your preferred payment method.
Step 4: Choose how you want to trade.
Step 5: Buy the RVN assets.
What Are the Different Ways To Pay for Ravencoin?
When you deposit money to pay for Ravencoin, you’ve got a whole host of choices. These will vary depending on the platform you use, so make sure you research which methods are available for that specific place before signing up.
Below are the main ways to pay for RVN, along with the most significant pros and cons.
Most cryptocurrency exchanges will let you fund your account using debit and credit cards. All you need to do is choose how much you want to deposit and select VISA or MasterCard as your chosen payment method. Then, enter your details and confirm that you want to make the transaction.
Most cryptocurrency exchanges will also accept bank transfers as a deposit method. When you want to add money into your account, pick the option for this instead of VISA/MasterCard.
Some platforms offer PayPal, though it’s not as widely accepted. Depositing money using this option is simple, and the funds should appear in your account instantly.
Some platforms only let you buy Ravencoin using other cryptocurrencies. After funding your account, you can purchase your RVN straight away.
What To Consider When Buying Ravencoin?
When buying Ravencoin, you need to make several considerations. We've listed the most important things to consider below.
Deposit fees: When you deposit money into your account, you’ll often get charged a deposit fee. This will depend on the payment method you use, as well as your chosen platform. Make sure you research both of these before choosing a place to buy RVN.
Selling fees: When you sell RVN, many platforms will charge a taker fee. This is usually a percentage, which will vary depending on your 30-day volume and the size of the transaction.
Volatility: Ravencoin is volatile, and its price fluctuates regularly. It’s important to understand the risks of purchasing this currency before you decide to do so.
Availability: Ravencoin is available in a lot of places, but you might need to search a little deeper compared to if you were buying a more common currency such as Bitcoin.
Long-term holding: Long-term holding means that you think you’ll make a profit in 12 months or longer. This strategy is also known as holding on for dear life (HODL).
Short-term holding: Short-term holding means that you expect to make a profit in less than 12 months.
Is it safe to buy Ravencoin online?
If you buy Ravencoin from a reputable outlet, then yes — it’s safe. However, cryptocurrencies are a popular target for scammers, hackers, and other cybercriminals. Therefore, you need to take extra precautions to keep yourself safe.
We’ve listed examples of things you can do below.
Enabling two-factor authentication: Two-factor authentication (2FA) means that you have an extra layer of protection on your accounts. In addition to your password, you’ll need to verify using something like a code sent via SMS or email.
Researching common scams: The best way to stop yourself from falling victim to a scam is by researching the most common ones. If you do this, you’ll be able to identify frequent signs and steer clear of trouble.
Reading platform reviews: Before you sign up for a cryptocurrency exchange, it’s important to read customer reviews and get a better understanding of whether or not they’re safe.
Storing your coins in a wallet: After purchasing your RVN, it’s a good idea to keep them stored in a wallet. We’ll go into more detail about this in the section below.
Being careful about where you ask for help: Ideally, you should only ask for help on official websites and reputable forums. On top of that, be careful when clicking on links; only do it if you trust the other person.
How To Store Ravencoin?
After buying Ravencoin, we recommend that you store them on a wallet. Different types of wallets exist; to help you pick the best option, we’ve provided a brief overview of the different types below.
Software wallets: Also known as “hot wallets”, you can use an app or website to sign in and access your coins. When you aren’t using them, your RVN will be stored in a blockchain.
Cold wallets: Hardware and paper wallets are frequently referred to as “cold wallets”, and you’ll need to physically approve transactions. However, it’s worth noting that your coins will still be stored in a blockchain.
How To Sell Ravencoin?
If you’ve decided that now is a good time to sell your RVN, you can do so in various ways. We’ve listed these below to help you out.
Centralised cryptocurrency exchanges
Centralised cryptocurrency exchanges are a simple way to sell your Ravencoins, as long as the platform supports this currency. You’ll need to send the money from your wallet to your account before putting in a sell order.
Peer-to-Peer (P2P) marketplaces
P2P marketplaces are an excellent way to sell your coins to other users with minimal friction. Many of these accept several payment methods, and the only time the intermediary gets involved is if a dispute needs solving. Be careful, though, because scammers can use these platforms to take advantage of their decentralised nature.
Is It Worth Buying Ravencoin Right Now?
When you buy any cryptocurrency, you must remember that the market is volatile, and only you are responsible for bearing the associated risks.
Ravencoin’s growth has surged in 2021 but has slowed somewhat since. Still, it could be a handy long-term investment if you’re willing to be patient.
Ravencoin is growing in popularity and market share, and many crypto enthusiasts have looked over to the currency with eager eyes. If you’ve decided that you want to purchase RVN, we recommend using a P2P marketplace and using another cryptocurrency to buy your coins.