ReddCoin has been on the cryptocurrency scene for a while now, but it gained attention in the spring of 2021 when the coin’s value rose to levels it hadn’t seen since 2018. And with social media continuing to grow in significance, curious investors have begun wondering what its long-term prospects might look like.
Before you buy RDD, it’s worth doing a little research to ensure that you’ve made the correct decision. This guide will show you where you can buy ReddCoin, how to store it, tips on staying safe, and more.
Best Brokers to Buy ReddCoin in 2023
If you choose to purchase Reddcoin, you can do so using one of the various methods. To help you pick the right option, we’ve put together a list of the best providers below.
What Is the Difference Between Buying and Trading ReddCoin?
When you research cryptocurrencies online, you’ll notice the terms “buying” and “trading”. While they might look one and the same, the reality is quite different. To help you understand the differences, we’ve briefly outlined these below.
Buying ReddCoin: Buying RDD means that you own the coins outright.
Trading ReddCoin: Trading involves buying underlying assets, but you do not own the coins outright. The aim is to capitalise on market changes to make a profit.
How to Buy ReddCoin Online?
Many people who buy ReddCoin will do so from a cryptocurrency exchange. Purchasing your coins via these platforms is relatively straightforward; we’ve listed all the steps you need to follow below.
Step 1: Find an Exchange
Step 2: Create an Account and Verify It
Step 3: Deposit Funds
Step 4: Purchase Your RDD
How to Trade ReddCoin?
If you choose to trade ReddCoin instead, you’ll most likely use a broker. As such, the steps to get started differ slightly. Fear not, though, because we’ve listed these below.
Step 1: Find a Broker
Step 2: Sign Up
Step 3: Deposit Funds
Step 4: Decide How to Trade
Step 5: Buy
What Are the Different Ways to Pay for ReddCoin?
ReddCoin is available on several crypto-focused platforms, and you’ve got plenty of choices when it comes to funding your account to buy the coins. We’ve listed the options you’ve got below to help you find the most suitable one for you.
Bank Transfer
Bank transfers are one of the easiest ways to fund your account and buy ReddCoin. Once you’ve selected this payment method, enter your details and confirm the amount in fiat money you’d like to transfer. Then, use those funds to purchase RDD.
Credit/Debit Cards
If you want a faster option to send money from your bank account, you might want to use your credit or debit card instead. You’ll need to pick VISA or MasterCard when adding funds; some platforms also accept American Express.
PayPal
Some platforms let you add money to your account using PayPal. All you need to do is select this option when you’ve chosen to deposit funds before entering your details.
Apple Pay
If you want to send money from your bank account but don’t want to enter your details manually, some exchanges will let you add funds using Apple Pay. When you’re ready to complete the transaction, you’ll need to complete the transaction using your fingerprint or face ID.
WebMoney
WebMoney is a popular digital wallet in many parts of the world. While it’s not accepted on many cryptocurrency exchanges, some will let you fund your account using this method.
What to Consider When Buying PotCoin?
When buying ReddCoin, there are various considerations that you need to make. We’ve listed some of the most important factors to keep in mind below.
Volatility: ReddCoin, like all cryptocurrencies, is very volatile, and its price fluctuates several times per day. Before you buy RDD, you need to understand the risks involved.
Safety: Stick to reputable platforms and make sure you’ve done enough prior research to justify your choice.
Deposit Fees: When you add money to your account on a platform, you’ll need to pay a fee. This will depend on the payment method you choose, along with the cryptocurrency exchange you’ve signed up for.
Maker/Taker Fees: Buying and selling ReddCoin will often involve maker and taker fees, which are often percentage-based. The higher your volume within a set period, the lower your costs.
Long-term Holding: Long-term holding, also known as holding on for dear life (HODL), involves keeping your coins for 12 months or more to capitalise on a potential change in value.
Short-term Holding: Short-term holding involves keeping your coins for less than one year with the aim of making gains.
Tax: In some countries, you’ll need to pay capital gains tax when you sell your coins. Check for the specific rules relating to where you live.
Is It Safe to Buy ReddCoin Online?
You’ll need to take some extra precautions to protect yourself, and we’ve listed these below.
Use Two-factor Authentication: Two-factor authentication (2FA) adds extra security on top of your password. You’ll need to verify that it’s you trying to enter your account via SMS or email codes or something different. If a hacker guessed your login details correctly, this would add an extra barrier to stop them from getting into your account.
Create a Strong Password: Even if you’ve got 2FA enabled, that doesn’t mean you can skip having a solid password. Use one that is difficult to guess and that you haven’t used on another website. Make sure that nobody else gets a hold of your details, either.
Use Private Wi-Fi Networks: Public wi-fi is often not secured. Because of this, any sensitive information you share is easier for others to access and use maliciously. When you buy cryptocurrencies, you should only ever sign in while using a public network.
Store Your Coins in a Wallet: Once you’ve bought your DOT coins, we advise that you store them in a secure wallet. We’ll go into the reasons why in the next section.
Pass Only the Necessary KYC Information: When you sign up for an account, you’ll need to submit a copy of your photographic ID and proof of your address. However, you shouldn’t share anything else.
Educate Yourself on Common Crypto Scams: Several cryptocurrency scams exist, and the best way to stop them from happening to you is by being aware of them in the first place. Once you know these, you’ll understand the signs and be able to stop them before they become a huge issue.
Only Ask for Help on Official Websites: You should try to stick to reputable websites and forums when asking for assistance. Take the advice you get elsewhere with a pinch of salt, and think carefully before clicking on links and sharing personal information.
How to Store ReddCoin?
When you’ve bought your RDD, we recommend storing them in a wallet. Yes, you can keep them on the exchange you purchased them from — but that will put you in serious danger if a hack occurs, and you could lose all your coins.
We’ve explained the different types of wallets below.
Software Wallets: Also known as “hot wallets”, software wallets store your RDD on a blockchain when you’re not using them. To access your account, you’ll need to sign in via a website or app.
Hardware Wallets: Hardware wallets will store your coins on a blockchain, but you’ll need to verify transactions physically. As a result, it’s essential that you don’t lose your codes and whatnot.
How to Sell ReddCoin?
When you’re ready to sell ReddCoin, you can do so in a couple of ways. We’ve listed each of these below.
Peer-to-peer (P2P) Marketplaces: One of the easiest ways to sell ReddCoin is through a P2P exchange, where you will transfer your coins to a user rather than selling them through an intermediary. When you use these platforms, you must be aware of potential scams.
Centralised Cryptocurrency Exchanges: If you would prefer to use a centralised platform, you can sell your RDD via these means. Before submitting a selling order, you’ll need to move the coins from your wallet into your account.
Is It Worth Buying ReddCoin Right Now?
When you buy any cryptocurrency, it’s important to remember that the market is volatile. As a result, there will always be risks — and you’ll need to pay close attention to trends.
ReddCoin is projected for long-term growth, even though it’s incredibly volatile at the moment. With this in mind, we think that RDD could be a wise investment — and if you’re a day trader, you might be able to make profits on short-term fluctuations.
Final Thoughts
ReddCoin is becoming more popular, and its market cap continues to grow, though it has a long way to go before it reaches the levels of some of its competitors. If you’re still interested in buying RDD after reading this guide, we recommend that you choose a P2P exchange and pay via bank transfer.
FAQs
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