How To Buy Ren Online in 2022
Ren is an open protocol for transferring cryptocurrencies between blockchains. The team behind Ren aims to connect popular assets like Ethereum and Bitcoin, making it possible for a multi-chain decentralized finance ecosystem. This in-depth guide highlights important information regarding how to invest in Ren. Additionally, we’ll showcase the best crypto platforms, along with their pros and cons.
Best Brokers To Buy Ren in 2022
Ren is available on the biggest exchanges and brokers such as eToro, Binance, and CoinBase. Below we’ve put together the best platforms that offer Ren tokens.
Ren is an open-source crypto that enables users to transfer cryptocurrency between any two blockchains safely and easily.
Ren has received investments from Huobi Capital, Limitless Crypto, and Infinite Capital.
The token is built on the Ethereum blockchain to take advantage of smart contracts.
Ren is the first project to grant investors high privacy and security for OTC transfers.
The coin has a fixed supply of 1,000,000,000.
What Is the Difference Between Owning Ren VS a Derivative Product
Owning cryptocurrency means that you can do whatever you please with your coins. For example, investors can transfer them to private wallets, store them on hardware devices, stake them, and participate in liquidity pools.
On the other hand, with a derivative product, you won’t own the cryptocurrency and speculate the price of Ren instead. Crypto brokers can offer CFDs (contracts for differences), which does not convey ownership of Ren. However, investors prefer to own their coins since you rely on the broker who issued the contract to provide a fair service with CFDs.
Different Ways To Buy Ren
Ren is an established coin that was released back in 2017. Therefore, multiple types of platforms offer the coin for purchase.
Centralized Exchanges: The most popular method to buy Ren is with a crypto exchange like Binance and Coinbase. They are so popular because they offer the lowest fees and have large amounts of liquidity. You also have access to multiple trading pairs for convenience.
Decentralized Exchanges: Investors can purchase Ren anonymously by using a decentralized exchange like 1inch Network, UniSwap, and PancakeSwap. This method is more tech-savvy since you need to learn about crypto wallets and gas fees.
Brokers: The easiest method to buy Ren is with brokers due to their straightforward user interface. eToro is a brilliant option because they have a wide range of cryptocurrencies so investors can diversify their portfolio. However, you won’t own the tokens with brokers and buy a derivative product instead.
Banks: Your bank can offer CFDs in cryptocurrencies in their investments section. The benefit of this option is you won’t need to use a broker or exchange and can manage your money from a single application. However, the fees are usually much higher with banks.
Where To Buy Ren
Binance is the largest cryptocurrency exchange with over 28.6 million users. Therefore, the company can offer low fees for trading, which lets you get more crypto for your money. In addition, the platform offers multiple investment opportunities like staking and Binance Earn.
Multiple trading interfaces
Wide variety of investment opportunities
Binance is not available in the United States
Customer support is subpar
Perhaps a broker like eToro is the best option for beginners since it has a user-friendly interface. The platform requires little experience as there are no complicated trading interfaces. However, eToro only offers derivative products, meaning you won’t own the cryptocurrencies and must leave your money on the platform.
Beginners can look at successful portfolios
Amazing customer support
Higher fees compared to crypto exchanges
Investors won’t own real crypto with eToro
Minimum deposit of $200
How To Buy Ren Online?
The best platform to buy Ren is on an established decentralized exchange due to the low fees and security. Here’s a guideline to buying Ren with Binance.
Step 1: Visit the official Binance homepage and click the ‘Register’ button.
Step 2: First, choose your country of residence, which is important for the KYC process later. Then write your email address and create a strong password.
Step 3: Binance will send an email to your inbox that you need to click to verify your account. Now you’ll have access to your dashboard where you can deposit, withdraw, and buy coins.
Step 4: Afterward, verify your identity by providing a picture of your driver’s license, ID card, or passport. Then you’ll need to upload a document of your bank statement, utility, or phone bill to verify your address.
Step 5: Deposit funds into your account using one of the methods provided by Binance.
Step 6: Next, open the convert page under the trade tab. In the first section choose the currency you have in your wallet and REN in the second section. For example, if you have Tether, you’d want to choose USDT/REN.
Step 7: Lastly, input the number of Ren you want to purchase and click the convert button. Now your wallet will update, and you’ll see the newly purchased Ren.
How To Trade Ren?
Trading Ren can seem complicated if you’re new to cryptocurrency. Therefore, using a service like eToro can provide investors with little experience accessing cryptocurrencies. Take a look at how to trade Ren in 5 easy steps:
Step 1: Create an account with eToro and verify your identity.
Step 2: Then deposit money into your account with one of the payment methods.
Step 3: Go to the crypto markets section and click Ren to open the trading interface.
Step 4: Next, write the number of coins you want to purchase and click the buy button.
Step 5: After, you can open your portfolio, and eToro will showcase your bought Ren Tokens.
Crypto Investment Strategy
Before buying Ren, it’s crucial to have an investment strategy to prevent losses. This is because beginners aren’t used to the volatility of crypto and begin to trade with emotion rather than facts. Therefore, set up an investment plan and stick to it regardless of how you feel the market will go. Below are the two main strategies investors use.
Long-term Holding: HODL or hold on for dear life means that you buy coins and store them for years. By far, it’s the most profitable investment plan since the creation of cryptocurrency. However, this investment strategy requires you to invest in strong projects that will hold their value in the future.
Short-term Holding: This is a tricker strategy because you need to stay on top of the market trends. The strategy requires you to buy Ren and hold for days or weeks. Once the price increases, you sell for a profit. Then you wait for the price to decrease and repeat the process.
How To Store Ren?
After purchasing Ren, the last step is to store them safely on a software or hardware wallet. A software wallet is great if you need to transfer funds quickly and are participating in a short-term strategy. Also, if you have a small amount of crypto, then a software wallet provides a sufficient amount of security.
However, those holding a large amount of crypto should purchase a hardware wallet since they have the best security. Also, they are relatively cheap and provide multiple useful features in return.
Here are the best wallets to store Ren:
Ledger Nano S
What Are the Different Ways To Pay For Ren?
Investors have many methods to purchase Ren. However, the availability of these options depends on the platform you use.
Credit and Debit Cards
Credit and debit cards are widely available on brokers and centralized exchanges. Write in your details, and the funds instantly show up in your account. Also, the platform can save your information, making it easier to deposit money next time.
Straightforward to use
Payments are secure
Not available on decentralized exchanges
Fees are high when buying crypto directly with your card
Crypto payments are available on centralized and decentralized exchanges. These platforms provide multiple trading pairs for convenience. Also, with this option you can purchase coins anonymously.
Multiple trading pairs for REN
Transactions are transparent
Anonymous payment option
Transfer fees are high depending on the blockchain you’re using
Ethereum exchanges have huge gas fees
Not available on brokers
Bank transfers are a straightforward way to send money to a broker or exchange to buy Ren. Make sure to write the correct details, and don’t forget to input the reference code.
Local transfer times are fast
Reliable payment method
Banks can deny payments to crypto platforms
This option is not available on crypto exchanges
What To Consider When Buying Ren?
When buying Ren, there are some considerations to make. Below are the main factors that should impact your final decision to purchase Ren.
Fees: Crypto brands apply fees for using their platform. Usually, the highest costs for investors are withdrawal and trading fees.
Volatility: The crypto market is highly volatile, so the prices can shift drastically. Beginners panic sell when they see their coin go -20% in a few hours, which is normal for cryptocurrency. So invest what you can afford and stick to an investment plan.
Regulations: Only use platforms regulated by a respected authority because they are required to deliver a fair service and keep your money safe. Receiving a license is a difficult process, and only the top platforms get approved. Unregulated sites are not required to provide a fair experience to their clients, so you risk your money by using them.
Investment Strategy: It’s important to use an investment strategy to avoid emotional trading and maximize profits. Also, you can set up sell points towards your target Ren price to minimize the risk.
Is It Safe To Buy Ren Online?
Ren is safe to buy if you take the necessary precautions. First, make sure you use a licensed platform to ensure your money is safe. Moreover, you can whitelist your crypto wallets, which means the platform can only send coins to your addresses. Also, set up 2-step authentication to add an extra layer of security.
Is It Worth Buying Ren Right Now?
Ren has a market cap of $275 million, ranking it 150 of all cryptocurrencies. Currently, the price is $0.27, which is significantly lower than its all-time high of $1.72. Remember, cryptocurrency is highly volatile, and the market can swing in either direction.
In my opinion, there are better projects the solve the problem of cross-compatibility between blockchains. For example, Cosmos is connecting blockchains and has a much higher market share. However, Ren has dozens of partnerships and multiple investment options, making it a great long-term investment.
When purchasing Ren, make sure to use regulated platforms to ensure your money is in safe hands. Licensed platforms are audited regularly and have better security to provide an excellent experience for investors. Moreover, Ren has multiple payment options, making it convenient for beginners and experienced traders to invest.
Remember to enable 2-step authentication to add more security to your accounts. Also, the best layer of security you can add is whitelisting your wallets. This means coins from your exchange account can only be withdrawn to your verified crypto wallet addresses.