In this guide you’ll get information about where to buy Ren, if you are planning to buy REN token – You’re in the right place!
Ren would be a perfect platform for traders who want to keep themselves anonymous, for the sake of privacy, to buy a large amount of assets. The blockchain platform may be beneficial in terms of transparency and openness so there is nothing to hide, but that’s exactly what these wealthy traders are trying to hide – the fact that they have purchase a gigantic amount of digital assets. In most cases, such actions would make a scene, for sure. Not only Ren is about privacy and anonymity, but it is also about being flexible in the operation. Despite its privacy, this platform uses open protocol to enable easy liquidity and interoperability between various (and different) blockchain platforms.
It should be easy to purchase assets from one platform to another without making a scene or whatsoever. This focused-based DeFi platform was created by Taiyang Zhang and Loong Wang, launched originally as Republic Protocol.
- Official website: https://renproject.io/
- Twitter: https://twitter.com/renprotocol
- Telegram: https://t.me/renproject
- Reddit: https://reddit.com/r/renproject
- Whitepaper: https://renproject.io/litepaper.pdf
Table of Contents
Ren (REN) Features
- Darkpool. It is a special feature in Ren that makes it possible for investors to buy (big amounts of assets) anonymously. Basically, it is an OTC market, existing in legacy markets and also crypto markets.
- RenVM or Ren Virtual Machine. It is the trustless and decentralized crypto central platform where assets from different kinds of blockchains can use.
- Darknodes. Besides darkpool, there are darknodes that are responsible for the needed computing power to learn, process, and identify the crypto orders across blockchains and network.
- Shamir Secret Sharing Scheme. The special algorithm would fragment (break) down the orders, so that darknodes won’t know the destination or amount of crypto that is being transacted
- REN Token. This token has 2 major functions, as a trading fee and as bond payment. Those who want to use RenVM to make orders need to pay the trading fee. The token is also used to pay Registrar bonds. Registrar is the smart contract managing the darknodes within Ren ecosystem.
Where to Buy, Sell and Trade Ren aka REN
You can basically use debit card, credit card, or even PayPal to buy the Ren (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Ren as the exchange.
With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to Ren. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.
In general, the process would be:
- You go to the online exchange and buy the Ethereum or Bitcoin
- Find a crypto exchange that supports Ren currency and exchange your Ethereum or Bitcoin with the Ren
- Store your Ren to a secured wallet
Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase
There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.
The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.
Get $10 Bonus when you sign up for Coinbase!
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- You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
- Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
- You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.
That’s the first step in buying Ren, once you get your Bitcoin or Ethereum, you can continue to the next step.
Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments
After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.
With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.
These are the best exchanges we can recommend for you to exchange BTC or ETH with Ren:
Gate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions. Gate.io crypto exchange allows users in 49 states within the US to trade the spot crypto market except for Washington State and New York State.
- Deposit Methods: Cryptocurrency Only
- Fiat Currencies: N/A
- Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 565+ more
- Trading Pairs: 1118+
Kucoin is one of the most solid exchanges in the market right now. They started to operate back in 2017. They take regular payment methods such as wire and bank transfers as well as other cryptocurrencies. They have a presence both in the Google Play Store and the iOSAppStore. Kucoin also offers discount trading fees, as well as significant dividends on half the transactions they do. They have a presence both in the Google Play Store and the iOSAppStore.
- Deposit Methods: Cryptocurrency, Express Polish Post Office 24/7, Wire transfer, GBP bank transfers
- Fiat Currencies: USD, EUR, PLN, GBP and 47+ More
- Supported Cryptocurrencies: BTC, ETH, XRP, BCH, TRX, LTC, DASH, XMR, XLM, OMG & 512+ more
- Trading Pairs: 1044+
IMPORTANT! Once you are registered to any of the above, find the BTC/REN or ETH/REN trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.
Step 3: Managing Your Crypto Assets in a Secure Wallet
As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.
You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.
There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.
For Securing your Ren (REN) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor
LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.
- Secure
- Mobile Friendly
- Easy to Manage
- Supported Coins: 1200+
TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.
- Invented for your digital independence
- keeps your keys safe
- Easily back up your entire wallet
- Supported Coins: 1093+
Also Read:
Frequently Asked Questions (Faqs)
Can I Buy Ren (REN) with PayPal?
You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Ren. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.
Can I Buy Ren (REN) with Cash?
You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:
- Make sure you have a BTC / ETH wallet before you buy from seller
- Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.
Can I Buy Ren (REN) with Skrill?
You can’t buy REN directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Ren. You can buy BTC/ETH with skrill by using these exchanges::
- LocalBitcoins
- Paxful
- Virwox
- SpectroCoin
- Lykke
- Exmo
- Coingate
Can I Buy Ren (REN) with Bitcoin?
Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/REN and begin the transactions.
Can I Buy Ren (REN) with Ethereum?
Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/REN trading pair.
What Is the Best Payment Method to Buy Ren (REN)?
The cheapest way is to use bank account to buy Bitcoins first or to buy the Ren right away. The fastest way is to use a credit card but you will then be charged higher fees.
How to Protect Ren (REN)?
Once you have purchased the Ren, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:
How to Sell Ren (REN)?
Find a crypto exchange which allow pairing REN with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.
Can I Mine Ren (REN) and Not Buying It?
You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Ren is to buy it from a reliable exchange.
Conclusion
This is a platform offering great flexibility without compromising privacy and anonymity, especially for the users. With this platform, not only users are able to buy assets in a large number, but they can also do it through different platforms. REN token would be the payment means that can help with the overall management. However, interested users have to buy Ren (REN) first because it is the only access to join the platform.
