Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Ren, and is trustworthy!
You can find our top 3 exchanges for buying Ren here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Ren
And of course, the final step is to find Ren on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Ren (REN)
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How to Sell Ren
- Sign into the exchange
- Find where you stored your Ren, either on a hardware wallet or on the exchange.
- Transfer your Ren to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Ren.
Considerations when looking to buy Ren.
Ren (REN), an open protocol, is designed to allow interoperability between different blockchain platforms and provide liquidity.
Previously known as Republic Protocol. Ren launched RenVM in May 2020. It had completed a $34 Million initial coin offering (ICO).
The protocol's native token, REN functions as a bond to those who run nodes that power RenVM (also known as Darknodes).
Ren seeks to increase the interoperability and accessibility of decentralized finance (DeFi), by eliminating obstacles in liquidity between blockchains.
Ren is a complex platform that has multiple uses, but ultimately it's designed to overcome the barriers to entry and invest in DeFi projects.
It allows DeFi projects to add foreign cryptocurrency assets like Bitcoin (BTC), Zcash (ZEC), to their offerings as a plug-in. Users can swap any token between any blockchain without intermediaries, such as using "wrapped" versions, such as Wrapped Bitcoin (WBTC), and Wrapped Ethereum(WETH).
RenVM is a network made up of virtual computers that make up a virtual machine. Darknodes are the machines that power RenVM's network.
Ren charges various fees to internal operations. However, most of these fees do not go toward direct profitability and are instead paid to miners. REN is an ERC-20 token and attracts varying gas charges to power transactions.