How & where to buy Augur (REP) online
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This page introduces you to the Augur platform and its Reputation cryptocurrency, REP. Learn about the most important things you need to consider before investing and then follow our step-by-step guide to getting your first coin.
What are the best exchanges to buy Augur on?
An online broker is a beginner-friendly platform that you can use to get cryptocurrency. You can sign up to one of the top platforms by clicking the links below, or keep reading to learn more about Augur first.
How to buy Augur online – a step-by-step guide
Step 1. Find an exchange
The only place to buy Augur coins at the moment is on a cryptocurrency exchange. An exchange is like a marketplace that matches up buyers with sellers and, because this matching helps to set the market rate, you can usually get the best value on an exchange. There are fewer fees and commissions.
Here are two of the best exchanges where you can find Augur right now:
- Binance: Binance is often the first port of call for anyone interested in cryptocurrency. It’s the largest exchange and offers a wide range of different crypto coins. Sign up with Binance >
- Bittrex: Bittrex is a beginner-friendly exchange that has a large variety of different cryptocurrencies available, including many smaller altcoins like Augur. Join Bittrex now >
Step 2. Sign up and fund your account
In order to start buying and selling coins on an exchange, you need an account. It’s simple to set one up but you will have to provide some personal information, including your contact details and, normally, a copy of some photo ID for verification. You can then transfer money into the account via a bank transfer or card payment.
Step 3. Purchase
To find the coin you want to buy, search for it using its unique ticker symbol. In this case, the Augur coin is known as REP. When you search for it, you’ll be presented with a list of options as pairs, such as REP/USD. That gives you the price of one Augur coin in US Dollars, and you just need to select the pair that corresponds with how you want to pay.
Once you’ve done so, enter the amount you want to spend, decide between a market and a limit order, and then execute the trade. Your new coins will be added to your exchange wallet as soon as the transaction goes through.
Step 4. (Optional) Get a suitable wallet
You can leave your coins in your account or move them to a dedicated cryptocurrency wallet. Wallets are like secure banking apps that let you keep your money in one place and manage it from your computer, phone, or web browser. Here are a couple of the best wallets available right now:
- CoolWallet: A CoolWallet is a small, card-like device that stores your coins offline, but which you can manage via an app on your phone. You have to pay a small fee for the card but otherwise the service is free. Sign up with Coolwallet >
- Trezor: Trezor is a more substantial hardware wallet that, again, stores your coins offline, on a USB-like device. It keeps the coins completely offline and secure even if you connect the USB to an infected computer. Join Trezor now >
How to trade Augur – a step-by-step guide
Step 1. Find a broker
To trade Augur successfully you need to find a broker that charges low trading fees. By ‘trading’, we mean the act of day-trading, which is a high frequency strategy that involves making lots of buy and sell decisions over the course of a day.
Right now, no broker platforms offer Augur. That will change as the coin grows in popularity but brokers tend only to offer the largest coins that experience the most trading volume. eToro is likely to be the first to offer it and there have been suggestions that it might be added to the platform imminently.
Step 2. Create an account and deposit money
Like with an exchange, you have to create an account in order to be able to use a broker. It’s simple to set up an account in a few minutes by clicking a link in the table above, and you can fund your account through a wire transfer, credit/debit card payment, or an alternative payment method, like PayPal.
Step 3. Learn how to perform technical analysis
Traders decide what to buy and sell, and when to do it, based on something known as technical analysis. This involves studying past price history of a particular asset, the Augur coin in this case, to see how it has been performing lately. This gives you an idea of which way the coin is trending and where there are important tipping points in the price.
You can learn more by taking our trading course, and it’s vital to understand how this form of analysis works if you want to succeed as a trader. This information is what everyone else in the market is looking at and you need to make sure you’re seeing the same trends as well.
Step 4. Decide whether to go long or short
A feature of trading as opposed to buying outright is that you can bet on a coin’s price to go in either direction. You should decide whether to go long (buy) or short (sell) based on the results of your technical analysis.
Step 5. Make the trade
Finally, all you need to do is make the trade itself. Search for REP through your broker account and click either the instant buy or sell price. Then fill in a few details of the trade, like how much you want to spend, and execute it.
Should I invest in Augur?
Augur is a coin for the more speculative investor, which is appropriate given that it aims to crowdsource predictions by rewarding people with money for making good calls. It’s essentially like a gambling platform where you can make bets on future events and earn money for making the right pick.
There are some risks involved in Augur, more so than with regular cryptocurrencies. It operates at a cross-section between gambling and crypto, and the platform isn’t available yet to UK and US users. That means there is quite a lot of uncertainty about its long term future and it might find it particularly difficult to clear any regulatory hurdles.
There’s a lot to take in with Augur, so here is a quick summary of the pros and cons of the coin. Below there is more information to help you make a good investment.
- You can use Reputation (REP coins) to create prediction markets yourself
- Making good predictions on the platform is a way to earn more REP
- Augur was one of the first platforms to be built on the Ethereum blockchain
To help you make a final decision, here are three more questions to think about before you invest in Augur.
1. Is now a good time to buy Augur?
That depends on how bullish you are on the future of a betting exchange like this. You need to decide whether its ability to harness the wisdom of the crowd is enough to mask the issues of it not being available in some of the biggest markets in the world.
For those of you with a more short term focus, then the decision rests on what your analysis of the price tells you. You should stick rigidly to whatever trading strategy you have decided on, and wait until the indicators suggest that now is a good time to buy. If you aren’t confident in your own method yet, use the links below to read through our analysis.
2. What problem does Augur solve, and what are its investment prospects?
It allows users to predict the result of any event they can think of, and do so through a platform that charges much lower fees and has fewer restrictions than a traditional betting company. By rewarding good predictions it can, in theory, create a market of experts that you can follow to get ahead of the game.
Augur has few competitors and could represent a significant leap forward, because it has no single seat of power that can act as a central authority. Creating markets and reporting results are done by the users themselves which might help it sidestep any regulation.
This is more true in theory than in practice, as shown by the fact that its services are already restricted in some countries. That might change over time, however, and a loosening of those limits would be good for the REP price. Follow the latest news in the links below to make sure you’re the first to know of any developments.
3. Do you want to hold Augur for the long term?
If you intend to use the platform then a long term hold is going to be the right move. For everyone else, there are times when you should keep your coins for a while and others where a fast trading strategy is best. Here are some final thoughts for each approach.
Considerations for a long term investment strategy
Long term holders should wait for a time when the market is steady and then use an exchange to get their coins. After that, think about using a wallet to store them securely.
Considerations for a short term trading strategy
For short term traders, the most important thing is to find a broker that charges low trading fees. Then learn how to perform technical analysis in order to find the right buying opportunity.
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