How & where to buy Ravencoin (RVN) online
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This beginner’s guide is an introduction to the Ravencoin cryptocurrency. It teaches you how the software works and what it means to create a digital token. In addition, you can read a step-by-step guide explaining how to buy RVN coin online.
What are the best exchanges to buy RVN now?Copy link to section
If you want to know where to buy Ravencoin crypto now, you can use one of the links below. These brokers have been assessed by our team of analysts so you can trust them as some of the top options around. If you want to learn more before getting involved, keep reading.
How to buy Ravencoin online – a step-by-step guideCopy link to section
Step 1. Find an exchangeCopy link to section
Cryptocurrency exchanges are the best place to buy Ravencoin in the UK and elsewhere. Check out some of the options at the top of the page, or choose from the top two exchanges below:
- Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
- Bittrex: Bittrex is a popular, user-friendly exchange that also offers more than a hundred cryptos. It’s a good place to find coins you might struggle to find elsewhere. Join Bittrex now >
Step 2. Sign up and fund your accountCopy link to section
Before you start trading you need to set up an account. It’s a simple process, needing a few contact details and a form of photo ID for verification. To fund it you can usually use fiat currency, but again some exchanges might only accept deposits in crypto. In that case, find somewhere to get some Bitcoin first and use that to fund your account.
Step 3. PurchaseCopy link to section
The Ravencoin ticker is RVN, search for that on your chosen exchange and you’ll be presented with a list of swaps you can make. For example, if you’re using Bitcoin then look for the RVN/BTC pair and execute the trade.
Step 4. (Optional) Get a suitable walletCopy link to section
A wallet is an excellent place to store your new crypto coins. You don’t have to get a wallet as you can leave your coins in your exchange account. For more control and security, however, a wallet is the best way to store them. There are lots of different ones available, from phone apps to hardware wallets that keep your coins entirely offline.
Here are two of the top wallets around:
- Infinito Wallet: Infinito Wallet is a universal wallet, which means you can earn interest on your coins as well as storing them. Join Infinito Wallet today >
- Trezor: Trezor is the first hardware wallet ever created. It keeps your coins on a USB stick that is protected even if you then connect it to an infected computer. Sign up with Trezor >
How to trade Ravencoin – a step-by-step guideCopy link to section
Step 1. Find a brokerCopy link to section
To trade cryptocurrency you need to find a broker with as low trading fees as possible. Trading means lots of opening and closing positions and you don’t want to lose a chunk of your money every time.
At the moment, Ravencoin is a small cryptocurrency that’s not available with many brokers. That might change in the future, and when it does eToro and Plus500 are two of the top brokers to start with.
Step 2. Deposit moneyCopy link to section
You have to fund your broker account with fiat currency. A lot of brokers charge fees for deposits and withdrawals, which is another thing to consider before you sign up.
Step 3. Decide how you’d like to tradeCopy link to section
To trade crypto you have a couple of options, two of the most popular are CFDs (contracts for difference) and spread betting. In both cases you use them to speculate on the performance of a coin or market without needing to own the asset directly.
Step 4. Start tradingCopy link to section
The best way to start trading is with a beginner or demo account. Any broker worth using offers one and it’s a way of getting used to the market without putting your own money at risk.
As far as the trading itself goes, a coin’s price can either go up or down. If you think it’s going to go up, you should take a long position. Otherwise, take a short position and back it to go down.
One more strategy worth knowing about is trading with leverage. You might have heard a lot about leverage, but be careful. It basically means putting up a small amount as a deposit to make a much larger trade. This can lead to big wins but it’s very risky as it can leave you open to big losses if you get the market wrong.
Still undecided?Copy link to section
Don’t worry if you aren’t sure whether to get involved, it’s always a good idea to take time to think about an investment. Here are some of Ravencoin’s pros and cons to help you, followed by some more questions to think about.
ProsCopy link to section
- You can use it to turn anything into an asset and trade
- Earn dividends and rewards by buying tokens
- Could be an investment in the future if more asset trading moves online
Finally, here are three questions for you to consider as you decide whether to invest in Ravencoin.
1. Is now a good time to buy RVN tokens?Copy link to section
It depends on your goals. If you want to get involved by creating and trading assets with the software, then it probably is a good time to get some RVN coins. For traders, a bit more thought is required.
Investors in it for the long haul want to think about the state of the overall crypto market. Is it in a bull cycle? If so, maybe you want to invest now. Short-term traders should spend more time comparing the current price of RVN to other coins. Both types of investor can use our market analysis here to help them:
2. What problem does Ravencoin solve, and what are the coin’s investment prospects?Copy link to section
Ravencoin solves the problem of tracking ownership of assets by turning them into digital tokens with a transaction history stored on the blockchain. This means you can always verify who owns an asset, or create your own unique tokens out of anything of value.
Its investment prospects depend on attracting new people to come trade on the software. There are competitor platforms like 0x that also offer somewhere to create and trade digital assets. Ravencoin, though, has digital dividends and incentives and ways of communicating between token holders that might foster a community.
Ultimately, investing in crypto is all about doing your research. Things change quickly and new developments can cause sudden spikes or falls in the price of a coin. Here is the latest news you need to know:
Ravencoin (RVN) price prediction after February sell-off
Ravencoin (RVN) price prediction after September sell-off
Ravencoin (RVN) price analysis for August 2021
3. Do you want to hold Ravencoin for the long term?Copy link to section
The answer is yes if you intend to trade assets on its software. Otherwise, it depends on your investment goals and how quickly you want to see returns. Here are some final things to consider depending on whether your time frame is long or short term.
Considerations for a long term investment strategy
Long-term investors want to see growth over time. If you think there’s a good chance the software becomes a popular hub for trading digital assets, it’s a good idea to find an exchange and get some coins. Think about getting a wallet to store them as well.
Considerations for a short term trading strategy
For short term traders the most important thing is choosing a broker with low fees. You want to open and close trades quickly with minimal costs. A knowledge of technical indicators like charts and bases can be useful if you want to trade.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >