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How to buy Ren tokens online
This guide introduces you to the Ren Project and REN coin. Find out how it works, the purpose of REN coin, and the project’s investment projects for the future.
Compare where to buy Ren, and open an account
If you want to know where to buy REN coin online, check out the table below; it is filled with the best brokers as determined by our team of expert analysts. If you need to learn more about Ren before making an investment, scroll down this page.
What is Ren?
Ren is a peer-to-peer private exchange that allows users to trade any coin on any blockchain in a transparent, private system. Ultimately, it is designed to overcome barriers to entry and investment for cryptocurrency projects by providing over-the-counter (OTC) trading services. The project utilises RenVM – a network of virtual machines – to allow services on Ren to operate smoothly. Ren is currently semi-decentralised but aims to become fully decentralised in the future.
Transactions over Ren are totally secure and anonymous, and the project has now cemented itself as an innovative solution for a variety of different processes. For example, users can lock their BTC (or a different cryptocurrency) in a smart contract, receive the equivalent value in Ether, and then access products on the Ethereum blockchain without ever having to sell their BTC or transfer it across blockchains. This creates immense flexibility when it comes to investing in crypto projects.
The REN coin is the native token within the Ren Project. It has a fixed total supply of 1 billion tokens and a total market value that is locked at $345 million. Driven by its experienced management and development team, Ren – originally called Republic Protocol – conducted its ICO (initial coin offering) back in 2018, raising a total of $34 million in funding from a variety of high-profile REN investors.
How does Ren work?
Ren uses a custom virtual machine – the RenVM – to allow the Ren network to function. Virtual machines are emulations of physical computers than can perform in the same fashion without compromising privacy by revealing underlying information. The Ren platform’s virtual machine makes use of something called zkSnarks, a method of cryptography that was made popular by Zcash. Essentially, orders made over Ren are fragmented into different pieces to hide information; think of it as a giant virtual shredder.
The network of computers that allows this whole system to function is known as DarkNodes. Anyone can get involved and run a DarkNode; the only requirement is that they lock up a certain amount of REN tokens (100,000 REN per node) in a smart contract. REN coin is paid out to REN miners who validate transactions by operating and maintaining the Ren network with a DarkNode, much like how Bitcoin is paid out to Bitcoin miners. You can also trade REN just like any other cryptocurrency.
To allow users to exchange tokens across different blockchain, the Ren virtual machines uses the RenBridge: a facility that creates tokens representing the original ones that have been locked into a smart contract. For example, if users wanted to use Bitcoin (BTC) but on the Ethereum blockchain, Ren could create a new token called the renBTC that represents the original Bitcoins but can run on Ethereum. The virtual machine stores the original Bitcoins, allowing users to switch back when they are ready.
How to buy REN coin online – a step-by-step guide
Step 1. Find an exchange
The best place to buy REN coin both in the UK and elsewhere is a reliable cryptocurrency exchange. There are a variety of exchanges available and we have reviewed many of them; however, to save you some time, you can find the two best exchanges that support REN coin below:
- Binance: Binance has rapidly grown to become one of the largest cryptocurrency exchanges. It supports in excess of 100 cryptocurrencies, including REN. Open a Binance account today >
- Bitpanda: Bitpanda is a user-friendly exchange with an intuitive and simple interface that can enable you to invest in crypto easily. Join Bitpanda now >
Look at the table at the top of the page for more options.
Step 2. Sign up and fund your account
To execute transactions on a crypto exchange, you need to sign up for an account. This often requires you to pass a photo identity verification check first. Once this is done, deposit some fiat currency like GBP, USD or EUR, or you can deposit a cryptocurrency like Bitcoin (BTC) to fund your account.
Step 3. Purchase
Once you have finished setting up your account, you are ready to invest. If you have funded your account with fiat currency like GBP, enter the exchange and look for the REN/GBP pair. If you’re happy with the exchange rate, it’s time to execute your first transaction. If your account is being funded with a cryptocurrency like Bitcoin, simply navigate to the REN/BTC pair and finalise your transaction in the same way.
Step 4. (Optional) Get a suitable wallet
If you are going to be holding your REN tokens for an extended period of time, we recommend storing them in a crypto wallet. You can usually store your coins in an exchange account, but whilst this is fine for short-term investors, it lacks the added layer of security that wallets can offer. To help you decide which wallet is best for you, we have listed two of the best wallets for storing REN below.
- Trezor: As the first-ever hardware wallet, Trezor has established a strong reputation in the crypto community. It takes the form of a device no larger than a USB stick, and it is a great option to secure your REN tokens as securely as possible. Check out Trezor and store your REN safely >
- Freewallet: A well-known online crypto wallet, Freewallet has a large base of loyal users. You can access over 100 different coins, including REN, by signing up for a Freewallet now >
How to trade REN – a step-by-step guide
Step 1. Find a broker
Traders take advantage of short-term market fluctuations to generate profits. If you want to profitably trade REN, you need to adopt a similar strategy. Brokers are a great service for this kind of tactic because they allow you to open and close positions quickly.
When choosing a broker to sign up to, make sure it has low fees and most importantly, make sure it supports REN. If you’re wondering where to trade REN, because it isn’t an especially well-known crypto, not many platforms support it. However, if any broker is likely to, it will be one of the largest and most reputable options like eToro and Plus500. For more recommended brokers, consult the table towards the top of this page.
Step 2. Deposit money
Brokers allow users to finance their accounts with fiat currency like GBP, EUR and USD. Before you add any funds to your account, check to see if you are entitled to any extra money from the platform as a form of deposit match because some platforms offer this benefit.
Step 3. Decide how you’d like to trade
Your trading strategy will dictate your level of success when you trade REN. The most popular way of trading crypto is through contract-for-difference (CFD). Trading this way means you will not own the underlying REN tokens, but you will gain exposure to its price movements. This can be a great way of getting involved with assets that would be too expensive to own outright. No matter how you trade, the key thing you need to focus on when trading is technical indicators; these can be your key to unlock profit.
Step 4. Start trading
The majority of brokers offer demo accounts. These tools will allow you to practice your trading strategies and learn about market dynamics and mechanisms, and they are ideal for helping beginners learn the ropes.
Once you start trading REN, you can either go short or go long just as you can invest in a stock. A long position means you want REN to go up in value, whereas a short position means the opposite. Make sure you take your time considering the pros and cons of each strategy before implementing them.
If you have some experience under your belt, you may want to trade with leverage, which will allow you to gain exposure to an increased amount of an asset without an increased initial investment. However, remember that your exposure to risk is equally increased, and this can have dramatic consequences if the market turns against you.
If you still aren’t sure whether to get involved with Ren, take your time thinking through what you have learned so far. In the meantime, here are some of the platform’s pros and cons.
- Convenient, simple exchange mechanism that overcomes barriers to cryptocurrency investment.
- Ren protocol is immune to oracle bugs
- Highly experienced and reputable team
- Platform has a reduced chance of flash loan attacks due to strong security
- Strong partnership tiers
- Seemingly no direct competitor
- Strong crypto community acceptance
If you need more information, read on to explore three key questions to help you decide if you want to invest in Ren.
1. Is now a good time to buy REN crypto?
The success of the Ren platform is likely to occur gradually. As more and more individual become involved in the crypto space, the need for a private peer-to-peer facility to exchange any token will become more pressing. If you are a long-term investor with an eye on future value creation, now could be a great time to get some REN before the price of the coin rises.
On the other hand, if you are a short-term trader, your focus doesn’t need to be on the business fundamentals of Ren. Instead, you should focus on technical indicators and forming a technical trading strategy that can adapt to different market conditions and provide strong, consistent returns. To help you decide if now is a good time to get some Ren, check out our latest analysis of the project below:
2. What problem does Ren solve, and what are the coin’s investment prospects?
Ren solves both problems with liquidity and flexibility that have existed since the inception of cryptocurrencies. It overcomes the barriers to entry that have traditionally been associated with cryptocurrencies by allowing users to access any token they want with maximal flexibility. Users no longer need to sell their assets outright to get others; they can simply swap them via a smart contract.
If Ren can attract reputable strategic partners, and if its number of users continues to increase, the investment potential of the platform becomes obvious. The real issue for Ren is its current level of centralisation. To become truly endorsed by the crypto community, it needs to play into the anti-establishment thematic and figure out a way to decentralise itself further.
Before you invest in Ren, make sure you do your due diligence. Follow the latest developments concerning the Ren exchange by clicking one of our links below:
REN adds LUNA and Solana to platform, hits $3 billion Market Cap
3. Do you want to hold REN for the long term?
You can either hold REN for the long term, or you can trade it in the short term. Both strategies have very different considerations for you to make and they are outlined below.
Considerations for a long term investment strategy
If you want to join the Ren community and hold tokens for a long period of time – both to vote on platform governance and to speculate on price increases – you should sign up to a trustworthy exchange and get some REN coins. Also, consider opening a wallet depending on how long you will be holding your REN.
Considerations for a short term trading strategy
Short-term trading can be a great way of capitalising on fluctuations in the REN token market. If this is what you want to do, choose a broker with low fees, focus on trends as they develop and try to predict movements in the market.