How & where to buy Thorchain (RUNE) online
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This page tells you everything you need to know about THORchain. From the project’s history to its investment outlook for the future, we cover everything you need to know.
What are the best exchanges to buy RUNE on?Copy link to section
For those of you who want to know where to buy RUNE coin online, we can help. Simply click one of the links in the below table to be redirected to one of our recommended partners. Our team of financial analysts have tested each option to make sure it is a strong performer in every respect. However, if you want to learn more about THORChain first, keep reading.
How to buy RUNE online – a step-by-step guideCopy link to section
Step 1. Find an exchangeCopy link to section
The best place to buy RUNE crypto both in the UK and elsewhere is undoubtedly a reliable crypto exchange with low fees. You can check out our comparison table at the top of this page, or you can choose from one of the two top services below:
- Binance: Binance offers over 100 cryptocurrencies and is the most popular exchange by trading volume. It has recently added a beginner-friendly lite version on its mobile app to help you get used to crypto trading. Sign up for Binance >
- BitMEX: BitMEX is an exchange for trading in Bitcoin. It’s ideal if you want some more extensive options, as it includes its own wallet and features like futures trading as well. Join BitMEX now >
Step 2. Sign up and fund your accountCopy link to section
Before you can start your investing journey, you need to sign up for an account. To do that you need to provide some contact details, like an email address and phone number, and show a form of photo ID. The top exchanges let you fund your account with either fiat currency (like GBP, USD, or EUR) or cryptocurrency, though some might only accept deposits in Bitcoin.
Step 3. PurchaseCopy link to section
The easiest way to execute your transaction is with Bitcoin. The THORChain ticket symbol is RUNE, so you need to search for the RUNE/BTC pairing on the exchange of your choice. Once you have keyed in your desired trade size, execute the trade. Congratulations, you now hold THORchain coin!
Step 4. (Optional) Get a suitable walletCopy link to section
Wallets are a secure way of storing your coins, seperate from an exchange account. For the most part, exchanges are perfectly safe and might be all you need if you only own a small amount of crypto. If you have a larger holding, a wallet offers you much more control and security over what you have. They come in online or offline versions depending on the amount of security you want. Here are two wallets you can try:
- Freewallet: Freewallet is an online crypto wallet that lets you access your coins through a web browser or a dedicated mobile app. It can hold over 100 different cryptos and comes with its own integrated exchange as well. Join Freewallet now >
- StrongCoin: StrongCoin is another online wallet that lets you access coins online but encrypts your private key before it’s stored on a server. For extra security, you also get an offline paper backup of your keys. Sign up with StrongCoin >
How to trade THORChain – a step-by-step guideCopy link to section
Step 1. Find a brokerCopy link to section
The most important thing for trading cryptocurrency is using a broker with low fees. As a trader you want to open and close positions quickly and often, and high fees every time you do this can be a drain on your finances.
THORChain is not available with many brokers yet. Brokers tend to only offer the coins with the most trading volume, so if THORChain continues to grow it might become available. When that happens, eToro and Robinhood are two top brokers with no trading fees.
Step 2. Deposit moneyCopy link to section
Brokers only accept deposits in fiat currency. Before you sign up make sure you understand the fee structure, as many brokers charge for deposits and withdrawals.
Step 3. Decide how you’d like to tradeCopy link to section
Contracts for difference (CFDs) are the most popular way to trade cryptocurrency. There are other ways too – spread betting is another common way of doing it – but CFDs are a good place to start. You can learn more about trading CFDs in our guide, but the simplest explanation is that it’s a way of speculating on the price of a coin without having to own it.
Step 4. Start tradingCopy link to section
As a new trader, a demo account is a good place to start. Almost every broker worth using will give you the option of trading with pretend funds and learn about the market without risking your own money.
In terms of the actual trading itself, you need to decide whether a coin is going to go up or down. If you have a positive outlook and think it’s going to go up, take a long position. Otherwise, take a short position.
Once you get more experience, you can delve into more advanced strategies. A popular method is trading with leverage, a way of making big trades by only putting up a small deposit (known as the ‘margin’) and borrowing the rest from your broker. Be careful with leverage, as it can lead to big losses just as quickly as big gains.
Still undecided?Copy link to section
Not sure whether to invest in THORChain yet? We’ve summarised its pros and cons to help you. After that are a few more questions to guide you towards a final decision.
ProsCopy link to section
- Seamless swapping regardless of different blockchains
- Highly secure
- Innovative with a first-mover advantage
- Offers scalability via sharding
- An entirely new way of thinking about the crypto ecosystem
- Low fees and greater rewards
- Consequences for malicious behaviour
Here are three questions for you to think about. After reading them you’ll be well placed to decide whether to invest in THORChain.
1. Is now a good time to buy THORChain?Copy link to section
The answer to this question depends on your ultimate goals. There are times when you want to hold cryptocurrency for the long term, and others where its volatility benefits high-frequency traders. RUNE is a strong investment if you plan on using the exchange since it is one of the pairs in every coin swap.
As a short term trader, the price might be the most important factor. If it looks like an opportunity to make an entry now and profit from an upward swing, you should. Sometimes, it can be market moves or new developments that cause these swings, and you can use our latest market analysis to help you find them:
2. What problem does THORChain solve, and what are the coin’s investment prospects?Copy link to section
THORChain solves the problem of not being able to exchange cryptocurrencies built on different blockchains. Where traditionally it has been difficult to swap Ethereum-based tokens for anything else, the THORchain exchange uses its RUNE coin as a go-between to facilitate the swap.
There’s a lot of competition around, and many established exchanges have the jump on THORChain. That could harm its investment prospects. However, it’s unique in the way it lets you trade cryptocurrencies across blockchain boundaries. By offering a different way of trading, it might be able to stand out.
If you are holding THORChain as an investment, that competition is something you need to track. There are all sorts of incidents – hacks, new coin launches, the performance of centralised exchanges like Binance – that could affect RUNE’s price. It’s important to do your research and stay on top of what’s going on. All the latest news is right here:
Should you buy RUNE after THORChain suffers an outage due to a software bug?
The best decentralized exchange (DEX) tokens to get at the end of July
Binance CEO predicts DEXs will overtake CEXs, top DEX tokens to get early
3. Do you want to hold THORChain for the long term?Copy link to section
You want to hold RUNE for the long term if you want to use the exchange. Holding coins as an investment also entitles you to rewards if you stake them to help run the platform, and you get the chance to vote on its future. Here are some final things to think about whether your timescale is long term or short term.
Considerations for a long term investment strategy
Long-term investors want to see signs of the price going up. That might be news or developments that set THORchain up better than the competition. When you see those signs, you should sign up to an exchange and get some coins. You could also think about a wallet if you want somewhere to hold coins for the long term.
Considerations for a short term trading strategy
Short-term traders want to learn how to use technical analysis to predict price moves. The long term prospects are less important, though you should still keep an eye on the news for anything that might affect the price of RUNE tokens. Most importantly, find a broker with low fees.
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 >