How To Buy THORChain (RUNE)?

How To Buy THORChain (RUNE)

A common question you often see on social media from crypto beginners is “Where can I buy THORChain?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.

Step 1: Create an account on an exchange that supports THORChain (RUNE)

First, you will need to open an account on a cryptocurrency exchange that supports THORChain (RUNE).
We recommend the following based on functionality, reputation, security, support and fees:

1

 Binance

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3

 Gate.io

Create Gate.io Account

Fees (Maker/Taker)                    0.2%*-0.2%*

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Available for Trade                           
1000+

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 Up to $100 in USDT vouchers*

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Europe, Asia, Oceania, Africa

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase THORChain (RUNE) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy THORChain (RUNE)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for THORChain (RUNE) or THORChain (RUNE) trading pairs. Look for the section that will allow you to buy THORChain (RUNE), and enter the amount of the cryptocurrency that you want to spend for THORChain (RUNE) or the amount of fiat currency that you want to spend towards buying THORChain (RUNE). The exchange will then calculate the equivalent amount of THORChain (RUNE) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of THORChain (RUNE) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

How to create a Binance account

Create Binance Account

Show Detailed Instructions

Step 1: Go to the Binance website.

Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.

How To Create a Binance Account Step 2

Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.

Step 3: Complete the Security Verification.

How To Create a Binance Account Step 3

Step 4:
The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How To Create a Binance Account Step 4
Congratulations, you have successfully registered on Binance.

How to complete KYC (ID Verification) on Binance

Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
 

How To Complete KYC ID Verification on Binance Step 1 - How To Buy THORChain

Step 2: click “Start Now” to verify your account.

How To Complete KYC (ID Verification) on Binance Step 2

Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.

How To Complete KYC ID Verification on Binance Step 3 - How To Buy THORChain

You will then see the list of verification requirements for your specific country/region. Click “Continue”.
How To Complete KYC (ID Verification) on Binance Step 4

Step 5: Enter your personal information and click “Continue.”

Make sure that all the information entered is consistent with your ID documents.
You won’t be able to change it once confirmed.
How To Complete KYC ID Verification on Binance Step 5 - How To Buy THORChain
Step 6: Next, you will need to upload pictures of your ID documents. Choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license.
Refer to the respective options offered for your country.
How To Complete KYC (ID Verification) on Binance Step 6

Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.

For example, if you are using an ID card, you have to take photos of the front and back of your ID card.
How To Complete KYC (ID Verification) on Binance Step 7
Step 8: After uploading the document photos, the system will ask for a selfie. Click “Upload File” to upload an existing photo from your computer.
How To Complete KYC ID Verification on Binance Step 8 - How To Buy THORChain
Step 9: After that, the system will ask you to complete face verification. Click “Continue” to finish face verification on your computer. Alternatively, you can move your mouse to the QR code on the bottom right to complete the verification on your phone instead. Scan the QR code via your phone’s camera to finish the face verification process.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
How To Complete KYC ID Verification on Binance Step 9 - How To Buy THORChain
After completing the process, please wait patiently.
Once your application has been verified, you will receive an email notification.

How to buy cryptocurrency on Binance

Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”. 

How To Buy Cryptocurrency on Binance Step 1

Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.

Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.

How To Buy Cryptocurrency on Binance Step 2 - How To Buy THORChain

Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.

How To Buy Cryptocurrency on Binance Step 3 - How To Buy THORChain

Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.

How To Buy Cryptocurrency on Binance Step 4

How to Conduct Spot Trading on Binance

Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.

How to Conduct Spot Trading on Binance Step 1

Step 2: Search and enter the cryptocurrency you want to trade.

How to Conduct Spot Trading on Binance Step 2 - How To Buy THORChain

Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.

(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)

How to Conduct Spot Trading on Binance Step 3 - How To Buy THORChain

Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.

How to Conduct Spot Trading on Binance Step 4

Hide Detailed Instructions

How to create a Gate.io account

Gate.io

Show Detailed Instructions

Step 1: Go to the Gate.io website.

Step 2: Choose your username, your email address and your password. Then check “I certify that I am 18 years of age or older, and I agree to the Gate.io User Agreement Privacy Policy” and click “NEXT”.

How To Create a Gate.io Account Step 2

Step 3: Set your fund password and click “Create account”.
Note: Your fund password must contain at least 6 characters and can not be the same as your login password.
How To Create a Gate.io Account Step 3
Step 4: An activation email will be sent to your email address. Complete the rest of the registration process by following the instructions in the email to activate your account. Once this is done done, click “Email activated, please log in”.

How To Create a Gate.io Account Step 4

How to complete KYC (ID Verification) on Gate.io

In order to ensure the safety of your assets, and to reduce fraud, money laundering, blackmail, and other illegal activities, Gate.io makes it mandatory that all users obtain KYC ID Verification. Only after your account has obtained KYC ID verification, can you withdraw funds or use credit cards or debit cards to buy cryptocurrencies.

Step 1: Log in to your Gate.io account.
Place your cursor on the top-right profile icon and go to “KYC (ID Verification)”

How To Complete KYC (ID Verification) on Gate.io Step 1

Step 2: Click “Individual (Verify now)”

How To Complete KYC (ID Verification) on Gate.io Step 2

Step 3: Select your country, input your full legal name (twice), fill in your ID information, upload photos of both sides of your ID card, and a photo of you holding your ID together with your User ID (UID) for Gate.io. You will see your User ID by placing the cursor on the top-right profile icon on the main page. Make sure everything is filled in correctly and then click on “Confirm and Submit”.

How To Complete KYC (ID Verification) On Gate.io Step 3

How To Complete KYC (ID Verification) On Gate.io Step 4

Step 4: After you have submitted all the requested information, you will see the pending approval.
Approval can take anywhere from a few hours to a few days to complete.

How To Complete KYC (ID Verification) On Gate.io Step 5

Once the KYC is approved, you’re ready to make your first cryptocurrency purchase.

How to buy cryptocurrency on Gate.io

Step 1: Log in to your Gate.io account.
Then in the Menu Bar at the top of the page, click “Buy Crypto” and select “Credit Card”.

How To Buy Cryptocurrency on Gate.io Step 1

Step 2: Enter the amount you wish to spend in the “Buy with Fiat Currency” tab and select the cryptocurrency that you want to buy under the “Currency Purchased” field. Then select one of the “Service Providers” below and click the “Place Order” button to enter the confirmation page.

Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.

How To Buy Cryptocurrency on Gate.io Step 2

Step 3: On the confirmation page, select “Buy Crypto” or the “Create Order” button to complete the payment.

Note: To ensure a quick and secure way of receiving the order, users might need to conduct an additional Identity Verification (KYC) with a third-party service provider. Once successfully verified, the service provider will immediately transfer the cryptocurrencies to your Gate.io account.

How to Conduct Spot Trading on Gate.io

Step 1: Log in to your Gate.io account.
Click on “Spot Trading” under “Trade” on the top navigation bar.
You can either choose “standard” or “professional” version. This tutorial uses the standard version.

How to Conduct Spot Trading on Gate.io Step 1

Step 2: Search and enter the cryptocurrency you want to trade.

How to Conduct Spot Trading on Gate.io Step 2

Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.
(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)

How to Conduct Spot Trading on Gate.io Step 3

Step 4: If you don’t want to set a manual price, you can click on the last prices on the order book to set the buying/selling price automatically.

How to Conduct Spot Trading on Gate.io Step 4

Step 5: Confirm the price and amount. Then click on “Place Order” to place the order, followed by “Confirm Order” to confirm it.

How to Conduct Spot Trading on Gate.io Step 5

 

Hide Detailed Instructions

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is THORChain (RUNE)?

THORChain is an independent blockchain built using the Cosmos SDK that will serve as a cross-chain decentralized exchange (DEX). It uses an automated market maker (AMM) model that resembles the first iterations of Bancor (BNT) or Uniswap where THORChain’s native token (RUNE) will be the base swap pair. This model allows traders to move between different asset pools using RUNE as a somewhat hidden intermediary. It also rewards liquidity providers (LPs), those that deposit or “stake” assets on either side of a liquidity pool, with a portion of trading fees.

THORChain uses an AMM model to facilitate crypto asset swaps and an independent crypto network that aims to enable the exchange of assets across disparate blockchain networks in a non-custodial manner. Its protocol features a cross-chain bridge system (known as the Bifröst Protocol) to connect different chains. THORChain also uses an adapted version of Bancor’s “smart tokens,” which it calls Continuous Liquidity Pools (CLPs), to facilitate the exchange of assets. The key difference is that CLPs reward users for contributing to the liquidity in each pool. THORChain features a native token, RUNE, that owners can use to participate in the network or add to a liquidity pool.

The THORChain project was founded in 2018 under the premise that the use of centralized exchanges to transfer cryptoassets between different blockchains was flawed. Non-custodial exchanges, otherwise known as decentralized exchanges (DEXs), were the long-term solution. Therefore, the THORChain team set out to build an independent blockchain that could bridge to external networks and thus facilitate cross-chain transfers, functioning similarly to a DEX.

The problem often facing DEXs is finding sufficient liquidity. Traders gravitate towards platforms where they won’t lose any value due to slippage. But these same traders are the ones to provide enough liquidity to prevent slippage in the first place. In response, the THORChain team plans to implement an adapted model of Bancor’s “smart token” to create what it calls Continuous Liquidity Pools (CLPs). These pools of available assets give traders access to liquidity without needing to find or contact another buyer or seller.

THORChain also distributes rewards in the form of RUNE (the network’s native token) to any user that adds tokens to a liquidity pool. At the same time, token owners can stake their assets and earn the fees accumulated from other users accessing the pool.

THORChain is a Tendermint-based chain, and therefore uses Tendermint BFT (Byzantine Fault Tolerance) as its consensus mechanism. It also employs Proof-of-Stake (PoS) for Sybil resistance. As part of the PoS element, a system of validators can stake RUNE tokens to run network nodes and validate transactions. THORChain allows token holders to delegate to these validators, which keeps validators in check and permits delegators to a portion of each block reward.

What is the RUNE token?

RUNE serves a crypto-economic function within the THORChain system by providing incentives and deterrents for network participants. Some uses for RUNE include:

  • Validators must stake RUNE to be part of the Validator Sets, which are subject to a lockup period to prevent nothing-at-stake attacks.
  • All network transaction fees (gas or “fuel” for changing the protocol’s ledger) are paid in RUNE. The network can require fees for executing transactions, trades, and cross-chain exchanges.
  • Staking RUNE in Continuous Liquidity Pools (CLPs) to earn on liquidity fees.
  • Block rewards for Validator Nodes are paid in RUNE.

What is Tendermint?

THORChain is a Tendermint-based chain, which is the same architecture and consensus system first used by the Cosmos network. Tendermint employs its own BFT (Byzantine Fault Tolerance) consensus mechanism that relies on synchronicity. Therefore, like Cosmos, THORChain caps the number of validators (100 to start) in order to reach finality for each proposed block. It also supports a Proof-of-Stake consensus mechanism since Tendmint requires each Validator to have a weight on the network determined by the stake they hold.

What is a Continuous Liquidity Pool (CLP)?

The THORChain team plans to implement an adapted model of Bancor’s “smart token” to create what it calls Continuous Liquidity Pools (CLPs). This system incentivizes participants to supply liquidity in exchange for fees and RUNE rewards. Traders can then access and exchange with these token pools directly, which gives CLPs an on-going supply of liquidity. The protocol also tracks the ratio of RUNE to the asset held in each CLP, which creates an inherent on-chain price feed for individual assets.

What is the Bifröst Protocol?

The Bifröst Protocol is THORChain’s cross-chain bridging system. The protocol leverages THORChain’s Proof-of-Stake (PoS) validator set, the on-chain price feeds generated by CLPs, multi-signature (multi-sig) accounts to create and secure these bridges. Every bridge uses validating parties to verify transactions. But the multi-sig system randomly assigns validators to each transaction to limit centralization concerns. Each bridge is customizable, where the end-user determines the number of parties required to sign-off on a transaction (a three-of-four multi-sig arrangement is less secure but faster than a 20-of-21 schema). The Bifröst Protocol also uses the on-chain price feeds created by CLPs to give each bridge a security profile (how likely is a bridge to fail) and to identify and punish bridge validators that act against the network’s rules.

What is the Yggdrasil Protocol?

The Yggdrasil Protocol is a sharding mechanism designed to help scale THORChain. Unlike more traditional sharding applications, which split items into horizontal components, the Yggdrasil Protocol uses a vertical sharding technique on entire chains. The team says this technique allows THORChain to apply sharding to cross-chain ecosystems, as opposed to sharding an existing chain. As for shard consensus, THORChain does not engage the full Validator Set to monitor each shard. Only a subset of validators will finalize cross-shard transactions. But the others will be able to monitor the consensus reached on every shard.

Official website: https://thorchain.org/

Best cryptocurrency wallet for THORChain (RUNE)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for THORChain (RUNE)?

Deciding which type of wallet to use depends on a variety of factors, including:

  • How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
  • What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
  • Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
  • How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
  • What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).

Ledger Hardware Wallet
Trezor Hardware Wallet

Market Overview

Coinmarketcap.com

Find the latest THORChain (RUNE) price chart, trade volume, market cap, and other vital information to help you with your cryptocurrency trading and investing.

Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following:

Market Capitalization And Daily Trading Volume

Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)

Circulating And Total Supply

Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).

CMC - How To Buy THORChain
Last updated Apr 30, 2022

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