how to buy torchain

THORChain (RUNE) is one of the most popular cross-chain DEXs today. Due to the popularity of THORChain, many beginners have started asking questions like “how to buy THORChain (RUNE)” and “where to buy THORChain.”

Do you want to buy RUNE and be part of THORChain ecosystem? In that case, you should read this article thoroughly. We’ll cover the fundamental steps of buying RUNE, as well as some essential topics about the token.

THORChain (RUNE) Buying Guide

Step 1: Find An Exchange That Supports RUNE

To start buying RUNE, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support RUNE.

Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.

  • 500+ Cryptocurrencies Available for Trade
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  • Available in Europe, Asia, Oceania, Africa
  • 300+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.020%*-0.070%*
  • Sign-up bonus: 5% reduced trading fees*
  • Available in Europe, Asia, Oceania, Africa
  • 1500+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • 10% reduced trading fees & up to $170 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa

Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification. 

You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.

Step 2: Deposit Funds to Your Exchange Account

Before buying RUNE, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.

Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.

Step 3: How to Buy RUNE Officially?

Learning how to buy RUNE is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the RUNE ticker. You can also look directly for RUNEtrading pairs to save time. Afterwards, just enter the amount of the RUNE tokens that you want to buy.

You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.

Everything You Have to Know About THORChain (RUNE)

THORChain (RUNE) is a cross-chain decentralized exchange with flexible options for traders and liquidity hunters alike. Developers and project builders can also use the THORChain network to build and scale their liquidity apps.

These are some of the most useful features of THORChain:

  • Cross-chain functionality – Anyone can exchange assets on a 1:1 basis without custodians or hefty custodian fees.
  • Staking – Stake RUNE, help the network, and earn continuous rewards.
  • Liquidity pools – THORChain’s liquidity pools can reach up to 14% APY.
  • Borderless scalability – THORChain can scale fast due to its liquidity, technical, and economic potential.
  • RUNE security – The RUNE token is secured. Currently, 74%of the supply is locked into THORChain liquidity pools.

THORChain thrives side by side with Web3, DeFi systems, and consistent blockchain service demands. As these sectors continue to grow, the need for multiple assets will become more prevalent. THORChain will answer this need, allowing greater asset flexibility among thousands of users and investors.

How Does RUNE Work?

RUNE, the native token of THORChain, is primarily used for transaction fees, bonding, trading, liquidity access, and governance. THORChain nodes also receive RUNE rewards for ensuring the overall stability of the network. Lastly, users can hold THORChain tokens and sell them later for a better price.

What Makes THORChain (RUNE) Unique?

THORChain (RUNE) offers a quick and seamless way for users to exchange assets without worrying about custodian fees and security. Unlike other decentralized exchanges, THORChain can deliver real cross-chain functionality anytime.

Project developers can also use THORFi to build their decentralized apps. Some of the apps that can be built with THORFi are liquidity trackers, liquidity pools, self-paying loan systems, data aggregators, loops, and asset valuation systems.

THORChain’s overall stability is also determined by the performance of connected operating nodes. The network has numerous security systems in place, ensuring that all nodes can operate at peak performance. THORChain rewards are also continuous, strengthening the ecosystem.

Who Are the Founders of THORChain (RUNE)?

THORChain was founded by an anonymous team of developers and cryptocurrency experts. These developers managed to secure remarkable financial backing that totally improved the framework of THORChain. Many firms have also supported THORChain because of its transparency and consistent updates.

What Are the Use Cases of THORChain (RUNE)?

The THORChain token (RUNE) has different use cases related to cross-chain asset swapping, trading, and liquidity activities. Understanding RUNE’s use cases will help you determine if the token is aligned with your crypto preferences.

Here are the common use cases of RUNE:

  • Speculative trading
  • Investment
  • Liquidity pool
  • RUNE bonding for security
  • Transaction fees
  • Governance
  • Reward system

Who Builds on THORChain (RUNE)?

The THORChain decentralized exchange is designed for cryptocurrency investors, traders, and liquidity hunters. Developers can also use the THORChain exchange to build different kinds of liquidity apps and programs. The THORFi Suite, for example, contains all of the features that can help developers build their apps.

Official website: https://thorchain.org/

Essential Points of the THORChain (RUNE) Whitepaper

The THORChain Whitepaper discussed the general framework of the THORChain decentralized exchange. Additionally, the paper covered the tokenomics and capabilities of the RUNE token.

These are the strong points of the THORChain (RUNE) Whitepaper:

  • THORChain cross-chain functionality
  • THORChain validator nodes
  • Chain Connections
  • THORChain liquidity system
  • Token vaults and vault manager
  • Threshold Signature Scheme (key generation security)
  • RUNE governance
  • RUNE staking

The Best Cryptocurrency Wallet for RUNE

After knowing how to buy RUNE, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.

You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.

On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.

What Factors Affect My Choice of Crypto Wallet for RUNE?

At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.

Check out the important factors affecting your choice of RUNE wallet:

  • Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade RUNE right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
  • When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
  • Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
  • Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.

Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors

Now that you already know how to buy RUNE, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.

When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.

Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.

If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes. 

General Market Overview for THORChain (RUNE)

Do you want to learn more about THORChain (RUNE) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!

Additionally, here are some important topics in our blog:

  • Trading speculation about THORChain (RUNE)
  • The current market prices of cryptos
  • Detailed price charts with comprehensive histories
  • Whitepaper summaries of cryptos
  • Founder profiles and their related works
  • Up-to-date cryptocurrency news and developments

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