Looking forward to buying THORChain but have no idea where to start from? Well, in that case, you have clicked the rightmost link.
THORChain (RUNE) is a cryptocurrency token that operates on the Binance Coin platform. It has a current supply of 500,000,000 with 158,432,088.343 in circulation. The previously known price value of RUNE is $0.589774 USD and is up 20.36% over the last 24 hours. It’s surprising to know that this digital currency is currently trading on 21 active market(s) with $9,279,448.409 traded over the last 24 hours.
THORChain is being ranked #104 on the Coin market cap and has recently surged a hefty 20.60% at the time of writing. It also has been listed on a number of crypto exchanges but unlike other main cryptocurrencies, RUNE cannot be directly purchased with fiats money.
Therefore, we have compiled a comprehensive guide to make you well-acquainted with the THORChain buying process. Follow the steps religiously to avoid the last-minute hassle.
Without further ado, let’s get into it!!
Step 1: Get yourself registered on the Coinbase
- First of all, you will have to buy one of the major cryptocurrencies, usually either Bitcoin (BTC) or Ethereum (ETH). Thereafter, register at Coinbase (one of the largest crypto exchanges) and get a free amount of $10 worth of Bitcoin after buying $100 worth of cryptos.
- Now, enter your email and click ‘Get started’. Ensure that you are providing your real name as Coinbase will need it for account verification. Choose a strong password so that your account isn’t vulnerable to hackers.
- Once you are done, you will receive a confirmation email. Click on the link within and you will then be required to provide a valid mobile number to set up two-factor authentication (2FA).
- Move to the next step to finish your identity verification. These steps are a bit strenuous especially when you are waiting to buy an asset but just like any other financial institution. But the good news is that the whole so-called KYC process is now fully automated and it shouldn’t take more than 15 minutes to finish.
Step 2: Purchase coins with fiat money
- In this step, you will be asked to add a payment method.
- Here you can either choose to provide a credit/debit card or use a bank transfer.
- You will be charged higher fees when using cards but you will also make an instant purchase.
- To complete the step, just click the Trade button and choose the coin you wish to buy. Confirm your transactions and move to the next step.
Step 3: Get your cryptos transferred to Altcoin Exchange
- Since THORChain is an altcoin, you need to transfer our coins to an exchange that RUNE can be traded.
- Binance is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs.
Step 4: Deposit BTC to exchange
- Depending on the policies of the exchange, you might go through another KYC process. Don’t worry, it just usually takes from 30 minutes to possibly a few days maximum.
- The process is simple and straightforward and once you’re done with it you should have full access to your exchange wallet.
Step 5: Trade THORChain
- Now, it’s time to trade RUNE. For this, you need to go back to Binance, then visit the ‘Exchange’.
- A new page will open with the constantly flicking figures. That might be a bit scary for once, but relax, you will learn how to handle them.
- Now, you can either enter the amount or select what portion of your BTC deposit you would like to spend on buying.
- Click on the percentage buttons. When you have confirmed everything, click “Buy RUNE”. Congrats, you are done!!
This is all about the step-by-step guide to buy THORChain. We hope you have enjoyed reading it and found our research helpful. Feel free to ask your queries in the comment section below. We would love to hear from you!!