Should I invest in REN coin?

Ren (REN) is an Ethereum token that enables users to transfer cryptocurrencies between any blockchain, allowing quick communication to execute contracts. Ren’s focus on scalability and faster transfers have caused a number of investors to take a look at the token and add it to their portfolio as decentralized finance projects step into the spotlight.

Are you interested in learning more about how to buy Ren? Our guide will introduce you to the basics and help you get started.

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Brief History of Ren

Ren is an open protocol project that aims to increase connectivity among blockchains, creating a larger stream of liquidity between individual crypto projects. Ren’s native token, REN, powers the RenVM network, allowing investors to transfer cryptocurrencies like Bitcoin to the Ethereum network. Its token was developed to enhance the useability of Ethereum’s decentralized application technology by connecting users and projects from varying blockchains. In particular, developers are looking to use Ren to enhance the currently developing decentralized finance industry.

Developed in 2017, Ren conducted its 1st public token sale in 2018. It is currently the 66th largest cryptocurrency when measured by market capitalization. Ren is a freely traded cryptocurrency, and many major exchanges (like Coinbase and Gemini) have adopted Ren and currently allow you to buy and sell its token.

Step 1: Open an Online Account.

If you’ve never bought or sold cryptocurrency before, Ren is an excellent place to consider because it’s traded on a number of major exchanges. To begin adding Ren to your portfolio is to open an account with a cryptocurrency broker that supports Ren trading.

Not every broker offers access to every cryptocurrency. So before you open an account, take a look at each broker’s list of supported coins to be sure that it allows Ren trading. It’s a good idea to create a list of cryptocurrencies you want to invest in before you choose a broker — you only need to open a single account to meet all of your investing needs. You will also want to consider trading platforms, fees, local availability and order types before you open your account.

Step 2: Buy a Wallet.

Next, you’ll need to decide how you want to store your Ren tokens. Although you can leave them on your brokerage exchange wallet, this leaves you vulnerable if your account or exchange of choice is the victim of a hack. Opening a private wallet with your own individual set of keys will help ensure that only you have access to your tokens.

There are 2 types of private cryptocurrency wallets:

• Hardware storage: Hardware wallets are physical devices that store your cryptocurrency offline. They provide a higher level of security than software wallets, but they’re also more expensive and accept fewer types of tokens.
• Software storage: Software wallets are mobile phone or desktop applications that allow you to store your cryptocurrency using a local connection. Though software wallets are free and easily accessible, they provide you with a lower level of security than hardware wallets because they still need to connect to the internet to access your investments.

Step 3: Make your Purchase.

Finally, after you decide how you want to store your tokens and which exchange works best for you, it’s time to execute your order using your broker’s trading platform. You’ll do this by submitting an order to your broker. Like when you trade stocks, there are a number of different order types that you might have access to. Some of the most common options include:

• Market orders: A market order tells your broker that you want to buy Ren at the current market rate, no matter what that rate is. Market orders give you little control over the price you pay per coin, so you might end up paying more than the rate you see on the exchange when you place your order.
• Limit orders: A limit order tells your broker that you want to buy Ren but only if you can purchase each token at or below a specific price point. When you place your order, your broker will ask you how many tokens you’d like to purchase and the maximum price you’re willing to pay for each token. If your broker is able to fill your order at or below your specified rate, you’ll see your tokens in your wallet. If your broker cannot fill the order because the price has risen above your limit, the broker might cancel the order at the end of the day.

Trade or Sell Your Cryptocurrency

When your purchase is complete, congratulations — you’re the newest owner of Ren tokens. From this point, you have a few options on how you want to manage your new investment.

• Hold: If you plan on holding your Ren for longer than a week, be sure to transfer it to your wallet as soon as possible. This will ensure that your tokens are safe in the event that your exchange is targeted by hackers.
• Sell: If you plan to take advantage of short-term price movements, you’ll likely want to leave your Ren in your exchange wallet to save on transfer fees. When you decide to take profits, you can convert your excess Ren back to fiat currency or to a stablecoin like USD Coin.