How to Buy Ravencoin in the UK
A Beginner’s Guide to Buying and Selling Ravencoin Cryptocurrency in the UK
If you’re based in the UK and wish to buy Ravencoin – the process is very straight. All you need to do is find a regulated exchange, deposit some funds, and decide how many Ravencoin tokens you want to buy.
Cryptocurrencies have grown to become a popular means for investing, attracting many investors each year. Despite its characteristic volatility, the crypto market has also proven to be promising particularly in the past year. The promise witnessed has in the market has attracted the interest of many investors, all of whom are inclined to diversifying and maximizing their investment portfolio.
There are multiple forms of cryptocurrencies in the market today, with each coin presenting an attractive appeal in the cryptograph. Among the coins doing well in the crypto market includes Ravencoin, a cryptocurrency that gives investors the chance to have their portfolios diversified. Ravencoin is a variation away from the more traditional ones like Bitcoin and Ethereum.
The following guide will provide you the necessary knowledge and information to help you buy Ravencoin tokens in the UK. The guide also equips you with the necessary tips and things to consider before venturing into the crypto space with Ravencoin.
Noteworthy, however, is the need for taking the time to think before settling on the idea to invest in the crypto market.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY RAVENCOIN IN THE UK
- A step-by-step guide to buying Ravencoin in the UK
- How to Sell Ravencoin
- Which wallets can I use to hold Ravencoin?
- How Ravencoin works
- Key things to consider before buying Ravencoin in the UK
QUICK GUIDE: HOW TO BUY RAVENCOIN IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Ravencoin
- Enter how many Ravencoin coins you want to buy.
- Check the details and confirm your purchase.
A step-by-step guide to buying Ravencoin in the UK
Follow the following steps to buy Ravencoin in the UK:
Step 1: Open an online account
The primary step in buying the Ravencoin token in the UK is opening a crypto exchange account. The UK has multiple exchange accounts, each having its own mechanism for buying Ravencoin coins. Before settling on one, be sure to establish whether that particular exchange account supports Ravencoin.
You can buy the Ravencoin tokens in a fast and easy process and requires that you provide certain key information like your name, your contact information, and proof of address. The proof of address can be provided through your utility bill. You also have to provide your government-issued ID for verifying your identity.
Through this somewhat brief process of registering your exchange account, you need to tighten your security using a strong password and multi-factor authentication. Other than minimizing chances of loss, the multi-authentication protects the account against unauthorized access.
Step 2: fund the account
The second step involved funding the account so that you can be able to buy the Ravencoin tokens. Although there are many ways to do this, the simplest way is the use of a credit or debit card, or by a direct transfer from your bank, which means that you have to link the two before you can transfer funds in GBP from your bank to the exchange account.
Supposing the exchange account does not allow for direct purchase of Ravencoin
On the off chance that the exchange account does not support buying Ravencoin directly using GBP, the best thing to do is exchanging other cryptocurrencies for Ravencoin. Some of the tokens that can facilitate this exchange include Bitcoin and Ethereum, both of which are very commonly used.
Step 3: Buy Ravencoin
After opening the exchange account band funding it, you are now ready to buy the Ravencoin tokens. The process is very easy and does not require any technical training whatsoever. To buy the Ravencoin coins, go to the buy section of the account and specify the number of tokens you wish to purchase. Next, confirm your transaction and look in your mail to ensure that the confirmation is underway.
When it is finally time to buy the Ravencoin tokens, you either have to place a market or limit order. A market order makes it possible for you to buy the tokens at the prices running in the market. If however, you choose to use a limit order, then you have to place a minimal rate at which you will buy the token, then once the level is reached, the transaction is completed automatically.
Step 4: Store your Ravencoin in a crypto wallet
After you have bought the Ravencoin tokens, there has to be a secure place to store them, and this is the crypto wallet. In choosing the crypto wallet to use, your options are limited to either the hot or cold wallet. The hot wallet enables you to store your tokens online for a short duration before you can start trading them for quick returns.
As regards cold wallets, the wallet makes it possible for you to store your tokens offline using a USB drive. As such, cold wallets offer more security especially because the tokens will not be available online and are therefore less vulnerable to lose.
How to sell Ravencoin
To sell the Ravencoin tokens, you have to go to the sell section of the exchange account and define the specific amount of tokens you wish to sell. You then have to confirm your personal details before the transaction commences.
There are two ways through which you can sell the Ravencoin tokens, first is by exchanging them for GBP and secondly, you can trade them for another cryptocurrency. For the latter, all you need to do is select the option that matches with the transaction you need, for instance, Bitcoin/Ravencoin.
Which wallets can I use to hold Ravencoin?
There are two main wallets that serve for holding Ravencoin Tokens- Hot and cold wallets. Hot wallets are normally found in the exchange account, and therefore keep the tokens online thus making it easy for retrieval and regular selling. Cold wallets on the other hand store token offline using external devices like a USB drive.
How Ravencoin works
Ravencoin works in the same way as the other tokens in the crypto market. It operates on a decentralized mode of operation, ensuring that no middle-persons exist in the buying and selling of the tokens. Ravencoin token investors actively buy when the prices of the tokens are at the lowest rates possible and sell in a timely manner when the prices are at their highest.
Key things to consider before buying Ravencoin in the UK
Among the things that you have to consider when buying Ravencoin tokens include:
You need to establish how the specific token you are after has been performing in the past months or weeks. Doing so enables you to predict how the market will perform moving forward.
The second consideration is the volatility of the coin. Ravencoin, like any other cryptocurrency, is very volatile.
The range of applications that the coin can serve is another factor. A coin that can be used for other reasons apart from exchange for money is a more desirable option because its prices will be stable.
Ravencoin is a remarkable coin that can help you diversify your portfolio. Serving in an extremely agile and dynamic industry, it is important that you understand the buying and selling processes, while at the same time paying attention to the important considerations listed above.
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