How to Buy THORChain (RUNE) in Australia
A Beginner’s Guide to Buying and Selling RUNE Cryptocurrency in Australia
If you’re based in Australia and wish to buy RUNE – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many RUNE tokens you want to buy.
The THORChain, known by its native token, RUNE, was launched in 2018 based on the idea that centralized exchanges that enable the transfer of crypto assets between different blockchains were ineffective. In this case, therefore, decentralized exchanges (DEXs) were the long-term solution.
THORChain recently launched the first-ever decentralized exchange. The exchange allows the holder to swap between native cryptocurrencies and privacy coins. As part of the launch, ThorChain's RUNE token became a coin on its own blockchain and has continued to see strong growth despite the recent market downturn.
The RUNE coin's purposes include liquidity as it serves as a settlement asset and security as it serves as an oracle-resistant mechanism to drive economic behaviour. The coin also serves as governance to signals on-chain priority, incentive as it serves to payout rewards charges fees and subsidizes gas, and amplifier to elevate assets.
What is in This Guide?
The following guide is structured to explain the concept of the RUNE coin. It goes further to explain how you can hold and derive value from the token. The guide also explains how you can get through the purchase and sale processes while providing insights on some of the most important factors to consider before buying the RUNE tokens.
Unless you are a fearless risk-taker, cryptocurrencies may not suit you because their prices are very volatile. Cryptocurrencies can easily change in value, which may cause you significant losses. Before venturing into this sector, take time to understand the market and seek professional advice before investing.
- QUICK GUIDE: HOW TO BUY RUNE IN AUSTRALIA
- Where to Buy RUNE in Australia
- A Step-by-step Guide to Buying RUNE in Australia
- How to Sell RUNE Tokens
- Which Wallets can I Use to Hold RUNE Tokens?
- How RUNE Works
- Key Things to Consider Before Buying RUNE in Australia
QUICK GUIDE: HOW TO BUY RUNE IN AUSTRALIA
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select Rune
- Enter how many Rune tokens you want to buy
- Check the details and confirm your purchase
Where to Buy RUNE in Australia
You can buy RUNE tokens from an exchange in Australia that supports the token. Research if any exchanges are offering the token. Because RUNE is new in the crypto market, not all exchanges in the country support it.
A Step-by-step Guide to Buying RUNE in Australia
There are two ways for you to buy RUNE tokens. You can use either fiat currency or other cryptocurrencies. If you are selecting an exchange to buy RUNE tokens with, ensure they can support AUD or support the exchange of RUNE with other coins.
Buying RUNE with other cryptocurrencies
If you hold other cryptocurrencies, you can exchange them with RUNE tokens. The process for doing this is straightforward. Withdraw the tokens you want to trade from your crypto wallet and into the exchange. Exchange the tokens by selecting a pair such as the BTC/RUNE pair.
Buying RUNE with fiat currencies
This is the easiest way of purchasing RUNE tokens and the most ideal for beginners. However, to buy RUNE with fiat currency, you need to ensure that the exchange supports AUD. Once you deposit the funds you want to purchase and confirm your details, you will receive RUNE tokens equivalent to that value.
The process of buying RUNE tokens with AUD entails the following:
Step 1: Open an exchange account
After you have researched and settled on an exchange that supports RUNE tokens and the AUD, the next step is to create an account. Creating an account is a fast and straightforward process that will only take several minutes.
You will be prompted to provide several details about yourself when opening an exchange account. These details include your name, phone number, and email address. Depending on the exchange, you will be required to verify the information you have provided using a government-issued ID or any other supporting document.
When creating an account, you need to create a two-factor authentication process that will keep your tokens safe in the exchange.
Step 2: Fund your account
You need funds to purchase RUNE tokens. You can use fiat currency to buy your tokens by linking a credit card to the exchange. Most exchanges will guide you on successfully linking your card and using it to make purchases.
Once you have linked your card, deposit the AUD you want to spend on the RUNE tokens.
Step 3: Buy RUNE tokens
The final step is to buy the RUNE tokens. The buy option is usually located at the top part of the exchange page. Once you have the prompt, enter the amount of AUD you want to spend, giving you RUNE tokens equivalent to the amount going by the prevailing market rates. After confirming your transaction, you will receive a notification with details of your purchase. The number of tokens bought will be displayed on your exchange account.
How to Sell RUNE Tokens
If you want to sell RUNE tokens, you can follow the same process as buying the tokens. Go to your exchange account and the sell option to input the number of tokens you want to sell. The tokens will be sold at the prevailing market price.
You can sell RUNE tokens for AUD or trade them for other cryptocurrencies such as Bitcoin and Ethereum.
Which Wallets can I Use to Hold RUNE Tokens?
If you want to hold RUNE tokens, you can do so using a crypto wallet. If you do not want to trade your RUNE tokens regularly but only want to hold them, go for a cold hardware wallet. The wallet keeps your tokens safe by storing them offline.
If you are a retail trader looking to make quick profits from rapid price movements, you can store RUNE tokens on a hot wallet. These are online wallets that are offered mainly by exchanges.
How RUNE Works
Designed to serve as a cross-chain solution, RUNE can effectively swap any asset regardless of its native token. However, the most important quality about this coin is that users can maintain total custody of their assets when the transaction occurs.
RUNE works to solve multiple DeFi concerns. Its characteristic use of endless liquidity pools (CLPs) enables it to provide automated market makers (AMM). The continuous liquidity pool enables the coin to eliminate the need for external price oracles.
Key Things to Consider Before Buying RUNE in Australia
Some things to put into consideration before buying RUNE tokens include:
The tokens should be adaptable on several projects on decentralized networks to push their value.
However, if you are a retail trader, you can check price performance to make trading decisions.
Evaluate the competing tokens of RUNE to diversify your portfolio by buying multiple tokens.
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Where can I buy RUNE tokens?
You can buy RUNE from an exchange in Australia that supports the token
Can I buy RUNE with my credit card?
Yes, you can buy RUNE with your credit card. All you need is to link the card with the exchange.
Is investing in RUNE risky?
Investing in all cryptocurrencies can be highly risky because of price volatility.