How to Buy THORChain (RUNE) in the UK

A Beginner’s Guide to Buying and Selling RUNE Cryptocurrency in the UK

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK 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.

THORChain is a decentralized cross-chain liquidity protocol. The coin allows the decentralized exchange of digital assets. The THORChain is powered by its native token, the RUNE token, and uses Tendermint, Cosmos-SDK, Threshold Signature Schemes (TSS), and Byzantine Fault Tolerance. 

Typically, THORChain allows users to swap tokens across different chains without wrapping or using intermediary pegged tokens. For this reason, as opposed to using a centralized exchange like Coinbase to trade Bitcoin and Ethereum, THORChain would allow for this kind of transaction without ever losing custody of your assets.

Some of the purposes of RUNE coin include:

Liquidity- Serves as a settlement asset

Security - Serves as an oracle-resistant mechanism to drive economic behavior

Governance - Signals on-chain priority

Incentive - Serves to payout rewards, charges fees and subsidizes gas

Amplifier - Elevate assets.  

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY RUNE IN THE UK
  2. A Step-by-step Guide to Buying RUNE in the UK
  3. How to Sell RUNE
  4. Which Wallets can I Use to Hold RUNE?
  5. How RUNE Works
  6. Key Things to Consider before Buying RUNE in the UK
  7. Conclusion

QUICK GUIDE: HOW TO BUY RUNE IN THE UK

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select Rune
  5. Enter how many Rune tokens you want to buy
  6. Check the details and confirm your purchase

A Step-by-step Guide to Buying RUNE in the UK 

When you want to buy RUNE in the UK, follow these simple steps: 

Step 1: Find your preferred exchange 

The first step in buying RUNE within the UK involves establishing which exchange you prefer. The exchange should be reputable and should also support RUNE and the GBP. It is imperative to note that opening an exchange account is also easy. 

The only details you need when opening the account are your name, contact information. At times, you may also be required to verify those details. You need to be cautious when setting up your account using a multi-factor authentication process to keep your details and funds safe. 

Step 2: Depositing funds

The second step is for you to fund the account using either GBP or using other cryptocurrencies. To fund with GBP, you can directly deposit funds from your credit card and debit card and later link them to the exchange. You can also fund your account using other cryptocurrencies such as Bitcoin and Ethereum

Whichever option you want to use, you need to ensure that the exchange can fully support it. In addition, the two options demand different fees that will be charged on the transaction. 

Step 3: Buy your RUNE

The final step is for you to buy RUNE tokens. You can buy RUNE using your deposited funds or use other cryptocurrencies and exchange them for RUNE tokens. All you need to do to purchase is going to the exchange; on the buy-side, select the amount you would like to buy and then confirm the details. Afterwards, you will receive a notification that your order has been processed. 

You can either set a limit order or a market order. The limit order will enable you to buy when prices go below a specific price. In contrast, the market order will allow you to buy at the prevailing prices. 

Step 4: Store your RUNE coins in a crypto wallet 

The fourth step is for you to store RUNE tokens in a crypto wallet. A crypto wallet is used to keep your funds safe and secure from theft attempts from the exchange. 

There are two types of crypto wallets. The first one is the cold wallet that will enable you to hold RUNE tokens for a long time. The cold wallet is also preferred because it will store your funds offline, making it more secure to hold them there. 

The other type of wallet is the hot wallet. This is the less secure version of crypto wallets. It keeps your tokens online like on the exchange. Since your tokens will be online, it will become elementary to buy and sell the tokens at the prevailing exchange rates. 

How to Sell RUNE

If you want to sell RUNE tokens, you only need to go to the sell-side of your exchange account. Once you do that, you can select the number of tokens you would like to sell and confirm the transaction details. 

Like buying, you can sell RUNE tokens for the GBP to withdraw from the exchange later or sell RUNE tokens and exchange them for other cryptocurrencies, Bitcoin. 

Which Wallets can I Use to Hold RUNE? 

As mentioned earlier, there are two types of wallets where you can hold tokens. The broad classification of wallets includes cold wallets and hot wallets. Cold wallets are those that will keep your tokens on the exchange for a long time without any online interference. Hot wallets are those that will keep your tokens online, and it will be easy for you to sell whenever you want to make quick profits. 

How RUNE Works 

RUNE was initially created to serve as a cross-chain solution. For this reason, it can effectively swap any asset regardless of its native token. Nonetheless, the most crucial quality of RUNE coin is that users reserve total custody of their assets when the transaction is underway. 

RUNE works to solve multiple DeFi concerns. Some of the issues that RUNE solves include continuous liquidity pools (CLPs) that enable it to provide liquidity for 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 the UK 

Some factors that you need to consider before buying RUNE in the UK include the following: 

Availability 

You should consider if RUNE tokens are highly available in the market, so it will be easier for you to buy and sell at will. You can check availability by looking at the amount of RUNE tokens that are in supply. 

Usability 

You should also check on how the RUNE tokens can be used for purposes other than trading. The best thing about selecting a token that can be used for multiple purposes is because the possibility of a complete washout is slight. 

Volatility 

Before investing in any cryptocurrency,  look at the nature of the risks involved in investing in these assets. RUNE tokens are highly volatile because their prices keep changing, so it is best to consider this factor. 

Conclusion

The crypto market is generally very volatile. This means that the level of speculation, technicalities and risks involved are extensive. For this reason, crypto investors and holders alike must consider the situations surrounding the market as they influence the price changes. Players in this market must also seek clarification on every coin from an industry professional with enough knowledge and expertise as a crypto trader or financial advisor. The viability of this arena cannot be left to guesswork, as it requires strategy, tact and the ability to take risks even when the odds are not easy to beat. 

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