How to Buy THORChain (RUNE) in the USA
A Beginner’s Guide to Buying and Selling RUNE Cryptocurrency in the USA
If you’re based in the USA 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 facilities the decentralized exchange of digital assets. THORChain also utilizes Tendermint, Cosmos-SDK, Threshold Signature Schemes (TSS), and Byzantine Fault Tolerance Powered by the RUNE token.
RUNE tokens are among the players in a market filled with several cryptocurrency players. Each of them has different values and features that make them stand out.
With this guide, you will gain information about some of the basic things you need to know before investing in RUNE tokens. The guide will also take you through buying and selling the tokens so that even if you are a beginner, you can have an easy time. However, suppose you are just getting started on the crypto market. In that case, you need to be cautious when investing because this market can be highly unpredictable. You may lose all your savings in case of a market fluctuation that may cause a vast price dip.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY RUNE IN THE USA
- A Step-by-step Guide to Buying RUNE Tokens
- Store RUNE in a Crypto Wallet
- How to Sell RUNE Tokens
- Things to Consider when Buying RUNE Tokens in the USA
QUICK GUIDE: HOW TO BUY RUNE IN THE USA
- 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
A Step-by-step Guide to Buying RUNE Tokens
Follow the following steps to start buying RUNE in the USA:
Step 1: Open an exchange account
The first step is for you to open an exchange account. There are several crypto exchange accounts in the USA, and all you need to find is the one that supports RUNE tokens. You can find this information online, or you can consult with a financial expert on the matter.
To open the exchange account, you will need to give out your official name, email address, telephone number, and physical address. For compliance with KYC rules, the exchange may ask you to verify your details by providing supporting documents to verify your identity.
You need to set a multi-factor authentication process as a means to strengthening your account. This ensures that another person will not gain access to your funds and your tokens without your authorization.
Step 2: Fund the account
The second step is for you to deposit funds into the exchange account. You can link your bank account directly with the exchange. The amount you want to spend will be deducted immediately. On the other hand, you can also fund your account using other cryptocurrencies.
After you have bought alternative crypto, the exchange will give you the option of exchanging them with other cryptocurrencies. You can then choose to exchange them with RUNE tokens by selecting pairs listed as BTC/RUNE or ETH/RUNE.
Step 3: Buy RUNE tokens
Once you have what you need to exchange in return for RUNE tokens, the third step is for you to now purchase RUNE tokens. All you need to do in this step is to go to the buy section and then enter the number of tokens you would like to purchase. Confirm your transaction afterwards, and you will get a notification in your email about the transaction details.
To buy the tokens, you can set two types of orders. The most common one is the market order that will enable you to buy RUNE at the prevailing market prices. With a market order, the order will be fulfilled instantly.
The other type of order is the limit order. This one will allow you to buy the tokens at a specific future price. The order will only be fulfilled when the market price for the RUNE tokens reaches that price. Limit orders are ideal when you think the current market prices are too high and may drop soon.
Store RUNE coins in a Crypto Wallet
After buying RUNE tokens, you need to store them in a crypto wallet to secure them from any interference. There are two main types of wallets, and these are online wallets and hardware wallets. The online wallet is mainly offered at the exchange, and it will allow you to hold your tokens as you wait to sell them as soon as prices appreciate.
The other type of wallet is a hardware wallet that allows you to store your tokens in cold storage. Hardware wallets allow you to store your tokens offline on devices such as USB drives. This makes them more secure for holding large volumes of RUNE tokens.
How to Sell RUNE Tokens
After you have bought RUNE tokens, you will need to sell them when you want short quick returns from a sale. Just like buying, you can sell the tokens directly in the exchange.
The first step is to transfer the tokens you want to sell from the wallet to the exchange. Afterwards, go to the sell section of the exchange and the amount you want to sell for. Either you can sell the tokens for USD or sell them in exchange for other cryptocurrencies.
The amount you want to sell the tokens for may be lower or higher depending on the prevailing market prices. After selling your tokens, you can withdraw the money from the exchange and into your bank account.
Things to Consider when Buying RUNE Tokens in the USA
Some things that you need to consider before buying RUNE tokens in the USA include the following:
The most important thing you need to look at is how RUNE tokens have been doing in recent years. By looking at the price history, you will see if the token has a specific stable price and let you know if the demand for that token is high or low.
It would be best if you also looked at the availability of the token. Availability is measured by the number of tokens that are in supply. When there is a high supply of RUNE tokens in the market, it will ensure that its market is liquid and make it easier for you to buy and sell.
The third factor you need to consider before using your life savings to invest in a crypto is the high level of volatility. The prices of RUNE tokens and other cryptocurrencies fluctuate, which may lead to significant losses when the prices sharply decline.
RUNE tokens are highly volatile, which is the main feature that defines all cryptocurrencies. If you want to invest in this market, you should note a high level of risk associated with it. Reading this guide will equip you with all the knowledge you need to know about buying RUNE tokens in the USA.
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