How to buy and sell THORChain(RUNE) currency

To buy RUNE, select a reputable cryptocurrency exchange, fund your account, find the RUNE trading pair, place a buy order at the desired price, and store your RUNE securely.

Dec 13, 2024 at 07:49 am

How to Buy and Sell THORChain (RUNE) Currency: A Comprehensive Guide

THORChain (RUNE) is a decentralized cross-chain liquidity network that facilitates the seamless exchange of assets across multiple blockchains without the need for intermediaries or centralized custodians. This guide will provide a detailed overview of the steps involved in buying and selling RUNE, empowering you to navigate the process with confidence.

Step 1: Choose a Reputable Cryptocurrency Exchange

• Binance: A trusted and widely used exchange with high liquidity and an extensive range of cryptocurrencies, including RUNE.
• KuCoin: Another popular option known for its low fees and user-friendly interface, offering a diverse selection of crypto assets.
• Uniswap: A decentralized exchange that enables direct peer-to-peer trading of cryptocurrencies, with RUNE available on the Ethereum network.

Step 2: Create an Account and Verify Your Identity

• Register for an account on the chosen exchange by providing your email address and creating a secure password.
• Complete the identity verification process, usually involving submitting personal information and uploading a government-issued ID.

Step 3: Fund Your Account

• Deposit funds into your exchange account using supported methods, such as bank transfer, credit/debit card, or cryptocurrency transfer.
• Ensure you choose a deposit method that aligns with your budget and liquidity requirements.

Step 4: Find the RUNE Trading Pair

• Locate the trading pair for RUNE/USDT or RUNE/BTC on the exchange. This will display the real-time market price of RUNE in the corresponding fiat or cryptocurrency.

Step 5: Place a Buy or Sell Order

• Buy Order: Specify the amount of RUNE you wish to purchase and the limit price or market price for the transaction. Limit orders allow you to set a specific price at which the order will be executed, while market orders execute immediately at the prevailing market price.
• Sell Order: Enter the amount of RUNE you want to sell and choose the limit or market order option. Again, limit orders offer greater control over the price, while market orders ensure a swift execution.

Step 6: Review and Confirm the Transaction

• Carefully review the order details, including the amount, price, fees, and trading pair.
• Confirm the transaction to initiate the purchase or sale of RUNE.

Step 7: Store Your RUNE Securely

• Once the transaction is complete, your RUNE will be credited to your exchange wallet.
• For enhanced security, consider withdrawing your RUNE to a personal hardware wallet or software wallet that supports RUNE storage.

Additional Considerations:

• Market Volatility: Cryptocurrencies, including RUNE, are subject to significant price fluctuations. Monitor market conditions and conduct thorough research before making investment decisions.
• Transaction Fees: Exchanges typically charge fees for deposits, withdrawals, and trading activities. Research the fee structure of different exchanges to minimize transaction costs.
• Security Precautions: Always enable two-factor authentication (2FA) on your exchange account and implement strong password security measures to safeguard your assets.