REN coin is the native coin of the Republic Protocol. The Republic Protocol is an initiative that aims to re-introduce a foundational principle to the crypto-verse that has been slowly bleeding off over the past few years: anonymity.
To do this, they have devised a totally decentralized protocol that uses dark pools to facilitate crypto trading. Multiple nodes are used to generate trades, none of which by itself contains enough information for a potential hacker or anyone else to be able to discern from it what’s being traded or who’s doing the trading.
The idea is that, not only will it this type of decentralized trading re-establish anonymity it will also stave off “slippage.” Slippage is what occurs when those not directly involved in a large trade see that trade pending on a public order book. They then use knowledge of this pending trade to buy or sell positions in order to try and benefit from the trade.
- 1 What is REN Token (REN)
- 1.1 What is REN Token’s Function
- 2 Where to Buy REN (REN) Coin
- 2.1 Best Cryptocurrency Exchange to Buy REN (REN) Coin
- 3 How to Buy REN (REN) Token
- 3.1 How to Buy REN Coin with a Debit or Credit Card
- 3.2 How to Buy REN Coin Using PayPal
- 3.3 How to Buy REN Coin Using BTC/ETH
- 3.4 How to Buy REN Coin on Binance
- 4 How to Safely Store Your REN Coins
What is REN Token?
The central question revolving around the Republic Protocol is whether it is an actual good faith effort to restore the decentralized, anonymous nature of the crypto-verse envisioned by Satoshi Nakamoto back in 2009 or whether it’s naught but an elaborate ruse to justify the existence of REN coin. Right now it seems a bit of both. But only time will tell.
What is REN Token’s Function
The REN coin itself is the native coin of the Republic Protocol. Traders using the protocol to execute trades are required to use REN to cover the cost of order matching. Which can be considerable.
REN coin is also the only coin accepted for the bond required by the protocol to help fend off Sybil attacks. Sybil attacks are the result of individuals or groups attempting to gain control of a majority of nodes to unwind who is behind a particular trade. The bond is Republic’s way to prevent this. Since a record of the bond is kept in a smart contract generated by the trade.
Where to Buy REN (REN) Coin
Ultimately, the plan is to have 1 billion REN tokens in circulation. Though the number currently is about half that. And of course, besides being used to grease the wheels of the Republic Protocol the coin itself can be publicly traded by anyone who feels so inclined. Here are the details of how to do that.
Best Cryptocurrency Exchange to Buy REN (REN) Coin
How to Buy REN (REN) Token
How to Buy REN Coin with a Debit or Credit Card?
Unfortunately, none of the exchanges that offer trading in REN coin allow you to purchase it with a credit or debit card. This may change at some point in the future. But frankly, that day seems a ways off yet.
How to Buy REN Coin Using PayPal?
As of this writing, there is no mechanism for purchasing REN tokens using PayPal. Again, that may change in the days and months to come. But for now, no deal. So Binance it is.
How to Buy REN Coin Using BTC/ETH
The vast majority of trading volume of REN tokens using BTC and ETH occurs on the Binance Exchange, which accounts for more than 70% of all REN coin trading. It can also be traded on Huobi as well as another half dozen exchanges. But volumes there are so light as to be inconsequential. For the record, it’s not available on either Coinmama or Coinbase as of this writing.
How to Buy REN Coin on Binance
Because Binance handles virtually all of the trading action for the REN coin, we’re going to focus on how to purchase this token through that particular exchange. The most important thing to note is that Binance recently relaxed their requirement and you can now purchase BTC and ETH with fiat directly with Binance with a debit or credit card.
This is bound to make things much easier for many people. Once you have deposited the BTC or ETH into your Binance account, you can set about acquiring your REN coins.
Alternatively, if you do not already own BTC or ETH we recommend you purchase them from Coinbase, one of the largest fiat cryptocurrency exchanges and they specialise as a fiat exchange. If you are not sure how, you can follow our Coinbase buying guide.
Setting up Your Binance Account
Setting up a Binance account is easier than you might think. That’s because there’s none of the KYC requirements you’ll find on other exchanges. Just accept the terms of service, indicate that you’re over 18 and supply a valid email address. Then choose a password, verify your account, deposit your BTC or ETH and go to it.
As we mentioned a very welcome development is that if you don’t currently have BTC or ETH to deposit you can now purchase them from Binance using your credit or debit card. Once purchased, you deposit them to your Binance account and can use them to execute all the REN coin trades your heart desires.
Choose Your Mode
Now that you have your account set up and have deposited your BTC or ETH, you’re ready to start trading. The first thing you’ll need to do is pick a trading mode. If you hover above the “exchange” button at the top, you’ll see there are two trading modes to choose from: Basic and Advanced.
- Basic – Basic is the default trading mode. It provides a general overview of the current action. With basic graphs, charts and the like.
- Advanced – Advanced mode provides more detailed graphs, which are mostly useful to experienced traders and speculators.
Keep in mind that some traders have complained that the desktop version of the Binance site can be prone to lag issues from time to time. The main issue with such a phenomenon is that you could wind up missing the boat during periods of frantic market activity, which are not uncommon in the crypto-verse. Consider yourself warned.
Executing the Purchase
All that’s left for you to do now is navigate to the BTC/REN or ETH/REN pairing and select it. You’ll then be given a choice of which type of order you want to place: Limit (the default order), Market or Stop-Limit.
The price on a limit order is set by default to reflect the last traded price. You, however, have the ability to change this price to whatever you wish. Binance provides you with the option of choosing how much of your available balance you want to spend; be it 25%, 50%, 75% or 100%. Remember any balance currently set aside for an open trade is not “available.”
The Market Order is the easiest type of order to place on Binance. All you have to do is indicate how much you want to spend and submit the order. That’s it. Just as with the Limit Order you have the option of choosing 25%, 50%, 75% or 100% of your available balance.
The Stop-Limit order basically just protects you by creating upper and lower limits on your order. This is handy if you actually have a life and don’t have all day to spend trying to pursue crypto-riches. Just place your Stop-Limit order and go about your other business.
Obtaining Discounts by Using BNB Coin
Whereas the standard fee for trades on Binance is 0.1%, that fee is cut in half to 0.05% if you agree to fund it using their native BNB coin. Since BNB is one of the more stable coins in terms of value, it’s actually a pretty safe way to save some money on your Binance trades.
To activate this feature, you must have an adequate amount of BNB in your wallet to cover any fees you incur. If you do simply go to your account information page (found by hovering over the head icon in the upper right portion of the nav bar). There you’ll see the option for “Using BNB to pay for fees (50% discount)” as well as an activation button. Simply activate this feature.
Now anytime you make a trade, the fees will be paid in BNB coin. Saving you 50% on every transaction. If you’re a frequent trader, this can save you a nice chunk of change over the weeks and months.
How to Store Your REN Coins
Once you have purchased your REN coins through Binance, you’ll be able to store them there in your account wallet. But, considering how many exchanges have been hacked in recent years and the hundreds of millions, if not billions, of dollars in crypto that’s been made off with by thieves, we wouldn’t advise this.
Instead, we would recommend that, at a minimum, you use a suitable ERC-20 web or desktop wallet. An even better idea is to pick up a Trezor or Ledger USB wallet. These hold your crypto keys in a palm-sized piece of hardware that can be disconnected from the net anytime you’re not trading. They are therefore hack-proof. They’re also inexpensive, can be set up in just a few minutes and could wind up making you the one of the few people on the exchange to emerge from a hack unscathed.