How to Buy Moonriver (MOVR)

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Contributor, Benzinga
March 17, 2022
verified by Ryan McNamara

Want to jump straight to the answer? You can buy MOVR on Gate.io.

Before delving into what MOVR is, it’s important to understand what the Moonriver network is. Moonriver acts as a companion network to Moonbeam, the latter being a developer-oriented blockchain that provides compatibility with the Ethereum network and its developer tools. How are Moonbeam and Moonriver related? 

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What is Moonriver and MOVR?

When developers are looking to bring new blockchain projects to life, it’s pretty inefficient to deploy untested projects onto their intended blockchain right away. Teams test systems using canary networks, aptly named after canaries used in coal mines to alert workers to poisonous gasses. The Moonriver network acts as an environment to test, iterate and develop projects that mimic the actual environment of the Moonbeam blockchain. After being tested under real economic conditions, the code is then deployed to the Moonbeam network.

MOVR acts as a utility and governance token for the Moonriver network. The distribution for MOVR is spread between community initiatives, a developer adoption program and long-term network stewardship and adoption. Another key feature of the MOVR token is facilitating an on-chain governance through proposing changes and electing council members. MOVR also serves to support the gas metering of smart contract execution and acts as a means of paying transactions on the network. 

Brief History of MOVR

MOVR had an initial coin offering (ICO) in the summer of 2021 and saw a lot of excitement following its release. In September 2021 CoinMarketCap stated that Moonriver was the most trending coin, and a day later identified it as the second highest-trending altcoin. The coin hit an all-time high of about $481 and has since trended mainly downward alongside the rest of the market. 

How to Buy MOVR

Since MOVR is a niche token intertwined with the Moonbeam network, it's important to find a reputable exchange or decentralized exchange (DEX) to begin purchasing MOVR. 

Here are the basic steps you’ll go through when you open your first account:

  1. Open an online account.

    To start buying MOVR, you’ll want to open an account with an exchange that has the asset listed. A couple popular exchanges that support MOVR are Crypto.com and OKX. When choosing an exchange, it's helpful to think long term and look for features that will make your investing experience as seamless and well-rounded as possible. Here are some factors you may want to consider when deciding on the exchange you will use:

    - Security features, such as encryption and two-factor authentication availability
    - Fee schedules, account maintenance fees and commissions
    - User interface, how friendly is the application to use

    After you select an exchange, open an account using the exchange’s process. Your exchange will need to collect a bit of personal information before fully opening your account to abide by the U.S. Securities and Exchange Commission's (SEC) guidelines.

    The next step is to open an account on the exchange you have chosen. In this guided process, the exchange may ask for personal data to verify your account, including:

    - Your full legal name
    - Your address
    - Your phone number and email address
     - A copy of a government-issued photo ID (like a military ID, driver’s license or passport)

    The account set up time should take a few minutes, but having access to trading may take longer given that the exchange needs to verify your information.

  2. Buy a wallet (optional).

    If you plan on holding your MOVR, consider picking up a wallet. A wallet is a storage device or application that protects your assets from outside hacks. Typically, wallets can be divided into two camps: hardware and software. Depending on the wallet and its features, it can also double as a crypto portfolio tracker allowing you to have full insight into how your investments are doing. Since exchanges are prone to hacks, keeping your holdings in a wallet would be ideal given its higher security. Check out the following recommendations for the best hardware wallets to safely store your MOVR. 

  3. Make your purchase.

    After your account is open and funded, you are ready to place an order to buy MOVR. Checking the current market price of MOVR to assess how much of the asset you want to buy is a good starting point. 

    It’s also good to take note of the different order types your exchange offers. With many different types of buy and sell orders that vary from exchange to exchange, familiarizing yourself with what orders work best for you is a worthwhile step to take. 

Best Cryptocurrency Wallets for MOVR

Best Hardware Wallet: Ledger Nano X

The Ledger Nano X is a next-level hardware wallet that lets you buy and securely manage all your cryptos in a single application. The ease of use is a major talking point for the Nano X. Designed around an intuitive user experience, the Ledger Nano X lets you check and confirm transactions on its built-in display and confirm the same using two physical buttons (an anti-malware second-factor verification measure). 

When it comes to security, all your accounts are backed up on a recovery sheet and can easily be restored using a private 24-word recovery phrase. The Ledger Nano X also promotes functionality as users have the option to install up to 100 applications on their device from over 1,500 supported digital assets. This wallet also boasts an impressive battery life that can last several hours when in use and a few months when idle on a full charge. Although you can’t replace the battery, it’s designed to last 5 years. 

Trade, Sell or Convert your MOVR

Now that you’ve bought MOVR, you have a couple options. Keeping an eye on developments around both Moonriver and Moonbeam is key to guiding your decision on purchasing, holding or selling your assets. Some exchanges that support the buying and selling of MOVR tokens are Crypto.com and OKX. Additionally, evaluating your investing goals with what MOVR offers is also key to determining whether this asset is for you. Check out the “Is MOVR a Good Investment” section for more factors to consider when investing in this coin.   

Current Crypto Prices

Cryptocurrency prices have been on a steady decline since late 2021 as many cryptos are on the downtrend. It’s not unusual for tokens to follow the price movement of large market cap coins, but sustained downward price action points to deeper factors causing this kind of movement. Though new and innovative blockchain products are continuing to come to market, the current tensions surrounding the Russia-Ukraine conflict partly explain why crypto is down. For the most up-to-date crypto prices, check out Benzinga’s table below:

Is MOVR a Good Investment?

It’s apparent that MOVR services a niche purpose regarding the Moonriver network. As such, in terms of wide-scale utility MOVR doesn’t have much to offer. Its functionality is tied to the Moonbeam network, so if you plan on being hands-on in where this project goes and being involved in its governance then MOVR is definitely right for you. 

For investors with a long-term outlook that may want to add diversity to their holdings, MOVR is also a good option. The project has a solid foundation and a clear use case meaning that as the Moonbeam network continues to grow, Moonriver will also grow alongside it. 

If you are a speculative investor, however, MOVR may not be the asset for you. Its limited use cases and niche market makes it less prone to price swings typically associated with cryptocurrencies, and so if your goal is to profit from short-term movements, MOVR will likely not provide what you are looking for. 

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
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