Ren (REN) is an Ethereum token that enables users to transfer cryptocurrencies between any blockchain, allowing quick communication to execute contracts. Ren’s focus on scalability and faster transfers have caused a number of investors to take a look at the token and add it to their portfolio as decentralized finance projects step into the spotlight.
Are you interested in learning more about how to buy Ren? Our guide will introduce you to the basics and help you get started.
Brief History of Ren
Ren is an open protocol project that aims to increase connectivity among blockchains, creating a larger stream of liquidity between individual crypto projects. Ren’s native token, REN, powers the RenVM network, allowing investors to transfer cryptocurrencies like Bitcoin to the Ethereum network. Its token was developed to enhance the useability of Ethereum’s decentralized application technology by connecting users and projects from varying blockchains. In particular, developers are looking to use Ren to enhance the currently developing decentralized finance industry.
Developed in 2017, Ren conducted its 1st public token sale in 2018. It is currently the 66th largest cryptocurrency when measured by market capitalization. Ren is a freely traded cryptocurrency, and many major exchanges (like Coinbase and Gemini) have adopted Ren and currently allow you to buy and sell its token.
How to Buy Ren (REN)
Since Ren is a relatively large project, it's available on a few popular exchanges. If you don't already have an account with a crypto exchange that supports Ren, follow the steps below to get started.
- Open an Online Account.
If you’ve never bought or sold cryptocurrency before, Ren is an excellent place to consider because it’s traded on a number of major exchanges. To begin adding Ren to your portfolio is to open an account with a cryptocurrency broker that supports Ren trading.
Not every broker offers access to every cryptocurrency. So before you open an account, take a look at each broker’s list of supported coins to be sure that it allows Ren trading. It’s a good idea to create a list of cryptocurrencies you want to invest in before you choose a broker — you only need to open a single account to meet all of your investing needs. You will also want to consider trading platforms, fees, local availability and order types before you open your account.
- Buy a Wallet.
Next, you’ll need to decide how you want to store your Ren tokens. Although you can leave them on your brokerage exchange wallet, this leaves you vulnerable if your account or exchange of choice is the victim of a hack. Opening a private wallet with your own individual set of keys will help ensure that only you have access to your tokens.
There are 2 types of private cryptocurrency wallets:
Hardware storage: Hardware wallets are physical devices that store your cryptocurrency offline. They provide a higher level of security than software wallets, but they’re also more expensive and accept fewer types of tokens.
Software storage: Software wallets are mobile phone or desktop applications that allow you to store your cryptocurrency using a local connection. Though software wallets are free and easily accessible, they provide you with a lower level of security than hardware wallets because they still need to connect to the internet to access your investments.
- Make your Purchase.
Finally, after you decide how you want to store your tokens and which exchange works best for you, it’s time to execute your order using your broker’s trading platform. You’ll do this by submitting an order to your broker. Like when you trade stocks, there are a number of different order types that you might have access to. Some of the most common options include:
Market orders: A market order tells your broker that you want to buy Ren at the current market rate, no matter what that rate is. Market orders give you little control over the price you pay per coin, so you might end up paying more than the rate you see on the exchange when you place your order.
Limit orders: A limit order tells your broker that you want to buy Ren but only if you can purchase each token at or below a specific price point. When you place your order, your broker will ask you how many tokens you’d like to purchase and the maximum price you’re willing to pay for each token. If your broker is able to fill your order at or below your specified rate, you’ll see your tokens in your wallet. If your broker cannot fill the order because the price has risen above your limit, the broker might cancel the order at the end of the day.
After your order is filled, you will be able to see your tokens in your brokerage account wallet. The amount of time it will take to fill your order will vary depending on the type of order you place and current market conditions.
Best Cryptocurrency Exchanges
If you aren’t sure where to start your search for the right broker, consider a few of our favorite options that support Ren below.
Best Crypto Wallets
Browse a few of our favorite online and offline wallet options below to get started.
Best Hardware Wallet: CoolWallet S
The CoolWallet S is a unique cryptocurrency wallet that supports Bitcoin, Ethereum, Litecoin, all ERC-20 tokens (including Ren) and many more additional cryptos. The CoolWallet S makes managing and tracking your cryptocurrency on-the-go simple with its easy-to-navigate platform and sleek design. The CoolWallet S device is the size of a credit card, and you can transfer your coins to your wallet using connectivity with its Bluetooth-compatible app.
In addition to convenience, the CoolWallet S also provides you with enhanced security above and beyond many other wallets. The wallet uses U.S. Military-grade CC EAL5+ Secure Element chips and encrypted Bluetooth connections to ensure that only you have access to your tokens.
Best Software Wallet: MetaMask
MetaMask is an open-source collaborative project that’s considered to be among the best Ethereum-based software wallet options. MetaMask’s wallet supports both Ethereum and all ERC-20 tokens, so you’ll be able to store options like Ren, Chainlink and other Ether-based projects together on a single device. MetaMask even offers a native exchange and swap platform — just visit http://home.metamask.io to view and connect with a number of decentralized exchanges and send your tokens directly to your MetaMask wallet.
Best of all? The MetaMask wallet is completely free to download and use. Be sure you’re downloading from the official MetaMask website if you decide to use this wallet, as a number of fake links have been found attempting to defraud investors.
In addition to investing in Ren, you can also stake your tokens on a dark node to earn a portion of the fees collected when users access the Ren network. All you need is at least 100,000 tokens and a bit of technical knowledge. You can learn more about operating a node here.
Trade or Sell Your Cryptocurrency
When your purchase is complete, congratulations — you’re the newest owner of Ren tokens. From this point, you have a few options on how you want to manage your new investment.
- Hold: If you plan on holding your Ren for longer than a week, be sure to transfer it to your wallet as soon as possible. This will ensure that your tokens are safe in the event that your exchange is targeted by hackers.
- Sell: If you plan to take advantage of short-term price movements, you’ll likely want to leave your Ren in your exchange wallet to save on transfer fees. When you decide to take profits, you can convert your excess Ren back to fiat currency or to a stablecoin like USD Coin.
Current Crypto Prices
The price that you’ll pay for your investment in Ren will vary depending on daily market conditions. Take a look at the chart below to learn a little more about how the cryptocurrency market is moving today.
Expanding Your Cryptocurrency Investments
Altcoins are a good way to diversify your cryptocurrency investments beyond Bitcoin and Ethereum. While altcoins are more risky than established cryptocurrencies, they often offer higher returns in a bull market. Since Ren is built on Ethereum, it's likely that Ethereum's success will play a large role in the success of Ren. If you believe that other smart contract blockchains like Solana or Cardano will beat out Ethereum in the long-run, then it may be a good idea to allocate funds to tokens that are involved with those blockchains instead.
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About Sarah Horvath
Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.