Where to Buy Ren Crypto – Beginner’s Guide

An open protocol for transferring cryptocurrency across blockchains, Ren is powered by the native token REN. The latter is one of several crypto and DeFi tokens that made over 100x gains in the bull run of late 2020 to early 2021. 

Since then, REN got affected by the fallout of the “crypto winter” losing more than 95% of its value. Hence, many people are trying to understand whether REN is a smart investment in 2023. In this guide, we will discuss the REN token and its future price performance. We will also review how to buy REN tokens at a regulated crypto platform and speculate on a possible price forecast for REN in 2024.

Where to Buy Ren Tokens – Best Platforms

To decide on the best platform to buy cryptocurrency, investors consider factors like regulation, payment methods, low trading fees, coins supported, and other features. The crypto platforms below have all listed REN and our top recommendation is the best regulated:

1. Crypto.com – Margin Trade Ren

Another option suitable to invest in REN online is Crypto.com. If you’re an experienced trader it also offers margin trading using leverage, on perpetual futures trading pairs. If you’re a beginner it still offers simple spot trading.

According to Coinmarketcap, it is among the ten largest global crypto exchanges list. It handles an over $2.6bn daily trading volume.

You can access the platform on the web or via the exchange’s mobile app mainly used by beginners and retail investors. With the app, you can invest in REN instantly and use a credit/debit card for the payment. Crypto.com does not charge any fees for the initial 30 days.

The platform has listed 250+ cryptos for trading. The range includes small altcoins, the majors like Bitcoin and Ethereum, ERC-20 tokens, and DeFi tokens. You can easily buy or invest in REN by using the platform with low fees. Crypto.com has a 0.4% maker/taker fee.

Every card purchase will incur a 2.99% fee after the 30-day tiral period. Crypto.com facilitates fiat money deposits via the app. However, as of now, fiat currency is not supported on the exchange, you can trade against USDT (Tether) though, which many traders prefer.

REN holders can use the dedicated Crypto.com wallet app to store their holdings, keeping the biometric authentication and private keys under your control. It also offers a prepaid metal VISA card to spend your crypto for retail purchases.

Crypto.com is known as one of the few platforms to earn interest on Bitcoin, which can’t be staked like other crypto tokens but Crypto.com acts as a lender like a bank and pays you an APR for holding Bitcoin on its platform and choosing to earn interest on it (it’s optional).

Cryptoassets are a highly volatile unregulated investment product.

2. Coinbase – Secure Platform to Buy Ren

Coinbase is the largest crypto exchange in the United States with state licenses to accept US traders. It has over 89 million users on the platform. In April 2021, Coinbase became a publicly traded company as the first crypto exchange IPO on the NASDAQ.

The platform stores 98% of funds offline. The cold wallets ensure optimal safety and are connected to the internet only when transactions are carried out. It offers more than 100 cryptos to buy and trade.

Coinbase is preferred for its high security, and not so much for low fees. The fees structure is regarded as both complex and expensive by traders. For instance, depositing funds on Coinbase with a credit card will require a fee of 3.99%.

The smartphone app offered by Coinbase is used by millions of users for trading easily on the go. Many crypto investors prefer such user-friendly apps to keep a check on crypto markets.

Coinbase has a free crypto wallet which makes it easier to store your crypto holdings and can also be used to store NFTs. In 2022 Coinbase launched its own NFT marketplace.

New signups on Coinbase can take advantage of free crypto, as it has a $10 signup bonus paid in BTC and a Coinbase Earn program to earn small amounts of tokens for taking part in educational tutorials and quizzes.

Coinbase is also a great platform for crypto staking, although it supports only half a dozen cryptos, and the APY is lower than some of the alternatives.

3. Binance – Low Fee Ren Trading

Binance is another huge crypto exchange just like Coinbase. Binance has the largest crypto trading volume in the world.

It has a low trading fee of just 0.1% commission when you trade REN or other cryptos against BTC, ETH or USDT. Another feature that sets Binance apart is its enormous crypto pairs’ offerings that amount to over 600.

In terms of depositing you can buy REN directly with a credit card at a 1% commission on Binance. It has partnered with Binance.US to operate across the United States after it was banned in 2019. Binance US is not yet available in all US states.

You can fund your account with fiat currency using a debit or credit card or bank transfer. Or go through Binance’s Peer-2-Peer marketplace to engage with other users to trade one crypto for another. P2P trading is recommended for more experienced investors.

Binance is not very suitable for new investors, as it does not support features like copy trading. Binance is designed mostly for experienced crypto investors, who want advanced TA tools like Tradingview indicators. Although it does have a ‘Classic’ mode which is simpler.

With many powerful trading options, Binance is mostly used by investors who have spent at least a few years in the crypto market. Sign up via a Binance referral link for cashback vouchers.

The Binance Trust Wallet is a popular crypto wallet, free for users to store their crypto holdings.

Cryptoassets are a highly volatile unregulated investment product.

What is Ren?

Ren, an acronym for the Reliability Encased Network, was established by two students of the Australian National University, namely Taiyang Zhang and Loong Wang. Zhang chose an Ethereum-based framework for the ERC-20 token REN. Since it aimed to save the OTC problem by being an open protocol, choosing REN to run on Ethereum was the obvious choice.

Zhang collaborated with Wang to rectify blockchain interoperability issues as he had vast experience in coding and even designed a coding language for blockchain. REN was launched in 2017 with the motive of creating a DeFi protocol for independent crypto-asset blockchains enhancing effective communication. So, REN became the only open protocol facilitating movement in between blockchains.

To understand REN, investors should look into smart contracts and the concept of a “Dark Pool” – that means the anonymous and dark means of purchase. Many investors are lured into various channels in the OTC markets to buy a huge amount of assets anonymously.

Ren operates around the platform RENVM. It stands for Ren Virtual Machine and facilities all exchanges on Ren across blockchains. It empowers the Nodes (which are called “Darknodes”) to calculate, authenticate, and successfully process the cross-chain instructions of crypto.

The REN ecosystem functions around a scientific algorithm. It distributes the orders in minute segments preventing the nodes to access the total transaction amount. It ensures optimal security in the Ren ecosystem.

Ren Regulation & Collaboration

Global jurisdictions are working on regulations to ease token insurances or initial coin offerings (ICOs) for companies. REN is not regulated by any jurisdiction as of now. It is a peer-to-peer community governed by “nodes”.

To increase the functionality and operational efficacy of REN, the board collaborated with Kyber Network, Polychain Capital, MATIC, and IDEX to engage with the protocol.

Use Cases of Ren

The REN project ecosystem is open source. Like ETH and BTC, REN ensures transparency and confidentiality of transactions across its network. Although all transactions are on the blockchain, nobody can access information on transferred amounts.

The REN framework works on zero-disclosure evidence on Sub-Zero (via RENVM). This cross-checks the transactions to maintain mathematical consistency without revealing any message data of the involved parties. It has wide use case prospects for the future.

Should I Buy Ren?

REN is considered a safe investment by many investors across the globe thanks to its utility and the increasing mass adoption of DeFi projects, although it is volatile like any altcoin. Currently, REN is traded at $0.09, which is more than 90% lower compared to its price in late 2021. However, many investors would take the opportunity of buying the dip to benefit once the crypto market enters an uptrend.

Ren has the potential to identify fraudulent transactions as a confirmed block can trace the preceding block. It ensures optimal security and arrests obstacles instantly. Other unique features that add an edge to the platform are its liquidity and lightning-fast transaction speed on the network.

However, it may take time for the crypto markets to reflect the use case, utility, and potential of all the different DeFi coins.

Ren Features

1 – Universal Web Wallet that’s Embeddable

UX stands for a universal wallet that can be carted for any crypto asset. The REN network securely keeps and governs the private and public keys. Like other wallets, this wallet can be accessed with a username and password.

You must be connected to the Ren network. Investors can access funds in their wallets via an in-page UI component like MetaMask. It is not limited to Ethereum and you do not need to necessarily pre-install a chrome plugin.

2 – Darknode Revenue

This feature ensures many trading benefits in the RENVM. It enables users to keep a track of transaction costs, minimize settlement time and you can swap numerous currencies.

Analysis of Ren ICOs

The first REN ICO was a private offering in January. It raised USD 28 million. The public ICO was in February 2018 which raised USD 4.8 million.

Investors were keen to invest in REN since the initial price was 3 cents for one token. There were more than 1 billion tokens that were sold to meet the demands.

Ren Price

Like many other cryptocurrencies, REN is currently traded below its historical support levels. At the time of writing, the coin’s value is $0.096 with a market capitalization of over $94.6 million; REN is ranked 280th largest cryptocurrency. It has a circulating supply of 999,037,500 REN tokens and a maximum supply of 1 billion tokens. 

REN All-time Price Performance, Source: coinmarketcap.comCoinbase

REN was officially listed on crypto exchanges in 2018 with an initial price of $0.082. Due to the existing trend in the cryptocurrency market, REN benefited from the growing market and experienced significant growth. In 2020, REN first time hit $0.5 and dropped its value to $0.19. 

After that, another bullish run started in the crypto market, which lasted for the whole of 2021. First, REN hit its all-time high in late February 2021, reaching $1.4, and then it dropped to below the $1 mark. REN price started to increase in October 2021 when most of the cryptocurrencies hit their all-time high. 

However, REN’s highest price for this period was $1.2, which was slightly below its previous all-time high. The correction followed the bullish run, which took REN’s value back to $0.29, and after bouncing to $0.46, REN started to decrease again as the whole crypto market entered the so-called “crypto winter” period. 

REN’s price dropped below its initial listing price reaching $0.05 by the end of 2022. Since the beginning of the previous year, as Bitcoin has increased and bounced back to $30,000, many altcoins followed the path, including REN. It rose above $0.1 for a short time and again dropped below it. Currently, it is traded at $0.09, which gives REN a 45% YTD return rate. 

Ren Price Prediction

With the recent bearish run in the cryptocurrency market, it is still hard to predict which direction it will take. As Bitcoin is considered the main driver of the market, many altcoins are likely to follow it once the coin increases. 

So, if REN can prove its potential and use cases and attract investors’ attention, it would have a lot of room for growth. Here are some price projections about the REN token conducted by algorithm-based platforms. 

According to Wallet Investor, REN will continue losing its value and, in 2023, can drop from $0.0947-$0.00855. The platform predicts that REN can lose over 90% of its value in just one year. 

Some other platforms give optimistic predictions about the REN token’s future price. Price Prediction indicates that REN will hit $0.1 again and have an average price rate of $0.13 for 2023. Its value will keep growing over the years, reaching above $0.5 in five years. REN will hit $1 in 2029 with the possible highest price of $1.33, as the Price Prediction analyses show. 

Digital Coin Price predicts that REN can reach $0.2 in 2023 and have the highest price of $0.21. The five-year forecast indicates REN will have an average trading price of $0.4 which can increase to $0.9 by 2030. According to this platform, REN will hit $1 only after 2031. 

Check out this video for more popular altcoins that may explode in the near future.

Best Ways to Buy Ren Online

Investors globally have many options to invest in REN:

Buy Ren With PayPal

Buying REN directly with PayPal on other exchanges, the fees may be high.

Buy Ren With a Credit or Debit Card

All the crypto platforms we review support the instant buying of crypto by card. However, you must be aware of the commission fees of various platforms.

Best Ren Wallet

Crypto wallets are a form of digital storage for your crypto coins. You can use a wallet to send and receive crypto and pay for purchases. There are gas fees, for certain transactions on the blockchain.

You can generally use a crypto wallet for free. However, using a crypto wallet has risks as compared to hard storage.

’Hot’ wallets always have internet connectivity and these offer real-time trading options and updates. ‘Cold’ wallets ensure more security as they are connected to the internet only when transactions are carried out.

Conclusion

We have covered most of the information a new investor would need regarding where and how to buy REN crypto tokens. We also reviewed the background of the Ren project and how the crypto market has received it so far. 

As REN is currently in the bear market, it is hard to say whether it can recover and bounce above its previous all-time high. But if repeated, it would result in a high ROI for those investing in REN.

FAQs when Buying Ren