Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Ren. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!
Australia has a good number of popular and regulated cryptocurrency exchanges, so it’s quite easy finding an exchange that has Ren. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.
Let’s get into it!
How to Buy Ren in Australia
There are only 4 main steps involved and it’s pretty straightforward:
1. Choose a crypto exchange
As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Ren in its list of cryptocurrencies.
Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.
And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.
So for this guide on buying Ren, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Ren.
You can also check out our comparison of the best bitcoin exchanges in Australia if you’re interested in learning more about the exchanges we prefer.
2. Sign up with the crypto exchange
Once you’ve decided on which exchange to use, it’s time to sign up.
Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.
Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.
Once done, it’s time for the next step.
3. Funding your account with AUD
To buy Ren, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.
4. Buy Ren
The final step is to go to their asset list, find Ren, navigate to the buy section, and then trade your AUD for some REN. Once you’ve bought Ren, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.
Where to Buy Ren (REN)
|5/5||300+ cryptocurrencies||Visit Swyftx|
|4/5||200+ cryptocurrencies||Visit Coinspot|
|3/5||400+ cryptocurrencies||Visit Binance|
Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
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How to Sell Ren
If you’re thinking about selling Ren, just follow the steps below.
- Sign in to the cryptocurrency exchange (like Swyftx).
- Click on Ren in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
- FInd the sell section and sell Ren for AUD, or trade it for another cryptocurrency.
Frequently Asked Questions
Is buying Ren in Australia legal?
Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.
How to buy Ren with PayPal?
Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Ren. Have a look on their site first, you might be lucky.
How to buy Ren with a credit card or debit card?
Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Ren with your credit/debit card.
Ren (REN), an Open Protocol, allows interoperability among different blockchain platforms and provides liquidity.
Previously known under the name Republic Protocol. Ren launched RenVM on May 2020. It had successfully completed a $34 million initial coin offering (ICO).
The protocol's native token, REN, acts as a bond for those who run nodes that can power RenVM (also known under Darknodes).
Ren aims to improve the accessibility and interoperability of decentralized finance (DeFi) by eliminating liquidity barriers between blockchains.
Ren is a complicated platform with multiple uses. However, it was created to help overcome barriers and allow investors to invest in DeFi projects.
DeFi projects can add foreign cryptocurrency assets such as Bitcoin (BTC), Zcash(ZEC), to their offerings by using this plug-in. Any token can be swapped between any blockchain without intermediaries.
RenVM is a network of virtual machines that are made up of virtual computers. The machines that power RenVM are called Darknodes.
Ren charges various fees for internal operations. Most of these fees are not used to increase profitability, but instead go to miners. The ERC-20 token REN charges varying gas fees to power transactions.