How to Buy THORchain: Invest in RUNE Tokens Today

THORchain is a decentralized liquidity protocol that allows traders to swap tokens seamlessly across blockchains. For example, you can swap Ethereum to Bitcoin without needing centralized exchanges or KYC processes. THORchain utilizes a unique system that offers you excellent rewards and minimizes your risk exposure. 

Following its launch through the Binance decentralized exchange in July 2019, THORchain has witnessed a notable increase. Additionally, this top-rated project solves some of the existing problems with the DEX arena, and this is a major reason behind the support it enjoys. 

In this guide, we share the step-by-step process required when learning how to buy THORchain and its underlying RUNE tokens. 

How to Buy THORchain—Quickfire Walkthrough to Buy RUNE in less than 10 Minutes

Buying THORchain is straightforward if you follow the right process – meaning that it shouldn’t take you more than 10 minutes to complete your transaction. 

THORchain is behind its own Defi token – RUNE,  and it’s most suitable to buy it through a decentralized exchange like Pancakeswap. 

This DEX has an innovative outlook and optimum security. It is also convenient to use and enables you to maximize your profit via a low-cost commission model. Most importantly, you do away with the need for a third party when you buy RUNE tokens through Pancakeswap.

Follow the steps below to see how to buy THORchain right now: 

• Step 1: Get Trust Wallet: Getting a suitable wallet is necessary to use Pancakeswap efficiently. Trust Wallet is the most effective app to use for this purpose. You can download it on your device via Google Play Store or iOS.
• Step 2: Search for THORchain: After downloading, open the app and search for ‘THORchain.’
• Step 3: Deposit Funds into Wallet: To fund your Trust Wallet, you can either buy crypto using your debit/credit card or make a transfer of digital tokens from an external wallet. 
• Step 4: Connect to Pancakeswap: You will see ‘DApps’ at the bottom of the Trust Wallet. Click and select ‘Pancakeswap.’ Next, click the ‘Connect’ button. 
• Step 5: Buy THORchain: After a successful connection, click the ‘Exchange’ button. A drop-down icon will pop up below the ‘From’ tab. Next, choose the cryptocurrency you want to swap for THORchain. Below the ‘To’ tab, another drop-down icon will pop up where you will choose THORchain. 

Input the number of tokens you want to buy and select the ‘Swap’ button to finalize the process. 

On completing the transaction, the THORchain you bought will reflect in your Trust Wallet. It will be safely stored there until you’re ready to cash out.  

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

How to Buy THORchain Online—Full Step-by-Step Walkthrough 

When reading the quick guide listed above, you might have muttered, “why the rush?” We understand. This was intended for those who are already well-versed in buying Def coin. 

So, if you’re a beginner, we have provided more in-depth sections below on how to buy THORchain.

Step 1: Get Trust Wallet 

As stated in the quickfire walkthrough, THORchain requires an exchange medium like Pancakeswap. To access Pancakeswap, you need a crypto exchange wallet. The most suitable in this respect is the Trust Wallet – which is ideal for both newbies and veterans. 

Additionally, it is backed by Binance—the largest cryptocurrency exchange in the world. 

So, what do you do?

• Download the Trust Wallet app on your mobile device. 
• Once installed, open and create your login credentials.
• Note that your login details will include a PIN and also a 12-word passphrase. The passphrase is needed to recover your Trust Wallet if you forget your login details or misplace your phone. 

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

Step 2: Deposit Funds into Your Wallet

Once you complete the setup process, you will need to deposit funds into your Trust Wallet so that you can buy LUNA tokens. To make a deposit, there are two ways:

Transfer Digital Assets from Another Wallet

You can go through this process only when you have cryptocurrencies in an external wallet. 

Here are the steps:

• On the Trust Wallet app, click on ‘Receive.’ Next, choose the digital currency you want to transfer into the Trust Wallet. 
• After, you will be given a unique wallet address to receive that particular cryptocurrency. 
• Copy the address, and paste it into the wallet where you have the digital tokens stored. 
• Enter the number of tokens you want to transfer.
• Confirm the transaction. 

After, the digital token will appear in your Trust Wallet in less than a couple of minutes. 

Buy Crypto With Your Debit/Credit Card

Possibly, you may not have any digital tokens in an external wallet. If this is the case, you will need to buy some. Fortunately, the Trust Wallet supports the use of debit/credit cards to initiate a crypto purchase. 

Follow these steps:

• Located at the top of the Trust Wallet app is the ‘Buy’ button. Click on it.
• Next, you will see a list of tokens you can buy using your debit/credit card. 
• You can buy any coin of your choice but it is suitable to buy Binance Coin (BNB) or any other well-known alternative. These include Ethereum and Bitcoin. 
• You will need to complete a Know Your Customer (KYC) process. This is because you are using fiat currency to buy crypto. 
• The KYC process will require you to enter some personal information and upload a government-issued ID. 

After completing your transaction, you will receive the crypto immediately in your Trust Wallet.

Step 3: Buy THORchain through Pancakeswap

Once you have the digital assets in your Trust Wallet, you can go ahead to Pancakeswap and buy THORchain using a direct swap process. 

Here is how a direct swap process works. 

• Still on the Trust Wallet app, click the ‘DEX’ button and select the ‘Swap’ tab. 
• You will spot the ‘You Pay’ tab where you will pick the token you want to pay with. Type in the token amount. 
• Note that the cryptocurrency you will choose to pay with is the one you bought in Step 2. 
• Select THORchain from the ‘You Get’ tab. 

The number of THORchain tokens you will get will be the equivalent of the cryptocurrency with which you paid. Next, the system will display the amount of THORchain you will get. Then, proceed by clicking the ‘Swap’ button. 

With this simple process, you have just learnt how to buy THORchain using Pancakeswap. 

Step 4: Sell THORchain

You will most definitely not let your THORchains token lie in wait forever in your wallet. At some point, you will want to sell to make a profit, especially when the price pumps. 

Your sale strategy will depend on your objective with the coin. 

• If your objective is to exchange THORchain into another currency, you can swap easily using Pancakeswap.
• If your goal is to sell your THORchain into fiat money, you will need to use a third-party exchange for the process. 

To sell THORchain using Pancakeswap, the process is just the reverse of buying. This implies that you will select THORchain under the ‘You Pay’ tab instead of another crypto as stated in Step 3. 

Remember that if you use a third-party exchange to sell RUNE tokens into fiat money, you will need to complete a KYC process. 

Where to Buy THORchain Online

THORchain and its native RUNE tokens are listed on several crypto exchanges. This is owing to its growing popularity and its supportive community. Being listed on numerous exchanges, you have a wide range of options to choose from. 

However, for the best experience, Pancakeswap remains the best place when considering how to buy THORchain.

This is not unfounded, as there are sufficient reasons to back up our assertion – as discussed below.

Pancakeswap—Buy THORchain through a Decentralized Exchange

Pancakeswap’s interface looks simple and straightforward. That is one of the advantages of this exchange. It is the best for veterans and beginners, as you do not require any preceding experience to understand its trading functionalities. 

Perhaps the biggest attraction to Pancakeswap is its low fee framework. As such, you can buy RUNE tokens without needing to break the bank. This is in addition to the fast-response trading experience it offers you. Pancakeswap uses the Automated Market Maker (AMM) operation, meaning it does not depend on an order book to pair buyers with sellers. 

This is crucial, as it allows you to buy  THORchain instantly without needing to worry about other market participants. To use Pancakeswap, you need a compatible wallet. Although there are several wallets in the market such as SafePay and TokenPocket, Trust Wallet remains the best. It connects seamlessly with Pancakeswap at the click of a button. 

Another interesting thing to note about Pancakeswap is that it allows you to earn on your idle tokens. These tokens increase as the pool’s overall value appreciates. This happens because tokens provide the exchange with liquidity, making you qualified for staking rewards. Plus, you’ll have access to heaps of other Defi coin when using Pancakeswap.

Pros:

• Might appear daunting at first glance for newbies
• Does not support fiat payments directly

Buy THORchain Now

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

Ways to Buy THORchain

There are multiple ways for you to buy THORchain. Your pick depends on your preferences such as the type of crypto exchange you want or your preferred payment method.

The best methods to use when considering how to buy THORchain are discussed below. 

Buy THORchain Using Your Debit/Credit Card

Itemized below are the steps to buy THORchain using a debit/credit card.

• First, purchase a common cryptocurrency like Ethereum or Bitcoin using your credit/debit card. The ideal wallet to use is Trust Wallet as you can buy digital currencies using your debit/credit card.
• Connect to Pancakeswap, and swap the crypto bought for THORchain.

For this method, you will need to complete a KYC process. Here, it is necessary to upload a means of identification. It can be a driver’s license, a passport or any other government-issued ID. 

Of course, the implication is that you cannot make transactions anonymously. 

Buy THORchain Using Cryptocurrency

The second option you can go for is to buy THORchain using crypto. You can only do this if you have digital assets in an external wallet. Here, all you have to do is swap the crypto for THORchain via Pancakeswap. 

Note that you will need to transfer the cryptocurrency to a suitable wallet. Trust Wallet is the best option to use here. It stores your token safely and works with Pancakeswap conveniently.

Should I Buy THORchain?

We understand the urge to buy Defi coin that have performed well in recent months. However, in the crypto world, investment decisions should be backed by personal research. Therefore, before deciding to buy THORchain and its native RUNE tokens, ensure you read up on all necessary considerations of the coin. 

Admittedly, knowing the right things to read and analyze can be challenging. So, here we discuss some pertinent considerations to make when buying THORchain. 

Comprehensive Functionalities

One major problem users face when they cross over to a DEX from a CEX is the inadequacy of functionalities. To trade on most DEX platforms, you will need external tools and apps. 

THORchain’s founders saw this as a gap and developed the protocol to bridge it. They removed a significant barrier by integrating a non-custodial wallet on the platform’s homepage.

This way, beginners can buy and sell conveniently and perform most of their trading activities on the platform itself. Crucially, you get to have custody of your coins in a secure wallet in the same space.

A Protocol Without Oracles

The Defi world operates to decentralize processes for blockchain users. A common phenomenon with most DEX’s has been their use of oracles to monitor trades and provide data when needed. 

• However, because of the nature of their functions, these oracles are often centralized, making them easily susceptible to being controlled by a party or set of parties. 
• So, instead of oracles, THORchain leverages arbitrage traders to buy and sell the coin at intervals based on market value.

This way, THORchain remains valuable without compromising decentralization.

Remarkable Growth Since Launch

Although THORchain was founded in 2018, its native RUNE tokens were not listed on a public exchange until 2019.  Following its launch through the Binance decentralized exchange in July 2019, it has witnessed a meaningful increase. After all, the tokens were trading at just over $0.01 each.

On July 26, 2020, THORchain went for $0.53 per token and on July 4, 2021, it had a price of $5.99. This translates into a percentage increase of over 1,269% in just one year of trading. 

Take Advantage of the Mid-2021 Dip

The ‘dip’ refers to a period of time whereby a digital token has dropped from a previous bull market. In the crypto world, this is seen as the best time to buy a coin. The understanding is that the coin will rise later on and those who bought the dip will enjoy this enhanced increase. 

Although THORchain hit highs of $21.26 per token in May 2021, the digital currency is trading at just over $6 as of July 2021. This means that by entering the market now and subsequently buying the dip, you are getting a discounted price of 70%. 

Risks of Buying THORchain

Every cryptocurrency trade has its risks. The cryptocurrency market fluctuates and therefore the price of THORchain constantly changes. Additionally, since crypto is based on tech, cases of hacking and cyber insecurity are not uncommon. 

You can manage your investment risks by:

• Researching the credibility of the exchange you intend to trade with.
• Trade moderately. Additionally, leverage the dollar-cost averaging strategy to buy THORchain smartly and at conservative but frequent intervals.
• Diversify your portfolio. This means you should consider more than one coin to maximize investment returns and reduce being over-exposed to a small number of digital tokens. 

As always, just make sure you do lots of research before you add RUNE tokens to your portfolio. 

Best THORchain Wallets

Although THORchain comes with an integrated wallet to store your coins, you can choose to use an external option. If this is the case, you have to consider the wallets that are the most suitable for THORchain. 

Here are the best THORchain wallets that can serve you best. 

Trust Wallet: Overall Best THORchain Wallet

Trust Wallet is the best you can get when it comes to THORchain storage. Trust Wallet is a software wallet - meaning it can be accessed via a mobile device. To gain access, download the app via Google Play Store or iOS for free.

It supports diverse cryptocurrencies and is easy to use, giving you total authority over your private keys. You can also buy digital assets using a debit/credit card and connect with Pancakeswap smoothly.  

Ledger Nano: Best THORchain Wallet to Store A Significant Amount of Tokens

Ledger Nano X is a hardware wallet that has the capacity to store THORchain tokens alongside institutional-grade security controls. With this wallet, you can be offline without the fear of your account being hacked. 

With the use of a paraphrase, your THORchain tokens can be recovered in case of theft or damage. 

Binance Chain Extension Wallet: Best Isolating THORchain Wallet

Binance Chain Extension Wallet is a web-based wallet that can be used to store several cryptocurrencies including THORchain. It enables you to manage your account and private keys in several ways. 

It isolates your private keys from the site’s server and keeps them in a vault protected by your desired password.  With the Binance Chain Extension Wallet, your digital assets can be recovered when lost via a recovery seed phrase. 

How to Buy THORchain - Bottom Line

This explanatory guide has detailed all you need to know about how to buy THORchain. Getting your hands on some RUNE tokens is straightforward once you follow the discussed steps carefully. After buying and selling for the first time, you will become much more confident with the process.

A key part of learning how to buy THORchain is understanding the best way to go about it. This is why Pancakeswap is recommended as the DEX to use. It is fast, eliminates the need for a third party, and offers you various farming and staking opportunities. 

Buy THORchain Now via Pancakeswap

 

 

Buy THORchain Now

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

 

FAQs

How much is THORchain?

Like every other digital asset, the price of THORchain is not stable. As of July 2021, one THORchain token is worth in the region of $6- $7.

Is THORchain a good buy?

While THORchain has shown commendable growth since its launch, it remains a volatile and speculative asset. Always do some personal research before making a purchasing decision.

What is the minimum THORchain tokens you can buy?

You can buy as few or as many THORchain tokens as you desire.

What is the THORchain all-time high?

THORchain hit an all-time high on May 19, 2021, when it was priced at $21.26 per token.

How do you buy THORchain tokens using a debit card?

You will need to start by buying an alternative digital asset using your debit/credit card. You can do this with ease on Trust Wallet. Once you have some crypto, you can then proceed to Pancakeswap to exchange the coin for THORchain.

How many THORchain tokens are there?

THORchain has a total supply of over 460 million tokens and a circulating supply of over 234 million tokens. It has a market cap of over $1.5 billion - as of July 2021.

 

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