How to Buy THORChain | Where, How, and Why

While decentralized exchanges (DEXs) form a pivotal part of the DeFi industry, they work on individual chains only and don’t allow cross-chain token swaps.

THORChain is an unprecedented DEX and an automated market maker (AMM) that enables crypto trading between real cryptocurrencies (not “wrapped” or synthetic versions) from completely different blockchains. The only other platforms where you can trade native, unwrapped cryptocurrencies are centralized exchanges, but they come with the downsides of getting easily hacked, and you have to deal with an order book and assets owned by the exchange.

ThorChain is a one-of-a-kind platform that brings trustless trading to many of the biggest chains while skipping the friction of making a copy of a coin on one chain. ThornChain’s cross-chain capabilities take it beyond mere DEX, enabling users to make swaps with real currencies without custodial intermediaries.

Buying THORChain tokens has never been easier using CoinStats’ built-in swap tool. The platform leverages its partnerships with decentralized exchange aggregators, such as 1inch and 0x, to provide users with the best exchange rate.

1. Sign Up for a CoinStats Account

Sign up for a CoinStats account if you don’t already have one, and verify your identity. Connect your digital wallet that supports Ethereum-based tokens, such as MetaMask or MyEtherWallet, to your CoinStats account.

2. Navigate to the CoinStats Swap

Navigate to the CoinStats Swap platform. After successfully linking your wallet, choose the token to swap by providing cryptocurrency or USD/EUR data.

3. Swap RUNE

For example, we are swapping ETH for RUNE. In the “From” field, select the ETH token from your wallet, and in the “To” field, select “RUNE.”

Click on Advanced Options to change the slippage. When you’re finished customizing, scroll down to the bottom of your screen and tap the “Submit Swap” button.

Confirm

After you submit your swap request, you’ll be prompted to confirm it. To begin the swap, follow the instructions on the screen, review the information, and click “Confirm.”

NOTE: You will be charged Network Transaction fees, also known as gas fees. This refers to the fees necessary to complete a transaction on the blockchain. In essence, gas fees are paid in the network’s native currency, i.e., ETH, for the Ethereum network. CoinStats charges a small swap fee in addition to the gas fees.

Once the transaction is completed, your THORChain will be credited to your digital wallet, and you can track your THORChain holdings in your CoinStats account.

If you don’t have any crypto yet, don’t fret! You can buy any large-cap cryptocurrency on CoinStats’ buy crypto with bank card page and swap that crypto for THORChain (RUNE) tokens.

What Is THORChain?

Centralized exchanges like Coinbase or Binance are run by mediators, who can potentially steal your money or manipulate your trades. What if there was an easy-to-use and decentralized platform that did everything an exchange does — but without a middleman?

That’s where THORChain comes into the picture. THORChain is based on Tendermint, the consensus protocol associated with the Cosmos ecosystem, the so-called “Internet of blockchains,” allowing different blockchains to work together seamlessly. It’s a decentralized liquidity protocol that supports interoperable blockchain communication and a non-custodial liquidity marketplace for blockchains allowing traders to swap tokens between different networks.

The THORChain (RUNE) creates bi-directional bridges between two blockchains, allowing users to easily exchange cryptocurrency assets and switch between networks in a non-custodial and permissionless setting.

THORChain also provides a decentralized exchange, enabling anyone to trade or lend their crypto assets to an asset pool to earn a return (or “yield”) on those assets.

History of THORChain

THORChain was first featured in a hackathon hosted by Binance in 2018 and went live in April 2021.

It was founded by an anonymous team to maintain the decentralized nature of the entire protocol, so there is no foundation, official dev team, or CEO. The creator of the project is also anonymous. All dev team activity occurs on GitHub, where new updates and upgrades are uploaded.

The team works for the Nodes by uploading code that makes the network more functional, and the rest is left to the network participants.

Key Features of THORChain

THORChain’s cornerstone is the Bifrost protocol, a cross-chain bridge system that enables multichain connectivity by building a bridge between blockchains

Here are some of the key features of THORChain:

1. Supports a variety of cross-chain DEXs and other DeFi projects.
2. An interoperable cross-chain solution that can seamlessly swap native assets across different blockchains.
3. Powers multi-currency exchanges across different blockchains.
4. Offers attractive APY to liquidity providers.
5. Its native reward token RUNE is both non-custodial and yield-generating.

Where to Buy THORChain?

THORChain’s price is linked to the THORChain exchange and the underlying blockchain’s acceptance. While ThorChain (RUNE) attempts to address a variety of usability issues related to crypto exchanges and liquidity, the development of the company’s unique ideas is yet to be assessed.

Investors can buy THORChain on various cryptocurrency exchanges like WazirX, CoinTiger, Binance, etc. THORChain has an available supply of over 272 million coins and a total supply of 500 million coins.

You can buy RUNE through cryptocurrency and fiat money on various cryptocurrency exchanges supporting the token. We’ve compiled a list of exchanges where you can purchase THORChain (Rune) below.

Uphold

Uphold is an innovative, easy-to-use cryptocurrency exchange that allows you to trade in several cryptocurrencies, including THORChain (Rune). It’s also one of the leading innovative exchange platforms in the market.

Uphold provides a user-friendly desktop and mobile app. The trading view is customizable with your most-traded assets and has an easy-to-navigate, modern feel on both desktop and mobile. You’re good to go with just one click to open a trade account and another couple of clicks to deposit funds!

Binance

Binance, the leading cryptocurrency exchange by trading volume, is the perfect place for people who want to take their investments up a notch and start achieving tangible goals.

It’s beneficial to purchase THORChain (Rune) on Binance due to lower fees than competing exchanges and its increased liquidity, enabling you to trade Rune quickly and profit from market prices fluctuations.

This exchange is best for investors residing in Australia, Canada, Singapore, the UK, and internationally.

Gate.io

Founded in 2013, Gate.io has grown into a reputable crypto exchange platform. It provides beginners with an easy-to-use interface while offering advanced charts to investors of various skill levels.

Gate.io offers most major tokens and is often among the first exchanges to add new tokens, including THORChain (Rune).

Gate.io is one of the top 10 global crypto exchanges with authentic trading volume.

KuCoin

KuCoin is a popular exchange, with more than 300 tokens available for trading, including RUNE. It’s well known for offering new altcoins and its competitive fee structure.

KuCoin offers a simple sign-up process.  It offers bank-level asset security, a slick interface, beginner-friendly UX, and a wide range of crypto services: margin and futures trading, a built-in P2P exchange, crypto lending, or staking via its Pool-X IEO launchpad for crypto crowdfunding, non-custodial trading, and much more.

WazirX

WazirX is India’s largest crypto exchange. It offers trading options for a wide variety of crypto coins, including THORChain (RUNE). WazirX offers a user-friendly crypto trading platform with top-of-the-line security measures and low transaction fees.

How to Buy THORChain on Cryptocurrency Exchanges?

If you’re interested in purchasing THORChain, follow these easy steps:

Step #1: Choose a Cryptocurrency Exchange

You must compare the popular cryptocurrency exchanges’ features before choosing the best one for buying THORChain. Some of the factors to consider are:

●  Fees

●  Supported deposit methods

●  Customer support

●  User reviews

●  Ease-of-use

●  Local requirements.

Step #2: Create an Online Account

After you’ve decided on a reliable exchange, the next step is to open a trading account for your crypto purchase. The requirements differ depending on the trading platforms. Personal information such as your name, contact number,  email address, home address, social security number, and a copy of your driver’s license, passport, or government-issued ID will be required by most exchanges. You may have to prove your address by uploading a bank statement, a credit card statement, or a utility bill. You might also need to identify yourself through a webcam or smartphone in compliance with Know Your Customer (KYC) rules if you plan to deposit fiat currency from your bank account to purchase cryptocurrency.

After verifying your ID, you may want to enable the two-factor authentication system (2FA) to add an extra layer of security to your account.

You can also connect your account to CoinStats, so you don’t have to add your transactions manually.

Step #3: Deposit Funds

After setting up your account, the next step would involve depositing funds to buy THORChain and other cryptocurrencies. You can use your bank account, debit/credit card, or crypto coins from a different crypto wallet. The payment method you use will be determined by the trading platform, location, and preferences.

Step #4: Make the Purchase

Once you’ve successfully completed the above steps, you’re ready to make your purchase. You’ll need to select THORChain and place your preferred buy order type.

Before completing your purchase, you should also check the performance of your existing portfolio using CoinStat’s crypto portfolio tracker and monitor the THORChain current price to decide if it’s the right time to buy it.

Step #5: Get a Wallet

You may choose to store your newly purchased RUNE coins on the exchange or move it to a more secure personal wallet that supports THORChain (RUNE). Many users prefer using their private wallets to ensure full ownership of their crypto assets.

A hardware wallet, also known as cold storage, is a physical device, much like an HDD or an SSD. Hardware wallets are usually considered the most secure wallets to store your digital assets as they offer offline storage, thereby significantly reducing the risk of hacks.

You can also choose a software or digital wallet if you plan to trade your RUNE coins frequently. Whichever wallet you choose, always remember to keep your private keys safe and never share them with anyone.

How to Buy THORChain (RUNE) Using a Credit or Debit Card?

A credit or debit card is a convenient way to purchase RUNE tokens. It’s important to note that you cannot make transactions anonymously.

Follow these simple steps to get started:

Step #1: Buy a common cryptocurrency like Ethereum or Bitcoin using your credit or debit card. Trust Wallet might be a great choice as it lets you buy digital currencies using your credit or debit card.

Step #2: Connect the Trust Wallet to your exchange account (explained above) and swap the crypto you bought for THORChain (RUNE).

How to Sell THORChain?

You can follow the same process to cash out your RUNE with the same exchange you bought it through:

1. Sign in to the exchange account where you have RUNE.

Compare crypto exchanges to sell your RUNE coins if you keep them in a digital wallet.

2. Place a sell order.

Select the amount of RUNE you want to sell.

3. Complete your transaction.

Confirm the selling price and fees, and complete your sale of THORChain (RUNE).

Why Buy THORChain?

The THORChain protocol is the first fully decentralized, cross-chain swap platform for cryptocurrencies. Users can simply swap one asset for another in a permissionless setting without relying on order books to source liquidity. It’s a unique service already in high demand, with access to more than $1 trillion in liquidity.

RUNE token has gained over 800% since the start of the year and has recently broken out of a long-term consolidation period, a phase when an asset trades within a range.

The THORChain experience is made possible through the Cosmos ecosystem and the Tendermint software. Cosmos is an open-source ecosystem of blockchains, and Tendermint is a tool that provides developers with rudimentary building blocks for creating decentralized ledgers that have their consensus protocol independent of the leading network.

While this sounds rather technical, you just need to remember that this technology makes it possible for THORChain to do what it does: make exchanging cryptocurrencies as easy as a quick swipe.

Pros

Some of the benefits THORChain introduces are:

1. Interoperable and available on multiple blockchains.
2. Innovative design that enables users to stake RUNE to get voting rights.
3. Innovative technology such as Tendermint consensus, THORSwap technology, and Swap protocols helps to provide a completely decentralized, secure, and effective solution.

Cons

Some of the disadvantages of THORChain are:

1. The THORChain development team is anonymous, which points to an underlying risk of rug pull.
2. As the technology is relatively new, its adoption will take some time.
3. The blockchain technology used in THORChain development is quite complex; it’s a barrier for anyone who doesn’t understand the technology.

Is It Wise to Buy THORChain?

In addition to cross-chain swap protocols, THORChain also plans to provide a full range of DeFi services, from borrowing and lending to synthetic asset creation—all across various blockchains. Additionally, the team has committed millions to its treasury and developed a long-term funding plan to ensure the protocol’s liquidity.

In the near term, THORChain will support Dogecoin (DOGE), Zcash (ZEC), and Monero (XMR).

Potential bullish factors could include the protocol’s recent integration with the Terra and Cosmos ecosystem, an upcoming mainnet launch, and the attractive yields offered to liquidity providers.

Closing Thoughts

THORChain provides an innovative solution for swapping assets across different blockchains. Users can use its user-friendly interface to easily exchange a growing range of supported cryptocurrencies from different networks.

With such technical capacity, innovative technology, and more updates and features still in the works, the price outlook for RUNE, THORChain’s native token, is optimistic.

So try THORChain if you’re not sold on Bitcoin and are curious about the many other crypto options out there. You won’t lose control of your funds or be limited to using one of the few trading pairs available on centralized exchanges.

Overall, THORChain has a strong fund-raising strategy with guaranteed funding to ensure its long-term viability.

You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on buying various cryptocurrencies, such as How to Buy Bitcoin, What Is DeFi, How to Buy cryptocurrency, etc.

Disclaimer: All information provided in or through the CoinStats Website is for informational and educational purposes only. It does not constitute a recommendation to enter into a particular transaction or investment strategy and should not be relied upon in making an investment decision. Any investment decision made by you is entirely at your own risk. In no event shall CoinStats be liable for any incurred losses. See our Disclaimer and Editorial Guidelines to learn more.