How To Buy Ravencoin – Buy Ravencoin In Under 5 Minutes
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Launched in 2018, the Ravencoin blockchain functions as a token issuance and asset transfer platform. Instead of having an ICO, this digital asset was listed directly on cryptocurrency exchanges – giving everyone equal opportunity to mine or purchase RVN coins from day one.
In this guide, we will discuss the ins and outs of how to buy Ravencoin and which cryptocurrency platforms to consider when making your investment.
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How to Buy Ravencoin – Choose an Investment Platform
With a market cap of over $1 billion, Ravencoin has grown to become one of the popular digital assets among investors. However, you will notice that there are only a few platforms that support this cryptocurrency.
From our research, we found that the following two providers are the best exchanges to buy Ravencoin easily and cost-effectively:
- Binance – Overall Best Place to Buy Ravencoin
- OKEx – Best Low-Cost Platform to Buy Ravencoin via a Crypto Deposit
If you would like to know more about why we chose these two platforms, you will find detailed reviews later in this guide.
How to Buy Ravencoin – A Quick Guide For 2021
If you want to learn how to buy Ravencoin without reading our entire guide – here is a quick glimpse of the five-step process:
- Step 1: Open a Binance Account – You will first need to create an account on Binance to be able to buy Ravencoin on this platform.
- Step 2: Upload Valid ID – To abide by anti-money laundering laws, Binance verifies the identity of all its registered users who wish to deposit fiat money. This step can be completed by uploading a copy of a government-issued ID like your passport or driver’s license.
- Step 3: Make a Deposit – Binance allows you to buy Ravencoin by exchanging it for another popular cryptocurrency such as Bitcoin or Tether. As such, you will first need to purchase one of these base tokens using a debit or credit card.
- Step 4: Search for Ravencoin – Once you have sufficient crypto funds in your Binance account, you can search for ‘Ravencoin’ on the main website. The platform will then list the available markets for this cryptocurrency.
- Step 5: Buy Ravencoin – After you pick your desired market, you can enter how many RVN tokens you want to buy and confirm the order.
Once the purchase is complete, Binance gives you the option to leave your Ravencoin tokens within the platform’s web wallet. You can also withdraw the tokens to your private crypto wallet if required.
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Where to Buy Ravencoin
One of the key decisions when thinking of where to buy Ravencoin is to find the right platform to make the investment. This isn’t necessarily an easy decision, especially when considering the plethora of options out there.
While writing this guide, we studied the market to find a platform that is credible, offers reasonable fees, and gives you easy access to Ravencoin. We found that Binance and OKEx are the two cryptocurrency exchanges that tick the right boxes.
In this section, we will take a closer look at each of these platforms and discuss what features make them our top picks.
1. Binance – Overall Best Place to Buy Ravencoin
Binance is one of the largest cryptocurrency exchanges in the world, giving you access to hundreds of digital tokens under one roof. In addition to Ravencoin, this platform supports projects like Bitcoin, Ethereum, and Litecoin, along with dozens of small-cap and DeFi coins. However, the specific assets you will have access to will be ultimately determined by your location.
For instance, Binance US users can buy and sell over 50 cryptocurrencies – including Ravencoin. On the other hand, those based elsewhere can access 100+ digital tokens. Moreover, your country of residence will also dictate the fees you pay when purchasing RVN coins. To elaborate, US clients are charged only 0.5% on debit/credit card transactions on the platform. Whereas, for those based elsewhere, the same transaction can cost as much as 4%.
With a simple and user-friendly interface, Binance allows you to easily buy digital assets at a low commission of just 0.10%. In other words, if you invest $1,000 in Ravencoin, this platform charges you a fee of just $1. This is, in fact, one of the lowest rates that you will come across in the cryptocurrency market. Moreover, once you complete the purchase of your RVN tokens, you can store the coins for free on the in-house wallet itself. This also makes it easier for you to sell your investment directly from the exchange.
Aside from all this, it is important to note that you cannot buy Ravencoin directly on the Binance platform. Instead, you can fund your account using a digital currency you already own and then use the said coins to purchase RVN tokens. The exchange currently offers support for five direct markets for this purpose – including RVN/USDT, RVN/BNB, RVN/TRY, RVN/BUSD, and RVN/BTC.
Alternatively, you can first buy a supported digital asset that can be directly traded for Ravencoin – such as Bitcoin or Tether (USDT), with fiat money. You can then exchange the newly-purchased digital coins to get your hands on RVN tokens. In terms of security, Binance also offers 2FA authentication and offline storage for your cryptocurrencies – making it a safe platform for your investments.
Pros
- Facilitates billions of dollars in daily trading volume
- Supports hundreds of digital asset pairs
- Near-instant deposits via debit/credit card
- Trading commission starts at just 0.1% per slide
- Offers crypto savings accounts
- Ideal for both beginners and experienced traders alike
Cons
- Not all supported cryptocurrencies can be purchased with a debit/credit card
- No e-wallet deposits or withdrawals
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2. OKEx – Best Low-Cost Platform to Buy Ravencoin via a Crypto Deposit
First launched in 2014, OKEx has evolved to become one of the most popular cryptocurrency exchanges, catering to over 20 million users across the world. This platform allows you to buy digital tokens instantly via a debit or credit card. However, this option is not yet available for Ravencoin. Instead, you can choose to purchase another crypto asset like Bitcoin and then swap those coins for RVN.
OKEx also allows you to buy Ravencoin using a different cryptocurrency that you already own. In this case, you can first transfer your digital coins from your private wallet into your OKEx account and then exchange them for RVN tokens. This will cost you a competitive commission of only 0.10%, and moreover, you do not have to go through the hassle of a KYC procedure. Instead, you only need to provide your email address and proceed with the purchase without having to reveal your identity.
Another aspect we like about OKEx is that this platform enables you to earn interest on your idle cryptocurrency investments. In the case of Ravencoin, you will be able to obtain an APY of 0.37% using its flexible account, while giving you the opportunity to withdraw your RVN tokens any time you want. The exchange also supports flexible savings accounts for several other digital assets – with the likes of Algorand and Polkadot yielding as much as 16.65%.
OKEx is also widely considered as a user-friendly exchange that is highly suited for beginners. The site offers plenty of useful guides and mini-courses for novice investors and it explains the characteristics of the cryptocurrency market in a jargon-free manner. You can also download the OKEx app on your mobile phone, which will allow you to buy and sell Ravencoin whilst on the move.
Pros
- Trusted crypto exchange with over 20 million users
- More than 400+ digital currency pairs
- Buy and sell cryptocurrencies with a debit/credit card or bank transfer
- Low commissions that start from 0.1%
- Fully-fledged mobile app on Android and iOS
- Great reputation and highly secure
Cons
- Debit/credit card fees could be more competitive
- Derivative products are too complex for beginners
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How to Buy Ravencoin – Detailed & Explained in Full
Investing in Ravencoin as a beginner does not have to be a daunting prospect. In fact, with the right cryptocurrency platform, you will be able to complete the end-to-end process in a matter of minutes.
Let us show you how to buy Ravencoin using the popular cryptocurrency exchange Binance.
Step 1: Open a Binance Account
In order to buy Ravencoin via Binance, you will first need to open an account on this platform. As with every other website, you will be able to find the ‘Register’ button on the homepage of this cryptocurrency exchange.
On Binance, the registration process also requires you to provide your full name and contact details. Once you have entered all required information, the exchange will set up your account in a couple of seconds and you can proceed to buy Ravencoin.
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Step 2: Upload Valid ID
Binance is a trusted cryptocurrency exchange that has a strong commitment to anti-money laundering laws. As such, the platform requires you to go through a KYC procedure – that is, if you choose to deposit fiat currency on the site. This means that you will have to upload your identification document before you can buy Ravencoin.
This only means that you need to submit a photo of your passport or driver’s license. Binance will verify this document within a matter of seconds, and you will be able to get started with your Ravencoin investment.
That being said, if you are making only crypto deposits, you do not have to go through this KYC process.
Step 3: Add Funds
Since you cannot buy Ravencoin directly on Binance, you will have to find another cryptocurrency that can be exchanged for this digital asset. As noted above, the platform offers five direct markets for RVN tokens.
We suggest that you choose a large-cap token like BTC or USDT for this purpose. Binance accepts debit and credit cards to buy these coins, and you will be able to complete the purchase almost instantly.
Step 4: Search for Ravencoin
To proceed with your Ravencoin investment, you will need to find the respective trading page on Binance. You can do this by looking up ‘RVN’ via the platform’s search box.
Binance will then list the different RVN markets supported by the platform. You can then choose the desired pair based on the cryptocurrency you purchased earlier.
Step 5: Buy Ravencoin
Once you click on your chosen Ravencoin market, you will find the ‘Buy’ and ‘Sell’ options for the pair.
Here, you can enter the number of RVN coins you want to buy and select the ‘Market’ Tab. This means that your purchase of Ravencoin will be completed immediately.
Once you click on ‘Buy RVN,’ the tokens you purchased will be added to your Binance portfolio. You can then leave the tokens there withdraw them to your private wallet.
Buy Ravencoin – Best Place to Buy Ravencoin
When considering how to buy Ravencoin, you need to be aware of all the options you have at your disposal. In the cryptocurrency market, your decision will often come down to two choices – online brokers and exchanges.
In this section, we will give you a quick overview of these two categories of cryptocurrency platforms and the differences between them.
Online Cryptocurrency Broker
Online brokers allow you to make direct purchases of cryptocurrencies using fiat currencies. This makes it incredibly easy for you to buy assets, especially if you are a beginner.
However, you need to be careful in ensuring that you are only using a regulated broker for the purpose. Some of the notable platforms that fall into this category include eToro and Coinbase. Unfortunately, these sites are yet to list Ravencoin.
As such, the best option you have is to find a credible online exchange that can facilitate low-cost Ravencoin investments.
Cryptocurrency Exchange
If you choose a cryptocurrency exchange to buy Ravencoin, there are a few things you need to consider. First and foremost, these sites tend to be unregulated. As such, you will need to pay close attention when choosing a platform for purchasing RVN tokens.
Secondly, you will not be able to buy Ravencoin directly using fiat money. As we have discussed throughout this guide, you will have to exchange another cryptocurrency for RVN tokens. However, platforms such as Binance and OKEx are known for making this process easy for investors, and especially for beginners.
Not only that, these two exchanges have built a solid reputation in the cryptocurrency market and facilitate billions of dollars worth of transactions every day.
As such, when using cryptocurrency exchanges to buy Ravencoin, the key is to find a credible, transparent, and trustworthy platform like Binance that offers a user-friendly interface and super-competitive fees.
Ways to Buy Ravencoin
When deciding how to buy Ravencoin, there are a few different ways you can go about the process.
Let us consider each of these in detail below.
Buy Ravencoin With Crypto
As we have discussed already – you can easily buy Ravencoin in exchange for another cryptocurrency. The specific RVN markets available to you will depend on your chosen platform.
For instance, on Binance – you can buy Ravencoin using Bitcoin, Tether, and three other digital assets. If you do not own any of these cryptocurrencies, you can first purchase them on this site before proceeding to exchange them for RVN tokens.
Buy Ravencoin With Debit Card
Although the two platforms listed on this page do not allow you to pay Ravencoin directly with your debit card, this payment method is likely to be added soon.
After all, debit cards are one of the most common methods of making online payments. If you opt for this option in the future, you need to carefully assess any additional fees that might incur when making Ravencoin purchases.
Buy Ravencoin With Credit Card
Credit cards are also commonly accepted by cryptocurrency platforms for buying digital coins like Ravencoin. However, as with debit cards, a direct purchase option is not yet available.
The one additional consideration here is that your credit card company might charge you a ‘cash advance’ fee anyway when making payments on cryptocurrency platforms.
Buy Ravencoin With Paypal
These days, it is not that difficult to find cryptocurrency platforms that accept payments via PayPal. This secure and low-cost method will allow you to purchase digital currencies without having to enter your debit/credit details on the exchange.
However, note that the minimum deposit requirements for buying Ravencoin with PayPal will depend on your chosen broker.
Reasons to Buy Ravencoin
Ravencoin was first launched in 2018 and has since attracted a large number of investors. This means that there are several factors that are in favor of this cryptocurrency.
That being said, before making an investment in Ravencoin, it is crucial that you study the market. To get you started, here we have compiled some reasons why you might want to add RVN tokens to your crypto portfolio.
Token Issuance
Ravencoin is a fork of the Bitcoin codebase and was developed as a token issuance blockchain. However, unlike other ecosystems that offer the same utility – this network facilitates ownership of all traditional assets. This includes stocks, bonds, commodities, land deeds, and more. In other words, these securities that are tokenized on this platform can be issued, traded, and redeemed.
This even makes it possible for you to tokenize relatively ill-equipped physical assets such as gold and property. You can also send the tokens to others on the Ravencoin blockchain in a completely permissionless manner. Moreover, since these tokens are immutable, they cannot be tampered with.
With an increasing number of security token exchanges opening up, this utility of Ravencoin can drive its prices upward.
Securities Regulatory Compliance
Although the market for security tokens is already emerging, the industry faces several challenges when it comes to regulation. Many of the existing platforms do not have the necessary resources to deal with such complications.
On the other hand, Ravencoin was developed with this issue in mind. The developers behind the project understand the importance of regulatory compliance and have created the technology to create tokenized assets in a way that works within the confines of the current guidelines.
This aspect positions Ravencoin far ahead of its competitors.
Fast Transactions
Although Ravencoin is a fork of Bitcoin, there are a number of key differences between the two networks – which comes with a few advantages. Firstly, this network has a one-minute blockchain confirmation time compared to Bitcoin’s 10-minutes. This leads to faster transactions in the ecosystem.
Secondly, the supply of Ravencoin is set at 21 billion, which makes way for easier transactions as tokens do not have to be divided into fractions.
Low Entry Point
At the time of writing, Ravencoin is priced at $0.1121 per token. This makes it possible for you to buy this cryptocurrency and gain exposure without investing large amounts.
As you can see, there are several factors that are in favor of Ravencoin. If the value of this cryptocurrency is to go up in the future, you stand to make gains without having to risk a significant amount of capital.
Risks of Buying Ravencoin
Ravencoin might have significant potential in terms of becoming a profitable blockchain network in the future. However, ultimately, this is a cryptocurrency that is inherently volatile. This means that the value of this digital token can plunge overnight.
As such, after you buy Ravencoin, there is always the chance that the value of your investment can drop drastically. This is a key factor that has to be accounted for before you invest a large sum into this digital asset.
The Cost of Buying Ravencoin
When thinking of how to buy Ravencoin, you should also consider the fee structure of your chosen platform.
If you are a beginner, you need to make sure that you check the following fees and commissions commonly charged by cryptocurrency platforms.
Deposit Fees
If you do not own a cryptocurrency that has a direct market with Ravencoin, you will have to purchase a digital token like Bitcoin or Tether first. This will require you to make a deposit on the platform using a debit/credit card.
Depending on your broker, such a transaction can incur additional charges. On Binance, US clients will have to pay 0.5% for debit/credit card transactions. If you are located somewhere else, you might end up paying a fee anywhere from 0.5% to 4%.
Instant Buy
Binance also supports an Instant Buy feature that you can use to purchase the crypto asset that you will exchange for Ravencoin. With this method, you can choose to pay for the digital asset via Visa or Mastercard. However, this can cost you up to 4% in fees based on your location.
Commissions
It is also possible that you will end up paying commission to your cryptocurrency provider when buying Ravencoin. Binance allows you to purchase this digital asset at just 0.10% per slide.
This is, in fact, a lower rate when compared to competitors such as Coinbase – which charges 1.49% for cryptocurrency purchases.
How to Sell Ravencoin
As with buying Ravencoin, selling your RVN tokens should also be done via a trusted cryptocurrency platform. For the reasons we have explained earlier, we think that Binance is the best exchange for this purpose.
Here is what you need to do to cash out your Ravencoin investment on Binance:
- Sign in to your Binance account.
- You will be able to see the ‘Buy’ and ‘Sell’ buttons on the website.
- Upon selecting the ‘Sell’ option, you can enter the number of RVN tokens you want to cash out, and which coin you want to exchange them for – such as BTC or USDT.
- Binance will instantly calculate the equivalent amount in your chosen cryptocurrency.
- You can then confirm your trade, and the platform will execute the sale of your RVN tokens for your chosen cryptocurrency.
Lastly, you can choose to cash out these digital tokens for fiat money. For instance, if you had selected the market RVN/BTC, you can sell the Bitcoin for US dollars, and then make a withdrawal to your bank account.
How to Buy Ravencoin – Conclusion
Ravencoin is an innovative digital asset that has the potential to emerge as a prominent token issuance network in the future. However, the coin is yet to be listed on any top-10 cryptocurrency platforms. As such, you need to be extremely careful in choosing the right provider to purchase your RVN tokens.
In conclusion, this guide has provided you with a detailed explanation of how to buy Ravencoin using a credible cryptocurrency platform – such as Binance or OKEx. Both allow you to purchase RVN tokens in exchange for another digital asset and offer a competitive fee structure.
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