How to buy Raiden Network Token (RDN)?
RDN can be bought on several crypto exchanges. However, just like most of the other cryptos, you will have to trade your FIAT ($) to a cryptocurrency before moving on to the crypto exchange of your choice. We will be guiding you through the whole journey on how to buy and store RDN.
Table of Contents
- How to buy Raiden Network Token (RDN)?
- Step 1: Register on Coinbase
- Step 2: Buy BTC with Credit/Debit Card or Bank Account
- Step 3: Move BTC from Coinbase to an Altcoin Exchange
- Step 4: Deposit BTC to an Altcoin Exchange
- Step 5: Trade the BTC for RDN
- Last step: Store RDN securely in a Hardware Wallet
- Useful tools that will help you handle and trade RDN safely
- Frequently Asked Questions about RDN
- Is it possible to buy RDN with cash?
- Are there any quick ways to buy RDN in Europe?
- Latest Tweets From RDN
- Social links and information about Raiden Network Token (RDN)
Step 1: Register on Coinbase
Coinbase is one of the largest and most secure FIAT-to-crypto exchanges in the world. And this is where most people in fact start their crypto journey. Coinbase is as of writing this article offering 240 different cryptocurrencies but we are going to focus on buying Bitcoin (BTC) today. Click the button below and sign up to get a bonus of $10 in BTC when you buy $100 worth of any cryptocurrency.
The first thing you need to do when Coinbase has loaded is to click the “Get started” button in the top right corner. After that, you will have to fill out your first name, last name, email, and password. Then click the “I certify that I am 18 years of age or older” box and the “Create account” button.
It is really important that you fill out your real information as Coinbase will need it to verify your identity. A strong password is really important to keep your account and funds safe from hackers.
Verify your email
You should have by now received a confirmation email in your inbox. However, if you can’t find it in the inbox make sure to check the spam folder before taking any further action. After that open the email and click on the link inside of it to confirm your account.
Now it’s time to enable 2-factor authentication (2FA) for your account. The 2FA will add one more layer of safety to your account and is an industry-standard these days. So fill out your phone number and then hit the “Send code” button. Then fill in the code you received and continue to the next step.
Verify your identity
Only one more step before we can start trading on Coinbase! This step might be a bit scary to some but there is nothing to worry about. Coinbase is a regulated company and is trusted by 56 million verified customers. This whole Know-Your-Customer (KYC) process should not take longer than 15 minutes. Check out Coinbase’s about us page if you still would like to learn a bit more about them.
Step 2: Buy BTC with Credit/Debit Card or Bank Account
Add a payment method
After Coinbase has verified your identity you will have to add a payment method to your account. They usually only offer 2 different payment methods. The payment methods available are usually Credit/Debit card & Bank Account.
Pros of using a Credit/Debit card:
- Faster purchases
- Recommended for smaller purchases
- Easy to use
Cons of using a Credit/Debit card:
- Higher fees
Pros of using a Bank Account:
- Recommended for large purchases
- Needed if you want to sell
- Lower fees
Cons of using a Bank Account:
- Purchases takes longer to process
In conclusion, use a credit/debit card for smaller purchases and a bank account for larger purchases.
Click on the “Trade” tab in the column to the left then find BTC and click “Buy”. After that, an order preview should pop up on the screen. Fill out the amount of FIAT ($) you want to buy BTC for (If you buy for $100 you will get $10 in BTC as a bonus!). Click “Buy now”.
Congratulations! You have just bought your first piece of Bitcoin (BTC)!
Step 3: Move BTC from Coinbase to an Altcoin Exchange
With its jaw-dropping $2 billion daily trading volume and 1.4 million transactions per second, Binance is as of writing this guide the largest cryptocurrency exchange in the world. They offer a TON of different coins and tokens to be traded on their platform and are my personal go-to exchange. One of those coins is in fact RDN. Use the button below to register your new account.
Note: Binance does not allow US citizens to register and use their services. So if you are from the US make sure to check out the other exchanges that we have listed at Step 3.
Activate 2FA and verify identity
Once you have created a new account on Binance by following similar steps as we did on Coinbase you will be prompted to activate 2-factor authentication (2FA).
It has become an industry-standard so I would highly suggest activating 2FA on any site that you want extra protection on.
You might also be required to verify your identity to be able to trade. This entirely depends on the exchange policies and your local regulations. The verification is very straightforward and should not take more than 30 minutes to possibly a few days depending on Binance. Once the verification is done you will have higher limits and access to everything you need.
Step 4: Deposit BTC to Binance
Find BTC in your wallet
It’s time to head over to the wallet and deposit your newly bought BTC. Click on “Fiat and Spot” under the “Wallet” tab.
Find or search for BTC and click “Deposit”. This will bring you to the deposit page.
If this is your first time making a cryptocurrency transfer this page might feel a little scary. But there is absolutely nothing to worry about if you read and do everything carefully (just as with your bank account).
First of all, make sure that the “Coin” field is the same as the coin you will be depositing. In this case, we will be depositing BTC. The network should be “BTC” if you are depositing Bitcoin. “ETH” if you are depositing Ethereum and “BSC (BEP20)” if you are depositing USDT.
Next up is the actual address to your wallet, which basically looks like an alphabet and number soup. This is the unique public address where your BTC will be stored on Binance. Click on the two overlapping papers to copy the address.
Note: If you feel unsure about what you are doing, make sure to check out Binance FAQ section for answers.
Deposit BTC from Coinbase
Head over back to Coinbase and click on the “Send/Recieve” button in the top right corner.
Paste your address under the “To” field. Also, make sure to double-check that the address on Binance and the address you just paste are the same. Because there is some malware out there that can alter the pasted address. What that means is that if the address does not match you are basically sending your precious BTC to someone else’s wallet. This is something we really do not want to happen!
Once you have double-checked the address you can enter how much BTC you want to send and a message (if you want to). Then go ahead and click on the “Continue” button.
You should receive a confirmation email within a minute. Click the link inside of that email to confirm the transfer you just submitted. Your BTC is now on their way to Binance.
The transfer often only takes a few minutes, but can sometimes take a few hours at worst. It all depends on how congested the BTC blockchain is. You will get a confirmation email from Binance once the BTC has been deposited into your account.
It’s now the best time to buy RDN. So let’s jump right into step 5!
Step 5: Trade the BTC for RDN
Find the RDN/BTC pair
Alright, let’s buy some RDN. Start by clicking on the “Market” button at the top, after that type RDN in the search field.
Click on “BTC Markets” if you bought BTC, “ALTS Market” if you bought ETH, and “FIAT Markets” if you bought USDT. After that you should see the RDN/BTC pair. Click on the “Trade” button.
This screen contains a lot of information and might be a little scary to some. But we will walk you through what you need to know.
- The order book. This contains all the “Limit” orders that users of Binance have placed.
- Market Trades. This displays the latest trades made.
- The “Market” buy button. This button tells Binance that you want to place an order for the amount of BTC filled out in the “Total” field. A market buy will try to fill your order at any cost, so be careful if you are trying to trade a lot.
Once you have filled out the total amount of BTC you want to trade for RDN, click that “Buy” button.
If the order went through you are now a owner of RDN. Congratulations!
Last step: Store RDN securely in a Hardware Wallet
Ledger Nano S
- User friendly interface
- Easy to setup
- Can be connected to devices via an USB cabel
- Supports most of the blockchains and a wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Great security measures
- A very fair price
Ledger Nano X
- All the features the Nano S has plus the points below
- Can be connected via an USB cable and bluetooth
- Built-in rechargeable battery
- Larger screen and much more storage
- New and improved chip which makes it even safer to use and store coins on
- A little bit more expensive
Ledger was launched in 2014 by 8 people that have expertise in security, cryptocurrencies, and entrepreneurship. And now in the current year of 2021, they are the leading provider of “hardware wallets” in the world.
If you are planning to hold your RDN for a long time it is recommended to buy a “hardware wallet” to store the coins in. After all, a cold wallet is the most secure way to store RDN.
Pros of a hardware wallet (cold wallet):
- Much more secure
- Only connected to the internet when you choose to
Cons of a hardware wallet (cold wallet):
- Not free
- Harder to use
Pros of an online wallet (hot wallet):
- Easy to set up and use
- Convenient to access funds
Cons of an online wallet (hot wallet):
- Vulnerable to hackers
- Always connected to the internet
The cold wallets Ledger is selling currently goes for $50 to $150 depending on which one you are looking to buy. The general consensus is that if you own over $100 of crypto you should get a cold wallet as well.
Note: One thing to keep in mind when handling cryptocurrencies is that you basically become your own bank. So make wise decisions and keep your portfolio safe!
Useful tools that will help you handle and trade RDN safely safely
Virtual Private Network’s
NordVPN is one of the leading VPN providers. They offer a secure and 100% anonymous VPN service. The amount of servers they have is astounding, as of writing this guide they have servers in at least 59 countries.
It is very important to stay anonymous while trading RDN, as you never know who is watching what you are doing. NordVPN can also be used for numerous other use cases such as streaming shows from a country you’re currently not in.
They are often running an offer on their website so make sure to take advantage of that whenever they do!
CryptoTrader.Tax is a tax software built to save you time and maximize your refund. It is super easy to use and will save you hours of work, especially if you are a “day trader”. They support a TON of exchanges and will help you from landing on the government’s naughty list.
You can sign up and test CryptoTrader.Tax for free, however, you will need to pay to get the results. So check it out if you want to streamline your crypto taxes!
Crypto Ultimatum is a training program that will teach you everything you need to know to start trading cryptocurrencies. This program will also teach you how to make sweet profits on your trades.
The creators of this training have been in the market for at least 5 years, so they have a ton of experience!
- How the author made $256k from just $100 by trading Bitcoin and other altcoins
- 4 common crypto currency scams to look out for
- How to store Bitcoin and other crypto currencies safely
- How to buy and sell crypto currencies
- Lifetime free updates
- Many bonuses
Frequently Asked Questions about RDN
Is it possible to buy RDN with cash?
It is not possible to buy RDN directly with cash. However, BTC can be bought with cash and then traded to RDN by using the altcoin exchanges we listed in step 3. Let’s find out how!
Buy and sell Bitcoin from local sellers on LocalBitcoins.com.com
LocalBitcoins is a trading platform where people from your local area will buy from you and sell to you. The amount of bitcoins/cash you will get from LocalBitcoins is a bit lower than from regular exchanges. However, it is the price you have to pay if you want to use cash.
Find a seller/buyer and do your due diligence to find out if they are trustworthy. Once you feel comfortable go ahead and contact them. Congratulations, you just bought/sold your first Bitcoin by using cash!
Are there any quick ways to buy RDN in Europe?
Yes, Europe is one of the easiest places to buy crypto in. In fact, some of the countries in Europe even have 0% tax on cryptocurrencies and some even offer their citizens to pay their taxes with crypto. The easiest way to buy crypto in Europe is to use Coinbase as we explained at the start of this guide.
Social links and information about Raiden Network Token (RDN)
- Website: https://raiden.network/
- Reddit: https://reddit.com/r/raidennetwork/
- Chat: https://gitter.im/raiden-network/raiden
- Twitter: https://twitter.com/raiden_network
- Explorer: https://etherscan.io/token/0x255aa6df07540cb5d3d297f0d0d4d84cb52bc8e6
- Contract Address: 0x255aa6df07540cb5d3d297f0d0d4d84cb52bc8e6
Latest Tweets From RDN
The Raiden Network is an off-chain scaling solution, enabling near-instant, low-fee and scalable payments. It works with any ERC20 compatible token.