Coinstash
THORChain (RUNE) is the 61st largest cryptocurrency by market cap, valued at US$1,507,423,278.
THORChain is a highly volatile asset capable of major price swings in a single day. Today RUNE is trading for $4.47 USD, which is lower than yesterday's trading price of $4.58 USD. Over the past year, THORChain's price has seen an increase of 370%.
So before you buy THORChain, make sure you understand these unique risks as well as its legal and tax status here in Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy THORChain.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Find an exchange to buy, sell and trade RUNE by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
THORchain is a liquidity and interoperability system with an emphasis on facilitating secure cross-chain cryptocurrency transactions. The platform's goal is simple: build bridges to enable anyone to securely and cheaply move any asset between any blockchain.
The first part of THORchain's solution is liquidity pools, all of which are composed of RUNE tokens in combination with other assets. These pools serve as the source of swappable coins from different blockchains, while the RUNE token acts as an intermediary currency. Whenever you want to swap an asset from one blockchain to another, you have to make a trade through these pools.
The other part of THORchain's solution are nodes that provide security to the network, build bridges to supported blockchains and ensure that all transactions are broadcast to the appropriate chains. When someone makes a cross-chain transaction using the liquidity pools, the nodes see it happen and then perform the actual on-chain transactions on the user's behalf.
RUNE tokens are the native utility token of the THORchain network. As well as being a key component of liquidity pools, these tokens are also vital for the economic security of the platform and play a role in governance.
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading THORChain.
Once you've created an account, you will need to deposit funds to buy RUNE with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy RUNE:
The easiest way to buy RUNE is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying RUNE, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of THORChain has been performing recently.
You can keep your RUNE on the exchange you purchased it on, or move it to a personal wallet:
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $149 |
Price (USD) $49.99 |
See more of the best crypto wallets
Due to the volatile and risky nature of cryptocurrencies as an asset class, it is essential to do thorough research before investing. Here are the key aspects you should be aware of before adding RUNE to your investment portfolio:
Compare today's price of THORChain ($4.47 USD) against its all-time-high price of $20.87 USD on 19 May 2021. The closer the bar is to 100%, the closer RUNE is to reaching its ATH again.
Disclaimer: Cryptocurrencies, including THORChain, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of RUNE is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the THORChain or any other cryptocurrency discussed.
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