How to buy Ribbon Finance (RBN) in Australia
Learn how to buy Ribbon Finance (RBN) easily by following a step-by-step guide and comparing 10+ crypto exchanges.
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Where to buy Ribbon Finance in Australia
Unfortunately, at this time no major exchanges in Australia offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Consider buying a different cryptocurrency after comparing popular exchanges.
It looks like RBN may not be available to purchase on an exchange in Australia.
You can still purchase RBN by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.
Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.
How to purchase RBN using a decentralised exchange.
- Find RBN on a decentralised exchange and make sure Ribbon Finance can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
- Buy ETH to trade for RBN using an exchange like . You will need to purchase enough ETH to swap for RBN as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
- Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
- Trade ETH for RBN on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
- Wait for the transaction to finalise and the RBN tokens will arrive in your wallet.
- You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.
You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in Australia.
What to consider when buying Ribbon Finance
Altcoin investments can be extremely risky. That is why it is crucial to evaluate both the token and the associated platform. Here are a few factors to consider before investing in RBN:
- RBN’s value is derived from the public’s view of the Ribbon platform. Therefore, if any hacks or attacks manage to penetrate the platform or drain its funds, it would most likely result in a plunge in the price of RBN. While its smart contracts are audited by top security firms, this doesn’t guarantee that exploits won’t occur in the future.
- Tokenomics:The Ribbonomics (tokenomics) implemented by Ribbon Finance fuse “some of the best ideas from other DeFi projects” to ensure RBN’s long-term utility and sustainability. Developers recognised some of the shortcomings of previous DeFi platforms, especially the lack of value given back to governance token holders. While this doesn’t guarantee anything, at the very least, it gives an assurance that the team is working on novel ways for RBN to sustainably increase in value over time.
- Competition: Ribbon Finance faces steep competition among yield-generating DeFi platforms, such as Yearn, Alpha Finance, and Curve. The fact that Ribbon launched on Ethereum, the most congested blockchain, makes its journey an uphill battle considering that other chains like Solana and Fantom already have native projects that offer similar products at significantly lower fees. Ribbon Finance does plan to compete in other blockchains in the future.
- Scalability: The platform hasn’t announced any scalability plans, which forces us to assume that they are relying on Ethereum’s forthcoming “sharding” feature – which isn’t expected to come out until 2023. This will allow it to scale operations within the Ethereum network.
- Multi-chain future: The platform intends to be chain-agnostic and has made its first step in this direction by deploying on the Avalance blockchain in December 2021. Thankfully, Avalanche has a higher transaction throughput, which gives users an option to participate in Ribbon without needing to deal with the high gas fees offered by Ethereum.
How to sell Ribbon Finance
You can cash out your RBN with the same exchange you bought it through:
- Sign in to the exchange you have RBN on.
If you store your Ribbon Finance in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of RBN you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Ribbon Finance.
Disclaimer: Cryptocurrencies, including Ribbon Finance, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of RBN 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 Ribbon Finance or any other cryptocurrency discussed.
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