Augur (REP) has gained increased media interest as cryptocurrencies supporting decentralised financial protocols rise to the forefront of blockchain technology’s real-world applications.
REP, Augur’s token, is an ERC-20 token. This implies that the cryptocurrency project works on the Ethereum network and executes smart contracts on the Ethereum blockchain. ERC-20 tokens have several advantages over independent blockchain projects such as Bitcoin and Litecoin, including:
Simpler to set up. ERC-20 projects can be launched much faster than standalone blockchain projects since they operate on Ethereum’s network.
Storage choices have been expanded. Because ERC-20 tokens are based on Ethereum’s blockchain, they may be stored in any hardware or digital wallet that supports Ethereum’s Ether token.
Chainlink (LINK) and Uniswap are two more well-known ERC-20 coins (UNI).
Opening an account with a cryptocurrency broker is generally the first step in purchasing cryptocurrency. A cryptocurrency broker functions similarly to a stockbroker, buying and selling cryptocurrencies on your behalf and according to your directions, generally in return for a fee or commission.
When you sign up with a cryptocurrency broker, you will have access to a trading platform from which you can place buy and sell orders for various cryptocurrencies. Before opening an account, check each broker’s list of supported currencies and tokens to ensure that they support Augur trading.
Unlike a brokerage account, you do not need to establish a separate bitcoin wallet before investing in Augur. However, if you want to keep your tokens for an extended period of time without trading, we strongly advise you to keep your investment in an off-exchange wallet.
Crypto wallets give you with a private address to store your assets in. Private wallets are deemed safer than storing your tokens on the platform of your preferred exchange since there is a potential that your exchange may be targeted for theft or hacked.
Once you’ve determined how you wish to store your REP and your brokerage account is operational, you can use your broker’s trading site to place an order to acquire REP. First, decide what kind of order you wish to put. Most brokers provide access to a variety of order types, so be sure you understand how your order will be executed before you place it.
After you’ve decided on an order type, check the current REP price. Though you may use a limit order to limit the amount you pay for each REP, you should anticipate to pay close to the current market rate for your investment. Before you decide to invest, you should keep an eye on the price of REP and how it is changing in order to maximise the amount of tokens you receive for your money.