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Kc  · 09/01/22

Where to buy RUNE crypto (KYC or without KYC)

AltcoinTrading.NET Guides
06/13/22 · Onramp

About This Blog Post

  1. Filed as Tools
  2. Uses phemex  ( + more posts) 
  3. THORChain token
  4. Listed on FTX
  5. Get the THORwallet to stake RUNE
  6. On the same topic: How to buy a fraction on bitcoin: Where can you do a pocket money DCA?
  7. On the same topic: Altcoin Exchanges: Where to buy and trade crypto in 2020?
  8. On the same topic: Top 10 Things to Know Before You Buy Bitcoin
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If you’re trying to find out where to buy RUNE, there’s no wonder: RUNE is not listed on most mainstream crypto exchanges.

RUNE is the token of the THORChain, which is a completely autonomous and decentralized liquidity network. RUNE is a DeFi token with max supply of 22,530 tokens.

THORChain is designed to restore the ethos of decentralization to the crypto and blockchain space, and of course you cannot really do that if your project has a CEO.

The THORChain liquidity platform is a classic DEX liquidity pool in that users can deposit native assets and farm yields. This liquidity then makes it possible for other users to exchange crypto assets from different networks without losing custody of their cryptocurrencies.

Another point that adds value to THORChain is that it’s a blockchain that enables users to send tokens between different blockchains. The nodes on the network have an additional responsibility to agree whether transactions coming from different blockchains are valid.

Where to buy RUNE token for fiat

Buying RUNE directly for fiat will need you to get KYC verified. There’s a couple of exchanges that list RUNE and let you buy it for fiat, most notable Binance International.

FTX International has much lower fees, but the exchange delisted RUNE spot market from Jun 13, 2022 until the integration of its native blockchain.

This is very important to mention: There is a native, THORChain version of the RUNE token and then a Binance chain version of RUNE. On custodial exchanges, KYC or non-KYC, you’ll usually get the Binance RUNE.

Their pricing should be in sync (save a catastrophic event) but some of RUNE’s technical capabilities are not available in the Binance version.

Here’s THORChain community on how to switch Binance RUNE to native, THOR RUNE:

Staking the RUNE coin

RUNE is not a maintream coin, which means you will have to use a staking wallet to yield from holding it - you can’t stake RUNE on any exchange yet.

Either way, RUNE in its original version of THORChain is a staking coin.

To stake native RUNE, download the dedicated THORwallet:

Another option to yield income on RUNE token is by Liquidity Provision. THORChain runs a swap for their assets and Liquidity providers are compensated with swap fees and system rewards.

Compensation is affected by a number of factors related to the pool and the state of the network but THORChain provides a community for LPs and a lot of videos to understand the liquidity pooling on THORChain. More here.

Where to buy RUNE without KYC

You guessed it, the RUNE crypto is not available in the USA sister platforms of neither Binance nor FTX.

If you are in the United States and want to buy RUNE before it’s listed on mainstream crypto platforms, you will need to do the two-step process.

  1. First buy BTC on any exchange available for you. That could be any exchange like Coinbase or much better, Kraken.
  2. Then swap BTC for BNB RUNE via SimpleSwap. - SimpleSwap is a no-KYC exchange that has rates only 1% over FTX.

Where to trade RUNE

If all you want to do is speculate on the price of RUNE, then you will probably want to make an account at FTX to trade the RUNE perpetual swap

So, FTX has a perp market for RUNE crypto even after the USD and Tether markets got off from Jun 13, 2022 until the integration of RUNA’s native blockchain. FTX has the industry’s lowest trading fees - only 0.02% for limit orders and 0.07% for market orders. Use FTX referral code altcointrading for even more discount.

In case you can’t trade on FTX, such as because you are in the USA, you can always trade RUNE perps on Phemex. Unfortunately there is no spot RUNE market on Phemex.

Either way, Phemex gives fee discounts as a reward for traded volumes and the volume requirements are lower than usual - worth checking out if you trade perps.

Crypto wallets that support RUNE

Since 2022, Exodus wallet supports the Binance version of RUNE. That means you can also hold RUNE on Ledger and Trezor wallets, using Exodus as your wallet app. It’s the Binance version of RUNE, though.

To store native RUNE and to stake RUNE, you’ll need the dedicated THORwallet:

Neither Binance nor FTX support hosted staking of RUNE. To stake RUNE, get THORwallet.

Originally published in May 2022, reworked in June 2022.

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