Ravencoin (RVN) is the 202nd largest cryptocurrency by market cap, valued at US$340,484,709.
Ravencoin is a highly volatile asset capable of major price swings in a single day. Today RVN is trading for $0.02522355 USD, which is lower than yesterday's trading price of $0.0259173497 USD. Over the past year, Ravencoin's price has seen a decrease of -17%.
So before you buy Ravencoin, make sure you understand these unique risks as well as its legal and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions on how you can buy Ravencoin.
How to buy Ravencoin in 4 steps
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.
Compare crypto exchanges
The easiest way to buy Ravencoin is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
You can now exchange your funds for Ravencoin. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Ravencoin to your personal wallet.
Where to buy Ravencoin in Canada
Find an exchange to buy, sell and trade RVN by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
How we keep this Ravencoin guide up-to-date
How do I find the best places to buy Ravencoin?
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 Canada 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.
What will I need to buy Ravencoin?
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 Ravencoin.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing RVN with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Ravencoin?
Once you've created an account, you will need to deposit funds to buy RVN 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 RVN:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase RVN by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for RVN on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Ravencoin?
The easiest way to buy RVN 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 RVN, 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 Ravencoin has been performing recently.
Best Ravencoin wallets to store your RVN
You can keep your RVN on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your RVN below.
Ledger Nano X Wallet
Trezor Model T Wallet
SafePal S1 Wallet
See more of the best crypto wallets
Is Ravencoin a good investment?
Cryptocurrencies are complicated and highly speculative, and it's important to ensure you understand the token and its associated platform before investing. In the case of RVN, here are some things to consider:
- ASIC-resistant competition. Ravencoin is not the only network to identify the issue of centralisation that comes with ASIC mining. Blockchains such as Vertcoin, Ethereum Classic and Monero all have protocols implemented to avoid machines having disproportionate mining power.
- Community. Ravencoin has a strong community of developers and investors, who are typically quite active. Browsing community message boards like Discord or Reddit is a great way to keep up-to-date with any new information, understand how the protocol works a bit better and get answers to any pressing questions you may have.
- Token use-case. RVN tokens can be used for more than just secure, digital payments. They operate as an internal currency, and must be burned in order to issue assets. Assets can be more than just digital - they might be used to represent physical objects like fiat cash or gold, as well as intangibles such as stocks.
Today's Ravencoin price versus ATH
Compare today's price of Ravencoin ($0.02522355 USD) against its all-time-high price of $0.285218 USD on 20 February 2021. The closer the bar is to 100%, the closer RVN is to reaching its ATH again.
ATH date: February 20, 2021
Ravencoin ATH: $0.285218
How to trade, convert or sell RavencoinYou can convert or sell your RVN with the same exchange you bought it through:
- Sign in to the exchange you have RVN on.
- If you store your Ravencoin in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of RVN you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Ravencoin.
- Complete your transaction and move your RVN to a wallet for storage.
Disclaimer: Cryptocurrencies, including Ravencoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of RVN 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 Ravencoin or any other cryptocurrency discussed.
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