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How to buy THORChain (RUNE) in Canada
Learn how to buy THORChain (RUNE) on 4+ crypto exchanges in our step-by-step guide.
THORChain (RUNE) is the 60th largest cryptocurrency by market cap, valued at US$1,818,919,676.
THORChain is a highly volatile asset capable of major price swings in a single day. Today RUNE is trading for $5.43 USD, which is higher than yesterday's trading price of $5.35 USD. Over the past year, THORChain's price has seen an increase of 282%.
So before you buy THORChain, 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 THORChain.
How to buy THORChain in 5 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 exchangesThe easiest way to buy THORChain 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 depositOnce verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
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Buy THORChain
You can now exchange your funds for THORChain. On beginner-friendly exchanges, this is as simple as entering the CAD or RUNE amount you want to purchase and clicking "buy".
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Secure your THORChain
Consider transferring your RUNE to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Where to buy THORChain in Canada
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.
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How do I find the best places to buy THORChain?
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 THORChain?
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.
- 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 RUNE 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 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:
- 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 RUNE by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for RUNE on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy THORChain?
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.
Best THORChain wallets to store your RUNE
You can keep your RUNE 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 RUNE below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Is THORChain a good investment?
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:
- Development team: THORChain reportedly has no founder, no CEO and no board, with the platform being developed via Gitlab. The development team is nearly entirely anonymous, though the community does play an important role in the evolution of THORChain. Cryptocurrency projects having anonymous developers is pretty common in the ecosystem, however the THORChain team's obscurity may dissuade certain investors who want to research the developers' background and experience.
- Unique technology: THORChain implements a number of technologies that are unique to the platform in order ensure cross-chain liquidity is maintained. These include a TSS protocol, a state machine and a Bifrost Signer Module. While THORChain is already a novel platform, its innovative technology may provide it with an edge over potential competitors. It may be worth learning a bit more about these processes to assess if they are future-proof.
- Nodes: Nodes are pivotal to the security and operation of the THORChain network. There are three ways that users can set up nodes - manually, via Kubernetes or via Provider. They are rewarded with RUNE. Every 3 days, one (or more) nodes are 'churned', meaning that they get kicked out of the network for new node operators. Running a node on THORChain is a very complex task, and it is only recommended for those with ample experience in the blockchain and DeFi worlds.
Today's THORChain price versus ATH
Compare today's price of THORChain ($5.43 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.
THORChain's price: $5.43
ATH date: May 19, 2021
ATH date: May 19, 2021
26.02%
THORChain ATH: $20.87
How to trade, convert or sell THORChain
You can convert or sell your RUNE with the same exchange you bought it through:- Sign in to the exchange you have RUNE on.
- If you store your THORChain 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 RUNE you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of THORChain.
- Complete your transaction and move your RUNE to a wallet for storage.
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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