GoBear is now part of Finder

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to buy Ren (REN)

A beginner's guide to buying and selling REN in Malaysia.

Learn about Ren Learn more
Where to buy REN Find REN exchanges

The REN token is the native token of the Ren project.

The Ren project is an open protocol for blockchain interoperability. It aims to facilitate cross-chain decentralised finance applications. For example, you can use REN to migrate Bitcoin to the Ethereum blockchain for use in DeFi apps.

How to buy REN

Follow these steps to purchase your first REN.

  1. Compare crypto exchanges
    The easiest way to buy REN is from a cryptocurrency exchange. Use our comparison table to find an exchange with the features you want such as low fees, ease of use or 24-hour customer support.
  2. 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.
  3. Make a deposit
    Once verified, you can deposit MYR using the payment method that best suits you – Bank transfer, debit card, wire transfer and credit cards are all widely accepted.
  4. Buy Ren
    You can now exchange your funds for REN. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking “buy.” If you like you can now withdraw your REN to your personal wallet.
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.

Where to buy REN in Malaysia

Compare exchanges that list the REN token on things like payment methods, fees and features.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
KuCoin Cryptocurrency Exchange
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

458
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

156
cryptocurrencies

Buy 100+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

865
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
AAX Cryptocurrency Exchange
AAX Cryptocurrency Exchange
Alipay, Bank transfer, Cash, Neteller, PayPal, Qiwi, SWIFT, WeChat, Western Union, UPI, IMPS, Paytm, Faster Payments (FPS), PayNow, Swish, Payme
AUD, CAD, CNH, CHF, EUR, GBP, HKD, NZD, SGD, USD

110
cryptocurrencies

Make fast transactions including spot, futures and P2P trading with this cryptocurrency exchange.
OKEx Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

281
cryptocurrencies

Earn US$10 in BTC when you refer a friend and they purchase $100 of cryptocurrency. T&Cs apply.
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
loading

Compare up to 4 providers

A step-by-step guide to buying Ren

Want to buy Ren? Follow these simple steps:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade REN

Compare exchanges that support REN, then determine if the exchange you choose supports buying REN with Malaysian ringgit (MYR), Bitcoin (BTC) or Ethereum (ETH). You’ll need to provide your email address and create a password to register for an account.

  • Note: It’s also recommended that you set up two-factor authentication to provide an extra level of security.

Step 2. Deposit funds into your account

Many cryptocurrency exchanges only allow trading between cryptocurrencies and don’t allow the direct deposit of fiat currency, such as MYR, so you’ll usually need to own or buy BTC or ETH first.

  • Note:The exact process for depositing funds into your account varies depending on the exchange you choose.

Step 3. Buying REN

The final step is to trade your chosen currency for REN on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.

Which wallets can I use to hold REN?

Unless you’re looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it’s generally much safer to store your REN in a secure wallet.

How does the Ren project work?

The Ren network is built around the Ren virtual machine, RenVM. The RenVM is a network of computers called Darknodes, which contribute network bandwidth, computational power and storage capacity to the network as a whole.

This network is what brings private, permissionless cross-chain functionality to DeFi applications.

For example, it lets people migrate Bitcoin and Zcash to the Ethereum network, for use in Ethereum-based applications. These migrated cryptocurrencies would then be known as RenBTC and RenZEC respectively.

Like other self-sufficient blockchains, the RenVM network is intended to be trustless, decentralised and immutable. It accomplishes this through the use of a modified version of the Tendermint consensus algorithm.

Additionally, it has a strong focus on privacy, which is achieved through a unique secure multiparty computation algorithm, which Ren designed specifically for use on its network.

CryptocurrencyREN
Total supply1 billion
InflationNone
NetworkERC20
PurposeTo guarantee behaviour of Ren nodes

What does the REN cryptocurrency do?

The REN cryptocurrency is the native token of the Ren project. It secures the RenVM.

Darknode operators are required to hold 100,000 REN as a good behaviour bond for as long as they operate a Darknode, similar to how other blockchains use proof of stake tokens to help ensure good behaviour by nodes and a reliable network.

Because there is no issuance schedule for REN tokens, there can never be more than 10,000 Darknodes.

The sole purpose of the REN token is to be held by Darknodes to guarantee their behaviour.

Their incentive for running a Darknode is to be paid by the network’s users. Payment is made in the cryptocurrencies being deployed on the network. For example, when someone uses Ren to turn BTC into RenBTC, they would pay for the service with BTC, which is distributed among the nodes.

Key factors to consider when buying REN

Cryptocurrencies can be extremely volatile assets. Before making a cryptocurrency purchase it is crucial to evaluate all factors that may influence the token price. Both the project and the use of the token should be considered.

Ren aims to tackle issues surrounding the interoperability of blockchains. The connectivity of different blockchains is one of the key stumbling blocks of wider cryptocurrency adoption. Ren’s solution to the problem is novel and makes it a key contender in the space. However, Ren’s success will truly hinge on the adoption of its protocol by decentralised applications.

The primary use case of the REN token is for the operation of Darknodes on the network. Each Darknode requires a 100,000 REN commitment. The price of REN is therefore directly correlated to the demand for Darknode creation. If more people want to become Darknode operators on the network, the demand and in turn scarcity of REN will increase.

The maximum supply of REN tokens is capped at 1 billion. Of that 1 billion, 996 million are currently in circulation. 62.8% were sold to investors in 2018, and the remainder were distributed amongst community developers, the Ren team and advisors. 200 million REN are also held in the project’s reserve.

How to sell REN

To sell the native REN token find a cryptocurrency exchange that it is listed on. This could be a centralised or decentralised exchange. You will then need to follow a similar process to that depicted in Step 3 above. Select the cryptocurrency, stablecoin or fiat currency you would like to exchange your REN tokens for. Once you have found an exchange pairing you are happy with, look for the ‘Sell REN’ button and enter the amount you wish to sell.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site