How to buy REP token – 2 methods explained

Last updated on October 24, 2019

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Are you looking, how to buy REP token with Bitcoin or fiat currency? then you are in the right place. In this article, I will explain to you secure and trust exchanges to buy REP token within few simple steps.

There are so many exchanges have listed the REP token, some of the exchanges do not provide enough volume and security, I recommend ChangellyBinance, and Coinbase Pro  exchange where these are popular and trusted exchanges among others.

Also, at the end of the article, I will explain everything you should know about the Augur protocol and its features, wallets to store REP token, and its investment important.

Let’s dive in,

How to buy REP token with credit/debit card

There are few ways to buy REP token with credit/debit card, but I recommend to use Changelly instant crypto exchange which is popular and trusted among the cryptocurrency community.

Also, you can buy REP token with Coinbase Pro exchange that accepts fiat payment through credit card, bank account, etc. If you want to use the Coinbase Pro exchange definitely, you should register and verify ID on the Coinbase exchange that can be used to log into the Coinbase Pro.

The best and easiest way is using the Changelly exchange to buy REP token with a credit card.

Buy REP token with credit/debit card on Changelly

Changelly is a popular and trusted cryptocurrency instant exchange service that provides crypto to crypto exchange and fiat to crypto exchange. Follow these steps to buy REP token with credit/debit card on Changelly.

01. Register the new account on Changelly

To sign up for the new account, you need to click on the “Sign Up” button right side of the main menu then enter the email in the relevant field and click “Continue to exchange”. Then confirm the email address from your mailbox. Now you are in the main dashboard of the exchange.

02. Next head over to exchange form then selects USD and REP as exchange pair then click, “Exchange now” button.

03. Next screen, you will see a bunch of steps. First, you need to enter the USD amount then agree to terms of use, privacy and policy, and KYC/AML then click the “Next step” button.

04. Next screen, you should enter your personal REP token wallet. REP token is ERC 20 token, you can use any ERC 20 token supported wallets such as LedgerTrezorMyEtherWalletMyCrypto, and Metamask.

05. Next screen, you should check the details then click the “Confirm and make payment” button.

06. Next screen, click the “Pay with Visa/MasterCard” button then a new tab will open and make the payment on that window.

After that, you should wait for the REP token receiving. That’s it now you bought the REP token with credit/debit card.

Changelly will cut 5% of total transaction as card processing fee and network fees as well. This is the major drawback of the Changelly instant crypto exchange.

How to buy REP token with Bitcoin

There are few exchanges listed the REP token, here I will show you best, trusted exchanges which are Binance, Poloniex, Bittex exchange. These exchanges support the REP/BTC market pair, then you need to buy Bitcoin.

If you already brought the Bitcoin, it is very easy to buy REP token with Bitcoin. If you don’t own the Bitcoin, follow one of the exchanges to buy Bitcoin with a credit/debit card.

 ExchangeSupported CountriesFeePayment optionWebsite
coinbaseCoinbaseUS,Europe,Canada1.5%Credit/debit card,
Wire transfer
Visit
CexGlobal3.5%Credit/debit card,
Wire transfer
Visit
coinmamaCoinmamaGlobal5%Credit/debit card, Wire transferVisit
changellyChangellyGlobalN/ACredit/debit cardVisit
bitpandaBitpandaEurope5%Credit/debit card, Bank transferVisit
LocalbitcoinLocalBitcoinGlobalN/APaypal, Skrill, Wire transferVisit

Buy REP token with Bitcoin on Binance

Binance is a popular cryptocurrency exchange that was founded back in 2017. Binance does not ask the id verification but there are limits for trade. It charges the pair trading fees and withdrawal fees.

I will show you, how to buy REP token on Binance with 3 simple steps. Let’s get started,

01.Register on Binance exchange

Let’s go to the Binance exchange click simply “Register” button right side of the main menu. Then enter a suitable email address, password, and agree to Binance terms of use then click on the “Create account” button.

How to buy REP token - Binance register

Next step, go to the mailbox and click the “Confirm Registration” button that is sent from the Binance then, you will see the account activation window and click the “Log in” button.

Binance account activation

Next screen, enter the email, and password which is used in the registration process then, click the “Log in” button.

Next screen you need to skip or go through the security quiz process. I recommend you go through the security process. You will learn something cool about security practices.

Binance secuirty quiz

After the security quiz process, you will prompt to enable 2FA authentication. Select the methods you prefer and then activate the 2FA process. I recommend you enable 2FA with the Google Authenticator app.

How to buy REP token - 2FA

After enabling the 2FA authentication, you are ready to deposit the Bitcoin into the Binance account. You don’t need to verify the ID for starting the trading.

02.Deposit Bitcoin on Binance exchange

In default, you are in the main dashboard, click the deposit button or in the main menu hover over the “wallet” and click “Exchange Wallet” and then click the deposit tab.

How to buy REP token - Binance deposit

Next screen, you will see default Bitcoin is selected as well as there is a Bitcoin deposit address.

You can use this address to send Bitcoin into the Binance account from your personal wallet or exchange which is having Bitcoin.

How to buy REP token - Binance BTC deposit address

I will show you how to send Bitcoin from the Cex.io exchange to the Binance exchange.

First, you need to login and directs into the “Finance” section on the main menu. Next, you will see the crypto balance under that find Bitcoin, then click the “Withdraw” button then you will direct to the BTC withdrawal page.

CEX finance

Next copy the deposit address from the Binance exchange and paste it on “Enter the recipient’s address” in Cex.io then type the amount to send and agree to terms of service. Then click the “Withdraw” button.

How to buy REP token - CEX withdrawal

You will receive the Bitcoin into your Binance account within few minutes and you can check the whole balance in the balance tab in the main wallet.

03. Buy REP token in REP/BTC market on Binance

Now, you are ready to buy REP token with Bitcoin on the Binance exchange. First click on “Market” on the main menu, then you will direct to the whole market page. You are now in default “BTC Markets” then type “REP” in the search box then you will see REP/BTC pair and click on it. Next, you will direct the REP/BTC trading interface.

How to buy REP token - binance REP/BTC pair

In the next screen, you will see REP order book, price chart and buy and sell an option, and trade history.

Now head to the “Buy REP” section. Binance provides four ways to buy or sell any cryptocurrency which is a limit, market, stop limit, and OCO. I recommend you to buy a REP token using a limit order.

Limit order – you can set price to trigger order when a specific price is reached. If you are buying, you can set a price little below the actual market price. If you are selling you can set price a little higher the actual market price.

Market order – you can buy or sell any coin in the actual market price.

The default you are in Limit order section, enter REP token price, Amount and click “Buy REP” coin. You should set the REP token price close to the actual market price for faster order execution.

How to buy REP token on Binance

After order being executed, you see the amount you bought REP in “My 24h order history”.

What is Auger protocol

Auger is a decentralized oracle and prediction market protocol which builds on the Ethereum blockchain and open-source protocol software. It is tried to solve the current limitations, and risk in the centralized prediction markets.

Auger protocol is created by the Forecast foundation which consists of non-profit academic researches and its main function is developing the Auger protocol.

Auger uses the two different currencies for the protocol which are Ethereum(ETH), and Reputation token (REP token) where the REP is native protocol currency uses for the various task within the protocol. 

What is the prediction market?

A prediction market is a market where a person or entity can be created for the purpose of the trading outcome of future events such as political events, winner of a sports game, price of a specific cryptocurrency, etc. Market participants can trade the market shares depending on the potential outcomes where the market participant’s prediction is corrected, the participant will collect all shares of the market otherwise lose the shares. 

Limitations & risk in centralized prediction markets?

There are so many limitations involve in the centralized prediction markets such as high participation fees, limits or restrictions for the creation of any markets, global participation, require the intermediary to maintain the funds as well as the check the correct outcome.

In this case, Auger tries to solve the risk and limitations in centralized prediction markets help of the blockchain technology & smart contracts.

How Auger solve the limitations & risk in centralized prediction markets?

Auger is a decentralized protocol and there is no kind of border or limitation to participate in the Auger platform.

Auger is censorship resistant protocol which means anyone can create and participate in the prediction markets.

Auger has no intermediary to control the participant’s funds as well as checking the outcomes which means Auger’s smart contract will perform these functions.

There is some fee to creating and participating in the prediction markets where fees go to market creators and market reporters.

How Augur protocol work?

There are four major steps that consist of any markets in the Augur platform.

Augur market process

The first step is creating the market in the platform considering the outcome of the upcoming event. In this case, anyone can create the market without any intermediary or limitation but the market creator should hold the REP tokens. Also, the market creator should set the event outcome reporter and outcome source such as a specific website, indicator, etc.

Next step, anyone can trade shares in the market with Ethereum(ETH) token, only you need to pay the GAS fee for the Ethereum network.

After the event happened, the reporter should report the actual outcome of the event. If any market participant or any REP holder can report or dispute. Augur motivates the actual reporters who are not honest will be financially penalized.

After the reporting process is finished, the settlement process comes into reality. Winners of the event outcome will receive a share of Ethereum directly into their Ethereum wallet.

What is Reputation token (or REP) uses cases?

Reputation token (or REP) is a native cryptocurrency token for the protocol which has many use cases. REP token is used as a staking coin for reporting and disputing the outcome of the event. Also, you need REP tokens to create the market on Augur protocol.

In this case, you don’t need REP tokens for betting the listed event on the platform that is can be done with the ETH.

Why you need to buy REP token – 4 Simple tips

Next Augur protocol version consists of exciting features such as integration of the 0x protocol for cheaper order creation, MakerDao’s Dai as settlement currency other than ETH, and scalability improvements, etc where these features will increase the real-world adoption as true decentralized prediction market.

Augur team consists of the top class academic researches with varied backgrounds in development for decentralized applications.

Augur development happens consistently that you can check in the Augur Github. There are 39 Github repositories as well as 30k commits on the main Augur protocol repository.

Augur community is huge, as you can see Augur twitter account has more 100k followers base. Also, Facebook, Reddit have many members.

Best Auger wallets?

Augur protocol consists of the two cryptocurrencies which are Ethereum and REP token. REP token is ERC 20 token, in case you can use any ERC 20 wallets in the table shown below,

 WalletTypePriceMulti-currency
support
Website
Trezor oneTrezor OneHardware69 EURYesVisit
Ledger Nano SLedger Nano S
Hardware59 USDYesVisit
MyEtherwalletMyEtheWallet OnlineFreeEther,
ERC 20
Visit
MycryptoMyCryptoSoftwareFreeEther,
ERC 20
Visit
MetamaskMetamaskBrowser ExtensionFreeEther,
ERC 20
Visit

IF you are seriously considering betting on the platform you can use natively Augur platform supported wallets such as Metamask, Ledger, and Trezor.

Conclusion – How to buy REP token

This article primarily focuses, how to buy REP token with a secure and trusted way using Changelly, Binance exchange.

At the end of the article, you can learn the basics of the Augur protocol, limitations in centralized prediction markets, use REP token, and some of the best wallets to store the REP token.

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