Want to jump straight to the answer? You can buy REP on Coinbase and Kraken.
Augur (REP) has received more media attention as cryptocurrencies enabling decentralized finance protocols come to the forefront of real-world use for blockchain technology.
Our guide for beginners will help you understand the tech behind Augur and outline how you can invest in Augur now.
What is REP?
Augur’s token REP is an ERC-20 token. This means that the cryptocurrency project runs on the Ethereum network and uses the Ethereum blockchain to execute its smart contracts. ERC-20 tokens have a number of benefits over independent blockchain projects like Bitcoin and Litecoin, including:
- Easier setup. Because they run on Ethereum’s network, ERC-20 projects can be created significantly faster than independent blockchain projects.
- Enhanced storage options. Because ERC-20 tokens run on Ethereum’s blockchain, you can typically store ERC-20 tokens in any hardware or digital wallet that supports Ethereum’s Ether token.
Some other examples of prominent ERC-20 tokens include Chainlink (LINK) and Uniswap (UNI).
Brief History of REP
Augur is a peer-to-peer protocol that uses blockchain technology to enable users on the network to use prediction markets. When a user wants to bet on a future prediction or outcome, they will lock a set of Augur’s token REP into a 3rd-party escrow account pooled with other users participating in the bet.
Augur’s network acts as a decentralized oracle, which is a source that verifies real-world occurrences. When a user pools in with a winning prediction, they’re rewarded with Ether (ETH) distributed through the Augur network. The intent of the Augur network is to reduce the prevalence of self-interest and theft in prediction markets.
Like other cryptocurrency projects, REP tokens maintain an independent value and trade on major exchanges. You can buy and sell REP using crypto brokers like Coinbase in addition to winning them through pools. In addition to retaining value, REP also acts as a governance token to dispute outcomes of events. Users are rewarded for consenting on agreed-upon outcomes and penalized for reporting incorrect information.
Founded in 2014, Augur reached an all-time high value of $99.80 in January 2018. Augur is currently the 103rd largest cryptocurrency when measured by total market capitalization. It has a market cap of more than $220 million and a daily trading volume of about $42.7 million.
Step 1: Open an online account.
Buying crypto usually starts with opening an account with a cryptocurrency broker. A crypto broker works in a very similar method as a stockbroker, buying and selling cryptocurrencies on your behalf and according to your instructions, typically in exchange for a fee or commission.
When you sign up with a crypto broker, you’ll gain access to a trading platform that you can use to place buy and sell orders for different cryptocurrencies. Take a look at each broker’s list of supported coins and tokens before you open an account to be sure that they support Augur trading.
Not sure where to begin your search? You can browse a few of our favorite crypto brokers below.
Step 2: Buy a wallet (optional).
Unlike a brokerage account, you don’t need to open an independent cryptocurrency wallet as a prerequisite to investing in Augur. However, if you plan on holding your tokens for a significant amount of time without trading, we highly recommend storing your investment in an off-exchange wallet.
Crypto wallets provide you with a private address that you can use to store your investments. Private wallets are considered safer than keeping your tokens on your exchange of choice’s platform because there’s a possibility that your exchange might be targeted for theft or in a hack.
There are 2 major types of private cryptocurrency wallets:
- Hardware wallets: A hardware wallet is a physical device that stores your tokens and coins without needing to connect to the internet. Hardware wallets usually allow you to connect to your online wallet using a USB plug-in or Bluetooth connection to deposit your investments. Hardware wallets provide you with the highest possible level of security for your investments, but they also are a more expensive option than software wallets and typically hold fewer types of cryptocurrencies. Hardware wallets are sometimes referred to as “cold storage” devices.
- Software wallets: A software wallet is a mobile or web application that stores your crypto investments by connecting to the internet. When you open a software wallet, you’ll receive a private address key that you can use to send your crypto investments to your wallet. Software wallets provide investors with a free way to store your coins and tokens, but they provide a lower level of security when compared to hardware wallets. Software wallets are sometimes referred to as “hot storage” options.
Consider a few of our favorite storage options that support REP below.
Best Hardware Wallet: SecuX V20
SecuX V20 – Most Secure Crypto Hardware Wallet w/ Bluetooth – Cross Platform – Easily Manage Your Bitcoin, Ethereum, ERC-20, Ripple, BTC, ETH, LTC, BCH, DGB, Dash, BNB, Doge, XLM and More
$129.00
The SecuX V20 represents some of the highest levels of security currently available in hardware wallet options. Complete with everything from tamper-proof sealing to the financial grade Infineon Chip CC EAL 5+ Secure Element, the SecuX V20 ensures that no one is able to access your tokens that you don’t authorize.
In addition to high-level security features, the SecuX V20 also features a simple and streamlined design that you can use to manage your coins on the go without connecting to the internet. The SecuX V20 supports a range of tokens and coins, including everything from ERC-20 projects like Augur to minor tokens like Dogecoin.
Commissions
0.50% per sale
Best Software Wallet: Coinbase Wallet
Coinbase is 1 of the largest and most popular places to buy and sell cryptocurrencies — and the popular broker has recently expanded its offerings to include a private software wallet as well. The Coinbase Wallet is available as a free download for your mobile device, providing you with an affordable and quick way to store your crypto investments without leaving them in your Coinbase account.
The Coinbase Wallet allows you to store all ERC-20 tokens alongside major cryptos like Bitcoin and Litecoin using a single wallet. It also lets you send cryptocurrencies between friends and family members using only their names — not a long, complicated wallet address.
Step 3: Make your purchase.
Once you’ve decided how you want to store your REP and your brokerage account is functional, you can place your order to buy REP using your broker’s trading platform. First, select the type of order that you want to place. Most brokers offer access to a few different types of orders, so be sure that you understand the execution of your order before you place it.
After you choose an order type, take a look at the current price of REP. Though you can limit the price you pay for each REP with a limit order, you can expect to pay near the current market rate for your investment. You may want to monitor the price of REP and how it’s changing before you decide to invest in order to maximize the number of tokens you get for your investment.
After you submit your order to buy, you can relax — your broker will take care of filling the order on your behalf. If your broker is unable to fill your order, they may cancel it at the end of the day or leave the order open depending on your specifications. If your broker is able to fill your order, you’ll see your REP in your exchange wallet.
Bonus:
Augur v2 has recently launched with full support on the Ethereum network. Implementation of the v2 protocol is a large step forward to a fully decentralized peer-to-peer betting network, so it’s possible that Augur’s price will fluctuate heavily as the new network is refined and fully put into place.
Trade or Sell Your Cryptocurrency
After your broker executes your order, your last decision is whether you want to hold your REP long-term or become a more active trader. Investors may hold their REP for months or even years before selling in order to see a sufficient profit.
Active traders, on the other hand, rely on short-term price movements to accumulate more REP. An active trader might exchange REP for a stablecoin unlikely to change in value when the price of REP is high and then transfer it back later when the price dips. To take profits, the trader can convert REP back to a stablecoin or directly to fiat currency depending on the options supported by the broker.
Best For
Crypto Investing
1 Minute Review
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Best For
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
Pros
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
Cons
- Higher fees than competitors
Account Minimum
Depends on asset
Current Crypto Prices
The cryptocurrency market can be volatile and unpredictable. Understanding how other assets on the market are moving can help you choose the best time to place your buy order for REP.
Browse a few of today’s biggest market movers below.
Invest in Cryptocurrency
Cryptocurrency can provide you with a fun and exciting level of new potential in your portfolio. However, it’s important to remember that the cryptocurrency market doesn’t have the same safeguards in place as the stock or bond market.
Use cryptocurrency as a complement to a fully-diversified portfolio — never as a substitute for traditional retirement savings.
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