How To Buy Augur | Ultimate Guide To Buy REP
Augur (REP) is a decentralised prediction market platform and cryptocurrency token built on the Ethereum blockchain. Augur was developed by Forecast Foundation, which was founded in 2014 by Jack Peterson, Joey Krug and Jeremy Gardner.
After crowdfunding in August 2015, the Augur project launched in July 2018. Forbes has reviewed Augur, describing it as “a significant leap forward in the world of decentralised applications”. The future of Augur, therefore, seems extremely promising, so in this article, we will assess all of the buying and trading options related to this crypto project.
5 Steps to Buy Augur with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
Our Recommended Platform to Buy Augur
There are multiple platforms available to purchase Augur, with both brokerages and exchanges being prominent. Brokers act as intermediaries for anyone trading Augur, while exchanges act as online retailers for tokens. The huge range of Augur platforms can be slightly intimidating, so in this section, we've assembled our personal recommendations of some of the best brokerage and exchanges available currently.
Where to Buy Augur in 2021
When purchasing Augur the first time, it is vital to understand the various trading methods and possibilities available. Fundamentally, most investors will choose between buying and trading the token, which differ in terms of ethos and practicality.
When you purchase Augur, you're taking ownership of the cryptocurrency, with the intention of holding it in order to benefit from price discovery. Those that use this strategy believe that Augur will escalate in value over a period of time. Generally, this is considered a long-term strategy.
Conversely, trading cryptocurrencies involves benefiting from price movements in the token over a relatively trivial period of time. Augur traders are managing the market extremely closely in order to predict minor fluctuations.
Trading Augur is definitely a short term strategy and one that many users opt for to trade through CFD as a valid approach. CFD contracts enable leveraging, which means that gains and profits can be magnified. It is also riskier, and this doesn't necessarily appeal to beginners.
Before entering into any Augur trading, it's important to consider the many factors involved diligently. Trading Augur is relatively complex, and it is certainly possible to lose money as well as making a profit.
Thus, familiarising yourself with the market and related issues should be considered essential. This should include extensive research into setting up cold storage wallets, all online security issues related to cryptocurrency, not to mention compatibility.
How to Buy Augur with a Broker
One of the most obvious ways to begin your Augur journey is via a crypto broker, particularly if you have never traded cryptocurrencies previously. Brokers will execute trades on your behalf, and greatly simplify the whole process of trading cryptocurrency. They also reduce the amount of market participation required by investors, and also the extent to which you need to monitor up to date information.
However, before you have committed to a broker, you should definitely research the market extensively. There can be big differences between the various brokers, with fees and security being two of the most obvious areas for comparison. Regulation of the cryptocurrency space has also accelerated in the last few years, and it is vital that your broker is fully conversant with all of the most recent legislation.
You can also send instructions to your brokers via stop-loss orders and other information, which shape the way that they respond to the market.
1. Register with the Broker
Before you can inform brokerage traders on your behalf, you must of course register with the brokerage platform in question. This is definitely a straightforward process nowadays, with a significant amount of effort having gone into ensuring that all online platforms are user-friendly. You will need to confirm your identity, though, but this is usually as simple as providing a few personal details, and some form of address.
However, you may notice a few differences in the registration process, depending on the ethos of the platform that you choose. Plus500 is known for an emphasis on social media, while eToro purely uses an account name and password system.
2. Verify your Identity (KYC Process)
The ‘Know Your Customer’ (KYC) verification process has become more prominent in the cryptocurrency space in recent years, as the platforms involved have attempted to gain increasing mainstream credibility. KYC has been used by high street banks for quite some time, and is a legislative process associated with confirming the identity of customers.
The utilisation of KYC by cryptocurrency platforms has definitely attracted the attention of mainstream outlets, and this can only lend credibility to the crypto niece. You can, therefore, expect virtually any platform to use KYC, but don't expect this to inconvenience you in any significant way.
3. Deposit Funds with your Preferred Payment Method
The next important stage in trading Augur is depositing funds on the website that you have chosen. This is another relatively straightforward process, but you should definitely confirm that your chosen payment method is indeed available before you begin. Generally, the most common payment methods will be supported, but this is not necessarily inevitable.
This is another area where speed and fees are also important, and it is certainly recommended to have adequate firewall and antivirus software provisions in place before depositing any money. It is also advisable to check with customer service at the platform in order to ensure that your deposit process has been completed adequately. Most exchanges and brokers will have intuitive online funding mechanisms.
4. Open a Position to Long/Short Augur
One of the most fundamental decisions that you will face with a cryptocurrency platform is whether or not to go long or short on the token. These are fundamentally different positions that reflect a completely different perspective on the market.
Going short on Augur means that you believe it will decline in value in the foreseeable future. Shorting, short selling, taking a short position, and sometimes just selling are all used to describe this process of betting against a particular cryptocurrency. On the other hand, those entering into a long position believe that a cryptocurrency will escalate in value.
Anyone entering into a short position on Augur, or indeed any other cryptocurrency, will need to opt for a CFD contract in order to benefit from any price discovery. These enable more leverage, which is attractive in a short-selling strategy. Conversely, beginners to the cryptocurrency space may wish to opt for purchasing a token and holding it thereby opting for a long approach.
There are many other considerations and possibilities in association with trading, with stop loss, market and limit orders important ways that you can transmit instructions to brokers. Each of these options informs your broker to make certain market decisions at predesignated points.
5. Close your Position
Closing any position in a cryptocurrency is obviously one of the most important things that you will ever do during your trading journey. The good news is that this is another straightforward part of the process, that can be achieved simply by issuing a stop-loss order. This informs your broker to close your position when certain market conditions have been met; essentially when you believe that it will be to your advantage to close your position.
Another scenario in which you may choose to issue a stop-loss order and close your Augur position would be when you have lost money in the market, and believe that your strategy is not working. At this point, an investor may wish to get out early due to the losses already incurred.
How to Buy Augur with an Exchange
Purchasing Augur via a cryptocurrency exchange is one of the easiest ways to acquire the token, as these platforms have been designed diligently in order to make the process as risk-free and straightforward as possible. Anyone that has purchased goods through a website should be able to easily acquire Augur via an exchange platform.
Nonetheless, it’s also important to choose the appropriate exchange for your particular requirements. Fees and security will again come into the equation here, as they can significantly differ between platforms, and are always major considerations for users. Regulation and encryption are other important aspects of the process, and it’s certainly best to investigate all of these issues before beginning your trading, and possibly to even speak directly with the developers of the websites.
1. Set up an Augur Wallet
Storing Augur in a cryptocurrency wallet is an absolutely essential part of the process. Both hardware and software wallets are available, and they both have their advantages and disadvantages.
Software wallets are flexible, and easily accessible via a wide range of computing platforms. They offer optimum control over cryptocurrency investments, but are perhaps not as secure as their hardware wallet equivalents.
Hardware wallets utilise a technique referred to as cold storage, which is considered the most secure way to store cryptocurrency tokens. However, these are a little less flexible than software wallets, and this may be a consideration for the more casual investor.
2. Choose and Join an Exchange that sells Augur
There are many cryptocurrency exchanges available on the Internet now, for those who are looking to buy and sell Augur. Some of the most popular exchanges include the following:
There are usually a few differences between these platforms, including the amount of money that you pay in order to use them. User interfaces will also differ, as will the different security provisions that have been put in place. Exchanges also accept different currencies and payment methods, while registration and licensing can also be significantly different. All of these issues underline the fact that it is important to investigate and research a particular exchange before committing to any investment process.
3. Choose Your Payment Methods to Buy Augur
There are many payment methods available to purchase Augur, and these all have their own particular strengths and weaknesses.
Debit cards - These are very affordable ways to purchase Augur, but don't have the security that is built into credit cards.
Credit cards - Credit cards are fast and secure, but you can expect to pay fees when you choose to purchase Augur via this method.
PayPal - This digital payment system is also popular, but does come with drawbacks. PayPal is widely available, but it can lead to delays in purchasing. Fees can be charged by PayPal and there is a dispute resolution mechanism in place too.
Bitcoin - It is also often possible to purchase Augur via the market-leading cryptocurrency, but this is significantly less flexible than other payment methods.
4. Place an Order to Buy Augur
Buying Augur requires users to register for a cryptocurrency exchange. Next, you will confirm your identity, before registering your chosen payment method. You should next deposit money on the website, before identifying a suitable investment.
Finally, you will purchase the Augur token, and store it securely in your wallet solution.
5. Safely Storing Your Augur in a Wallet
Storing Augur in a wallet is an important process, particularly if you intend to hold on to your tokens for an extended period of time. Typically, hardware wallets require you to keep a private key in order to gain access to your tokens. This is extremely important, as if you lose this private key it will be difficult to access your investment. Equally, security is critical, so private keys should always be stored in an encrypted or private location.
Should you Buy or Trade Augur?
Buying or trading Augur is really dependent on your requirements. It is certainly worth mentioning that going through a professional broker is often advantageous, particular for those taking the first steps in cryptocurrency trading. This still requires a certain knowledge of the market, though, as investors will need to inform brokers of their particular intentions.
Purchasing and holding tokens doesn't require such a huge amount of interaction or monitoring of the market, and thus may be a good choice for beginners. But anyone choosing to trade has many options at their disposal, not least the fact that you can make money regardless of whether Augur increases or decreases in value. Investors wishing to buy for the long term should use an exchange while traders who wish to exploit the price volatility should go for brokers.
What’s the Difference Between an Augur Exchange and a Broker?
Augur exchanges are effectively online shopping websites for cryptocurrencies whereas brokers act as intermediaries for investors, and complete trades on their behalf. There are advantages and disadvantages of both of these approaches, and investors of varying degrees of experience indeed opt for each of the two choices.
Brokers make it possible to speculate on the price of Augur via derivative contracts, with CFDs and futures both being particularly prominent. These make it possible to profit from the token, without actually having to own and store the coin itself. This makes for an easily accessible and convenient option, particularly for those intending to buy and trade over shorter time frames.
Another advantage of CFD contracts is that they allow increased leverage which can magnify profits in any successful trading strategy.
Augur: Long Vs Short Term Investment
Long-term investment in Augur is focused on the coin achieving price discovery over a period of time. Conversely, a short-term investment in Augur is more associated with trading, and can even be completed within a matter of minutes in some circumstances. Certainly, day trading involves sometimes extremely quick trades being placed in order to benefit from what can often be tiny fluctuations in the market.
Long-term approaches can be considered more solid, is based on market fundamentals, while short-term trading is riskier and more volatile. Conversely, a short-term investment can deliver profit in a very short time frame, if you make wise choices with your investment strategy. Leveraging is also more readily available with trading and short-term strategies, and it can be a critical way for experienced investors to magnify profits.
Nonetheless, those choosing to purchase Augur are holding a physical asset, and this can have its advantages as well, not least the fact that it can be used for other purposes.
3 Tips to Buy Augur
In this section, we will provide you with three crucial tips for purchasing Augur.
1. Choose the Right Time and Do Your Own Research on Augur
Selecting the appropriate time to purchase Augur is essential, as the performance of the token will vary massively in bull and bear markets. If you do not time your investment correctly, you stand to lose money, so it's important to monitor the market and related issues extremely diligently. There is a huge amount of information out there on the Internet, so it's definitely worth checking out forums and Reddit as well.
Compare Costs to Buy Augur
Different platforms set varying fees for buying Augur, and it is, therefore, essential to compare costs if you want your trading to be as cost effective as possible. This can actually play a major role in whether or not your investment strategy is profitable, particularly if you are placing a large number of trades over a short period of time, seeking relatively trivial alterations in the market. Costs should be widely available on all platforms, so this should be quite straightforward to research.
Safety and Security when Buying Augur
Safety and security is always an issue when purchasing any cryptocurrency, and this applies to Augur. Searching for a platform that prioritises safety and encryption will facilitate your trading process. Customising user profiles and cold storage in hardware wallets are definitely valuable features of any platform.
What is the Best Payment Method for Buying Augur
Let’s go over some popular payment method for purchasing Augur.
Buy Augur with Cash: Buying Augur with cash isn’t common, as it is mainly an online endeavour. But you could possibly encounter a trader willing to do this.
Buy Augur with Credit Card: This is the most popular method for purchasing Augur, with credit cards offering a particularly secure platform.
Buy Augur with Bank Transfer: Bank transfer is another way to purchase Augur that is available to most investors. These are associated with delays in some circumstances, though.
Buy Augur with Bitcoin: Bitcoin can often be used to purchase Augur, as the market-leading cryptocurrency becomes ever more popular.
Buy Augur with PayPal: The digital payment system PayPal is another way that many investors choose to purchase Augur. This is not necessarily the quickest way, but it does appeal to unbanked individuals.
Other Ways to Buy Augur
Aside from the methods mentioned previously, probably the best approach is to mine the token. This is cost-effective, and ultimately what the cryptocurrency space is all about. There may also be Augur tokens available on P2P exchanges, so it is worth checking these out.
Augur has established itself as a viable project and is expected to increase in value in the years to come. This is one cryptocurrency that is worth keeping an eye on.
Frequently Asked Questions
Any user who downloads and runs the Augur software has access to the Augur protocol on the Ethereum blockchain, and so is able to perform actions.
Yes. Most reputed platforms will insist on identity verification as part of KYC regulations.
Yes. Most jurisdictions tax transactions from crypto but check your local laws before buying/selling Augur.
Yes, this is perfectly possible. Augur is free, public, open-source software, portions of which are licensed under the General Public License and portions of which are licensed under the Massachusetts Institute of Technology license. All users are free to fork the Augur codebase and modify, as long as the open-source software licensing is respected.
Yes. But it is not a recommended approach as it is risky.