How to Buy Augur (REP) in 3 Simple Steps
Augur is a decentralised, peer-to-peer prediction market network that allows users to create betting markets and participate in them using the network’s native token, REP. Augur is potentially revolutionary in that it obviates the need for a central bookmaker in the gaming space.
Although many coins have found their way into the digital currency world, some have an edge over others. Knowing the reliable and secure picks among the pack will definitely help you make the right choice. Is Augur a viable cryptocurrency? How to buy Augur (REP)? All these questions and more are answered in this guide.
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What is the Easiest Way and Best Way to Buy? Compare the Top Augur Brokers
Augur brokers provide the best platform when you are looking for where to buy cryptocurrency. Using a broker is the common choice as many investors consider the availability of a platform for quick and easy trading to be a win. When it comes to choosing the best website to buy Augur, a number of factors will come into play, and your place of residence, among others, will also be worth looking into.
5 Things to Consider if you Want to Buy Augur
Anyone considering buying Augur (REP) will have to take into consideration the factors of speed and security. While this is considered a given, other investors might also want to look at transaction sizes, payment methods, and trading portfolios in addition to the other points of note explained below.
1. Carefully choose your preferred secure payment method
You surely want to use a secure payment platform for your transactions irrespective of where you live around the world. While all payment options might not be explicitly listed in this guide, you may want to pinpoint the security features available before you proceed. You might also be keen on immediate value for your payments, and this could shape your decision on the payment method.
On some websites, before you can use a credit card, the Verified by Visa or Mastercard Secure prompt must pop up for you to enter passcodes to authorise the payments. Some users lookout for this service as a hallmark of legitimacy.
2. Will you need to set up your own wallet?
Depending on how and where you buy your REP tokens, the need for a personal wallet should be considered. Cryptocurrencies are stored in wallets, and without one in place, you do not have control over your digital tokens. When using a trading platform like an exchange, you get a wallet by default as your account is opened. Exchange wallets are less preferred because of hackers that target them. However, with Augur CFDs (contracts for difference), which are derivative products, there is no requirement for a wallet as your broker validates your trading contract without the need for physical possession of the underlying REP tokens.
3. Comparing costs
Every transaction has a cost element, whether small or significant. It is good to consider what the charges could be on the token’s network before proceeding with a transaction. There could be costs involved with sending REP tokens over the Augur network, with depositing or withdrawing money from your brokerage or exchange account, or with trading (most platforms charge a trading commission).
4. Safety and security
The blockchain is a hotbed of security features with cryptography, hash functions, and consensus mechanisms as the gatekeepers. Augur is operational on the blockchain and this shows with its operations closely aligned with the best practices on-chain.
You will need to assess the security features of the platform you use for your purchase as well. Features like 2-factor authentication and SSL encryption can help to protect you, and you should also check the site’s history vis-a-vis hacks to ensure your funds are safe.
5. Can you understand and navigate the platform?
Any platform offered by a broker has to be simple to navigate and understand. As a user, you want to be able to follow simple prompts and not get stuck in a cluttered dashboard. You can always try your hands on a demo trade to see how a platform works before you commit your funds or make a deposit.
For most brokers, their platforms can be reviewed for ease of use after you have registered a new account. At this stage, you still have time to decide whether to use the broker or not. When you are satisfied with how the platform works, you should be free to go ahead with your trades.
What is the Best Payment Method for Buying Augur?
Several payment methods are available when you are ready to buy Augur (REP). While the decision ultimately depends on your preference, you might want to consider the transaction cost and processing speed before you make the call.
Buying Augur with PayPal: PayPal is relatively cheap to use and comes with additional security for investors who do not want to use their debit or credit cards on open platforms.
As good as the features of PayPal are, the service might not be available where you live, and this explains why it is not supported by all brokers. Most payments here are fast and instantaneous except when e-checks are used, which are processed in the US within 3 days.
Buying Augur with Cash: To get a seller of Augur who accepts cash can be a difficult task. Apart from this, it is also unsafe to move about with cash when you hardly know the seller. While a private arrangement could also work for cash transactions, the logistics involved in getting a seller with REP to sell make it a difficult path to tread.
Buying Augur with Bank Transfer: Using a bank transfer works well when buying Augur if you are within the same region as the platform payment processor. If you are a resident abroad, bank payments may attract delays of up to 2 days or more. Large payments might necessitate bank transfers and they work well for institutional buyers who also use wire transfers in place of other options.
Buying Augur with Credit Cards or Debit Cards: Bank cards are convenient to use and are by far the preferred option of payment by many Augur traders. What needs to be celebrated here is the instant payment and value when you buy Augur tokens with credit cards or debit cards. Credit cards may attract hefty fees, however.
What Fees are Involved in Buying Augur?
When buying Augur, you should be prepared to pay some kind of fee in addition to the token value, and this is not specific to a particular platform. Whether you are using an exchange or a broker, buying fees are always in the mix. Some considerations worth looking at include:
Transaction Fees: The fees here are primarily blockchain charges, which are incurred when the tokens are moved from the seller’s wallet to yours. Your payment method may also attract a fee, such as a credit card charge or PayPal’s 4% Buyer Protection fee.
Deposit Fees: As to fees associated with deposits, some platforms might allow free deposits, while others do impose minimal charges. What the platform decides on is one that is relative and could be a response to marketplace competition.
Withdrawal Fees: The rates that apply here are again subject to the platform’s judgment. Some platforms impose no fees while others have a minimal charge, usually in the region of $5.
Safely Storing Your Augur
Storage of Augur can be done on a number of cryptocurrency wallet options. Whether to go with an online alternative or a removable physical storage option is a decision that you need to contemplate. Here are the leading storage options:
Web Wallet: By default, most cryptocurrency exchanges have a web wallet that users can access upon registering a new account. You need to log in to the platform to access the wallet, and a private key or transaction passcode could be required to authorise trading or withdrawals. At the point of setting up your new account, you are prompted to use 2FA as additional security. So, to make a transaction, you will need the codes sent to your email, mobile phone, or one generated by your 2FA software.
Mobile Wallet: Users can be safer with wallets than the web wallet, which is considered prone to pilfering by hackers. Your mobile device can house your wallet just by downloading it from online stores for Google and iOS devices. Augur tokens can be stored in Trust, Mycelium, Abra, and other ERC-20 compatible wallets. The major pitfall in mobile wallets is the risk of physical loss or compromise through phishing attacks. However, if you are on your guard, you will not click on questionable emails and open your device to malware infiltration.
Desktop Wallet: PCs serve an added purpose when desktop wallets are downloaded onto them. They are also rated as medium-level safe since they are physically inaccessible to intruders. The risk that is most reported is loss of data due to malware that can infect the host computer. Some storage options here include Atomic and Augur (REP) multi-platform wallets.
Hardware Wallet: Hardware wallets are celebrated as the most secure since their use only enabled when they are connected to a computer. Some of these devices can be plugged into PCs to perform any transaction you desire. The access is controlled with the use of hidden passcodes, which when supplied load the private key in order to unlock the vault. Trezor, KeepKey, and Ledger are the most common examples here.
What Other Coins Can I Trade or Use to Buy Augur?
The leading cryptocurrencies such as XRP, BTC, ETH, and USDT are commonly offered by trading platforms as default trading pairs and can be used to buy Augur tokens. Once you fund your account with any of these digital currencies, you can buy REP tokens safely and quickly.
What’s the Smallest and Largest Amount of Augur I Can Buy?
Augur is denominated in five decimal places, making 0.00001 the smallest unit. However, to buy REP on most trading platforms, you need to have at least $10 — this is the lower limit that is generally enforced. If your profile is verified and you have completed more KYC steps, you could buy up to $2 million or more in one transaction depending on the platform in question.
Can I Buy Augur Anonymously with no ID? Is it Safe and Legal to Buy Augur?
Augur is traded in many countries on exchange and broker platforms with no restrictions. While it is possible to buy REP tokens anonymously, it is not advised as most marketplaces that offer such services are not regulated. If your focus is on buying Augur safely and legally, then use a regulated platform and stay safe.
Will Buying Augur Make Me Money?
As with any investment, nobody can predict the future outcome of a trade. Investing in Augur may turn out to be a profitable venture if you correctly time the market, or if the use of REP proliferates such that the value of the tokens increases over the long term.
The best way to ensure profitability with your REP purchase is to conduct sound fundamental and technical analysis in order to minimise the risk of losses due to mistakes or poor timing.
How to Spend your Augur
PayPal has started accepting a range of crypto for online payments and account settlements. While Augur is not yet listed, it surely makes this digital currency more marketable. You can easily swap your REP tokens for any of the accepted cryptocurrencies like Litecoin, Bitcoin, Ethereum, and Bitcoin Cash. There are several other online merchants that use a layer on the blockchain to convert accepted tokens like REP to cash for transaction processing. Bitpay, Alfacoins, GoCoin, and CoinBank are some of the online gateways with crypto payment processing efficiency.
How to Sell your Augur
In an open marketplace, you can sell Augur (REP) tokens for cash or your preferred payment method. Using a broker is also easy with the order completion almost instantaneous on many platforms. No matter your payment method, the process is easy and fast. You might also prefer to spend your tokens directly using a merchant site with such capacity since Augur is also a recognised medium of exchange.
If you hold any Augur CFD, your broker can easily give you value for it with no hassles as the financial instrument is liquid and available for trading on many platforms. You must only close the trade to sell your REP and realise your profits.
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Frequently Asked Questions
Augur was developed by the Forecast Foundation, a group of developers who make their contributions toward maintaining and developing the protocol but don't control or own it. The co-founders of Augur are Peterson and Krug, developer and computer scientist respectively, who among others developed it in 2014.
Augur technically is a wagering cryptocurrency. It is a reputation token that can be used to bet on sporting events, economies, political outcomes, or anything within the prediction markets. Augur's platform has a specific structure that incentivises appropriate outcomes, penalises passive holders who fail to stake on disputes and forks, and penalises reporting on incorrect outcomes. Augur Rep tokens are also used for money transfer purposes since they are exchangeable for cash and other cryptos easily.
Through Augur, users can create their own markets for specific questions and benefit from the trading processes. More accurately, users are allowed to purchase positive and negative shares as far as the outcome of a future event is concerned.
Augur is a decentralised prediction market that is Ethereum-based. It leverages the people's wisdom to create a search engine for a future event that runs on its token (REP). It is also a peer-to-peer enabler that provides transparent and universal access to its markets. Decisions are reached based on consensus, and no individual or group lauds it over the other community members.
Yes. Augur is legal in over 100 countries and traded on open marketplaces and allied platforms. Many brokers and exchanges that facilitate Augur trades are also legal and regulated in their respective places of registration and operations.
No. Like most cryptocurrencies, the price of Augur is volatile, and this has varying effects. For profit-making, volatility is loved by financial traders, as price movements provide greater opportunities to rake in more gains. On the other hand, for holders, in the short term, it could mean loss of value, and the holding strategy only pays off over time with value appreciation.
This is relative. Augur is already a market leader in the prediction markets. As a payment network, this role is ancillary to its major purpose as a reputation token. As long as it is traded across borders and markets, it will play a role as a payment network too.
Yes. Cryptocurrencies have recorded major price leaps in recent years, which led to tax authorities defining how they can be taxable. In some countries, you pay taxes on the profits you make for trading Augur, while others treat it as an asset that attracts capital gains tax at its disposal.