How to Buy REP (Augur)
Ever wanted to cash in on your ability to predict the outcomes of sporting events, elections or the performance of crypto assets?
If so, you may want to consider Augur, an open-source prediction market platform that allows users to bet on the outcomes of real-world events.
Built on top of Ethereum, Augur lets you purchase shares of outcomes using ETH, Ethereum’s cryptocurrency. By helping report these outcomes, you can also be rewarded with REP, Augur’s cryptocurrency, which provides a built-in incentive to maintain the platform.
Not sure yet why you’d want to buy REP? Feel free to read our ‘What is Augur?’ guide. It offers a more extensive breakdown of its technology and vision.
Ready to dive in?
If you just want to start buying REP right away, click the button below to begin.
Why buy REP?
While it is used alongside ETH for platform functions, REP is pivotal in the success of Augur as a forecasting tool. In fact, users who report outcomes truthfully are rewarded in REP, while those who don’t can lose their REP.
You may want to consider buying REP if you want to:
- Diversify your long-term crypto investment strategy
- Invest in decentralized prediction market platforms
- Profit from a short-term market opportunity
- Stake REP to report on the outcomes of markets
- Support the development of applications on Ethereum.
Where can I buy REP?
There are a number of ways to buy REP. However, many find that it is easiest to purchase it through a trusted global exchange like Kraken.
Aside from offering the lowest fees in the industry, Kraken is constantly rated one of the most secure and trusted crypto exchanges in the world. This matters because if you lose the private key to your REP, it can be challenging if not impossible to recover your funds.
At Kraken, we take security seriously, with tested technology and rigorous procedures designed to safeguard funds. We don’t cut corners when it comes to security, and neither should you.
How much REP can I buy?
Looking to buy REP on a budget? Don’t worry, Kraken offers a minimum order size of 0.3 REP, meaning you can start buying REP with a little under $6 or €5.
Of course, you can also execute larger REP buy orders as well. It wouldn’t be out of the ordinary for larger traders to purchase or trade 1,400 REP or more on Kraken.
How to buy REP on Kraken
Follow the steps below to start buying REP on Kraken:
Sign up for a Kraken account.
First, enter a valid email address, create a new username and set a strong password to protect your account.
Verify your account.
After providing your name, date of birth, country of residence and phone number, you can buy REP with cryptocurrencies like ETC and DASH. In order to use fiat currency (i.e. EUR or AUD), you’ll need to provide our experts with additional supporting documents verifying your identity. Read about our verification processes here.
Deposit fiat currency.
You can fund your account in a number of ways. How you do so will depend upon your location and preferences.
Once your account is funded with fiat, you’re ready to purchase REP. At this point, you’ll also gain access to our advanced charting tools, 24-hour global client support and the ability to utilize margin trading, features that help make the Kraken experience beloved by millions of global traders.
24/7/365 Customer Support
Trading is really pretty simple! If you have any questions about buying REP, let us know. Our support staff is online all day, every day, ready to help.
You can reach us anytime on LiveChat or by email.
Where to keep your REP
Once you buy REP, you’ll need somewhere to safely store your cryptocurrency.
Kraken is secure, but it’s always safest to keep your REP in a wallet, a software or hardware device that stores the public and private keys required to make crypto transactions.
Augur is a platform built on top of Ethereum, meaning REP can be stored in an Ethereum wallet, of which there are many. Mobile and web wallets can make transactions easy, while hardware and paper wallets are perhaps best suited for secure, long-term storage.
When choosing a crypto wallet for your REP, first spend some time thinking about what you plan to do with your tokens to find a wallet that fits your needs.
Kraken is not a wallet service
It is important to note that Kraken is an exchange service and not a wallet service. So while we allow our clients to hold REP in their accounts, we highly encourage you to separate your REP holdings into multiple wallets.
Start buying REP
Ready to take the next step towards betting on real-world events? Click the button below to buy REP on Kraken today!