How to Buy Ronin Crypto Coin: A Step-by-Step Guide for Beginners

Ronin is an Ethereum-based sidechain developed by Sky Mavis primarily to run the Axie Infinity game. The Ronin protocol is designed to improve scalability and reduce transaction costs on the Ethereum network. It achieves this by bypassing congestion on the main Ethereum chain and allowing for faster and cheaper transfers of digital assets.

The native token of the Ronin ecosystem, RON, is a necessary component of the platform, enabling users to pay for transactions and participate in securing the network via delegation to validators. As of February 5, 2024, there were 293.2 million RON in circulation out of a total supply of 1 billion, giving Ronin a market cap of about $834.0 million.

The idea behind Ronin stems from the identification of prevalent issues on the Ethereum network such as scalability problems and high transaction costs. With Ethereum being one of the most widely adopted blockchain networks that support smart contracts, it’s no surprise that developers have looked for ways to enhance its performance.

In 2018, Sky Mavis identified these issues firsthand while building Axie Infinity- a multiplayer game built on using NFTs (Non-Fungible Tokens). They therefore went ahead to develop a solution called Ronin- an Ethereum sidechain created specifically for gaming.The team hoped that this blockchain would solve problems facing scaling and costs on Ethereum thereby enhancing their gaming experience specifically with regards to smooth gameplay and trading between players thus keeping interest in their product alive.

Although Ronin was initially intended for gaming purposes, there is increasing demand and use cases outside of gaming due to its cost efficiency compared to Ethereum Mainnet. Additionally, as the adoption of NFT’s increases – which are supported across both chains – demand for services offered by sidechains will only grow as well due to their handling of these assets.

Now that we have an understanding of what Ronin is and its origin, let’s delve into how to buy this cryptocurrency as a beginner.

Ronin is a cryptocurrency that is primarily created to facilitate seamless transactions within gaming ecosystems, with particular emphasis on gaming assets. The use of blockchain technology ensures that the transactions remain transparent and unchangeable, reducing fraudulent activities. It aims to solve several issues gaming enthusiasts face such as interoperability across different gaming platforms, scarcity of items, and devaluation of their digital assets. As more users embrace this innovative venture, the gaming industry is increasingly moving from a centralised ecosystem to a decentralised one where gamers can own their in-game assets.

If you’re new to crypto investing or just looking to diversify your portfolio, buying Ronin coin is an excellent option. But like any other investment decision, purchase decisions should be made based on informed decisions that consider all factors involved.

Select an Appropriate Crypto Exchange

Research and choose an appropriate cryptocurrency exchange platform where you can buy and sell Ronin coin; popular platforms include CoinEx, OKX, gate.io, and MEXC. When making your decision, consider factors such as trading fees, security features implemented by the platform, supported currencies, and crypto trading features available on the exchange. For instance, Gate.io excels in providing top-flight crypto-trading features while MEXC scantily charges 0% spot-and-futures markers fee.

Create an Account

Upon deciding which crypto exchange platform to join, create an account on the site by submitting an email address and password. Once you have completed registration authorisation processes such as two-factor authentication (2FA), proceed to deposit funds.

Deposit Funds into Your Account

The next step requires that you provide funds necessary to purchase Ronin cryptocurrency; this can be easily done by either making a deposit or using credit/debit card options if offered by the exchange platform. Remember that some exchanges may require us to buy a specific token before we can purchase Ronin.

Find the Relevant Trading Pair

Now that you have deposited funds into your exchange account, navigate to the trading page and locate which trading pairs support Ronin. You will mainly see two types of pairs supporting Ronin – RON/USDT, and RON/ETH. Choose the relevant one based on the currency you intend to trade for Ronin.

For instance, if you wish to exchange USDT or ETH with Ronin, select either of the aforementioned trading pairs that suit your preference.

Purchase Ronin

Once you have located the relevant trading pair, you can then determine how much Ronin you would like to purchase by entering the amount in units of RON. After that, confirm the purchase and wait for your new currency’s arrival in your exchange platform wallet. Congratulations! You just brought some amount of RON at current market price.

Having purchased a cryptocurrency for the first time, it is advisable to store it in a secure wallet where chances of hacking are minimal until when you deem it fit for selling it. More information regarding choosing an appropriate wallet is available on our section ‘Choosing a Wallet.’

Choosing a wallet to store your Ronin cryptocurrency is an essential first step towards investing in the token. Investors will need to have a digital wallet before making any purchase. There are various wallets available, including hardware and software wallets. Hardware wallets such as Ledger or Trezor are considered the most secure as they store the private key offline and come with backup options. Software wallets like MyEtherWallet, on the other hand, offer more user-friendliness but may be susceptible to hacking risks.

It’s essential to choose a wallet based on security and convenience. It’s recommended that users choose a non-custodial wallet as it provides full control over the crypto assets, unlike custodial wallets where users do not hold private keys and rely on third-party entities. Ensure to research and check reviews of different wallets before making your final choice.

After securing a suitable wallet, you will need to assess trustworthy exchanges through which you can invest in Ronin cryptocurrency. Some of the popular centralised exchanges that list Ronin include OKX, Crypto.com, Gate.io, Bitget, MEXC, and Coins.ph.

When assessing reliable exchanges for buying Ronin cryptocurrency, some factors should be considered. These factors include liquidity, fees charged by the exchange, accessibility from your country of residence and safety measures put in place by the exchange.

It’s also advisable to consider using decentralised exchanges (DEX) like Katana DEX. These exchanges provide users with more control over their transactions while also ensuring user privacy through peer-to-peer transactions conducted through smart contracts.

For instance, using Katana DEX eliminates intermediaries that pose security risks since funds are exchanged directly to smart contracts that enforce trade conditions.

Finally yet importantly, it’s always crucial to conduct extensive research about an exchange before depositing any funds into it. Additionally, it would be helpful to heed to the minimum withdrawal amounts and understand any charges or commissions that are chargeable on transactions.

You’ve done your research, identified top-performing cryptocurrencies and found Ronin to be a viable option for investment. So now what? The next step involves finalising the purchase of Ronin by depositing your funds. But how do you get started?

In the following section, we’ll delve into the steps involved in depositing funds and buying Ronin crypto.

Before you can buy Ronin, you need to deposit funds into an exchange that supports Ronin. This is typically done through bank transfer or credit/debit card deposits depending on your chosen exchange’s options. Each exchange has different fees and requirements that you should check out before getting started.

Once you have deposited funds, navigate to the trading section of the exchange where you will see a list of coins available on the platform. Look for “Ronin” or its symbol “$RNN” and click on it to reveal further information about its current market price, trading charts and transaction volumes.

After reviewing the necessary details, specify the amount of Ronin you wish to purchase. This would translate into specifying an amount in dollars or any other local currency supported by your exchange.

If all details are correct, confirm your purchase and wait for processing by the exchange before receiving confirmation of a successful purchase. After confirmation, consider transferring your acquired assets off the exchange platform and onto a secure wallet for safekeeping.

However, as with any investment decision, there’s always some degree of risk involved due to unpredictable market fluctuations. While past performance shows positive trends for Ronin, future profits cannot be guaranteed. It’s crucial to evaluate market risks before investing in such volatile crypto markets.

Now that you understand how to deposit funds and buy Ronin crypto let’s discuss managing your investment over time.

Once you’ve invested in Ronin, it’s important to keep an eye on market trends and news updates. This way, you’ll be aware of any changes or fluctuations that may affect the value of your investment. Moreover, some people prefer to adopt a long-term strategy when investing in cryptocurrency and hold onto their assets for several years.

For instance, suppose you purchased Ronin at $3 in early 2024 and held onto it for five years as per the predictions. In that case, your holdings could potentially be worth anywhere between $21.02 to $51.23, based on market analysis by experts.

Regardless of whether you choose to trade frequently or hold onto your investment long-term, it’s crucial to control your emotions when making investment decisions. Cryptocurrency prices are volatile and can fluctuate widely and quickly due to various internal and external factors. It’s important not to panic at any sudden drops in prices. Instead, research the cause behind such drops by following relevant news sources.

Think of it like sailing a boat; like a sailor navigates natural forces while managing their vessel towards a predetermined destination, an investor has to manage their Ronin investment towards their financial goal.

Another way to manage your crypto investments is by diversifying your portfolio. This entails investing in various digital currencies instead of concentrating on a single one. Diversifications come with reduced risks since losses from one asset can be mitigated by gains from others.

Furthermore, it’s important only to invest what you can afford to lose. Cryptocurrency investments are risky, so never commit more than what you’d comfortably forego without facing financial difficulties.

Lastly, always keep up with the latest developments in cryptocurrency laws and regulations. Changes in local laws regulating virtual currency trading could affect how you buy, sell or trade Ronin, impacting the value of your investment. By staying informed and up-to-date, you can make more informed decisions about continuing to hold or selling your holdings.

Remember, investing in cryptocurrency requires patience, discipline, and commitment. It’s never too late to start investing in Ronin or any other crypto coin. Just remember to do your homework, invest what you can afford to lose, control your emotions, diversify your portfolio and keep an eye on market trends.