How To Trade Render Token

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Learn how to trade Render Token on one of the major centralized crypto exchanges in the world by using the order book and placing orders.

Meet Render Token(RNDR) a distributed GPU rendering network built on top of the Ethereum blockchain. In a GPU rendering network, various GPUs work together to accelerate rendering tasks, significantly reducing the time required to produce high-quality graphics and animations. By using blockchain technology the Render Token is aiming to connect artists and studios in need of GPU compute power. In addition, GPUs in combination with mining partners willing to rent their GPU capabilities out.

On top of that, they are using the RNDR token as the blood and veins of this blockchain network. At the time of writing, RNDR is the 49th most traded crypto token worldwide. In addition, it is valued at a total market cap of approximately $716 million.

Being a cryptocurrency means that this token(RNDR) is available on many exchanges all around the globe. Trading Render, or buying and selling RNDR tokens is a logical next step if you want to start making money from this volatile asset.

Finally, by continuing to read this guide you’ll learn the following according to Render Token:

  • How To Trade Render Token on Kucoin(Step-by-step)
  • How centralized cryptocurrency exchanges(CEX) work
  • Learn to use the advanced trading orders

How Does Trading Render Token(RNDR) Work?

Spot trading Render Token is like buying and selling digital currencies. You can trade Bitcoin, Ethereum, and other cryptocurrencies. To start, sign up, and deposit funds on a centralized exchange(CEX). There are trading fees when you make trades, typically a small percentage of your transaction.

Now, about custodial wallets: All centralized exchanges(CEX) like Kucoin, provide a wallet for you to store your crypto. It’s very similar to a digital bank account. They manage security and private keys. However, it’s a custodial wallet, which means they have control over your funds. You can also use non-custodial wallets for more control.

Regarding costs, besides trading fees, be aware of withdrawal fees when moving your RNDR tokens out of the exchange. These fees vary by the type of cryptocurrency you’re moving.

In summary, to trade Render Token on a CEX involves signing up, trading digital assets, paying trading and withdrawal fees, and using a custodial wallet. Consider using non-custodial wallets for added security and control over your funds. Start small, learn, and make informed trades.

The RNDR/USDT and RNDR/BTC Trading Pairs

By far, the most popular Render Token trading pairs are with Bitcoin (BTC) or Tether (USDT). Additionally, the most popular exchanges to buy or sell RNDR are Kucoin and Binance. Below is a short summary of both crypto exchanges:

  • Binance(The most popular platform and well-known cryptocurrency exchange globally)
  • Kucoin(Another reputable cryptocurrency exchange with a mobile app, it allows Render Token trading for US and EU residents)
Kucoin
USA(❌)USA(✔️)
Go to BinanceGo To Kucoin

So, if you are planning to trade Render Token, then you will need to have some BTC or USDT in your exchange account to buy them with. Deposit BTC or USDT into your exchange account if you have not yet done so.

If you are selling Render Token, then you will need to have some RNDR in your online trading account.

Once you are done with the registration and have deposited your RNDR, BTC, or USDT, you are ready to start trading RNDR. For the rest of the guide, I will be using RNDR/USDT in the examples.

Steps To Trade Render Token on Kucoin Exchange

As explained earlier in this guide, using a CEX depends on your local situation where EU and US residents can’t use Binance(at the time of writing). As a result, I’ll be using the Kucoin exchange to guide you through the spot trading process for the RNDR/USDT pair.

Step 1: Open Spot Trading Screen

After you have logged in/signed up at Kucoin you have to navigate to the upper menu and click Trade and then the first item in the menu: Spot Trading. This will launch the Kucoin trading interface with the BTC/USDT as the default trading pair.

Spot Trading on Kucoin
Spot Trading on Kucoin

Step 2: Find RNDR/USDT Trading Pair

At this point, you have to click on the BTC/USDT up arrow and type the RNDR symbol in the new search screen.

Select a trading pair on Kucoin

Next, you only have to select the RNDR/USDT pair, click on it, and the chart will load:

Screen with RNDR/USDT trading pair
Screen with RNDR/USDT trading pair

Step 3: Place a Limit Buy Order

To indicate how to trade Render Token on Kucoin, I’m going to place a limit buy order on the RNDR/USDT pair. Meaning, I’m going to add a new order to the exchange trading book(add liquidity). After this has been done, it’s just a matter of waiting before the order will be hit.

Place spot limit order for RNDR/USDT
Place spot limit order for RNDR/USDT

Overall, the spot trading process on Kucoin is very straightforward where you can use limit and market buy orders. On the flip side, you can also start selling the RNDR/USDT pair where you must click the big SELL button. Also, remember that you have to pay fees for every single trade on Kucoin:

  • Spot orders (Maker/Taker): 0.1%
  • Futures(Maker/Taker): 0.02 / 0.06%

👉Open a free account at Kucoin

Understanding Render Token Spot Trading Orders

To be able to understand Render Token trading on Kucoin, you have to learn the concepts mentioned below:

  1. Market Depth: Market depth, often shown as a chart, displays the supply and demand for a particular cryptocurrency on KuCoin. It shows the number of buy orders (bids) and sell orders (asks) at various price levels. Deeper market depth indicates more liquidity and stability in the market.
  2. Order Book: The order book on KuCoin is a real-time list of all buy and sell orders for a specific cryptocurrency pair. The buy orders are listed on the left (bids), and the sell orders are on the right (asks). It helps traders see the current market sentiment and potential support and resistance levels.
  3. Open Orders: Open orders are the trades you’ve placed but haven’t been executed yet. For example, if you set a buy order at a specific price lower than the current market price, it’s an open order until the market reaches that price, and the trade executes.
  4. Stop Limit Orders: Stop limit orders on KuCoin are used to automate trading strategies. They consist of two parts: the “stop” price and the “limit” price. When the market reaches the stop price, the order becomes active, and a limit order is placed. It’s commonly used for managing risk. For instance, you can set a stop limit order to sell your crypto if its price falls below a certain point to limit potential losses.
Supply and Demand chart for RNDR/USDT
Supply and Demand chart for RNDR/USDT

In essence, these terms help you understand the dynamics of trading on KuCoin. The order book shows current demand and supply, open orders are your pending trades, and stop-limit orders automate your trading strategy based on predefined conditions. Understanding these concepts is crucial for effective trading on the platform.

Conclusion: What Moves The Price of The RNDR Token?

In general, to trade Render Token as a beginner in cryptocurrencies, it’s very reliable to use a more mainstream exchange like Binance or Kucoin. The sign-up process for both platforms is very straightforward and there is enough volume and liquidity in the order books to buy or sell RNDR tokens.

Finally, to explain what moves the price of the RNDR token, consider the following factors:

  1. Adoption and Usage: If more people and projects use the Render network for transactions and decentralized finance, it can create demand for the RNDR token, potentially increasing its price.
  2. Market Sentiment: Like all cryptocurrencies, RNDR price can be driven by investor sentiment. Positive news, developments, and community support can boost confidence and attract buyers.
  3. Token Utility: The RNDR token may have specific uses within the Render Token ecosystem, such as paying transaction fees or participating in governance. The more utility it has, the more valuable it can become.
  4. Competition: RNDR’s price may be influenced by how it compares to other similar projects and trending meme coins. Competition can affect demand and market perception.
  5. Overall Crypto Market: Cryptocurrency markets are interconnected. If the broader crypto market experiences bullish trends, it can positively impact RNDR and vice versa.
  6. Supply and Demand: The basic economic principle of supply and demand applies. If more people want to buy RNDR than sell it, the price goes up, and if more people want to sell than buy, the price goes down.

👉Open a free account at Kucoin

FAQ

Can I Buy RNDR on Binance?

Yes, it’s possible to buy and sell RNDR on Binance. In addition, you can use the USDT and BTC trading pairs to trade with(RNDR/USDT and RNDR/BTC).

How Do You Trade Render For Cash?

On major crypto exchanges like Binance or Kucoin, it’s very easy to convert your RNDR to USD or EUR. From here you can cash out and deposit funds to your bank account.

Where Can I Trade Render?

As explained in this guide, you can trade Render Token on Binance and Kucoin. Other popular exchanges like Coinbase, Kraken, ByBit, and Okex have added the RNDR token to their platforms.


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