Getcrypto.info Raiden Network Token logo
Current price per coin: $

A step by step guide on how to buy & store the Raiden Network Token (RDN) cryptocurrency

What is Raiden Network Token?

The Raiden Network is an off-chain scaling solution, enabling near-instant, low-fee and scalable payments.

Disclaimer

This guide is not and should not be interpreted as investment advice, a recommendation regarding a course of action or as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative and complex, and they involve significant risks­—they are highly volatile and sensitive to secondary activity. Performance is unpredictable, and past performance is no guarantee of future performance. Consider your own circumstances and obtain your own advice before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators' websites before making any decision. The author may have holdings in the cryptocurrencies discussed. All product names, trademarks, brands, photographs and logos are the property of their respective owners.

How to buy Raiden Network Token
Important notes: The links in this guide are correct as to the best of our knowledge. It is your own responsibility to double check that clicked links look correct in your browser bar, and that any wallet you install on your computer is from a legitimate source.

It's highly recommended to have quality virus/malware protection on your computer, such as Bitdefender, before buying cryptocurrencies.

Notes: Images can be clicked to see a larger version.

If you're confused by any terms used, a glossary can be found here.

This guide is kept up-to-date as much as possible, but websites & software are being constantly updated- your experience may differ from what is documented.

There are three parts to this guide (click to skip to them): Setting up a Raiden Network Token wallet, buying Ethereum and then exchanging Ethereum for Raiden Network Token.

1

For this guide we'll be using the easiest & most convenient wallet option for storing your Raiden Network Token coins- provided by MyEtherWallet (which can store any coin on the Ethereum blockchain, including Raiden Network Token).

Go to myetherwallet.com and enter a password that would be hard to guess (but which you won't forget!).

Note: if you forget this password you might lose access to your coins.

Press 'Create New Wallet'.

Creating a wallet at Myetherwallet.com
2

Click 'Download Keystore File'. Be sure to read and understand the warnings.

It's very important that you back this file up somewhere safe (think multiple external hard drives and/or USB drives that you put somewhere safe).

Once you've done that, click 'I understand. Continue.'

Saving your keystore file
3

Now you will be given a powerful unencrypted private key to your wallet.

Note: Never give your private key to anyone. If you do, they can open your wallet and take your coins.

Consider printing out your private key and storing it somewhere safe- then deleting all references to it from your computer. Why? Because sometime in the future you might get a virus, or malware, or visit a website with an advert that has malicious code.

These things will target a private key, as it's an easy way to open your wallet and steal your coins.

So why print out your private key at all, if it's so insecure? Because it's your last resort. If you lose your keystore file (e.g. your computer gets wiped or damaged), or if you forget your password, with your unencrypted private key you can still access your account as a last resort.

There is also an option to print a paper wallet (which displays everything you'd need to access your wallet).

If you choose to print this, treat it just like the Keystore file you just downloaded- keep it hidden and keep it safe.

Next, click 'Save your address'.

Saving your private key

Important Note: We all hear of computers and phones being hacked. Websites running illicit code to steal passwords. Phishers tricking people into clicking links that steal information from their computers.

Another line of defence to keep our coins from being siphoned out of our wallets is essential.

And that's a hardware wallet.

Hardware wallets plug into your computer like a USB stick, and they have one job- to be a firewall between your Raiden Network Token and the outside world.

To do this, they encrypt the private keys to your cryptocurrency wallets so that no-one- not even you- can know them. That way only someone with physical access to your hardware wallet- and who also knows its password- has a chance to access and move your coins.

Which hardware wallets support Raiden Network Token?

Hardware wallets made by Ledger and Trezor support the storage and sending of Raiden Network Token.

Where do I get a hardware wallet?

Our recommendation is to either get a Ledger Nano S from their official website or Amazon, or a Trezor from their official site or Amazon.

The Nano S makes it easy to manage your coins- it's compact and discreet, and wallet management is achieved through a small LCD screen and two buttons.

Ledger Nano S

The Trezor is just as easy to use, small and also featuring two buttons, with a lot of information packed into its small LCD screen.

Trezor

Here's the Ledger setup guide, and the Trezor user manual.

4

Now we're going to open your new wallet.

Select the 'Keystore File' option, then upload the keystore file you saved in step 2, then enter your password.

Once you're done, scroll down the page to see your opened wallet.

Unlocking your wallet
5

You will see a long string of letters and numbers labelled 'Your Address'.

This is your personal wallet address, and it's where we're going to be sending your Raiden Network Token coins.

Copy this address and keep it somewhere safe as we're going to need it soon.

Finding your wallet address
6

Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for Raiden Network Token (if you already own Ethereum you can skip ahead).

Choose which Ethereum exchange you'd like to use (by clicking on the logo), and the guide will continue:

Choose your exchange
#
Coinbase
  • Operates in 32 countries.
  • Accepts debit & credit cards and bank transfers.
  • Can have low buy limits at first, increases with use.
  • ID verification required.
#
Cex.io
  • Worldwide coverage, 99% of countries.
  • Accepts debit/credit cards and bank transfers.
  • High initial buy limits compared to other exchanges.
  • ID verification required.
#
Coinmama
There are also some other exchanges (but without step by step guides) listed here.
7

If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).

Coinbase
8

Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email and a password.

Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.

To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.

Note: If you have problems verifiying your ID using your computer, try downloading the Coinbase app (on Iphone or Android), signing into your Coinbase account and verifying your ID using your phone camera.

Signing up to Coinbase
9

Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).

Once your payment details are verified, click 'buy/sell' on the top menu.

Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.

Once you're happy with the amount, click the big 'Buy' button.

Buying Ethereum on Coinbase
10

You'll be asked to confirm your purchase.

Press the 'Confirm Buy' button.

Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.

Confirm buying Ethereum on Coinbase
7

Click here to go to Coinmama.

In the sign up form, enter your email address and first and last name (make sure these are exactly the same as on your photo ID).

Enter a strong password (that you won't forget!).

Select your country, tick the box to show you understand their terms and conditions and press 'Register'.

Coinmama
8

You will be sent an email to confirm your email address.

Go find that email and click the link in it.

You will be informed that your email is now confirmed. Press 'Continue'.

You will be prompted to log in. Enter your email and password and press 'Login'.

Signing up to Coinmama
9

You won't be able to buy any Ethereum until you verify your account.

In the left-hand menu, click 'Verify your account'.

You will be asked to fill in your personal details. Once you have, press 'Next'.

Signing up to Coinmama
10

Here you need to upload some pictures of your ID.

You're also asked to take a selfie of yourself holding your ID, as well as writing 'Coinmama' on a piece of paper with today's date.

Make sure none of these pictures are blurry, or they will be rejected.

Once you've uploaded the files you'll be informed your documents are under review- unfortunately you'll have to wait until you're verified to continue your purchase.

Signing up to Coinmama
7

Click here to go to Cex.io

Click the 'Register' button along the top menu.

Cex.io
8

Enter your email address and a secure password. Click the checkbox to agree to the terms.

Click 'Register'.

Signing up to Cex.io
9

You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.

We recommend using the 'Smartphone App' option.

Signing up to Cex.io
10

Once your security has been set up, you'll be taken to your account dashboard.

Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.

You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.

Signing up to Cex.io
11

Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.

Signing up to Cex.io
12

Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.

Complete the Cex.io verification process by supplying your personal information and uploading your ID.

Signing up to Cex.io
13

Once you're verified, click the 'Deposit' button along the top menu.

You now get to choose how you'd like to deposit money:

Via credit/debit card

If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.

Via bank transfer

This option takes a few days for the transfer to arrive but has no commission fees.

Choose the method you prefer and follow the instructions to deposit your money.

Signing up to Cex.io
14

Once your money is in your account, click 'BUY/SELL' on the top menu.

Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).

You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.

Once you've decided, click 'Buy'.

Signing up to Cex.io
15

You'll be asked to confirm your buy.

Check everything looks correct and click 'Confirm the order'.

Signing up to Cex.io
16

Congratulations- you now own some Ethereum!

Press 'Ok'.

Signing up to Cex.io
11
17
1
11

While you're waiting to be verified, we'll sign up for Binance, so you'll be ready to exchange your Ethereum for Raiden Network Token.

We'll use the site Binance to exchange your Ethereum for Raiden Network Token.

We'll use the site Binance to exchange your Ethereum for Raiden Network Token.

We'll use the site Binance to exchange your Ethereum for Raiden Network Token.

Click here to go to Binance, and click 'Register' on the top right menu.

Binance exchange
12
18
2
12

Enter your email and a strong password (that you won't forget!).

Click 'Register'.

Setting up a Binance account
13
19
3
13

You will be sent an email to confirm your email address.

Click the link in the email.

Setting up a Binance account
14
20
4
14

You will be taken back to Binance as your email is confirmed.

Press 'Login'.

On the login form, enter the email and password you just used to sign up, then press 'Login'.

Setting up a Binance account
15
21
5
15

A pop-up will advise you to set up 2FA (two factor authentication) on your account.

We strongly advise you to do this- in the event a hacker manages to get hold of your password, this second level of security makes it very unlikely they will be able to get into your Binance account.

We recommend using the Authy app on your mobile phone or web browser.

Setting up a Binance account
16
22
6
16

Hover your mouse over 'FUNDS' on the top menu and click on 'Deposits Withdrawals'.

This screen displays any coins you have stored on Binance- obviously none at the moment.

Type 'Ethereum' in the search box.

This will narrow the wallets displayed to just a few- in those, find Ethereum.

Press 'Deposit'

You will be given a Ethereum deposit address (a long string of numbers and letters).

Copy this address and keep it somewhere safe as we're going to need it soon.

Note: Double check you've actually selected Ethereum (ETH)- if you send your coins to the wrong wallet you will lose them.

Setting up a Binance account
17

Now, return to Coinbase.

Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.

Click 'Send'.

Sending Ethereum on Coinbase
18

In the 'Recipient' box, paste the Ethereum wallet address we just copied from Binance.

In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).

Click 'Continue'.

Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.

Sending Ethereum on Coinbase
23

Go back to Cex.io

Press 'Withdraw' on the top menu.

Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.

Input the amount of Ethereum you're sending.

In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Binance.

Once you've looked everything over, click the check box to confirm you've double checked everything is correct.

Press 'Withdraw'.

Signing up to Cex.io
24

You will be asked for a 2-factor authentication number.

Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.

Signing up to Cex.io
25

You will be sent an email to confirm the withdrawal.

Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.

Signing up to Cex.io
7

Go back to LocalBitcoins.

You should still be in your wallet page.

In the box labelled 'Receiving Bitcoin address' paste the Ethereum wallet address we just copied from Binance.

Enter the amount of Bitcoin you're sending.

Press 'Continue'.

Signing up to LocalBitcoins
8

You will be asked to enter your password to confirm the send.

Once entered, press 'Send from wallet'.

Signing up to LocalBitcoins
9

You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.

Signing up to LocalBitcoins
17

Hopefully you're now verified on Coinmama, so log into your account and press 'Buy Ethereum'.

You will be presented with some buying options- you can either choose to purchase a preset amount, or at the bottom of the page enter the amount of Ethereum you want, or currency you want to convert to Ethereum.

Once you're satisfied with the amount, press the 'Buy Ethereum' button.

Signing up to Coinmama
18

You will be asked to supply your Ethereum wallet address. Input the wallet address that you copied from Binance.

Press 'Go to payment'.

Signing up to Coinmama
19

You will be asked for your credit/debit card details. Input them and press 'Pay Now'.

Signing up to Coinmama
20

You may be informed that Coinmama has received your order but 'are reviewing the order and making sure you're really you.' This just means they're double checking your credit/debit card information to your personal information to be sure this is a legitimate purchase.

Signing up to Coinmama
21

Once they've confirmed everything, you will be sent an email to confirm the purchase. Go to your inbox, find the email and double check it shows your correct Ethereum wallet address you copied from Binance. When you're happy, click the confirmation link in it.

Coinmama will now send your coins to your wallet address.

Signing up to Coinmama
19
26
10
22

Now we've got to wait a few minutes for the coins to move across the network.

Unless there's an unusually large network backlog, the coins will take between 20 and 60 minutes to appear in your Binance wallet.

Binance will update automatically so there's no need to refresh the page.

While you're waiting, consider sharing this guide with your friends and followers to spread the word about Raiden Network Token, encouraging its popularity and value to grow.

Here's some share buttons to make it easy:

20
27
11
23

Once the Ethereum shows in your 'available balance' we're ready to trade for Raiden Network Token.

Click here to jump straight to the RDN/ETH exchange market on Binance.

Setting up a Binance account
21
28
12
24

The exchange page can look overwhelming at first, but don't worry, we're only going to use a small part of it.

There are two ways of buying coins:

A 'Limit' order, which lets you manually set the price at which you want to buy RDN.

A 'Market' buy, which fills your order automatically at the best price available.

As market buy is the simpler of the two options we'll go with that.

Look for the big green 'Buy RDN' button.

Above it, click the 'Market' option.

In the input box marked 'Amount' you now need to fill in how many RDN you'd like to buy. It may be easier to use the percentage buttons below the input box- for example, press 50% if you'd like to exchange 50% of your Ethereum for RDN.

When you're happy with the amount, press the buy button.

Your order will be filled immediately.

Setting up a Binance account
22
29
13
25

Hover over 'Funds' along the top menu, then click 'Balances'.

In the search box, type RDN. You will now see your new RDN in your RDN wallet.

Setting up a Binance account
23
30
14
26

If you're comfortable with it, you could just leave your coins on Binance and they would probably be safe. However, exchanges have been hacked in the past, and people have lost coins, so we do recommend you keep them in a personal wallet. Here's how:

Note: You CANNOT store Ethereum tokens, such as Raiden Network Token, on Coinbase. If you send your Raiden Network Token to Coinbase you will lose them.

Click the 'Withdrawal' button.

In the boxes that appear, fill in this information:

RDN Withdrawal Address: Put the wallet address that you copied from MyEtherWallet (in step 5).

Amount: Input the number of RDN you want to withdraw. It's often a good idea to do a small test withdrawal first before sending all your coins.

Once you're sure all this information is correct (double check you've inputted the correct wallet address!), press 'Submit'.

If you've set up two-factor authentication, you will be asked for a code from your phone. Enter it and press 'Submit'.

You will be sent an email to confirm the withdrawal.

Go to your email and click the link that has been sent to you.

Setting up a Binance account
24
31
15
27

Go back to MyEtherWallet.

You should now see the Raiden Network Token (abbreviated to RDN) in your wallet under 'Token Balances'.

Not all newer tokens automatically show in your token balance list. If this is the case with your Raiden Network Token, follow this tutorial to have them show up.
MyEtherWallet token balance
25
32
16
28

One note of importance is that the example wallet in this guide has no Eth in it. Why is that important?

Raiden Network Token coins exist as a token on the Ethereum network. To move Raiden Network Token coins across that network costs 'gas', which are in the form of Ether coins. If in the future you want to move your Raiden Network Token coins to another address, you're going to need some of those Ether coins to power the transaction.

You already know how to buy Ether, but you can use this guide if you're still unsure how to move them to your personal wallet.

26
1
33
29
17

What about when you're ready to sell your Raiden Network Token?

You simply reverse the order of tasks you performed in this guide.

For example, you send your Raiden Network Token to Binance, exchange it for Ethereum, send that Ethereum to Coinbase Cex.io Coinmama Local Bitcoins and sell it for your preferred currency.
Raiden Network Token Links

Email updates
...and if you're interested in daily crypto news in your inbox, check out CryptoAM
Other coin guides

getcrypto.info/raiden-network-token/ and its affiliates make the information in this web site available as a service to its customers and other visitors, to be used for informational purposes only. While we have tried to provide accurate and timely information, and have relied on sources we believe to be reliable, the site may include inadvertent technical or factual inaccuracies. getcrypto.info/raiden-network-token/ does not warrant the accuracy or completeness of the materials provided, either expressly or impliedly, and expressly disclaims any warranties or merchantability or fitness for a particular purpose. Neither getcrypto.info/raiden-network-token/ nor any of its affiliates, directors, officers or employees, nor any third party vendor, will be liable or have any responsibility for any loss or damage that you incur in the event of any failure or interruptions of this site, or resulting from the act or omission of any other party involved in making this site or the data contained in it available, or from any other cause relating to your access to, inability to access, or use of the site or these materials. Decisions based on information contained on this site are the sole responsibility of the user, and in exchange for using this site, you agree to hold getcrypto.info/raiden-network-token/ and its affiliates harmless against any claims for damages arising from any decision you make based on such information. Check out our privacy policy here.
Ledger Trezor Cex Coinbase