Score
RENQ FINANCE
Seychelles
1-2 years
Suspicious Regulatory License|
Medium potential risk
https://renq.io/
Website
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WikiBit Risk Alerts
1It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!
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Keywords
Time Machine
White Paper
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https://renq.io/
https://twitter.com/RenQ_Finance
https://www.facebook.com/renqfinance
support@renq.io
User Reviews
| Aspect | Information |
|---|---|
| Exchange Name | RENQ Finance |
| Registered Country/Area | Seychelles |
| Founded Year | 2022 |
| Regulatory Authority | No Regulation |
| Number of Cryptocurrencies Available | 8+ |
| Fees | Trading Fee by the trading volume |
| Payment Methods | cryptocurrencies |
| Customer Support | Customer Service Email Addresssupport@renq.io |
Overview of RENQ FINANCE
RENQ Finance is a progressive platform in the realm of decentralized finance (DeFi), with a primary focus on virtual currency exchange. It works as an exchange protocol on Ethereum blockchain that allows digital asset holders to freely and securely trade without the need for an intermediary.
Incorporating elements of DeFi, RENQ Finance creates pools of tokens that users can trade against directly, rather than using traditional buy/sell order methods. This marked innovation appeals to many within the crypto space for its efficiency and convenience, streamlining the digital currency exchange process.
RENQ also underpins a new type of stablecoin, a financial instrument pegged to an external asset or group of assets. These stablecoins aim to counteract the notorious volatility of cryptocurrencies, which can interfere with average financial operations such as lending, borrowing, and earning interest.
Pros and Cons
| Pros | Cons |
|---|---|
| Highly secure, powered by Ethereum blockchain | Limited information about the platform online |
| Efficient and convenient trading processes | May be complex for beginners in cryptocurrency trading |
| Introduction of stablecoin to counteract volatility | Depends on the health of the Ethereum network |
| Autonomous and transparent financial model | Potential exposure to DeFi related risks |
| User-friendly interface | Fees structure not fully transparent |
Security
The security of RENQ Finance, doesn't store any user assets, moreover Renq offers 2FA security options for users to keep their Keys and Funds secure, largely associates with the robustness of the underlying technology, which in this case is the Ethereum blockchain. The immutable and decentralized nature of this technology inherently provides a high level of security, as it reducing the risk of fraud and counterfeiting that can occur with centralized systems.
RENQ Finance operates using smart contracts - self-executing contracts with the terms written directly into lines of code. Since these contracts are decentralized and operate autonomously, they can minimize the risk of manipulation and reduce the need for trust.
Cryptocurrencies Available
As a decentralized exchange protocol operating on the Ethereum blockchain, it's reasonable to assume that a range of ERC-20 tokens could be traded on the platform.include MEXC,Uniswap v2 (USDT),Uniswap v3 (Ethereum),LBank,BitMart,Uniswap v2 (WETH),Uniswap v3 (Ethereum),Coinstore,over 8+Cryptocurrencies .
| Exchange | Pair | Price (USD) | +2% Depth | -2% Depth | Volume (24h) | Volume (%) |
|---|---|---|---|---|---|---|
| MEXC | RENQ/USDT | $0.007055 | $117 | $642 | $77,262 | 34.05% |
| Uniswap v2 (USDT) | USDT/RENQ | $0.007289 | $1,329 | 0.59% | N/A | N/A |
| Uniswap v3 (Ethereum) | WETH/RENQ | $0.007289 | $3,449 | 1.52% | N/A | N/A |
| LBank | RENQ/USDT | $0.007031 | $166 | $48,925 | 21.56% | High |
| BitMart | RENQ/USDT | $0.007072 | $194 | $75,555 | 33.30% | High |
| Uniswap v2 (WETH) | WETH/RENQ | $0.007289 | $104.78 | 0.05% | N/A | N/A |
| Uniswap v3 (Ethereum) | USDT/RENQ | $0.007233 | $20,267 | 8.93% | N/A | N/A |
| Coinstore | RENQ/USDT | $0.007028 | $43,556 | --% | N/A | N/A |
RENQ FINANCE APP
The RENQ app serves as a comprehensive mobile application for accessing and managing various aspects of the RENQ decentralized finance (DeFi) ecosystem. Designed for both iOS and Android devices, the app offers a user-friendly interface and a suite of features catering to both novice and experienced DeFi users.
How to Buy Cryptos？
A standard process would likely involve the following steps:
Step 1: Wallet Setup: As a decentralized exchange (DEx), RENQ Finance likely necessitates the setup of a compatible digital wallet. This wallet will hold the user's cryptocurrency assets. Wallets like MetaMask are often used for this purpose due to their compatibility with Ethereum-based DEx platforms.
Step 2: Asset Transfer: In the digital wallet, users will need to deposit or transfer the cryptocurrency that they wish to trade. Given that RENQ operates on the Ethereum blockchain, Ether (ETH) or other ERC-20 tokens are likely to be compatible.
Step 3: Connect Wallet to DEx: The user must then connect their wallet to the RENQ platform. This action typically involves following prompts on the DEx interface to grant necessary permissions.
Step 4: Initiate Trade: With their wallet connected and funded, users can potentially initiate a trade. This step often involves selecting the desired cryptocurrency, inputting the amount to buy, and confirming the transaction details.
Step 5: Confirmation & Completion: After verifying transaction details, users would typically confirm the transfer. The transaction should then be processed and the purchased assets should appear in the user's connected wallet.
Payment Methods
As a platform operating on the Ethereum blockchain, the primary method for transactions would potentially be Ether (ETH), alongside offered ERC-20 tokens. In terms of processing times, they would typically depend on the traffic on the Ethereum network and associated gas fees - this is the computational effort required to execute operations on the Ethereum blockchain. During times of high demand, processing times could extend if the network becomes congested.
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