How to Buy Loopring (LRC) in 2021: A Simple Guide

Loopring (LRC)In this guide you’ll get information about where to buy Loopring, if you are planning to buy LRC – You’re in the right place!

Loopring comes with a unique idea as a platform. It is basically NOT a DEX (Decentralized Exchange) platform on its nature, but it enables decentralized exchange system through ring-sharing and order matching technologies. Its unique nature is the ability to enable both centralized and decentralized exchanges within its platform, providing access and flexibility in the operation.

Think of Loopring as a place that pools orders (from many exchanges) and then tries to fill the orders through matching them with the order books. The order books belong to the exchanges participating within the Loopring network. This platform is constructed on Ethereum network and Zero-Knowledge Proofs so users can build non-custodial, orderbook-based, and high-throughput exchanges.

Loopring (LRC) Features

  • A blockchain agnostic system. It means that this platform allows any platform, provided that they have implemented smart contracts, to integrate well with its system.
  • NEO and Ethereum integration. These two blockchain networks have integrated to Loopring and there will be more to come.
  • Flexible operation. Since Loopring allows centralized and decentralized exchanges, it increases liquidity from various blockchain networks. Investors will have the access to the best prices without having to cross check different exchanges.
  • Full control (for the traders). They have complete control concerning their funds. Once orders are made, funds would be locked within the smart contract. It is designed to boost Loopring’s security. Traders are also free to trim, increase, or even cancel the orders and the funds.
  • Solution to scalability issue. This is one of the major issues in DEX, which makes it difficult for mass adoption. However, Loopring makes it possible to deal with scalability problem without compromising the security matter.
  • Easy mechanism. Users place the trade’s order through the (loopring.io) wallet and then sign it with private key. The order will be relayed to Loopring network – on both off-chain relaying nodes and smart contracts. The smart contracts will make sure that the funds would be properly exchanged while the nodes would monitor the (order) book and broadcast it (to the ring miners).

Where to Buy, Sell and Trade Loopring aka LRC

You can basically use debit card, credit card, or even PayPal to buy the Loopring (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Loopring as the exchange.

With cryptocurrency, things are different. You need to use debit card or credit card to buy the Ethereum or Bitcoin first. After you get the Ethereum or Bitcoin, you can convert it to Loopring. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.

In general, the process would be:

  1. You go to the online exchange and buy the Ethereum or Bitcoin
  2. Find a crypto exchange that supports Loopring currency and exchange your Ethereum or Bitcoin with the Loopring
  3. Store your Loopring to a secured wallet

Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) at Coinbase

There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.

The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.

Get $10 Bonus when you sign up for Coinbase!

coinbaseClick here to register (opens in new tab)

  • You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
  • Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
  • You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.

That’s the first step in buying Loopring, once you get your Bitcoin or Ethereum, you can continue to the next step.

Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments

After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH from your Coinbase wallet.

With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.

These are the best exchanges we can recommend for you to exchange BTC or ETH with Loopring:

BINANCE
binanceBinance is  the top-ranked cryptocurrency exchange in the market, and it’s the place to go to trade large volumes of digital assets. They established their operations back in 2017 in Malta, one of the few countries to openly embrace cryptocurrencies as a financial instrument. They currently average up to 1.2 billion dollars in trade right now. Binance.com is unable to provide services to U.S. citizens or residents.

  • Deposit Methods: Bank transfer (ACH), Bank transfer, Cryptocurrency, Debit card, Wire transfer
  • Fiat Currencies: USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH, KZT & 5+ more
  • Supported Cryptocurrencies: BTC, EOS, BCH, ETH, FET, XVG, TRX, NEBL, XRP, NEO & 345+ more
  • Trading Pairs: 1189+
GATE.io
gate.ioGate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions. Gate.io crypto exchange allows users in 49 states within the US to trade the spot crypto market except for Washington State and New York State.

  • Deposit Methods: Cryptocurrency Only
  • Fiat Currencies: N/A
  • Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 565+ more
  • Trading Pairs: 1118+

IMPORTANT! Once you are registered to any of the above, find the BTC/LRC or ETH/LRC trading pair and then place the order to buy those pairing cryptocurrencies. Go back to COINBASE and transfer/exchange your Bitcoin/Ethereum.

Step 3: Managing Your Crypto Assets in a Secure Wallet

As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.

You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.

There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.

For Securing your Loopring (LRC) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

LEDGER NANO-X

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

TREZOR MODEL-T

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

Frequently Asked Questions (Faqs)

Can I Buy Loopring (LRC) with PayPal?

You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Loopring. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy Loopring (LRC) with Cash?

You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:

  • Make sure you have a BTC / ETH wallet before you buy from seller
  • Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.

Can I Buy Loopring (LRC) with Skrill?

You can’t buy LRC directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Loopring. You can buy BTC/ETH with skrill by using these exchanges::

Can I Buy Loopring (LRC) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair BTC/LRC and begin the transactions.

Can I Buy Loopring (LRC) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support ETH/LRC trading pair.

What Is the Best Payment Method to Buy Loopring (LRC)?

The cheapest way is to use bank account to buy Bitcoins first or to buy the Loopring right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect Loopring (LRC)?

Once you have purchased the Loopring, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

ledger nano x

Securely trade on-the-go and manage a large number of assets at the same time, with only one device.

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

How to Sell Loopring (LRC)?

Find a crypto exchange which allow pairing LRC with BTC or ETH – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine Loopring (LRC) and Not Buying It?

You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Loopring is to buy it from a reliable exchange.

Conclusion

Loopring provides a place where users are free to choose whatever type of activity they want. They can go with the centralized trading as well as the decentralized type. They can also enjoy the benefits of various flexibilities and freedom within the network. This would be a platform ideal for flexible investment and trading. If you are interested in its concept, you can always check Loopring (LRC) and learn more about it.

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