If you have any interest to buy Loopring (LRC), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of Loopring (LRC).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
- Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Next, click “Buy BTC. A window that contains all the details of your order will pop up. However, before you confirm your order you need to read the disclaimer and Terms of Use. Once satisfied, confirm your order by ticking the tab and head to “Go to payment’’; click.
- Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transferring Your Cryptos to an Altcoin Exchange FTX
Now let us purchase Loopring (LRC) using your investment from Binance.
But, not every crypto can be traded in Binance we need to transfer our coins to an exchange that Loopring (LRC) can be traded.
Let me guide you to FTX which is a famous exchange to trade altcoins. We will use the link below to register your new account.
If you have completed similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades Loopring (LRC), you will need to transfer your BTC from Binance to that specific exchange.
You will need to use a wallet system. Deposit BTC to ftx Click “Wallet” from the top left menu. Then, you will see the coin list, find BTC and lick deposit button and copy the given “Deposit Address” This part may be a little bit difficult but don’t worry, it is easier than a bank transfer.
After you have copied your unique BTC wallet address go back to Binance. Move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”.
Look for BTC in the list and click on “Withdraw” on the right hand side. Then, Paste the deposit address you just copied from the other exchange and select BTC as the transfer network.
Type down the amount that you want to withdraw (you may click the Max button if you want to withdraw all). Then, Click on the Submit button to begin with the withdrawal process.
For you to continue with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That is all you need to do, now you should wait shortly so that the blockchain to confirm your transaction.
Step 5: Trade Loopring (LRC)
Now you need to go back to Bitmax to buy Loopring (LRC) with the Bitcoins you sent.
You will have to move your mouse over to trading and then click standard under cash trading.Then, in the left column make sure to select “BTC” pair and in the search bar type in “LRC”.
After you havemoved your coin click on it and now you will see a price table of LRC/BTC in the middle of the page. Select, the “Market” tab as that is the most straight-forward type of buying orders.
The, you have to type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
Once you have confirmed everything, click “Buy LRC”. Now you own your LRC!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever Loopring gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store Loopring securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your Loopring for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy Loopring with cash?
The answer is No. Because there is no way you can directly buy Loopring with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy Loopring while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase Loopring or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
About Loopring (LRC)
What Is Loopring [LRC]?
LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges.
In 2020, the average daily trading volume of the entire cryptocurrency market fluctuated in the approximate range of $50-$200 million. Most of that trading is conducted on centralized cryptocurrency exchanges — online platforms operated by private companies that store users’ funds and facilitate the matching of buy and sell orders.
Such platforms have a number of downsides common to all of them, so a new type of exchange — decentralized— has emerged to try to alleviate these disadvantages. However, fully decentralized exchanges are not without their own flaws.
Loopring’s purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.
LRC tokens became available to the public during an initial coin offering (ICO) in August 2017, while the Loopring protocol was first deployed on Ethereum mainnet in December 2019.
Who Are the Founders of Loopring?
The founder and current CEO of Loopring Foundation, which manages the development of Loopring protocol, is Daniel Wang, a software engineer and entrepreneur based in Shanghai, China.
Wang has a bachelor’s degree in computer science from the University of Science and Technology of China, as well as a master’s degree in the same field from Arizona State University.
Prior to starting work on Loopring, Wang has held multiple managerial and executive positions in major tech companies: he was a lead software engineer at the medical device manufacturer Boston Scientific, the senior director of engineering, search, recommendation and ads system at the Chinese e-commerce giant JD.com, as well as a tech lead and senior software engineer at Google.
Wang has also co-founded several companies: Yunrang (Beijing) Information Technology Ltd. and the cryptocurrency services firm Coinport Technology Ltd.
What Makes Loopring Unique?
The main idea behind Loopring is to combine elements of centralized and decentralized cryptocurrency exchanges to create a protocol that will enjoy their unique advantages and eliminate inefficiencies.
Centralized exchanges are currently the main mode of operation for crypto trading services. While highly popular and convenient, using a centralized exchange carries a number of risks, the chief of which is their custodial nature. Because these exchanges hold users’ funds for them between the points of depositing and withdrawing, those funds come under the risk of being partially or fully lost due to potential hacker attacks, malicious actors inside the exchange or regulatory intervention.
Another major problem for centralized exchanges is the lack of transparency: the fact that trades are not settled on the blockchain, but rather stored in the exchange’s internal records makes possible price manipulation by the exchange and allows it to use user funds for unauthorized purposes while in custody.
In order to eliminate these problems, a new type of trading service has emerged in recent years: a decentralized crypto exchange (DEX). Instead of holding user funds in custody and processing trades internally, it helps buy and sell orders connect directly with each other and settle trades on a public blockchain.
While removing the custodial and transparency risks, DEXs introduce disadvantages of their own: mainly, lower efficiency (when compared to centralized alternatives) associated with the limited capabilities of the underlying blockchains and fragmented liquidity.
Loopring protocol seeks to keep the advantages of decentralized exchanges while reducing or eliminating their inefficiencies via innovative hybrid solutions. Through managing orders in a centralized manner but settling the trades on-blockchain, and combining up to 16 orders into circular trades instead of allowing strictly one vs. one trading pairs, Loopring expects to increase the efficiency of order execution, as well as enhance the liquidity of DEXs.
Related Pages:
Loopring is a part of the decentralized finance (DeFi) industry — read more about it at CoinMarketCap Alexandria
Curious about crypto? Learn how to buy Bitcoin here.
How Many Loopring [LRC] Coins Are There in Circulation?
The issuance of LRC tokens is governed by the smart contracts that comprise the Loopring Protocol.
The primary way of earning LRC is via so-called ring mining: in order to improve the liquidity of the Loopring network, the orders in it are not matched strictly as pairs of two cryptocurrencies. Instead, the protocol can mix and match up to 16 orders for different cryptocurrencies in a circular trade, called an order ring.
Nodes on the Loopring network are rewarded in LRC tokens for combining individual orders into order rings, maintaining public order books and trade history, and in some cases broadcasting orders to other relays.
How Is the Loopring Network Secured?
Loopring is operable on Ethereum and Neo blockchains with plans to add support for the Qtum blockchain. Each of these networks has its own token: LRC and LRN for Ethereum and Neo respectively; when launched, the Qtum network token will be called LRQ.
These tokens are secured by the hash functions of their underlying blockchain platforms: LRC by Ethereum’s Ethash, LRN by Neo’s SHA256 and RIPEMD160 and LRQ by Qtum’s proof-of-stake PoSv3 algorithm.
Where Can You Buy Loopring [LRC]?
LRC is available on many exchanges, some of the major and most trusted ones are: