Buy Loopring or LRC Cryptocurrency by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about what is Loopring Crypto currency.
What Is Loopring or LRC Cryptocurrency?
Loopring is a China-based company that came onto the scene in 2017 and developed something quite unique in the crypto world.
Loopring is not a decentralized exchange, but an exchange protocol. It can be used by both centralized and decentralized exchanges in order to facilitate cross-blockchain and cross-exchange transactions. Loopring aims at increasing liquidity and providing better order matches for crypto-users. Actually, this protocol allows users to trade from their own private wallets, while accessing deep liquidity from many different sources (centralized exchanges included).
Moreover, Loopring is going to be able to host coins from multiple blockchains. Currently it can host ERC20 coins (which are 90% of all the altcoins in existence) but it also has close ties with the NEO and QTUM teams.
How to buy Loopring Cryptocurrency?
To date, it is not possible to buy LRC coins directly with any fiat currency. Those who wish to purchase some Loopring, have to buy Bitcoin or Ethereum first on an exchange that accepts traditional money.
One of the quickest and easiest ways to buy Bitcoin or Ethereum is via credit/debit card. That is why we suggest you do that on Coinbase – a popular cryptocurrency exchange that supports these payment methods and accepts US dollars, Euros and other fiat currencies. More importantly, it holds NY BitLicense, and operates in more than 30 countries worldwide.
1. Sign up with Coinbase and buy Ethereum or Bitcoin via card, bank wire or PayPal. Coinbase’s website is very intuitive and their fees are transparent and relatively low cost.
3. Then, you need to open an account with an exchange that allows you to exchange your Ethereum for Loopring.
The reason to do this is that Coinbase supports solely BTC, ETH and LTC, while the exchanges that offer trading in LRC do not offer convenient payment methods, such as cards. The most LRC platforms appear to be Binance and OKEx.
4. Transfer your ETH from Coinbase to the other exchange of your choice.
5. Search for BTC/LRC pair on this platform and proceed with the trades.
After you acquire the LRC coins, we recommend that you keep them in a wallet, instead on an exchange. In the case of Loopring, we suggest that you use MyEtherWallet or Mew.
6. If you wish to sell your LRC coins and withdraw them (along with potential earnings) in fiat currency, you have to undergo the process described above vice versa.
Yet another easier option to trade in digital assets is to do that with a forex broker that offers cryptocurrency CFDs, like eToro. This way, you will avoid all that wallet and private keys hassle. Besides, many of these brokers are properly licensed, unlike the majority of crypto exchanges. Unfortunately, there aren’t any brokerages that support Loopring yet.
How to Buy Loopring or LRC Cryptocurrency Conclusion
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