Loopring ($LRC) is a confusing cryptocurrency to buy. There’s no good guide out there explaining everything you need to know. That’s why we created this beginner’s guide. In this article, I’m going to walk you through how to buy Loopring so that you can start trading/investing in it.
What is Loopring ($LRC)?
Loopring ($LRC) is a new token based on the Ethereum blockchain, which aims to create a new protocol designed for the building of decentralized crypto exchanges. Loopring recognizes the limitation brought by centralized cryptocurrency exchange platforms. These online platforms are controlled by a handful of companies that have complete control over the assets. Such control diminishes the true potential of decentralized blockchain technology. However, fully decentralized exchanges are not without their own flaws. Loopring addresses this problem and proposes a new protocol that combines centralized order matching with a decentralized on-blockchain order settlement. This produces a hybridized product that will take the best aspects of both centralized and decentralized exchanges. LRC token was available to the public during an initial ICO in August 2017, but the Loopring protocol had to wait until December 2019.
Loopring ($LRC) initially launched at USD 0.13, with a 24-hour trading volume of $32,611,000 USD, which is slightly down by 0.68% in the last 24 hours. LRC has a current live market cap of $393,282,733 USD, and since its launch, it has gained around 123.07% of its value and is currently (as of October 1st, 2022) priced at USD 0.29 a pop. The current coin supply is 1,330,133,546 LRC, and the maximum supply is 1,374,513,896 LRC coins.
How to buy Loopring ($LRC)?
No matter what people say, it’s easy to buy Loopring with a credit card. Your first step will always be to buy BTC/ETH/USDT/BNB with your credit card. They can then be converted to Loopring. Transfer BTC/ETH/USDT/BNB to an exchange that supports Loopring. Finally, exchange it for Loopring. Please follow our step-by-step guide below on how to buy Loopring ($LRC).
The well-known website Coinbase has already enabled trading for Bitcoin Cash, Ether, and Litecoin, but what about what’s commonly referred to as altcoins? Here’s how to buy Loopring ($LRC)!
Step 1: Register on Fiat-to-Crypto Exchange
The first thing you will need to do is register with one of the many exchanges that allow fiat-to-crypto purchases. You can buy cryptocurrency on exchanges or peer-to-peer. On exchanges you can use fiat money to buy cryptocurrency, for example, you can use USD to buy Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC).
In this case, we need to buy Ethereum (ETH) from Coinbase.
Coinbase is also one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
This can be done by going to the website and clicking “Sign Up.” You will be required to enter your name, and email address, create a password and verify your email address.
Verify Coinbase Account
After your account has been created, you will be required to go through the KYC (know your customer) process. The KYC process also requires you to provide proof of identity and proof of residency.
During the KYC process, you may be required to add a picture of yourself holding up your government-issued ID and a picture of yourself holding up your driver’s license or passport. Once this is complete, you should have successfully registered and can now buy cryptocurrency!
Step 2: Buy ETH with fiat money
Select ETH and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the Buy button. Now you will have to confirm your purchase. Do this by pressing the Confirm purchase button. You now own some ETH. However, don’t close Coinbase just yet – we’ll use it later!
Note: If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Step 3: Transfer ETH to MetaMask
You can use ETH to buy most coins and tokens in the market. The quickest way to buy Loopring is to transfer your ETH to Metamask Wallet (or the exchanges listed below for US traders) and swap your ETH for LRC on UniSwap.
- Head over to your Coinbase dashboard and click on the “Accounts” tab.
- Under the category “Deposit,” you will see a list of all the digital assets that Coinbase makes available for trading. If you want to transfer Ethereum from Coinbase to MetaMask, click on the “Send” button next to your Ethereum balance.
- If you want to send all of your Ether, click on “Max” next to “Amount” Otherwise, you can manually input an amount by clicking on this field and typing in a number.
- In the “Recipient Address” field, paste your MetaMask wallet address (or manually type it in). This is where your Ether will be sent after you complete these steps.
- Next, click on the blue “Continue” button at the bottom right corner of the page. At this point, Coinbase will ask you to confirm the transaction by entering your password into a pop-up.
Now you will need to find an exchange that allows you to deposit ETH and trade it for Loopring. As LRC Coin is currently listed on UniSwap we will guide you through how to convert your ETH on the platform.
Step 4: Connect MetaMask with UniSwap
Connecting to UniSwap using MetaMask is easy, once you have your own wallet set up.
Once you have installed MetaMask on your browser and created a wallet, we can begin connecting it to the Uniswap exchange.
Step 1: Go to the Uniswap website to start the process.
Step 2: Click on Connect Wallet in the top right corner of the page.
Step 3: You will then see a pop-up asking you which wallet you want to use. Select MetaMask from the list of options displayed on this page.
Step 4: A pop-up will appear from MetaMask asking you if you would like to allow Uniswap to connect with your wallet. Click connect.
Step 5: Swap ETH for LRC
I will show you step by step on how to swap ETH for LRC:
- Click the “Select a token” dropdown.
- Search for the Loopring token, or you can copy-paste the token contract code from a website like Coin Gecko or Coin Market Cap.
- Now, we’ll go to CoinMarketCap. In the search bar at the top right of the website, search for LRC.
- Select LRC in the drop-down.
- Under LRC you will see a “Contract” To copy the contract code press the paper icon.
- Now go back to Uniswap and paste the contract code into the “TO” field.
- You’ll see “LRC” appears. Click the import button to save LRC so you do not have to copy-paste the Loopring contract code again.
- Read the Uniswap warning and then click “I understand” and then the import button to continue.
- Next, you have to select the amount of ETH you want to convert to LRC.
- Press the Swap button, and lastly the Confirm button to complete the swap.
Now you can see your LRC Coin in your MetaMask Wallet. Congratulations! You have finally bought Loopring ($LRC)!
Frequently Asked Questions
Can I buy Loopring on Coinbase?
No, Not all cryptocurrencies are as easy to get as others. Loopring is one of them. It’s not listed on Coinbase’s app or the Coinbase Wallet.
Where can I buy Loopring crypto?
You can buy Loopring with any decentralized crypto exchange which works on Ethereum Blockchain technology.
What exchanges sell Loopring?
You can sell Loopring with any decentralized crypto exchange which is built on Ethereum Blockchain technology.
Is Loopring crypto?
No, Loopring is a digital token built on the Ethereum Network.
How do I buy Loopring with PayPal?
No, you cannot buy Loopring with PayPal directly. However, you can use Binance to exchange your fiat currency in PayPal for $LRC.
Can I buy Loopring through Cash?
No, you cannot buy Loopring with your cash directly. However, you can use Binance to exchange your cash for $LRC.
Can I mine Loopring instead of buying?
No, you cannot mine Loopring as it has a different network structure than Bitcoin. You can only buy Loopring from an exchange.