How to buy Lisk online

Lisk was one of the first decentralised blockchain platforms to go live. The LSK token is the cryptocurrency that helps Lisk run smoothly and you can find out how to buy LSK here.
Tip: our preferred broker is, eToro: visit & create account

This beginner’s guide explains Lisk and how it works. It explores some of the pros and cons of the platform, what its native token does and shows you where to buy LSK.

Compare where to buy Lisk, and open an account

To buy Lisk now, use one of the brokers below. Our team of experts have reviewed all the best cryptocurrency brokers to help you decide which one to use. If you aren’t ready to buy yet, keep reading to learn more about Lisk.

Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
$1
United States
Start Trading View key features
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Top Coins
  • ZRX
  • LEND
  • ACT
  • ADX
  • ELF
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Poloniex
Key Features
Supports USDC
Cold Storage & 24/7 Monitoring
Advanced Trading Tools
Min Deposit
-
United States
Start Trading View key features
Key Features
Supports USDC
Cold Storage & 24/7 Monitoring
Advanced Trading Tools
Top Coins
  • BTS
  • FCT
  • GNT
  • LSK
  • NXT
Payment Methods
Founded in 2014, Poloniex is a global crypto-to-crypto exchange headquartered in Seychelles. As of Feb 2020, it has over 100 markets available for spot trading and offers features such as margin trading, lending, and staking. Poloniex allows users to trade on the web, Android, iOS, Websocket, and HTTP APIs

What is Lisk?

Lisk is a platform for building decentralised applications. It lets developers create apps using Javascript, one of the most popular programming languages around. Where building on most blockchain platforms means learning a new language first, Lisk’s attraction is how simple it is to get started.

The LSK token is Lisk’s cryptocurrency and helps run the platform. It’s a method of payment for transaction fees and developers need it to be able to build on Lisk. LSK holders also have the opportunity to vote on governance issues, with voting power corresponding to the amount of LSK you own.

Lisk launched back in 2016 as one of the first decentralised blockchain platforms. While this is a good thing in terms of trust and experience, a lot more competition has sprung up since then.

How does Lisk work?

Lisk works by recording all movements on its blockchain, a public ledger that contains a history of every transaction on the platform. It lets each individual application run its own, smaller, blockchain that then connects to the main chain, like tributaries running into a river. This speeds up the network as each app can process transactions at the same time.

To add new blocks to the blockchain, Lisk uses a consensus mechanism. This is a process of letting delegates approve new transactions. These delegates are chosen by LSK coin holders, who vote to nominate them. Everyone involved – delegates and voters – are rewarded in LSK for helping to run the platform.

How to buy Lisk online – a step-by-step guide

Step 1. Find an exchange to buy Lisk

You can buy LSK on a cryptocurrency exchange. You might find you can’t buy LSK with fiat currency (like GBP, USD, or EUR) directly. Instead you need to transfer your money into another cryptocurrency, like Bitcoin, first. 

A couple of the top exchanges around are:

  • Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
  • BitMEX: BitMEX lets you trade with Bitcoin and offers access to some more advanced trading strategies. You can trade with leverage and use future contracts. Join BitMEX now > 

Step 2. Sign up and fund your account

To start buying crypto on an exchange you need to set up an account. Signing up will require some personal information, like an email address and phone number, as well as a form of photo ID for verification. To fund the account, some exchanges let you use fiat currency while others will only accept deposits in cryptocurrency.

Step 3. Buy Lisk

Buying Lisk is the easy part. You need to search for the Lisk coin ticker, LSK, and then execute the trade. If you’re using Bitcoin to buy it, search for the LSK/BTC crypto pair and hit buy.

Step 4. (Optional) Get a suitable wallet

While you can store your coins in an exchange account, a wallet offers more security and control over your holdings. Wallets come in a variety of formats, like online, mobile, and offline, depending on how much security you want. In each case you get your own private key that gives you access.

Here are two of the top wallet providers available:

Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
$1
United States
Start Trading View key features
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Top Coins
  • ZRX
  • LEND
  • ACT
  • ADX
  • ELF
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

How to trade Lisk – a step-by-step guide

Step 1. Find a broker

If you want to trade LSK you need a reliable broker with low fees. The top brokers – like eToro and Plus500 – let you trade things like stocks and forex as well as cryptocurrency. Be aware that it might be tough to find a broker that lets you trade LSK at the moment, as they tend to offer only the biggest crypto coins.

Step 2. Deposit money

Brokers normally only accept deposits in fiat currency. They often have limits on deposits or withdrawals as well as fees, so you should check for any restrictions before you sign up.

Step 3. Decide how you’d like to trade

Two top options for trading cryptocurrency are spread betting and contracts for difference (CFDs). Both are popular, but trading CFDs is the most common way of speculating on the price of your chosen crypto. Using CFDs is a way of trading without needing to own the underlying asset itself.

Step 4. Start trading 

If you’re new to cryptocurrency it might be a good idea to start with a demo account. The top brokers offer beginners a chance to trade with pretend money, so you can learn how everything works without putting your own funds at risk.

When you do start trading, you need to decide whether to go long (buy) or go short (sell). If you feel positive about the LSK coin’s prospects then you should buy it, if you don’t then shorting it could be a better bet.

There are other strategies available once you have more experience. You can start to trade with leverage, which is a way of making big trades while only putting up a small percentage of the overall value. Your broker puts up the rest, so it’s a way of making big money but it can lead to big losses as you’re always liable for the total amount of the trade.

eToro
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Min Deposit
$50
United States
Start Trading View key features
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Top Coins
  • BTC
  • BCH
  • XRP
  • ETH
  • ETC
Payment Methods
Wire Transfer, Bank Transfer
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Still undecided?

If you’re not sure whether to buy LSK yet, we can help. Here’s a summary of the pros and cons of the Lisk platform followed by some more questions for you to consider.

Pros

  • You can earn extra LSK for helping the platform run
  • It’s a very easy platform for developers to build on
  • The LSK will be reduced over time, potentially driving up value

Cons

  • Lots of competition to lead the mass adoption of blockchain applications
  • As one of the earliest platforms to launch, it has been supplanted a bit by newer tech

Below are three questions for you to think about so that you can decide whether to invest in Lisk.

1. Is it a good time to buy Lisk?

That depends on your investing goals. You can buy LSK tokens as a way of participating in the platform, and if that’s your aim then now probably is a good time to buy. If you have more of a trading focus, there’s a bit more to think about.

For both long and short term investors you want to think about whether the LSK price makes it an appealing time to buy. You should consider the competition and any new developments in the market that could change Lisk’s outlook. Use our market analysis below to help you:

2. What problem does Lisk solve, and what are the coin’s investment prospects?

Lisk solves the problem of blockchain platforms being awkward and time-consuming to build on. It lets developers create apps in a language they’re familiar with and offers lots of templates and support to help. It’s also created a platform that can support lots of apps running simultaneously in a decentralised way.

The platform’s ease of use and openness to developers is how Lisk is trying to stand out as an investment prospect. There are lots more platforms trying to create some version of a decentralised alternative internet now than there were when Lisk launched in 2016, like Polkadot, Cardano, and a more advanced Ethereum.

The challenge is for Lisk to offer a better, or at least competitive, service. All these platforms rely on attracting the best projects to bring in new users, so Lisk might be able to use its low barriers to entry as an advantage. You should research these other platforms and follow the latest Lisk news below if you want to invest for the long term:

3. Do you want to hold Lisk for the long term?

If you want to use LSK to participate on the Lisk platform then you will want to hold for the long term. For investors, some other things to think about are the state of its competition and whether new projects are launching on Lisk. Here are some last things to consider depending on your investing timeline.

Considerations for a long term investment strategy

If you believe in a decentralised internet, Lisk could be a way of getting exposure to it. It could be part of a diversified portfolio of similar platforms, or as the leader of the pack if you like how it appeals to developers. If that’s the case, you should sign up for an exchange and buy LSK coins straight away.

Considerations for a short term trading strategy

Short term traders should be more concerned about the current price and the broader cryptocurrency market. Find a broker with low fees, pick a trading strategy and dive in.

Written by: James Knight
James joined us in 2021 and comes with years of experience as a writer and content creator. Alongside a passion for finance, sports, and technology, James is a historian on a desperate quest to shoot under par.