How to buy Loopring online

As a speedy exchange platform, Loopring is embedded in the growing world of decentralised finance. Read on to find out what this means and how it affects the prospects of its LRC token.

This beginner’s guide gives you the lowdown on Loopring as an investment prospect and what makes it different from other decentralised exchange platforms. If you’re just looking for a place to buy some, we can help with that too.

Compare where to buy Loopring, and open an account

The brokers below are some of the best places to buy Loopring right away. Our team of experts has reviewed all these brokers so you know they can be trusted. Otherwise, keep reading to learn more.

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.
Coinbase
Key Features
Trusted provider
Online Wallet
Beginner friendly
Min Deposit
$1
United States
Start Trading View key features
Key Features
Trusted provider
Online Wallet
Beginner friendly
Top Coins
  • BTC
  • LTC
  • XRP
  • ETH
  • BCH
Payment Methods
Credit Card, Debit Card, Euro Bank Account, 3d Secure Credit Card
Coinbase is one of the first places that made it easy to buy bitcoin and has since become a widely trusted exchange in the market.
Paybis
Key Features
Accessible worldwide
47 currencies available
Lowest fees on the market
Min Deposit
$60
United States
Start Trading View key features
Key Features
Accessible worldwide
47 currencies available
Lowest fees on the market
Top Coins
  • BTC
  • BCH
  • ETH
  • TRX
  • LTC
Payment Methods
Credit Card, Debit Card, Skrill, Neteller, Bank Transfer, Bitcoin
UK-based Crypto exchange company with FCA license. Global coverage of 180+ countries and unprecedented 48 US states. Buy & sell cryptocurrencies no matter where you are.
FOREX.com
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Min Deposit
$50
United States
Start Trading View key features
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Top Coins
  • BTC
  • BCH
  • LTC
  • XRP
  • ETH
Payment Methods
Debit Card, Bank Wire, ACH, Credit Card, PayPal
Founded in 1999, part of GAIN Capital Holdings. Licensed in highly regulated jurisdictions, FCA, IIROC, NFA, CFTC, CIMA,FSA. Payment methods ACH, debit card, bank wire transfer. $50 minimum deposit.
CedarFX
Key Features
0% Commission Account
Low Spreads
Eco-Account Option
Min Deposit
$10
United States
Start Trading View key features
Key Features
0% Commission Account
Low Spreads
Eco-Account Option
Top Coins
  • BTC
  • ETH
  • QTUM
  • ETP
  • SAN
Payment Methods
Bitcoin, Credit Card, Debit Card
CedarFX is an eco-conscious broker offering 0% commission trading on 170+ assets, including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With up to 1:500 leverage, no-fee transactions and low spreads, traders can make the most of their funds. CedarFX also offers an Eco Account option to support tree planting and sustainability projects.

What is Loopring?

Loopring is decentralised exchange software that lets you buy and sell cryptocurrency. A developer can use its software like a template to build their own exchange and Loopring binds all these together, matching trades and providing liquidity across the whole network. Holders of the LRC token can earn rewards paid out of the trading fees.

Exchanges are just one wing of the booming world of decentralised finance. All of these platforms are about offering somewhere to trade crypto assets without a central institution running things. Loopring’s version is built on top of the Ethereum network and dates to 2017, when it was created by Daniel Wang, a Chinese software engineer.

How does Loopring work?

Loopring works by batching orders together across its network of exchanges and then adding them to the Ethereum blockchain all at once. This makes it possible to match virtually any order – with liquidity pooled from every exchange – and to execute them almost instantly.

It does this with a technique known as ‘zero knowledge proofs’, or ‘zkRollups’. This is basically just a quicker way of verifying everyone has the money they say they do, and means Loopring can perform hundreds of transactions and add them to the blockchain in one go.

The key part of all this is speed. Combining transactions on Loopring makes it possible to run thousands of trades per second, whereas the speed of the Ethereum network on its own is restricted to less than 20. 

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

Step 1. Find an exchange to buy Loopring

The best place to buy and hold cryptocurrency is through an exchange. This way, you get to own the coins themselves. There are many different types of exchange with slightly different features, but have a look around and pick one with a good reputation that’s easy to use. A couple of our favourite ones are:

  • Binance: Binance is the largest exchange by trading volume and already has millions of users buying hundreds of coins every day. It also has its own coin that you can use to get cheaper trading fees. Join Binance now >
  • BitPanda: BitPanda is another exchange you can use to buy coins in fiat currency as well as other cryptos. Signing up gives you access to your own wallet to store your coins in as well. Sign up for BitPanda today >

Step 2. Sign up and fund your account

To be able to buy coins you have to set up an account first. Normally this is a quick and easy process, you just need to enter some contact details like an email address and phone number. Some platforms also ask for a form of ID as verification.

The most popular exchanges accept deposits in fiat currency (GPB, USD, or EUR, for example) these days. Just be aware that some might only accept cryptocurrency deposits.

Step 3. Buy Loopring

To buy a coin, look for its ticker symbol on your chosen exchange. Here, you want to look for the LRC ticker and then choose the pair based on the currency you’re using to buy it. So if you’re using Bitcoin to buy, it would be LRC/BTC. Then you can execute the trade.

Step 4. (Optional) Get a suitable wallet

Now that you have your coins, it’s time to decide where to store them. Some exchanges offer their own integrated wallets, or you can leave them sitting in the exchange account itself. If you want some more security, there are wallets that give you a unique private key and keep your coins safe. Two of the top options are:

  • Infinito Wallet: Infinito Wallet is a mobile wallet, so you can access your coins through an app on your phone. It also boasts lots of other features so you can stake and trade coins from within your wallet. Get Infinito Wallet now >
  • Nebeus: Nebeus is a hardware wallet that stores coins in ‘cold storage’, completely offline. Again, it offers features like saving accounts and straight from your wallet. Sign up for Nebeus now >
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 Loopring – a step-by-step guide

Step 1. Find a broker

If you’re interested in trading coins, trying to make lots of trades and scoop a bit of profit each time, you should sign up with a broker. Preferably, one with low trading fees, otherwise all your activity can get very expensive.

Right now, Loopring isn’t available on many brokers. They tend to stick to only the leading coins but if that changes, eToro and Plus500 are two of the best options.

Step 2. Deposit money

The only way to fund a broker account is with fiat currency. Be careful of the fees for doing this, though. All these platforms have to make money somewhere, and brokers tend to charge for some combination of deposits, trading, and withdrawals.

Step 3. Decide how you’d like to trade

One of the most popular ways to trade cryptocurrency is with contracts for difference. You can use CFDs for other assets like stocks and commodities as well, and they’re a way of speculating on the price without needing to own the asset itself. Virtually all brokers offer CFD trading but if this is how you want to trade, check before you sign up.

Step 4. Start trading 

Think about using a beginner account to trade with pretend money before you dive into the real thing. Your broker probably offers this as an option in the settings, but it’s another thing to check before you sign up.

Whether you’re using real or fake money, the process of trading is the same. Look for the coin you want to trade and decide if you think it’s likely to go up or down in value. If you think it’s going to go up, then buy it (this is also known as taking a ‘long’ position). If not, perhaps ‘shorting’ it is the right move, which means selling it with the hope of buying it back later at a lower price.

There are some more advanced ways of trading too. The most common is using leverage. To trade with leverage you put up a fraction – perhaps 10% – overall trade value as a deposit. Then you borrow the rest from your broker and trade with it. Be warned: whatever happens you’re liable for the whole amount, so if it goes down it can be very expensive.

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?

To help you come to a final decision, we’ve summarised some of Loopring’s pros and cons in the boxes below. Afterwards, there are three more questions to help you decide what to do.

Pros

  • Earn rewards for staking LRC coins on Loopring
  • 70% of fees are returned to stakers
  • The platform burns 10% of all fees to reduce the total supply of coins, which could be good for the price

Cons

  • Lots of competition from other decentralised exchange platforms

If you want more help choosing whether or not to invest in Loopring, here are three final questions to think about.

1. Is it a good time to buy Loopring?

It depends on what your goals are. If you want to hold it for a long time, perhaps now is the right time to buy. You can hold these coins in a wallet, use them to earn interest, or get rewards from the Loopring platform. Just remember that the end goal is always for the coin to go up in value.

The current price is important for traders with a more short term view as well. If that’s you, then you might want to think about using some indicators to see if there’s an opportunity to make a small profit quickly. If you want some help, you can get some extra guidance from our market analysis:

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

Loopring solves the problem of slow transaction speeds that hold back decentralised exchanges from widespread adoption. It creates a template exchange that developers can use and trust to always provide liquidity and match orders made on their own platforms.

The investment prospects for decentralised finance look good on the whole. Financial services that can be accessed instantly and opportunities to trade and create savings accounts for your coins are only likely to become more popular. Loopring also destroys 10% of the coins it receives in fees to control supply and reduce inflationary pressure.

That said, these systems are unregulated by nature and there are lots of other platforms that offer similar features, like 0x and the Kyber Network. If you’re looking long term, you have to decide if there’s room for all of them or, if not, which is most likely to succeed. Use our latest news to stay on top of everything useful that you need to know:

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

It lends itself to a long term hold with rewards for staking coins on the platform. As it destroys some of its coins and makes developers stake thousands as collateral to use one of its exchanges, it controls the supply. This could be good news for its price in the long term.

Whether your horizons are long or short, however, here are some final things to consider.

Considerations for a long term investment strategy

If you want to stake coins on the platform or expect the LRC coin to go up in value over time, the best thing to do is find an exchange and buy some straight away. If you don’t plan to stake them, think about getting a wallet to keep them secure.

Considerations for a short term trading strategy

The key to successful short term trading is a lot of quick trades to make small profits each time. Get yourself a reliable broker with low fees and learn to trade CFDs. You might also think about learning to use leverage as well.

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.