Last update: Jun 6, 2022

How to Buy Loom Network (LOOM)

So you’re looking for a guide on how to buy Loom Network. Depending on your country, you’ll have various exchanges to choose from.

In this guide, we not only cover the top 3 global crypto trading platforms, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

How to Buy Loom Network – 4 Easy Steps

1. Choose a crypto exchange

Finding a crypto trading platform isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Loom Network of course.

2. Sign up with the crypto exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger trading platforms.

4. Buy Loom Network

Now that you have what you need to buy Loom Network, head over to the market or buy section of the cryptocurrency trading platform and buy some LOOM.

If the crypto exchange doesn’t have any Loom Network on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Loom Network first), and trade your Ethereum for Loom Network.

Where to Buy Loom Network (LOOM)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Loom Network

1. Sign into the exchange where you bought Loom Network.
2. Move your Loom Network to the right place on the exchange. Some exchanges have trading accounts you need to use for buying and selling.
3. Sell Loom Network.

 

How to Buy Loom Network (LOOM) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Loom Network in Australia, the process remains the same:

1. Find a crypto exchange below.
2. Sign up for an account.
3. Fund your account with AUD.
4. Buy Loom Network if it’s available. If the exchange doesn’t have Loom Network. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Loom Network), and trade your ETH for Loom Network.

It’s also possible to take a look at our analysis of the easiest crypto exchanges in Australia if you’re looking to learn more about the exchanges we prefer.

How to Buy Loom Network (LOOM) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Loom Network in Canada, the process remains the same:

1. Find a crypto trading platform below.
2. Sign up for an account.
3. Fund your account with CAD.
4. Buy Loom Network if it’s available. If the exchange doesn’t have Loom Network. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Loom Network), and trade your ETH for Loom Network.

If you’d like to know more about the exchanges we prefer, read our comparison of the best cryptocurrency brokers in Canada.

How to Buy Loom Network (LOOM) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Loom Network in the UK, the process remains the same:

1. Find a cryptocurrency exchange below.
2. Sign up for an account.
3. Fund your account with GBP.
4. Buy Loom Network if it’s available. If the exchange doesn’t have Loom Network. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Loom Network), and trade your ETH for Loom Network.

Also, take a look at our analysis of the best crypto exchanges in the UK if you’re curious to know more about the exchanges we like.

Considering buying Loom Network? LOOM Rundown

Loom Network is a platform that allows developers to create large-scale, decentralized applications. It is built on Ethereum. The platform was launched on October 1, 2017.

This is intended to enable application developers to access smart contract to increase computing power when needed, or to maintain the same power at lower cost for tasks such as onboarding new users, or for applications that do not require the full security of Blockchain.

This system allows you to interact with third-party APIs that are not part of the chain. Loom aims to be the platform that allows smart contract developers create applications without having to switch to another programming language.

They can also easily integrate with the external world.

Plasma is a scaling solution that speeds up transactions across the Loom Network.

Loom Network, a platform that offers side chains for Ethereum Solidity applications, is offered as a service.

This allows applications to have their own consensus mechanisms, tailored for their specific needs and threat models. Loom allows you to scale decentralized applications faster on the Ethereum network. It uses the DPoS sidechains to allow for scalability and DApps through security of the Ethereum mainnet.

Each member is issued a LOOM token as a membership token to enable them to access all the apps on the Loom Network. This token works on all DAppChains on the Loom Network. It allows you to transfer digital assets or data between Ethereum DAppChains.

Related:

• How to Buy Livepeer (LPT)
• How to Buy Loopring (LRC)