Last update: Jun 6, 2022

How to Buy Loopring (LRC)

So you’re looking for a guide on how to buy Loopring. Depending on where you’re based, you’ll have different crypto exchanges to choose from.

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

Let’s get started!

How to Buy Loopring – 4 Easy Steps

1. Choose a crypto exchange

Finding a cryptocurrency 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 Loopring of course.

2. Sign up with the cryptocurrency 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 exchanges.

4. Buy Loopring

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

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

Where to Buy Loopring (LRC)

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 Loopring

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

 

How to Buy Loopring (LRC) 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 Loopring in Australia, the process remains the same:

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

Alternatively, if you want to know more about the exchanges we prefer, read our list of the cheapest crypto exchanges in Australia.

How to Buy Loopring (LRC) 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 Loopring in Canada, the process remains the same:

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

If you’d like to know more about which exchanges we recommend, look at our list of the cheapest crypto exchanges in Canada.

How to Buy Loopring (LRC) 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 Loopring in the UK, the process remains the same:

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

You can also check out our comparison of the best crypto trading platforms in the UK for those curious to know more about which ones we like.

Considering buying Loopring? LRC Rundown

LRC is an Ethereum-based crypto token of Loopring. It's an open protocol that allows for the creation of decentralized crypto exchanges.

The average daily trading volume for the entire cryptocurrency market was between $50 and $200 million in 2020. The majority of this trading takes place on centralized cryptocurrency platforms -- online platforms that are owned and operated by private companies. They store user funds and allow for the matching of buy-and-sell orders.

These platforms come with a lot of disadvantages, so decentralized exchanges were created to address these issues. But fully decentralized exchanges don't come without their flaws.

Loopring claims that its goal is to combine central order matching and decentralized on-blockchain settlement into a hybrid product that will bring together the best of both centralized as well as decentralized exchanges.

LRC tokens were made available to the public in an initial coin offering ( ICO), August 2017. The Loopring protocol was deployed for the first time on Ethereum mainnet, December 2019.

Loopring's main purpose is to bring together elements from both centralized and decentralized cryptocurrency exchanges in a protocol that can benefit from their unique benefits and eliminate inefficiencies.

Currently, centralized exchanges are the preferred method of operation for crypto trading. Although they are popular and easy to use, a centralized exchange can pose a number risks. The most important is their custodial nature. These exchanges store users' funds between points of withdrawing and depositing. This means that they are susceptible to hacker attacks, malicious agents inside the exchange, or regulatory intervention.

Another problem with centralized exchanges is their lack of transparency. Trades are not settled on blockchain but instead stored in the exchange's internal records. This makes it possible for price manipulation and allows the exchange to use funds for unauthorised purposes.

A decentralized crypto exchange ( DEX) was created in recent years to solve these issues. It does not hold user funds in custody or process trades internally. Instead, it connects buyers and sellers directly and settles trades on a publicly accessible blockchain.

Although they remove the transparency and custodial risks, DEXs have their disadvantages: primarily, lower efficiency when compared with centralized alternatives. This is due to the limited capabilities of the blockchains and the fragmented liquidity.

The Loopring protocol aims to preserve the benefits of decentralized exchanges, while improving or eliminating inefficiencies through innovative hybrid solutions. Loopring's approach to order management is centralized, but trades are settled on-blockchain. This allows Loopring to combine up to 16 orders into circular trades, rather than allowing only one pair of trading pairs. It also aims to improve the efficiency and liquidity of DEXs.

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