Loopring is one of many protocols built on the Ethereum blockchain. Founded in 2017 by Daniel Wang, the token aims to reduce the time and cost spent trading cryptocurrencies. Wang and the Loopring team have been able to achieve this through the several upgrades made over the past couple of years.

The second upgrade, which brought about the third version of the protocol, increased its utility by reducing the time and cost of trading digital assets. With the continuous rise of Loopring, it is clear that more attention is being given to the token. Whether you are a beginner or a pro, now might be the best time to learn about how to buy Loopring.

How to Buy Loopring: Quickfire Walkthrough to buy Loopring in Less Than 10 minutes

Loopring is a smart contract protocol, which means that it can be traded without the need for a centralized exchange. Furthermore, since its goal is to reduce time and cost spent buying cryptocurrencies, Loopring attracts low trading fees on DEX’s.

Whether this is your first or tenth time purchasing a cryptocurrency asset, this quickfire guide will direct you on how to buy Loopring in less than 10 minutes.

  • Step 1: Download Trust Wallet: The first step to buy Loopring is to download Trust Wallet. It is on this mobile wallet that most of your transactions will take place. It is also very compatible with Pancakeswap, the decentralized exchange platform you will use to buy Loopring. Therefore, start the process by downloading Trust Wallet on Google Play or the App Store and set it up.
  • Step 2: Search for Loopring: After setting up your wallet, go to the top right corner and search for Loopring.
  • Step 3: Add Crypto Asset to your Wallet: You cannot buy Loopring directly with fiat money, so you have to exchange it for an established coin. You can do this by adding cryptocurrency assets to your wallet and use those to buy your Loopring tokens. Cryptocurrencies can be added to your wallet by transferring them from an external source or buying directly using your debit/credit card.
  • Step 4: Connect to Pancakeswap:  Once you have an established coin in your Trust Wallet, the next step is to connect to Pancakeswap. You can do this by going to the bottom of the wallet and clicking on the ‘DApps’ icon. There, you can select Pancakeswap as the exchange platform and click on ‘Connect.’
  • Step 5: Buy Loopring: After connecting your Pancakeswap to Trust Wallet, you can now buy Loopring. Do this by clicking on the ‘Exchange’ icon and select ‘From’ on the drop-down menu. Next, choose the cryptocurrency you wish to swap for Loopring and choose the ‘To’ tab. Finally, select Loopring from the drop-down menu and click on ‘Swap.’ 

You will receive your newly-bought Loopring tokens (LRC) in your wallet, and you can choose what to do with them afterward. When it comes to selling your tokens, you can also do this via Pancakeswap.  

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.

How to Buy Loopring – Full Step-by-Step Walkthrough

The quickfire guide above helps provide concise information on how to buy Loopring. However, it may not be comprehensive enough for someone new to cryptocurrency trading.

If you are in this kind of situation, do not fret as we provide more in-depth guidance on how to buy Loopring below.

Step 1: Download Trust Wallet

The first step to buying Loopring is to have a wallet. A wallet is a place where digital assets such as cryptocurrencies are stored for trading purposes. If you are trading Loopring, Trust Wallet is the best option for you. This wallet enjoys wide acceptance because of its simplicity, ease of use, reliability, and versatility.

For these reasons, you should use Trust Wallet to buy your Loopring tokens, especially if you are a beginner. First, go to the store compatible with your device and download the Trust Wallet app. After downloading the app, install it, and set up your wallet by choosing your logging credentials.

You will need to use a strong PIN that others cannot guess to keep your cryptocurrency assets safe. Afterward, Trust Wallet will give you a 12-word passphrase.

This passphrase will help you gain access to your wallet if you forget your PIN or lose your mobile device. Therefore, you should write it down in a secure place that is not your phone/desktop computer and keep it safe from others.

Step 2: Add Crypto Asset to Your Trust Wallet

After setting up your logging credentials, the next step towards owning Loopring is to add cryptocurrency assets to your Trust Wallet. The need for this stems from the fact that you cannot buy Loopring directly with fiat money as it is a Defi (Decentralized Finance) coin. 

Instead, you have to buy Loopring by exchanging established coins for it. Hence, you have to fund your wallet by adding these established cryptocurrencies to your wallet. There are two ways to go about it:

Send Crypto From an External Wallet

The first way to fund your Trust Wallet is to send cryptocurrency assets to it from an external source. You can do this if you have another wallet that already has cryptocurrencies in it. If this is your first time transferring cryptocurrencies from one wallet to another, follow the process explained below, and it will be a simple task for you.

  • Open your Trust Wallet and click on ‘Receive.’
  • Choose the cryptocurrency you want to receive. Your wallet will generate a unique address for the token.
  • Copy this address and go to the other wallet from which you want to transfer.
  • Click on the icon for wallet addresses. Paste the address you have copied from your Trust Wallet.
  • Enter the amount of cryptocurrency you wish to send and confirm the transaction.

Your cryptocurrency asset will reflect in your Trust Wallet within a few minutes.

Buy Cryptocurrencies Using Credit/Debit Card

The second way to fund your wallet is to buy cryptocurrencies directly on Trust Wallet using your debit/credit card. This method helps keep the process decentralized if you are a new investor who has no previous wallet to transfer assets from.

If you want to buy cryptocurrency using your credit/debit card, follow the simple process laid down below:

  • Go to your Trust Wallet and click on the ‘Buy’ icon. This action will display all the tokens available to you.
  • Select the coin you want to buy. The display will contain many crypto assets, but you should go for an established coin to easily swap for Loopring later. Such coins include ETH, BTC, BNB, and so on.
  • Go through a compulsory Know Your Customer (KYC) process. This process is used to verify your identity before buying or selling on Trust Wallet or other products related to Binance.
  • The KYC process will require you to upload a copy of any government-issued ID in addition to basic details about yourself.
  • After completing this, enter the volume of cryptocurrency you want to buy and confirm your transaction.

The cryptocurrency will reflect in your Trust Wallet within minutes.

Step 3: How to Buy Loopring Through Pancakeswap

With your wallet now funded with cryptocurrencies, you can now buy Loopring by swapping the digital asset in question. The best platform to execute this exchange is Pancakeswap. This is a decentralized exchange that allows you to exchange cryptocurrencies in addition to other activities.

If you are here because you don’t know how to buy Loopring, follow this step-by-step guide to exchange the established coin in your wallet for Loopring via Pancakeswap.

  • Open your Trust Wallet and click on the ‘DEX’ feature.
  • Click on ‘Swap.’
  • Go to the ‘You Pay’ feature and select the token you want to exchange with. This cryptocurrency token has to be the same digital asset that is in your Trust Wallet.
  • Enter the amount of token you want to swap.
  • Go to the ‘You Get’ tab and select Loopring. You will see the swapping rates of Loopring against the coin you are exchanging for.
  • Click on ‘Swap’ and sit back while your Loopring is delivered to your wallet.

Step 4: How to Sell Loopring

You have learned how to buy Loopring. Now you have to know how to sell the token. You can sell the token shortly after buying it or store it for some time, depending on your investment plan. Whenever you decide to sell your Loopring tokens, you have two options.

  • You can either swap your Loopring for another cryptocurrency or convert the tokens into fiat money.
  • If you choose to exchange your Loopring token for another digital currency, what you have to do is similar to the procedure you followed to buy the coins.
  • For this purpose, you can still use Pancakeswap.
  • First, open your Trust Wallet and click on the ‘You Pay’ icon. Select Loopring here and move to the ‘You Buy’ section, where you will select the cryptocurrency you want to exchange LRC for. It is basically the buying process in reverse.

The other option is to convert your Loopring tokens for fiat money. If this is your desired option, you will have to use a third-party centralized exchange such as Binance. Transfer your Loopring tokens to your Binance account and sell the tokens there for fiat money. You can then withdraw the funds to your bank account. 

Remember, before you can do that on Binance, you must go through a KYC process. 

Where Can You Buy Loopring Online?

There are several centralized and decentralized exchange platforms where you can buy Loopring. However, you must note that the Loopring token is best traded on decentralized platforms. This enables it to achieve its purpose of a time-conscious and cost-effective cryptocurrency.

Among decentralized exchanges available today, Pancakeswap is a leading option.

Pancakeswap – Buy Loopring Through a Decentralized Exchange

Pancakeswap is a decentralized exchange, meaning that it does not require a third party to trade. Instead, investors can buy and sell cryptocurrency directly and invest in other assets available. Furthermore, by eliminating intermediaries, transactions on Pancakeswap are more secured and the platform is easy to use. 

Pancakeswap is also an automated market maker (AMM), which runs transactions with each investor independently. Therefore, rather than being matched against other traders when buying and selling, orders are paired using the liquidity pools. These pools contain funds from various investors, and also serve as a money-making opportunity. 

Furthermore, when investors put money in the pools, they receive Liquidity Provider tokens to claim their shares as and when due. Interestingly, unused tokens can be staked to gain returns, which increases the streams of income for investors. Additionally, this DEX has a fast execution speed and attracts very low transaction fees.

Another reason Pancakeswap continues to be a favorite in Defi is that it allows you to swap various types of cryptocurrencies. This makes it easy for you to diversify your portfolio. Other features worth noting on Pancakeswap include the farms where investors can stake their tokens and hope for good harvests, the lottery, and the prediction feature. 

Pros:

  • Exchange digital currencies in a decentralized manner
  • No requirement to use a third party when buying and selling cryptocurrency
  • Supports a sizable number of digital tokens
  • Allows you to earn interest on your idle digital assets
  • Sufficient levels of liquidity – even on smaller tokens
  • Prediction and lottery games


Cons:

  • Might appear daunting at first glance for newbies
  • Does not support fiat payments directly

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.

Ways to Buy Loopring

The primary thing to know when learning how to buy Loopring is to understand the different ways to do that. There are two ways in which you can buy Loopring, and they are:

Buy Loopring with Crypto

If you have established cryptocurrencies in your wallet, you can buy Loopring by swapping the digital tokens for Loopring on an exchange platforms such as Pancakeswap. First, you need to connect your Trust Wallet to Pancakeswap and exchange the cryptocurrency in your Trust Wallet for Loopring.

Buy Loopring with Credit/Debit Card

The first lesson on how to buy Loopring using a debit/credit card is to know how to use Trust Wallet adequately. Then, you can buy established cryptocurrencies directly on the app and exchange the digital asset for Loopring on a DEX like Pancakeswap.

One of the significant differences between the two methods is that using a credit/debit card will require you to go through the KYC process while transferring cryptocurrencies does not.

Should I Buy Loopring?

The answer to this question is that you can buy Loopring if you believe it fits your investment plans. However, there are several factors to consider before investing in Loopring, and you should contemplate them carefully before putting your funds in the token.

Here are some of the things to look out for.

Growth Trajectory

The growth trajectory of Loopring has been impressive, and if the established pattern is anything to go with, buying the digital asset may be something to consider. Of course, this is subject to your personal research, as that’s your stronghold.

The token has been steadily following the roadmap created for it and exceeding expectations. The asset has achieved some of its plans for decentralized governance, and the attention is now focused on improving its ring-mining algorithms.

The project aims to increase liquidity, reduce price spread, and engender a more functional market that achieves its goals.

Technical Support

The team behind the Loopring token is a strong one. It comprises the founder and CEO, Daniel Wang; The CMO, Jay Zhou; the COO, Johnston Chen; and other team members. These individuals have experience working in major tech firms such as Google, Paypal, and others. 

In addition, the team's determination to make the token decentralized and cost-effective will probably serve as an incentive for investors to rally behind the coin as the years pass. This can form one of the key things to consider when researching the project.

Low Price

As of the time of writing in late July 2021, the price of Loopring is just over $0.23. This is a hugely low price when compared against other Defi projects like RenBTC, Lido, among others. This low price means this can be a good time to invest in this project. 

However, low prices is not a blanket reason to buy into a project. This is because there’s no guarantee the project will succed anytime soon. As such, you may want to consider Loopring’s trajectory as well as the long-term prospects. This will offer a better perspective on the coin.

Loopring Price Prediction

Loopring is backed by an experienced team that has great expectations for the token. To make those expectations come to pass, the team has worked to ensure the coin’s stability. As a result, some commentators now predict that the token will hit $7 in 5 to 6 years. 

However, Loopring predictions of this nature should not form the basis of your investment. None of the supposed expert predictions online can back up their position with tangible data. As such, you should always do your own research.

Risk of Buying Loopring

The Loopring team is determined to make the token as secure as possible, which is why they audit the protocol occasionally to improve its utility. However, despite all this, the Loopring token is not free from risks.

  • The volatility of the market still affects it, and the future of the token is not invincible.
  • To minimize the risk adherent with investing in Loopring, engage in safe practices such as researching the token's current market situation and future predictions.
  • You should also invest in bits over time rather than make enormous investments that may hurt your finances.

Finally, diversification is a reasonable way to protect your portfolio from any considerable backlash in case the price of Loopring falls.

Best Loopring Wallet

In learning how to buy Loopring, you cannot avoid knowing about the best wallets for the asset. These wallets are critical to the activities you perform with your cryptocurrencies and serve varying functions.

If you are looking to buy Loopring, here are some of the best wallet choices for you.

Trust Wallet: Overall Best Loopring Wallet

Trust Wallet is one of the most favored wallets in the cryptocurrency market today, and this is all thanks to its comprehensive features.

  • The wallet is widely used among cryptocurrency investors because it provides heaps of features and has minimal demerits.
  • In addition, the wallet is very versatile and supports diverse assets.
  • Backed by Binance, Trust Wallet is the number one cryptocurrency storage option in the market.

In addition to safely storing Loopring, you can also connect Trust Wallet to exchange platforms if you want to do some swapping. For these reasons and more, this storage option takes the top spot as our overall best Loopring wallet.

Coinomi: Best Loopring Wallet in Accessibility

Some wallets can only be used on a desktop, while others are only compatible with mobile phones. Only a few allow for accessibility on different devices.

Coinomi levels up the accessibility game by offering both a desktop version and a mobile app for smartphones. So if you are looking to access your Loopring on your phone and your desktop concurrently, you should consider this wallet.

Exodus: Best Loopring Wallet in Ease of Use

Many cryptocurrency transactions take place within wallets, but for beginners, navigating the space may be a daunting task. Therefore, the makers of Exodus designed its interface to be user-friendly through visual appeal. 

Another perk enjoyed by users of this wallet for Loopring is the top-notch customer service department. Additionally, there’s the backup wizard, which keeps your cryptocurrencies safe and ready for use.

How to Buy Loopring – Bottom Line

By now, you must understand how to buy Loopring to a considerable level. You are going to become more adept as you trade more and get familiar with the process. It is as simple as explained: download Trust, fund your wallet, connect to Pancakeswap, exchange an established coin for Loopring, and store your assets adequately. 

Buy Loopring Now via Pancakeswap

 

 

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile.

FAQs

How much is Loopring?

As of late July 2021, Loopring is trading at just over $0.22. The price tends to be altered by market fluctuations.

Is Loopring a good buy?

The answer to this question depends on you. Loopring can be a good buy if you have enough knowledge to trade the token successfully. In addition, the token at the time of writing trades below the stablecoin mark of $1, meaning this might be a good time to buy. Of course, your final decision should be made after doing your research.

What is the minimum Loopring tokens you can buy?

There is no restriction on the amount of Loopring tokens you can buy. Due to the ample supply of the tokens, most of which are in circulation, investors can buy as much or as little as they want.

What is the Loopring all-time high?

Loopring’s all-time high was on 9 January 2018, when it peaked at $2.59.

How do you buy Loopring using a debit card?

You can buy Loopring using a debit card by firstly buying an established coin on Trust Wallet. Then, you can swap the established coin for Loopring on a DEX such as Pancakeswap.

How many Loopring tokens are there?

Loopring has over 1.3 billion tokens in total supply, with about 89% in circulation. The coin has a market cap over $250 millions of late July 2021.