How to Buy Chainlink (LINK) in UK | Beginner’s Guide

If you’re looking to build a diversified portfolio of cryptocurrencies – you might be looking at Chainlink. This innovative digital currency has firmly positioned itself as a top-10 coin in terms of market capitalization.

In this guide, we discuss how to buy Chainlink UK. We also give you a bit of background information on what digital currency is, what the future potentially holds, and how you can get started with a Chainlink purchase today.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

How to Buy Chainlink UK – Step by Step Guide 2022

Wondering how to buy Chainlink UK in the fastest time possible? Check out the simple 4-step walkthrough below to buy Chainlink in less than 10 minutes!

1. Open an account with Binance: In order to buy Chainlink online in the UK, you first need to open an account with a top-rated cryptocurrency exchange. We like Binance, as the platform offers low fees and supports UK debit/credit cards.
2. Upload ID:  Before you can buy Chainlink coin with a debit/credit card at Binance, you need to upload a copy of your passport or driver’s license. This is to ensure Binance complies with UK laws on money laundering.
3. Deposit:  You will now be asked to make a deposit with your debit/credit card. You can’t buy Chainlink coin directly, so you will first need to purchase Bitcoin – which you can then exchange for LINK.
4. Buy Chainlink: Now that you have purchased Bitcoin with your debit/credit card – search for ‘BTC/LINK’. Then, you need to exchange your Bitcoin into Chainlink.

That’s it – you’ve just bought Chainlink at Binance! You can now withdraw the coins to a private Chainlink wallet or keep them stored at Binance until you are ready to cash out.

What is Chainlink?

Launched in 2017, Chainlink is an ERC20 Cryptocurrency and blockchain ecosystem. The overarching concept of the platform is to solve the inefficiencies of ‘smart contract’ technology.

For those unaware, smart contracts operate on top of blockchain protocols and allow people to perform ‘trustless’ transactions.

This is because – based on a WHAT/IF algorithm, the smart contract will complete a transaction when certain conditions have been met.

• In its most basic form, this could be a travel insurance agreement that automatically pays out when your flight is canceled or delayed by more than 4 hours.
• Where Chainlink fits into the innovative world of smart contracts is through its oracle network data feeds and DeFi technology.
• This has the capacity to source external data that the smart contract needs to make faultless decisions.
• In the example above, that would be confirmed that the flight was delayed or canceled.

In terms of its cryptocurrency – LINK, this operates much the same as any other digital currency. That is to say, you can make payments wallet to wallet with Chainlink – which usually takes just a few minutes to confirm. However, very few people in the UK buy LINK because they want to engage with the Chainlink network. Do you think Chainlink has what it takes to become the next Bitcoin?

On the contrary, people typically invest in Chainlink on a speculative basis. This is because there is a belief that the Chainlink price will continue to rise over the course of time. If they do, this will allow you to sell LINK tokens for more than you originally paid and thus – make a profit.

Why Buy Chainlink? Chainlink Analysis

As noted in the section above, people buy Chainlink in the UK on a speculative basis – with the hope of making financial returns. With this in mind, it’s important for us to take a quick look at how this digital currency has performed since it was launched in 2017. Did you know that Chainlink is the best cryptocurrency to invest in right now?

Back then, you would have paid in the region $0.13 per LINK token. Like all cryptocurrencies, the price is quoted in USD as opposed to pounds and pence. Nevertheless, Just 12 months later, the same digital currency was worth $0.36. That’s gains of over 175% in just one year of trading.

Past performance is not an indication of future results

However, these financial gains are nothing when you look at where Chainlink is today. In fact, in early 2021, Chainlink tokens breached highs of over $34. This means that since the project was launched just over three years prior, Chainlink tokens have increased by more than 26,000%.

In simple terms, this means that a £1.00 investment back in 2017 would have been worth £260,000 at its peak. The price of Chainlink has, however, since retreated to the $24 region – representing a sharp decline from its previous all-time highs. However, this is just the nature of the highly speculative digital currency scene.

How Much Does it Cost to Buy Chainlink?

At the time of writing in March 2021 – one Chainlink token will cost you just $24. That amounts to about £17 per token. In comparison to Bitcoin – which has since surpassed highs of over $58,000 – this allows you to buy Chainlink coin in the UK without breaking the bank.

In most cases, online exchanges allow you to buy fractional Chainlink tokens. This means that were you to invest a round figure of £100 – based on current prices you would get approximately 5.8 LINK.

In terms of the costs involved in making the purchase, this will vary depending on the cryptocurrency trading platform you decide to use.

As such, if you were to use Binance, you’d pay 3% to use your debit/credit card and then 0.1% to purchase Chainlink via a BTC pair. More on this in the sections below.

Ways of Buying Chainlink

Although Chainlink is a top-10 cryptocurrency in terms of market capitalization, it’s not as straightforward to buy LINK tokens like it is with Bitcoin. Sure, dozens of cryptocurrency exchanges support Chainlink, but very few, if any, allow you to make a direct purchase with your debit or credit card.

Instead, there is an additional step involved that will require you to make a conversion from one digital currency over to Chainlink. We talk more extensively about your choice of crypto exchanges further down. But first, the sections below will explain the various ways of how to buy Chainlink UK.

Buy Chainlink with Debit/Credit Card

If you are wondering how to buy Chainlink UK with a debit or credit card, this is also an option that can be completed from the comfort of your home. Unlike the Paypal option, there are fewer steps required.

We actually give you a much more comprehensive walkthrough further down in this guide, but the main process is as follows:

1. First, you’ll need to open an account at Binance. As you will be looking to buy Chainlink crypto with your UK debit or credit card – you need to provide some personal information and contact details.
2. As per KYC laws, you will now be asked to upload a copy of your government-issued ID. This can be a passport or driver’s license.
3. Once Binance has quickly verified your documents, you can then deposit funds with a debit/credit card. You will be required to make a direct purchase when using your debit/credit card – so it’s best to opt for Bitcoin. This is because the Bitcoin/Link marketplace has the most trading volume and liquidity.
4. Now that you have instantly bought Bitcoin – head over to the trading arena and search for ‘BTC/LINK’. Once the market loads, click it.
5. Finally, you need to set up a buy order. This simply tells Binance that you wish to buy Chainlink with Bitcoin.

Within a couple of seconds, your Chainlink purchase will appear in your Binance wallet. You then withdraw the tokens to an external wallet or keep them at Binance.

Buy Chainlink with Bitcoin

If you are currently holding Bitcoin and you’re wondering how to buy Chainlink UK, this is actually the easiest way to completing the transaction. This is because you can open an account with Binance without needing to provide any personal information or upload any documents. As such, getting set up takes less than a minute.

• Once you have opened an account on Binance, click on the ‘Deposit’ button and look for Bitcoin
• Then, copy your Bitcoin wallet address from Binance and head over to the wallet where your BTC is stored
• Transfer the Bitcoin from your private wallet to Binance
• Head over to the BTC/LINK market on Binance and complete your purchase

The best thing about buying Chainlink with Bitcoin at Binance is that you will benefit from extremely low fees. This is because you won’t need to pay 3% to deposit funds with your debit or credit card. Instead, you’ll simply pay a 0.1% trading fee when you complete the BTC/LINK exchange.

Buy Chainlink with UK Bank Transfer

One more option that you might consider is buying Chainlink via a UK bank transfer. In most cases, using your bank account to buy cryptocurrency is a slow and cumbersome process. However, when using Binance, the process is not only cost-effective but fast, too.

For example, depositing GBP into your Binance account comes at no cost. Plus, as the transaction is sent via the Faster Payments Network – Binance claims that it takes just a few minutes for the funds to be credited to your account. Additionally, the minimum deposit when using a bank account transfer on Binance is just £1 – making is ideal for small investments.

Once the funds do arrive in your Binance account, head over to the trading arena and search for ‘LINK/GBP’. Then, create a buy order, enter your stake, and complete the Chainlink investment process.

Where to Buy Chainlink in the UK

As we have discussed throughout this guide on how to buy Chainlink UK, you need to find a great cryptocurrency broker to aid you in the purchase process.

There are many factors that you need to look at when looking Where to buy chainlink in the UK, such as:

• Is the cryptocurrency exchange regulated?
• What Chainlink markets does the platform support?
• Does the provider allow you to buy Chainlink with a debit/credit card, e-wallet, or bank transfer?
• What fees are involved when you buy Chainlink with the broker?
• Is the exchange easy to use?

To save you hours of research, below we discuss the best brokers in the UK to buy crypto safely.

1. Coinbase – Secure Platform to Buy Chainlink

Known for its superior security and unparalleled trading volume. In terms of cryptocurrency exchanges, Coinbase is one of the biggest.

In addition to Bitcoin, it’s one of the best options for buying other cryptocurrencies. The company has been operating since 2012 in San Francisco, making it one of the earliest adopters and providers of cryptocurrency-related products. In early 2021, it was the first exchange to go public, making it one of the most regulated exchanges in the world.

Several mainstream companies have partnered with the company over the years, such as Dell, Overstock, and Time Inc, helping to solidify their reputation as one of the most trusted cryptocurrency organizations.

Pros

• Through coinbase.com/learn, new users can earn free crypto
• An easy-to-use design with clearly indicated prices and simple buy/sell buttons
• Coin selection that is consistently updated and diverse
• Staking services, wallets, and exchanges are all part of a strong product line-up

Cons

• There is a reasonable range of fees within the industry
• The customer service is subject to some complaints
• Identification verification is required in a significant manner

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

2. Binance – Largest Cryptocurrency Exchange for Trading Volume and Liquidity

If you’re wondering where to buy Chainlink in the UK in a simple and burden-free manner – Binance is another option worth considering. This cryptocurrency exchange is now the largest in terms of liquidity and trading volume – with billions of pounds worth of orders going through the crypto and Bitcoin trading platform each and every day.

As we mentioned earlier in this guide, this popular cryptocurrency exchange supports a wide variety of UK payment methods. Firstly, if you want to use your debit or credit card, this comes at a fee of 3%. So, if you purchase £500 worth of crypto, this would attract a buying commission of £15. You can’t buy Chainlink directly with your debit/credit card on Binance, so you’d first need to purchase Bitcoin.

Then, you can simply exchange Bitcoin for Chainlink at a fee of just 0.1%. Alternatively, Binance also allows you to make a direct deposit with your UK bank account. This is via Faster Payments, so usually takes a few minutes to go through. You won’t be charged to deposit via bank transfer, so it’s just the 0.1% trading commission that you will pay when you buy Chainlink. Additionally, Binance also allows you to deposit with Bitcoin and then exchange this for Chainlink via the BTC/LINK market.

Binance offers just about every crypto you think,so as well as all the main coins, you can also buy Dogecoin, Polkadot and many others.

In terms of reputation, Binance is now home to millions of traders around the world. It is known for offering institutional-grade security practices – which include a Safe Asset Fund for Users. This is in place to remunerate users in the unfortunate event of a hack. Binance also offers two-factor authentication and email notifications when you log in or place a trade. Finally, if you’re looking to day trade cryptocurrencies – Binance offers hundreds of pairs and markets.

Pros

• Largest cryptocurrency exchange UK in terms of trading volume
• Hundreds of cryptocurrency pairs supported
• Trading commission of just 0.1%
• Supports UK debit/credit cards and bank transfers
• Great reputation in the cryptocurrency scene
• Ideal for advanced traders that seek sophisticated tools and features

Cons

• Not great for newbie investors
• Standard charge of 3% on debit/credit card deposits

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

How to Buy Chainlink Tutorial

So now that we have discussed where to buy Chainlink UK, we are going to conclude our guide by walking you through the investment process. Assuming that you want to buy Chainlink in the fastest way possible – the walkthrough below will show you how to complete the process at Binance with your UK debit or credit card.

Step 1: Open an Account

First and foremost, head over to the UK Binance website and begin the account opening process. Initially, Binance only asks for your email address. You’ll also need to create a strong password.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

To complete the registration process, confirm the email that Binance sends to you.

Step 2: KYC

If you were to buy Chainlink in exchange for another cryptocurrency like Bitcoin, then you wouldn’t be required to provide any personal information. However, we are assuming that you wish to buy Chainlink with your UK debit or credit card, so Binance will now need you to complete a KYC (Know Your Customer) process.

This will require the following information from you:

• First and Last Name
• Home Address
• Date of Birth

The KYC process at Binance also requires you to upload a document of your government-issued ID. Binance accepts UK passports and driving licenses.

You won’t be allowed to upload the document via a PDF. Instead, you need to place the document in front of your webcam when prompted. If the quality of your webcam isn’t sufficient, then you will need to download the Binance app. Then, you can take a picture of your document with your phone’s camera.

As long as you are not planning to buy more than £5,000 worth of Chainlink – the KYC process is complete. However, if you want access to higher limits, you’ll also need to upload a recently issued proof of address. This will increase your daily limit to £10,000.

Step 3: Buy Bitcoin With Debit Card

You are now allowed to buy Bitcoin with your debit or credit card, so you can exchange this into Chainlink in the next step. To do this, hover your mouse over the ‘Buy Crypto’ button at the top of the page, and then click on ‘Credit/Debit Card’.

You will then see an order box like the one below.

Here, you need to enter the amount that you wish to deposit with your debit/credit card – in pounds and pence. In our example, we are looking to deposit £500 – which gets us 0.013813 BTC.

On the next page, you will be prompted to enter your debit/credit card details. Once you confirm the transaction, the Bitcoin will be placed in your Binance wallet instantly.

Step 4: Buy Chainlink

Now that you have Bitcoin in your Binance account, you can buy Chainlink. Click on the ‘Markets’ button at the top of the page, and then under ‘Spot Markets’, click on ‘BTC Markets’. By scrolling down, you will see LINK/BTC – click it.

The main trading screen for LINK/BTC will now open. You now need to set up an order to complete the purchase. At first glance, this might appear somewhat intimidating, so take care to enter the specifics correctly.

• You will find the order box at the bottom of the page.
• Change this from a ‘limit order’ to a ‘market order’. This will ensure that your Chainlink purchase is executed instantly at the next available price.
• Enter the amount Chainlink that you wish to buy. When you do, the equivalent amount in Bitcoin will update.
• Or, if you want to use your entire Bitcoin balance to buy Chainline, use the scroller and move it to 100%.
• Finally, confirm the order.

Once you confirm the order, your Chainlink tokens will appear in your Binance wallet. You can leave them there or withdraw the tokens to a private wallet.

Step 5: Sell Chainlink

When you make the decision to sell your Chainlink back to cash – you can also do this via Binance. Assuming the Chainlink tokens are already in your Binance wallet, the process takes seconds.

• Firstly, head over to the trading market and search for ‘LINK/GBP’.
• Scroll down to the bottom of the page and find the order box. Again, change this to a ‘market order’.
• Use the scrolling to determine what percentage of your LINK holdings you wish to sell. Opt for 100% if you want to sell them all.
• Confirm the order.

In confirming the order, GBP will now be added to your Binance balance. Now it’s just a case of withdrawing the funds back to your bank account!

Conclusion

This guide has discussed everything there is to know about how to buy Chainlink UK. On top of giving you some background information on the project and its future potential – we’ve also explored where to buy Chainlink from the comfort of your home.

Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

Frequently Asked Questions on Chainlink (LINK)