How to Buy Loopring Coin UK – Beginner’s Guide

Loopring is a blockchain project that allows developers to build their own decentralized exchanges. Its native token – LRC, has attracted a lot of attention in the cryptocurrency trading scene.

In this guide, we’ll show you how to buy Loopring Coin in the UK in under 10 minutes with a trusted online broker.

How to Buy Loopring Coin in the UK – Quick Step Tutorial

• ✅ Step 1 – Open a Crypto.com Account – The first thing you need to do to buy Loopring UK is partner with a respected broker. We recommend Crypto.com, as the platform offers low fees and extensive safety levels. Download the Crypto.com app via the App Store or Google Play and sign up using your email address.
• 🔎 Step 2 – Verify Account – You’ll then need to upload proof of ID (passport or driver’s license) and take a selfie with your phone so that Crypto.com can verify your identity.
• 💳 Step 3 – Make a Deposit – Once verified, click ‘Deposit’ and opt for a crypto or FIAT deposit. Follow the on-screen instructions to fund your account.
• 🛒 Step 4 – Search for Loopring Coin – Type ‘Loopring’ into the Crypto.com search bar and tap on it when it appears.
• 🔒 Step 5 – Buy Loopring Coin UK – Tap ‘Buy LRC’, choose the amount you’d like to invest and your payment method, and confirm the trade.

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

Where to Buy Loopring in the UK

In terms of where to buy Loopring Coin in the UK, you’ve got several top-rated cryptocurrency brokers to choose from. Just make sure that your chosen broker offers low fees and a secure trading environment.

If you’re still looking for the best place to buy LRC in the UK, check out the three platforms discussed below.

1. Crypto.com – Overall Best Cryptocurrency Broker UK

For traders looking to buy cryptocurrency right away, we’d recommend using Crypto.com. Crypto.com was launched in 2016, yet has grown exponentially in recent years and now has more than 10 million registered users. The platform prides itself on security, as it holds all user cryptocurrencies in cold storage via a partnership with Ledger. Furthermore, Crypto.com even has a reserve fund of $750m in case of destruction or theft.

In terms of fees, Crypto.com uses a maker/taker structure when using the crypto exchange. This equates to a fee of 0.4% on either side of the trade for a monthly trading volume of less than $25,000. Alternatively, users can buy crypto directly via a credit or debit card through the Crypto.com app. This will accrue a 2.99% transaction fee; however, this fee is waived for the first 30 days of using the Crypto.com app.

At present, Crypto.com offers over 180 cryptos to trade, including a selection of DeFi tokens and ERC-20 tokens. The great thing is that the minimum position size with Crypto.com is only $1, which is ideal for beginners looking to start small. The Crypto.com app itself is easy to navigate, with clear price charts and statistical data on each asset.

Pros

• Supports over 180 cryptocurrencies
• Users can trade from only $1 per position
• Card fees waived for the first 30 days
• All crypto is held in cold storage
• Used by over 10m traders
• Free deposits via bank transfer

Cons

• Card fees are high after the first 30 days
• Not many educational resources for beginners

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

2. Coinbase – Great Place to Buy Loopring Coin UK for Beginners 

Next up we have Coinbase, which is a large US-based cryptocurrency exchange that has since entered the UK marketplace. With more than 70 million traders using the platform, Coinbase is one of the most popular options for beginners. With its simple user interface and fast registration process, Coinbase allows even newbies to buy Loopring Coin in the UK with ease.

After your Coinbase account has been verified – which rarely takes more than a few minutes, you can transfer funds from your UK bank account fee-free. When the funds arrive, which usually takes 1-2 working days, you can then buy Loopring at a standard commission of 1.49%. This means that on a £500 trade, you will pay £7.45 in fees. If, however, you want to buy LRC in the UK with a debit or credit card, the fee increases to 3.99%. This means that your £500 investment will now cost you almost £20 in fees.

With that said, debit/credit card payments at Coinbase are processed instantly – so this option might be suitable if you want to invest without delay. In addition to Loopring, Coinbase covers more than 50+ other digital currencies – which includes everything from Bitcoin, Cardano, and Litecoin to EOS, Ethereum, and Dash. In terms of safety, Coinbase is authorized to operate in the UK and it keeps 98% of all client digital tokens in cold storage. The platform also offers IP address whitelisting and mandatory two-factor authentication.

Pros

• Over 70+ million customers and a great reputation
• Very user-friendly
• Deposit funds with a debit card or via bank transfer
• Ability to withdraw your coins to a private wallet
• Handy mobile app

Cons

• 3.99% fee on debit card deposits
• 1.49% standard trading commission

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

3. Binance – Trade Loopring Coin in the UK at 0.10% per Slide 

Binance is another popular crypto investment site that is home to millions of customers and billions of dollars in daily trading volume. At this platform, you can buy crypto instantly with a debit or credit card after you have registered an account and uploaded some ID. However, from the list of supported tokens, Binance does not allow you to buy Loopring Coin in the UK directly.

Instead, you will first need to purchase a major digital asset like Bitcoin, Binance Coin, or Tether – and then swap the respective token for Looping. On the one hand, the token swap itself will only cost you 0.10% in commission – which is one of the cheapest rates in the market. However, the Binance exchange platform might be a bit too complex for complete beginners, so do bear this in mind.

If you do have some experience in the crypto trading scene, then Binance offers a range of tools and features that will appeal to seasoned investors. For example, there is an advanced trading suite that comes packed with technical indicators and chart drawing tools, as well as integration with TradingView. You can also set up sophisticated orders and even access crypto savings accounts. The latter is ideal for those of you that wish to earn interest in your cryptocurrency investments.

Pros

• Largest cryptocurrency exchange in terms of trading volume
• More than 1,000+ markets supported
• Trading commission of just 0.10% per slide
• Ideal for advanced traders that seek sophisticated tools and features

Cons

• Not great for newbie investors
• No regulatory license in any jurisdiction

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

How to Buy Loopring Crypto UK – Crypto.com Tutorial

Once you decided where to buy Loopring Coin in the UK, you can then open an account with your chosen broker and deposit some funds. Then, it’s just a case of entering your stake and confirming the order.

If you are learning how to buy Loopring Coin in the UK for the first time, the walkthrough below explains the steps with the highly-respected trading platform, Crypto.com.

Step 1 – Open a Crypto.com Account

The first thing you need to do is create an account with Crypto.com. You can use Crypto.com’s services via the mobile app or the web-based exchange platform, so decide which medium you’d like to use and click ‘Sign Up’. Enter your name and email address on the page that appears before choosing a password for your account.

Step 2 – Verify Account

To gain the full functionality of your Crypto.com account, you’ll have to complete the platform’s verification process. To do so, Crypto.com will send you a code via email and a text message, which you will need to enter to verify your details.

Following this, provide the necessary info for the KYC checks and upload proof of ID (passport or driver’s license). Finally, you’ll also have to take a selfie to ensure that the ID is legitimate. Once the documents are verified, Crypto.com will notify you via email.

Step 3 – Make a Deposit

You can make your deposit via the Crypto.com exchange if you wish, although this is used for crypto deposits – so if you’re looking to deposit FIAT, it’s best to use the app.

Click ‘FIAT Wallet’ on your account dashboard and set up the wallet in whichever currency you wish it to be denominated in. You can then use Crypto.com’s account details to fund your account via bank transfer. Alternatively, you can buy Loopring with a credit or debit card if you wish, although this will come with some additional fees.

Step 4 – Search for Loopring

Type ‘Loopring’ into the Crypto.com search bar and tap on it when it appears. On the page that shows up, click ‘Buy LRC.

Step 5 – Buy Loopring Coin UK

You can now choose how to fund your LRC purchase – via credit card, crypto wallet, or FIAT wallet. If you wish to use a credit card, you’ll have to enter your card details and verify the payment method before purchase. Alternatively, if you deposited via FIAT in Step 3, you can use the funds in your FIAT wallet to make your purchase.

Either way, enter how much you’d like to invest and tap ‘Buy LRC’ again. Following this, your new LRC holdings will be transferred to your crypto wallet in the Crypto.com app!

What is Loopring?

Loopring is a blockchain project that was founded in 2017 after a successful ICO (Initial Coin Offering) process that raised in excess of $45 million. However, not long after its fundraising campaign, China – which is where Loopring is based, began to crack down on ICO launches. As such, the project was forced to return 80% of the funds it had raised.

Nevertheless, this did not derail Loopring, as the project has since grown to become a leading digital currency with a multi-billion dollar market cap. In terms of what the project does, Loopring allows developers to build their own decentralized exchanges. In doing so, developers can innovate with cutting-edge features and tools alongside fast and seamless transaction processing times.

Moreover, although the Loopring token is built on top of the Ethereum blockchain, transactions facilitated on its decentralized exchange platforms are settled externally. This ensures that the Loopring framework does not become overworked, and fast – traders benefit from lighting-fast execution times. Loopring also has its own native digital token – LRC, which is available to buy from a number of leading exchanges.

Is Loopring a Good Investment?

Before proceeding to buy Loopring Coin in the UK, we would suggest doing some market research. Crucially, Loopring, like all digital tokens in this industry, is often fueled by market speculation and hype.

As such, in this section, we’ll discuss some of the fundamental characteristics of this project to help you decide whether or not Loopring Coin is the right token for your crypto portfolio.

Price Action

The area of research that you should consider is the historical price action of Loopring. In the 12 months prior to writing, Loopring was valued at $0.74 per token. In October 2021, Loopring began to move in a rapid upward trajectory, with the project hitting an all-time of $3.83 towards the end of the year.

This translates into growth of over 400% in just under a year of trading. However, since then, the value of Loopring has moved in the opposite direction. As of writing in early 2022, a single token will now cost you just over $1. This translates into a reduction of over 70%. With that said, the wider crypto markets have struggled since the turn of 2022, so this downfall isn’t exclusive to Loopring.

Cheap Crypto to Buy

Another reason why you might consider buying Loopring in the UK is that as noted above, you only need to pay $1-ish per token as of writing – which is about £0.75. And as such, a small investment of just £100 would entitle you to more than 133 LRC tokens.

This is perhaps a lot more appealing than investing £100 into Bitcoin, which, as of writing, would get you just 0.3% of a single BTC token.

Real Utility

Of the 17,000+ crypto-assets now trading in this space, many have no real-world use case. This couldn’t be further from the truth in the case of Loopring, as its token has actual utility.

This is because when developers build a decentralized exchange on top of its proprietary platform, traders will pay transaction fees with the LRC token. As more and more developers partner with Loopring, this can only be a good thing for the value of LRC.

GameStop

Ongoing rumors of a potential partnership between Loopring and GameStop continue to surface. GameStop is a large US-based video game retailer that has a great interest in emerging blockchain technology projects.

And, if this partnership does one day come to fruition, this will likely have a major impact on the value of Loopring.

Buy the Dip

We mentioned earlier that the value of Loopring previously peaked in late 2021 at a price of $3.83. But, as of early 2022, the token is hovering around the $1.05 mark.

However, from an investment perspective, this gives you the opportunity to buy Loopring Coin in the UK at discounted prices. in fact, by investing in and around the $1 level, you will pay over 70% less when compared to its prior all-time high.

Loopring Price

If you’re wondering how the Loopring Coin price is determined, this is based on market forces like any other tradable asset.

For instance, when the token went on a rapid upward trajectory in late 2021 on the way to $3.83, this was because buying pressure significantly outweighed the number of sellers in the market.

On the other hand, when the Loopring Coin price dropped down to $1 in the space of a few weeks, this is because there were more investors selling than buying. Moreover, when you buy Loopring in the UK, you will notice that the price of the token is quoted in US dollars.

Loopring Crypto Price Prediction

Nobody could have predicted that Loopcoin would go from a price of $0.74 per token to $3.83, and then back to $1 – in the space of a year. This is because Loopring, like most digital currencies, is both unpredictable and speculative.

As such, don’t make the mistake of reading through Loopring price predictions that you find online.

After all, you will always find contrasting opinions. For example, while one Loopring price precision might make a case for a new all-time high in the months to follow, another analyst might argue the complete opposite.

Best Loopring Wallet

Like all digital tokens, Loopring Coin needs to be stored in a wallet. For convenience, you might decide to leave the tokens that you buy within the exchange or broker that you purchased them from. In doing so, this means that you can easily sell your tokens at a later date.

However, you do need to make sure that the platform is safe and secure, and preferably – regulated. Even if your chosen platform isn’t regulated, it’s crucial to look for other factors. These include platforms that store their holdings in cold storage or that have a reserve fund in case of loss.

The other option you have is to withdraw your tokens to a private wallet. The best Loopring wallets will offer a perfect balance between security and user-friendliness. All of the platforms that we reviewed earlier offer users a free crypto wallet app to store their holdings.

Conclusion

This guide has explained the basics of how to buy Loopring in the UK. Just make sure that you do plenty of research before investing in Loopring – or any crypto-asset for that matter.

If you’re ready to get the balling rolling now, you can do so with Crypto.com. Thanks to low fees and a huge selection of cryptos to trade, Crypto.com is ideal for beginner and advanced traders alike.

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

Frequently Asked Questions on Loopring