A Beginner’s Guide to Buying Chainlink in the UK
With more than 100 UK crypto exchanges, we have been able to shortlist the best four brokers to buy Chainlink in the UK. The winners are eToro, Binance, Coinbase, and OKEx.
The cryptocurrency industry has got many investors considering new ways to invest and make a fortune from their assets. Chainlink in particular has surged to unprecedented levels over the past year. However, the market is still buzzing with bull activities, and there are high expectations that the bull run will continue for a while.
If you’re looking to join the list of investors who are interested in buying the Chainlink (LINK) token in the UK, this guide is for you. The following is a step-by-step process of buying Chainlink without stress.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY CHAINLINK IN THE UK
- Where to Buy Chainlink in The UK
- A step-by-step guide to buying Chainlink (LINK) in the UK
- Storing Chainlink
- How to sell Chainlink
- How Chainlink works
- Things to consider when buying Chainlink in the UK
QUICK GUIDE: HOW TO BUY CHAINLINK (LINK) IN THE UK
- Open an account with a UK cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Chainlink (LINK).
- Enter how many Chainlink coins you want to buy.
- Check the details and confirm your purchase.
Where To Buy Chainlink (LINK) In The UK
Are you searching for how to buy Chainlink in the UK? Well there are hundreds of crypto exchanges and brokers in the UK. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy Chainlink (LINK) in the UK:
Looking where to buy Chainlink in the UK right now? Below you will find 4 of the best brokers that allow you to buy LINK in the UK.
- eToro - Best broker to buy Chainlink (LINK) in the UK
- Binance - Best exchange to buy Chainlink UK for asset diversity
- Coinbase - Best exchange to buy Chainlink (LINK) for beginners
- OKEx - Best broker to buy LINK UK for low-cost
A Step-by-step Guide To Buying Chainlink (LINK) In The UK
Step 1: Open an Online Account
The first step you have to take before buying Chainlink is to open an account with a cryptocurrency exchange/broker. This is the best option if you don’t have any other crypto assets like Bitcoin (BTC) or Ethereum (ETH). However, it’s important to choose an exchange that has LINK pair on its platform. Also, you may want to consider those that will allow you to deposit funds on the platform using fiat currency (GBP).
Also, different exchanges have different commissions they charge for any transaction. Consider all these features before choosing an exchange. Once you select the right broker, proceed to the registration section and provide all the details you are requested to provide. These include your email address, proof of ID, proof of address, and employment details. Some exchanges may not ask for all these before you are registered.
However, it’s important to enable two-factor authentication (2FA) to give your account improved protection against hackers. Once you are through with your registration and the exchange approves, an email notification will be sent to you.
Step 2: Fund your account
After registering with the exchange, you may need to fund your account before buying LINK tokens. If you have chosen an exchange that accepts fiat currency, you can proceed to the deposit section of the exchange to fund your account. Generally, you should see different payment options, including credit card, debit card, PayPal, or direct bank deposit.
Remember that each of these options has fees attached when using them to deposit funds, so you should select the option that you are more comfortable with. After entering the payment details, a confirmation will be sent to your email when the funds have been deposited into your exchange account.
Step 3: Buy Chainlink
Here comes the part where you will finally own Chainlink tokens. The exchange will have a list of trading pairs for LINK on its order page. There, select the right trading pair for LINK/GBP and proceed to enter details of the transaction. Remember that most exchanges allow you to select different order types, depending on your purchase needs.
But the two main order types are the market order and the limit order. You should be selecting the market order if you’re looking for instant execution of your trade. Prices are displayed at their current rate here. But for the limit order, you are asking the broker to execute your order only when the price of LINK falls below a predetermined value.
If you’re expecting a fall in the price of the token, this strategy will be good to gain more when the token eventually starts rising. When your order is executed, an email notification is sent to you. The tokens you bought will also reflect on your account when the order has been executed.
Check Out: Chainlink Price Predictions
Storing Chainlink (LINK)
Crypto exchanges can provide custody services for those that want to keep their LINK tokens on the exchange. But to stay more secure, you need to get a crypto wallet where you can store your LINK tokens and away from hackers.
There are basically two types you can choose from an offline wallet and an online wallet. While the online wallet is better if you are using the funds constantly, an offline wallet is much safer.
How To Sell Chainlink (LINK)
The price improvements Chainlink over the past year have been very impressive. Many investors are still expecting a surge in its price. If you are looking to sell your LINK token after it has appreciated, you can do that on the exchange. The good news is, selling Chainlink (LINK) on the exchange is also straightforward.
Log into your exchange account and move to the market section where a list of LINK pairs with other assets is provided. Select the right link pair you want to sell. If you are selling LINK for GBP, you should be clicking in LINK/GBP pair. Enter the amount of LINK you want to sell and review your order.
You can also use a limit order, where you instruct the broker to sell the token when it reaches a predetermined amount. Once the order is executed, you will receive confirmation and it will be reflected on your account. You can proceed to withdraw the amount to your bank account if you have exchanged it for GBP.
How Chainlink (LINK) Works
Chainlink is a decentralized network of nodes that provide information and data from off-blockchain sources to on-blockchain smart contracts.
This takes away the issue of reliability that may arise when using a single decentralized source. It uses the LINK token as a reward for those who participate in the network. However, the LINK token has become very popular and is now traded on most crypto exchanges.
Don't Miss: Will Chainlink Make Me Rich in 10 Years?
Things To Consider When Buying Chainlink (LINK) In The UK
The following are some of the considerations to make before buying Chainlink
Future outlook of Chainlink
The future outlook of a token can determine how its price will perform at the present. It’s even more important if you’re looking to hold Chainlink for a long time.
Chainlink is not alone in the market as an intermediary for smart contracts for blockchain. There are others too. This makes it more difficult for a wider adoption since they are all competing within the same market.
Chainlink's legality is also very important to consider when buying the cryptocurrency. That’s because the price of a crypto asset tends to be affected when it is battling legal issues. Ripple (XRP) is a perfect example of how a legal framework can affect the price of a token. Fortunately, Chainlink has been clean when it comes to dealings with regulations.
Read More: Is Chainlink a Good Investment?
There is no doubt that interest in the crypto market has skyrocketed over the past year. Chainlink (LINK) is also one of the crypto assets that have blossomed in price.
Interest in the token is increasing every day due to high expectations from investors. If you’re looking to join the train and buy some LINK tokens, the above steps will guide you through.
eToro – Best Exchange To Buy Chainlink In The UK
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.