How To Buy Loopring Coin In Australia

Last Updated May 10th 2022
12 Min Read

Loopring is an Ethereum-based platform that leverages zero-knowledge Rollups technology to enable users to build decentralized exchanges on top of it. It seeks to offer a more scalable blockchain that will conduct transactions faster and take cheaper transaction fees. The cryptocurrency has gained huge popularity in the last years and now it is traded ten times higher than its ICO price. 

Due to its unique features and plans to revolutionize the DEX industry, Loopring can be an excellent investment. But before you buy Loopring, you need to know how it works and what affects its value. In this guide, you will find everything you need to know about the Loopring cryptocurrency and learn how to buy Loopring coins in Australia. 

How To Buy In Loopring In Australia – Quick Guide

To help you buy Loopring coins as quickly as possible, we broke the process down into a few easy steps:

  • Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
  • Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time. 
  • Step 3: Deposit – Fund your new eToro account with a minimum of $10. 
  • Step 4: Search for Loopring on eToro – Search for LRC or Loopring in the eToro crypto market.
  • Step 5: Buy LRC – Enter the amount of the worth of Loopring you want to purchase in United States Dollars (USD), then click Open Trade. 

That’s it! By following these easy steps, you can invest in Loopring in Australia in less than 5 minutes.

 

buy Loopring

Where To Buy Loopring (LRC) Coin In Australia - Best Brokers And Exchanges

Are you looking where to invest in Loopring in Australia? You’re in the right place. In this section, we will inform you about the best exchanges and places to buy Loopring in Australia. 

Here are the best exchanges to buy Loopring (LRC) coins in Australia that we have chosen after doing a thorough analysis of several platforms.

  • eToro - Best platform to buy Loopring (LRC) in Australia
  • Binance - Best exchange to buy LRC in Australia for asset diversity
  • Coinbase - Best place to buy Loopring (LRC) for beginners
  • OKEx - Best site to buy LRC in Australia for low-cost

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What Is Loopring Coin?

Loopring coin (LRC) is the native cryptocurrency of the Loopring project which was founded by Chinese software engineer Daniel Wang. The first ICO of the coin was conducted in 2017 but the platform was released in 2019 for the first time. At that time the cryptocurrency was traded below $0.07 but it increased its value over the years and hit an all-time high of $3.3 in November 2021.

Loopring price chart

Loopring price chart, Source: coinmarketcap.com

The cryptocurrency powers Loopring’s network which is a combination of Ethereum’s blockchain and zkRollups technology to provide decentralized exchanges building. It uses smart contracts where traders lock their funds and which later automatically verify transactions. Loopring not only supports creating DEXs on top of its network but seeks to solve one of the biggest problems associated with blockchain technology.

The problem is that Ethereum’s network is able to verify a low number of transactions in a second which decreases the time of the verification once the number of contracts on its network increases. Loopring uses zkRollups to address this problem and claims to verify 2025 transactions per second which are quite faster compared to Ethereum. Loopring’s approach to the problem also enables it to make the transaction fees cheaper than those on Ethereum's network.  

Along with the LRC cryptocurrency, Loopring has another token called LRN. The difference between these two is that LRC is an ERC-20 token and uses Ethereum’s blockchain while LRN is a Neo-blockchain token. Loopring plans to release an LRQ token which will be based on the Qtum blockchain. Both LRC and LRN are utility tokens, but LRC is more popular and is used to pay for network fees, to lock and build a DEX platform or to stake and get rewards. 

Don't Miss: Loopring (LCR) Price Predictions

Where To Buy Loopring Coin in Australia - Best Brokers And Exchanges

A lot of popular exchanges and cryptocurrency brokers support Loopring’s LRC cryptocurrency, meaning your selection is wide. However, it does not mean you can trust any platform that you will find. In fact, many of them are not reliable enough to trust your personal details and information about your payment method. 

Hence, you will need to carefully research the market and find the most reliable and cost-effective options. It’s actually a time-consuming process and you will need to spend a lot of time on it, that is why we have already conducted thorough research and checked several platforms which indicates that the best platform to buy Loopring in Australia is eToro. 

eToro is a super-regulated online broker with versatile trading options. You can invest in hundreds of assets on eToro without paying any commission fees. The broker only charges buy and sell differences which are very competitive in the market. Along with stocks, indices, commodities and forex, you can invest in 60 coins on eToro, including obviously Loopring coin.

trade cryptos on etoro

Apart from being budget-friendly and super-safe, eToro also provides a fascinating trading experience with its simple-to-use and functional user interface. It also has a social trading platform where users can interact with each other and participate in discussions. You can also mirror your favourite trader’s portfolios by using CopyTrader and CopyPortfolios tools which are completely free. 

Read Also: Best Methods On How To Earn Loopring (LRC) Coins Fast

How To Buy Loopring Coin With A Credit Card?

Buying Loopring coins with a credit card is extremely easy and quick compared to other payment options. In contrast, some brokers, like Binance, may charge extra fees when you use a credit card. Still, there are brokers that charge the same amount of fee irrespective of the payment method you use. For example, eToro charges a flat fee of $5 for every billing method. 

To buy LRC with a credit card, open the section to charge your account and click on the bank card option. Your next step is to provide the required details about your credit card and fill in the amount you want to transfer. As credit card contracts are conducted very fast, your account will be charged in a couple of hours, after which you can start purchasing Loopring cryptocurrency. 

What’s The Best Platform In Australia To Trade Loopring Coin?

To have a productive trading experience, the first thing you should consider is selecting a suitable platform. As you will open and close positions frequently, you will need to select a quick-to-operate platform. Another important thing to consider is the trading fees you need to pay. Not to lose a lot of money on those fees, find a platform with a competitive pricing structure. 

Through our comprehensive research, during which we checked these features with most of the brokers, we concluded that eToro is the best brokerage platform to trade Loopring in Australia. First of all, opening an account with eToro is a quick and straightforward process, which will take you only 15-20 minutes.

Another reason to choose eToro is its simple-to-use interface which provides an excellent user experience for beginners. eToro also has a combination of trading tools that can be quite useful in the trading process. Additionally, the platform provides top-notch safety systems and is regulated by several top-tier financial organizations meaning your funds on eToro are kept safely.

Here’s How You Can Instantly Buy Loopring Coin In Australia

If you have already got familiar with the Loopring cryptocurrency and selected the platform with which you will invest in the coin, here is a quick guide that explains how to buy Loopring in Australia. 

Step 1: Open an Account with a Crypto Exchange that Supports LRC

Obviously, you cannot invest in cryptocurrency, without having an exchange account, so your first step must be creating one. To do it, click on the “Sign in” button and go on to provide the required details about your personality and contacts. Then you will need to verify your account via passport or ID and verify your address via a bank document or a utility bill. 

Step 2: Select a Payment Method and Make a Deposit

After you open an online account and verify it, you must transfer some money to it to be able to purchase Loopring cryptocurrency. You can do it either using a bank card, or another option, such as a wire transfer or an e-wallet. Click on the “Deposit Now” button to make a transfer and type the amount of money you want to use. 

Step 3: Buy Loopring Coin and Store it on a Crypto Wallet 

Eventually, you can buy a Loopring coin by clicking on the “Trade” button. On the buy window, register the number of coins you want to purchase and finalize the contract. Once you get the coins in your exchange wallet, you can later deposit and store them in a cold storage wallet if you want to keep them more secure.

buy Loopring

Here’s How You Can Start Trading Loopring Coin In Australia

Step 1: Register for an Account and Verify It

To begin with, you should open an account with the broker you have selected and provide the necessary details. The latter includes your name, surname, email, birthdate, and some other personal details. The most reputable brokers will also require you to verify your account through different methods, including phone number, ID, etc. 

Step 2: Deposit Money in Your Account

Your next step is to charge your trading account with some funds to be able to make your first purchase. In general, the brokerage platforms allow transferring funds through multiple options, including credit and debit cards, bank transfers, and e-wallets (PayPal, Skrill, etc). Select one of those methods available for you and fill in the amount you want to charge. 

Step 3: Develop a Trading Strategy

Before you start trading, you need to do some research about the cryptocurrency and find out the factors that can influence the crypto’s price positively or negatively. Based on your research you need to adopt or develop a trading strategy to make your trades more organized and productive. Based on your time, budget, and trading goals you can select either a long-term or a short-term strategy, 

Step 4: Start Trading Loopring Coin

If you have a verified and charged account and have developed a trading strategy, you are almost fully prepared to start trading. You can open and leave positions based on your trading strategy, but always keep an eye on the market to see if there springs up anything influencing the price of Loopring. Taking into account those factors, you can later make the appropriate changes in your strategy. 

trade Loopring

Best Digital Wallet For Loopring Coin

After you buy some Loopring coins, you should also think of where you will store them. There are three main ways to do it. The first one is keeping it on your exchange account which is also quite safe if you buy it with a trustworthy and regulated broker. Otherwise, you can store it on a digital wallet which can be of two kinds - software and hardware. 

Software wallets are decentralized apps that you can download on your device and use for free. They are also well-suited for trading or exchanging various coins and provide an in-built exchange. Among the leading software wallets are Money (eToro), Trust (Binance), and Coinbase wallet. 

If you seek to keep a large number of coins in the long term, you had better use a cold-storage wallet which is the most secure way to store your coins. Hardware wallets store cryptos offline and make it almost impossible to be hacked or become a victim of fraud. Trezor and Ledger wallets are among the most popular hardware wallets that support ERC-20 tokens.

Should You Buy Loopring Coin Right Now?

If you are looking for an excellent Defi project to make a long-term investment, Loopring can be a good choice. The team behind the Loopring project works on improving the industry of decentralized exchanges and if Loopring can prove its technology and win market attention it can attract several investments. Consequently, it will positively affect Loopring’s value and grant you good rewards.

Conclusion

In conclusion, Loopring is a decentralized project with strong plans that can bring a significant improvement in the DEX industry. If you believe that this industry can develop in the future and Loopring can become one of its well-developed products, you can invest in Loopring. However, we should mention that Loopring is still new in the market and has to undergo a lot of development. Hence, you should invest with caution considering the risks of losing capital. 

eToro – The Best Platform To Buy Loopring In Australia

Virtual currencies are highly volatile. Your capital is at risk.

FAQs

What is Loopring Coin?

Loopring’s LRC coin is a cryptocurrency that serves the Loopring blockchain which seeks to upgrade the industry of decentralised exchanges - make them more scalable, reduce transaction fees and improve security. 

Where can I buy Loopring Coin in Australia?

Loopring is available on several reputable cryptocurrency exchanges and brokerage platforms. eToro is among the best platforms to buy Loopring in Australia. 

What is the maximum supply of Loopring Coin?

Loopring has a maximum supply of 1,374,513,896 LRC tokens and a circulating supply of 1,329,788,611 LRC tokens. Almost 97% of the tokens are already circulating. 

Who is the founder of Loopring Coin?

The founder and CEO of the Loopring project is software engineer Daniel Wang who was a former Google and JD.com employee. 

What is the market cap of Loopring Coin?

Loopring’s LRC coin has a market cap of $969,736,016 which makes it the 75th largest cryptocurrency.

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