A Beginner’s Guide to Buying and Trading Loopring Cryptocurrency in The UK
Loopring is a cryptocurrency project that combines Ethereum’s blockchain and zero-knowledge Rollups cryptography to enable users to build secure, scalable, and cost-effective exchanges on its platform. It reveals a completely new approach toward decentralized exchanges and claims to solve the problems that keep the existing DEXs away from mass adoption. To power its network, Loopring issues native tokens and plans to issue one more in the future.
LRC is the most popular and widely-traded token of the Loopring blockchain which you can buy on several cryptocurrency exchanges. Before you start investing in Loopring you should learn about this cryptocurrency project and get familiar with the technology underlying it. In this guide, we will provide you with the necessary information about the Loopring project and show you how to buy Loopring coins in the UK.
How To Buy In Loopring In The UK – 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 the UK in less than 5 minutes.
Crypto asset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply.
Where To Buy Loopring (LRC) Coin In The UK - Best Brokers And Exchanges
Are you researching where to invest in Loopring in the UK? You’re in the right place. In this section, we will inform you about the best exchanges and places to buy Loopring in the UK.
Here are the best exchanges to buy Loopring (LRC) coins in the UK that we have chosen after doing a thorough analysis of several platforms.
- eToro - Best platform to buy Loopring (LRC) in the UK
- Binance - Best exchange to buy LRC in the UK for asset diversity
- Coinbase - Best place to buy Loopring (LRC) for beginners
- OKEx - Best site to buy LRC in the UK for low-cost
Crypto asset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply.
What Is Loopring Coin?
Before the first decentralized exchanges emerged people could trade crypto assets only with centralized exchanges which act as intermediaries taking care that your trades are executed appropriately. Meanwhile, they keep the information about your funds and privacy meaning all the process is controlled by a single body. DEXs are created to support decentralized, more secure trading through automated market makers and smart contracts.
However, decentralized exchanges built on the Ethereum blockchain face some big problems making them not a preferable option for trading. One of the major problems is scalability which means that the increase in the number of transactions directly affects the speed of the transactions. Additionally, gas fees on the Ethereum network rise along with the congestion of its blockchain.
For that purpose, Loopring was emerged. Founded in 2017 by Chinese software engineer and former Google employee Daniel Wang, Loopring offers a solution to these problems. It introduces the so-called zkRollups technology to provide exchanges conducting faster transactions and charging low trading fees. Loopring does so by integrating Ethereum’s blockchain to use smart contracts but making trades elsewhere which are proved to be valid through the zero-knowledge proof process.
Everyone can build a decentralized exchange on Loopring's platform by locking the required amount of Loopric tokens. One must necessarily own some LRC coins to pay transaction fees trading on these exchanges or build a similar exchange. People can also stake their LRC coins to generate rewards other than keeping them idle.
Loopring claims to proceed with 2025 trades per second, Source: loopring.org
Read Also: Best Methods On How To Earn Loopring (LRC) Coins Fast
Should You Buy Loopring Coin?
There are some good reasons to buy Loopring cryptocurrency but in any case, your choice depends on your investment goals and budget. One of the best things about the LRC token is that apart from being a tradable asset, it plays a significant role in powering the Loorpting blockchain. It is a utility token meaning you can buy LRC coins and use them to trade on the exchanges built on Loopring.
Loopring coin price movements, Source: coinmarketcap.com
Buying Loopring to profit when its value increases can also be a reasonable decision because Loopring is a promising project and has room for growth. As having LRC coins is mandatory to use Loopring’s platform and exchanges, the demand for the coin will rise once it becomes a leading project in the industry. But before that, Looprings needs to provide its effectiveness and withstand the competition in the market.
How To Buy Loopring Coin Online In The UK - A Step by Step Guide
If you believe in Loopring’s technology and consider it a profitable investment, you may want to buy some Loopring coins. Here is how you can start investing in it. Primarily, you need to find a good cryptocurrency broker that supports Loopring, therefore we will start by introducing to you one of the best platforms to buy Loopring coins in the UK.
Being one of the most reputable brokerage platforms, eToro has millions of customers from more than 100 countries of the world. Among the best features that help eToro attract several people are its super easy user interface, high-standard security features, and the excellent trading experience it provides newcomers.
The platform is regulated by multiple financial organizations meaning your funds are extremely safe with eToro. This feature guarantees you can safely trade various assets with this broker, including not only cryptos but stocks, forex, indices, etc. Additionally, you can benefit from eToro's social trading platform that enables you to use various tools such as CopyTrades or CopyPortfolios completely free.
In fact, trading fees on eToro are also highly competitive: the broker doesn’t charge any commissions and the only fee you should pay is the buy-and-sell spread. eToro is also a great choice for portfolio diversification. It supports more than 60 coins and tokens which you can buy and keep on its software wallet - Money.
1. Register for an Online Account and Deposit Funds
You can’t use a regulated exchange without having an account on it, hence your first step is to visit the broker of your choice and register for an account. You can finish it one a couple of minutes by providing the necessary details about you. Later on, you need to verify your account with your ID and address.
You need some funds on your account to buy Loopring, which you can deposit via a bank card, or a wire transfer option. Some platforms, including eToro, also support e-wallets. Click on the “Deposit” button to charge your account and fill in the required details about your payment method.
2. Buy Loopring Coin
Once you have transferred funds to your brokerage account, you can start investing in Loopring. Loopring coins can be found under the ticker LRC which you can find by browsing through the list or simply searching it. To open a position click on the “Buy” and type the amount you want to purchase. After making sure you have registered everything correctly, complete the transaction, and after a while, you will see the coins on your account.
3. Transfer Your Funds to a Cold Storage Wallet
If you seek to find a more secure place for your Loopring investment, a cold storage wallet is the best choice as it stores your crypto assets offline reducing the risks of being hacked. LRC token is an Ethereum-based coin meaning you can store it on any hardware wallet that competes with ERC-20 tokens. Ledger Nano and Trezor wallets are the most popular names in the hardware wallets industry that support ERC-20. Still, if you will use your coins frequently, you can keep them on software wallets, like eToro’s Money wallet which is extremely secure and highly functional.
Crypto asset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply.
How To Trade Loopring Coin Online In The UK - A Step by Step Guide
If you consider that you can benefit from the price movements of the Loopring coin in the short term, here is how you can start trading LRC cryptocurrency.
2. Open a Crypto Trading Account
First, you should create an account on a brokerage platform that takes low trading fees, as long as you are going to pay fees for every trade you make. Registering for an account is quite easy - you simply need to fill in some details, such as your name, email address, phone number, etc. Once you have registered for an account, finish the process and verify it by providing the necessary documents required by the platform.
2. Deposit Funds
You can charge your brokerage account in fiat currency and three are multiple methods you can use to do it. Just make sure that you provide your payment method details to a reliable platform and that it charges low withdrawal fees. The process may take you from some hours to some days depending on the payment option you have chosen.
3. Develop a Trading Strategy
If you want to have a profitable trading experience, consider adopting a trading strategy based on careful research. It can be a long-term strategy or a short-term one which you need to choose based on the peculiarities of the market and Loopring cryptocurrency. Having a strategy, however, does not mean that you need to necessarily follow all the steps on it, so you can make changes and adapt your trades to the market changes if you have a good reason for it.
4. Start Trading Loopring Coin
After completing the technical part with your account and deciding how you will plan, you can eventually start trading the Loopring coin. If you are a beginner, we recommend that you start buying in low amounts and you can gradually increase it once you think you have advanced your trading skills. Additionally, consider that the cryptocurrency market is quite risky and you may lose some capital in the process, so don’t put your money at risk if you will need it later.
Crypto asset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply.
Loopring Coin Pros And Cons
In case you still need some information about the Loopring cryptocurrency to make a final decision, we summarised below the pros and cons of investing in this cryptocurrency.
Pros:
- Loopring is one of the most promising projects in the market.
- You can stake Loopring coins to contribute to network security and get rewarded.
- One must necessarily buy Loopring to trade or build an exchange on its blockchain.
- Loopring continuously introduces upgrades to build a more scalable and secure platform.
- 10% of the fees are burnt every time meaning that the number of coins will decrease over time.
Cons:
- The project still needs to go through a lot of development stages.
- There is high competition in the DEX industry.
Is Loopring Coin A Good Long-term Investment?
Loopring cryptocurrency can be a good long-term investment if you think that decentralized exchanges can become quite popular in the future. It offers a lot of upgrades for DEXs and if Loopring succeeds in its goals and attracts mass attention, the demand for the LRC coin will increase. One good thing is that holding LRC is mandatory to use Loopring’s network and even if you don’t benefit from Loopring investment, you can use those coins in another way - trade on the platform or stake it.
What Will Be Loopring Coin Worth In 2025?
According to the market analyses of the cryptocurrency price predicting platforms, Loopring value will increase in the following years. The Wallet investor indicates that it can reach $1.4 from $0.7 in one year. The same platform indicates that LRC will be traded at about $4 in five years.
The Digital Coin Price foresees that the average price of the cryptocurrency will be around $1 and in 2025 it will be traded at $1.45.
The Price Prediction shows that Loopring crypto will hit $1 in the next year and be traded at $3 in 2025.
| Year | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| 2023 | $1.41 | $1.46 | $1.65 |
| 2024 | $2.00 | $2.06 | $2.49 |
| 2025 | $3.01 | $3.11 | $3.48 |
| 2026 | $4.37 | $4.52 | $5.28 |
| 2027 | $6.32 | $6.51 | $7.70 |
Don't Miss: Loopring (LCR) Price Predictions
What’s The Purpose Of Loopring Coin?
In a nutshell, Loopring is an Ethereum-based blockchain platform that uses zero-knowledge Rollups to help in building more scalable, cost-effective, and secure decentralized exchanges. Anyone can build their exchanges on Loopring’s platform, staking 250,000 LRC coins in the pool. Due to its innovative approach, Loopring can contribute to making transactions faster and cheaper.
Is Loopring Coin Mining Profitable?
Loopring LRC coin is an ERC-20 token meaning you can generate rewards by staking it. Instead of buying powerful computers and using a lot of electricity, as BTC mining requires, you simply need to buy LRC tokens, get a wallet, and follow the required steps to stake them. There are some complicated calculations when it comes to unstaking your LRC coins, hence you had better get familiar with the whole process before you start staking your coins.
Buying Or Trading Loopring Coin - Things To Take Into Consideration
To sum up, decentralized exchanges can become quite popular in the future because they offer secure trading without any third parties. For now, they face some fundamental problems and scalability is one of them. Loopring addresses this scalability issue and if it succeeds in its plans, it can get a lot of attention from crypto traders and those who want to build DEXs.
The cryptocurrency is versatile and you can stake it or use it on Loopring's platform apart from trading it. It is listed on several exchanges and brokerage platforms, like eToro, and all you need to do is to open an account to buy Loopring coins in the UK.
eToro – The Best Platform To Buy Loopring In The UK
Crypto asset investing is highly volatile and unregulated in some EU countries and the UK. No consumer protection. Tax on profits may apply.
FAQs
What is the maximum supply of the Loopring cryptocurrency?
According to coinmarketcap.com, Loopring has a maximum supply of 1,374,513,896 LRC coins. 96% of the tokens are already circulating. Of note, Loopring burns tokens at times to decrease the supply.
What is the best platform to trade Loopring cryptocurrency?
Due to its zero-commission trading and low spreads, eToro can be considered one of the best platforms to trade Loopring crypto in the UK.
Is Loopring coin a buy right now?
Loopring is an excellent cryptocurrency project when we take into account its plans to revolutionize the DEX industry. It still has a lot of room to grow so the prices can increase significantly if Loopring proves its efficiency.
Who invented the Loopring blockchain?
The Loopring project was founded in 2017 by Chinese software engineer Daniel Wang. The project uses Ethereum’s blockchain and integrates zkRollups technology to provide a more scalable platform.
What is the market cap of the Loopring coin?
Loopring is traded at $0.7 at the time of writing and its market cap is $950,082,294. Loopring is ranked #74 largest cryptocurrency by market cap.