How to buy, sell and trade Loopring

Your guide to Loopring, how it works and how you can buy the LRC cryptocurrency.

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Loopring is a decentralized exchange and open protocol on the Ethereum blockchain. It’s designed to provide traders and institutions with a decentralized, automated trade execution system that implements trades across crypto exchanges, ensuring protection from counterparty risk and reducing the cost of trading.

The LRC token is the native token of the Loopring system, so let’s take a closer look at what these tokens are used for and how you can buy LRC in Canada.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where can I buy LRC?

You can buy and sell LRC on a wide range of popular cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
-
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: US-based users have been restricted from Binance since June 2019.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cryptocurrency
Bank transfer (SEPA)
SWIFT
Wire transfer
Faster Payments Service
GBP, EUR, USD, CAD, SGD, AUD, JPY, MXN
BTC, ETH, BCH, XRP, LTC, EOS, XLM, USDT, ADA, XMR, TRX and 50+ more
BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Credit card
Cryptocurrency
USD
BTC, BCH, MIOTA, XVG, NEO, ADA, XRP, TRX, ONT, ZIL, GAS, LTC, ZRX, QTUM, ETH, ETC, VET, ICX & 300+ more
CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
OKEx Cryptocurrency Exchange
Bank transfer
Cryptocurrency
WeChat
USD, CNY
BTC, ETH, LTC, EOS, TRX, ETC, BCH, TRUE, XRP, ABT & 130+ more
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
YoBit Cryptocurrency Exchange
AdvCash
Cryptocurrency
Payeer
Perfect Money
USD, RUB
BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, BCC, TRX, ABYSS, PAC, ZEC, XVG, EOS, ETC, & 404+ more
Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Cryptocurrency
-
BTC, ETH, XRP, BCH, EOS, XVG, LTC, ADA, MIOTA, TRX, NEO, DASH, XMR, XEM, VET, ETC, ICX, QTUM, OMG, & 70+ more
Buy and trade 100+ cryptocurrencies on this global cryptocurrency exchange.
IDEX Cryptocurrency Exchange
IDEX Cryptocurrency Exchange
Cryptocurrency
-
EOS, RFR, CS, AUC, BEE, BANCA, CNN, EOSDAC, FSN, NBAI, TRAC, VET, XBP & 60+ more
A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.

Compare up to 4 providers

How to buy LRC

If you want to buy LRC, you can follow these three steps:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade LRC

Do your research to find an exchange that offers LRC in the currency pairing you want to trade, and then sign up for an account with that exchange online. You’ll need to provide your name and email address to register and, to comply with Know Your Customer (KYC) laws, some exchanges will require further contact details and proof of ID before you can begin trading.

It’s also recommended that you setup two-factor authentication on your account for added security.

Step 2. Deposit funds into your account

At the time of writing, there was no crypto exchange that allowed you to exchange Canadian dollars (CAD) for LRC directly, so you’ll need to own or buy a popular cryptocurrency, like Bitcoin (BTC) or Ethereum (ETH), before you can acquire any LRC.

To deposit funds, login to your account and click on the “Deposit” link. Enter the amount you want to deposit and generate a wallet address to transfer your chosen crypto from another exchange or your own wallet into your account.

Step 3. Buy LRC

Now it’s time to exchange your chosen cryptocurrency for LRC. The steps you’ll need to complete to do this may vary slightly between exchanges, but you’ll generally need to search for your desired pairing (such as ETH/LRC) and click on “Buy LRC”.

You can then enter the amount of LRC you want to buy and, if you’re happy with the transaction details and total cost, confirm your purchase.

How to sell LRC

If or when you decide to sell your LRC, you can do so via your chosen crypto exchange. You’ll essentially need to follow the same process outlined in step 3 above, but with the obvious difference that you’ll be looking to sell rather than buy. You should also be aware that exchanges don’t offer every possible crypto pairing, so you may not be able to directly exchange LRC for the currency you want.

LRC wallets

Storing cryptocurrency on an exchange for any length of time is not recommended, so you should consider transferring your LRC to a wallet. LRC is an ERC20 token on the Ethereum blockchain, so you’ll need to store your LRC in an Ethereum-friendly wallet. Examples of suitable wallets include:

How Loopring works

The main aim of Loopring is to solve the problems associated with centralized cryptocurrency exchanges. Despite the fact that cryptocurrencies are designed to be decentralized, most people still buy, sell and trade cryptos on centralized platforms. Not only does this expose us to an increased risk of fraud and a lack of transparency, it also means higher transaction fees and, in recent times, inconvenience as several exchanges have struggled to keep pace with rising demand.

Loopring is a decentralized exchange protocol, but not a decentralized exchange as such, for ERC20 tokens. By acting as an automated trading interface between crypto exchanges and blockchains, its role is to implement a user’s trades across the world’s crypto exchanges, providing protection against counterparty risk and reducing trading costs.

The Loopring system allows traders to retain control of their tokens rather than sending them to an exchange, with smart contracts used to automatically execute trades while the funds remain under your control. Loopring is designed to break each order into small pieces, identify the best exchanges and times to trade those pieces and apply game theory logic to produce the best trading results.

Ethereum is the first public blockchain to be supported by Loopring, but the protocol is designed to be blockchain-agnostic, so other blockchains with smart contract capability could also be supported in the future.

The Loopring concept was first developed in 2016 and its whitepaper was published in May 2017. An ICO took place in August 2017, and raised US$45 million in funds.

What to consider when buying LRC

Cryptocurrencies are complex, speculative and risky, so you’ll need to thoroughly research any coin before you decide to buy. If you’re thinking of buying LRC, make sure you take the following factors into account:

  • Supply. According to CoinMarketCap, at the time of writing on 25 January 2018, there was a circulating supply of 561,169,913 LRC, out of a total supply of 1,374,956,857 LRC.
  • Use. LRC tokens function in a similar way to Ethereum’s Gas. It will be used to pay transaction fees, reward miners and pay for other service fees. LRC holders also enjoy discounted trading fees and can vote on important matters in the protocol.
  • Decentralization. Bitcoin and other cryptocurrencies were established so that people could trade units of value without having to trust a centralized authority like a bank. Most of today’s cryptocurrency exchanges are still centralized, exposing users to the risk of fraud and hacking, so a move towards the decentralization of exchanges does seem like a logical next step.
  • Growth. Initially only for ERC20 tokens on the Ethereum blockchain, the Loopring protocol is blockchain-agnostic. This means it can potentially support other blockchains with smart contract capability, such as NEO, Qtum and EOS, in the future.
  • Future developments. For details of future developments and upgrades to Loopring, check out the Roadmap on the Loopring website. While you’re there, download the whitepaper for a detailed explanation of how the protocol and LRC tokens work.
  • Competition. You’ll also need to consider the market competition Loopring may face, not only from the more traditional centralized exchanges, but also from projects such as KyberNetwork and 0x.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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