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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 Cryptocurrencies
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

865
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in random tokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

156
cryptocurrencies

Buy 100+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

314
cryptocurrencies

New users earn up to USD $500 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
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.
CA residents: Binance is not available for Ontario-based users.
Gemini Cryptocurrency Exchange
Bank transfer (ACH), Debit card, Wire transfer
USD, AUD, CAD, EUR, GBP, SGD, HKD, COP

63
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
KuCoin Cryptocurrency Exchange
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

452
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Coinbase Digital Currency Exchange
Bank transfer (ACH)
USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

75
cryptocurrencies

Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
OKEx Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

280
cryptocurrencies

Earn US$10 in BTC when you refer a friend and they purchase $100 of cryptocurrency. T&Cs apply.
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

283
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

169
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, SWIFT, Wire transfer
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more

231
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bithumb Cryptocurrency Exchange
Cryptocurrency
KRW

197
cryptocurrencies

A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
Coinbase Pro
Bank transfer, Cryptocurrency, Debit card, PayPal, Wire transfer
USD, EUR, GBP

84
cryptocurrencies

Formerly known as GDAX, Coinbase Pro is a US-based exchange which offers fiat currency payment options, including wire transfer, ACH bank transfer and SEPA.
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
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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, several exchanges, including Kraken and Crypto.com, will allow you to exchange US dollars (USD) for LRC directly. You can also exchange LRC for popular currencies, such as Bitcoin (BTC) or Ethereum (ETH)..

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 11 November, 2021, there was a circulating supply of 1,327,062,164 LRC out of a total supply of 1,373,873,440 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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