GoBear is now part of Finder

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to buy, sell and trade Loom Network (LOOM)

A step-by-step guide to buying the Loom Network’s LOOM token.

A blockchain platform for large-scale online games and social apps, Loom Network is built on Ethereum. Using what it calls DAppChains, which are full-featured blockchains built to run in parallel to Ethereum Smart Contracts, Loom Network is building an infrastructure platform designed to help Ethereum scale.

The Loom Network was officially launched in March 2018, and so too was its LOOM token, which acts as a network membership token. If you want to buy LOOM but don’t know where to start, we’ve put together this simple, step-by-step guide.

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 to buy LOOM in Malaysia

You can find LOOM listed on the following cryptocurrency exchanges:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
FTX Cryptocurrency Exchange
FTX Cryptocurrency Exchange
Credit card, Wire transfer, Silvergate Exchange Network (SEN), Signature SIGNET


Sign up through Finder for a 5% discount on all trading fees. T&Cs apply.
FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire


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.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card


Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, SWIFT, Wire transfer


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


A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
IDEX Cryptocurrency Exchange


A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.

Compare up to 4 providers

A step-by-step guide to buying LOOM

To buy LOOM tokens, complete the following steps:

Step 1. Register on an exchange that lists LOOM in one or more currency pairs.

LOOM tokens are only available on a selected range of exchanges, so compare the platforms that support LOOM to find one that meets your needs. You’ll need to provide your email address and create a password to register, while some exchanges will also require you to supply additional personal information and proof of ID to satisfy Know Your Customer and anti-money laundering (KYC/AML) regulations.

Before depositing any funds, remember to enable 2-factor authentication to provide increased security for your account.

Step 2. Deposit funds into your account.

There’s currently no way to buy LOOM directly with Malaysian Ringgit, so you’ll need to first obtain a cryptocurrency listed in a trading pair with LOOM. Your options are bitcoin (BTC), ether (ETH) and Binance Coin (BNB). If you need help getting your hands on any of these currencies, check out our how to buy BTC, how to buy ETH and how to buy BNB guides.

To deposit the funds into your account, you’ll need to find and copy your exchange wallet’s transfer address. Then, select the coin you want to deposit, scan the wallet QR code or copy the relevant address, and transfer coins into your account.

Step 3. Buy LOOM.

Now it’s time to find the Exchange section of your chosen platform, search for the pair you want to trade (for example LOOM/ETH) and buy some tokens.

Enter the details of your transaction, such as the amount of LOOM you want to buy or your desired price. Make sure you then review the full transaction details before finalising your purchase.

How to sell LOOM

If you decide you want to sell your LOOM tokens, the process you’ll need to follow is essentially the same as that outlined in Step 3. You can then enter your transaction details and click on “Sell LOOM”.

Make sure to once again check the full details of the transaction before submitting, and remember that you may not be able to immediately exchange LOOM for the currency you want.

Which wallets can I use to hold LOOM?

Although you could potentially store your tokens on an exchange, this would expose you to the risk of hacking and theft. Moving LOOM into a private wallet that you own is generally considered to be a much more secure option.

As LOOM is an ERC20 token on the Ethereum network, you’ll need to look for a wallet that supports these types of tokens. Options you may consider include hardware wallets like the Ledger Nano S and TREZOR, or the MyEtherWallet web interface.

Find more ways to hold your cryptocurrency through our ultimate wallets guide.

How LOOM and the Loom Network work

Describing itself as “EOS on top of Ethereum”, Loom Network is developing a platform designed to help Ethereum scale. Its key product is a software development kit (SDK) which developers can use to create their own blockchain without needing any specialised knowledge of blockchain technology.

This SDK develops what Loom Network labels a DAppChain, which runs as its own sidechain to Ethereum’s base layer. This structure allows DAppChains to use different consensus systems, for example Delegated Proof of Stake (DPoS), but also allows assets based on these chains to enjoy all the security benefits of Ethereum.

With support for DPoS as standard, the two initial types of dapps the network is focusing on are large-scale online games and social apps. Loom Network’s first dapp was launched in March 2018. Known as DelegateCall.com, it’s a Q&A site all about blockchain and Ethereum programming.

The Loom Network’s SDK is currently in private beta testing and will have its public release in June 2018. The team behind the project has raised US$25 million in funding and is led by co-founders James Duffy, Luke Zhang and Matthew Campbell.

What to consider if buying LOOM

Cryptocurrencies are complex and speculative, and are notorious for their volatility. Before buying any digital currency, make sure you thoroughly research the project and all the factors that could potentially affect its price.

If you’re thinking of buying any LOOM, take the following issues into consideration:

  • Supply. According to CoinMarketCap, at time of writing (May 2018) the circulating supply of LOOM was 578,741,601, out of a total supply of 1 billion.
  • Use. The LOOM token is a membership token described as an all-access pass to dapps running on Loom Network. The tokens work across all DAppChains running on the network and allow you to transfer your data and digital assets between Loom DAppChains and Ethereum.
  • Membership tiers. Currently, Loom Network only has one membership tier, the user tier, which requires you to hold one token before you can participate. However, there are future plans to announce higher membership tiers for developers who want to build and run dapps. To qualify for those tiers, you’ll need to hold a larger token balance.
  • No whitepaper. Critics of Loom Network have suggested that the fact that the project doesn’t have a whitepaper should raise red flags for crypto buyers. Responding in a blog post, Loom Network co-founder James Duffy said: “It didn’t make sense to us to publish in-depth documentation for a product that didn’t exist yet – so we figured we’d build the product first, get a bunch of developers building dapps on it second, and then release the in-depth documentation.”
  • CryptoZombies. Loom Network is also behind CryptoZombies, an interactive code school designed to teach developers how to write smart contracts in Ethereum’s Solidity programming language. The school has had more than 170,000 users and is in the process of being converted into a DAppChain. Loom is also developing three dapps in-house that are scheduled for release in Q2 2018.

It’s still early days for Loom Network, so whether or not it can become a popular dapp platform among developers remains to be seen. Make sure you thoroughly research the project before deciding whether or not to buy any LOOM tokens.

Disclosure: At the time of writing the author holds IOTA and XLM.

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.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site