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How to buy Chainlink (LINK) in Nigeria
Learn how to buy Chainlink (LINK) on 7+ crypto exchanges in our step-by-step guide.
You can buy Chainlink (LINK) on a cryptocurrency exchange like FTX. These specialised marketplaces allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. Chainlink (LINK) is blockchain middleware that aims to connect smart contracts with real-time information from off-chain resources, such as banks and stock exchanges. Here's how to buy Chainlink.
How to buy Chainlink in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Chainlink is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit ₦ using the payment method that best suits you – credit card, wire transfer, silvergate exchange network (sen) and signature signet payments are widely accepted.
You can now exchange your funds for Chainlink. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Chainlink to your personal wallet.
Where to buy Chainlink in Nigeria
Find an exchange to buy, sell and trade LINK by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy Chainlink?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Nigeria to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Chainlink?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Chainlink.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing LINK with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy Chainlink with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy LINK with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy LINK on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase LINK by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for LINK on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Chainlink?
The easiest way to buy LINK is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying LINK, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of Chainlink has been performing recently.
Best Chainlink wallets to store your LINK
You can keep your LINK on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Is Chainlink a good investment?
Before deciding whether or not to invest in a cryptocurrency, it's important to understand the uses of the token and its associated platform. In the case of LINK, here are some things worth considering:
- Competition. Integrating an oracle network with real-world APIs is a highly sought-after application in the blockchain ecosystem, and Chainlink are not the only company working on this. Some competitors include Band Protocol and API3. However, Chainlink are one of the strongest players in this space and have the greatest public exposure relative to their competition.
- Partnerships. Given Chainlink's desire to integrate with real-world applications, partnerships will play a large role in the network's widespread adoption. Chainlink also has a keen eye on blockchain-based integration. It is worth keeping an eye out for partnership announcements, past or future. You can view the entire Chainlink ecosystem on their webpage.
- Developers. Chainlink was co-founded in 2017 by Sergey Nazarov, who began his career in tech by developing peer-to-peer marketplaces back in 2009. Steve Ellis, the other co-founder, previously worked with Nazarov on SmartContract, which ended up being a precursor for Chainlink.
- Off-chain data. As Chainlink is one of the first oracle networks able to communicate with off-chain data, it is used by a number of exchanges (centralised and decentralised) to access data and produce live price feeds. Examples of affiliated platforms include Synthetix and Compound.
Additional information about Chainlink can be found using our LINK analysis tools.
Today's Chainlink price versus ATH
Compare today's price of Chainlink ($7.9 USD) against its all-time-high price of $52.7 USD on 10 May 2021. The closer the bar is to 100%, the closer LINK is to reaching its ATH again.
ATH date: May 10, 2021
Chainlink ATH: $52.7
How to trade, convert or sell ChainlinkYou can convert or sell your LINK with the same exchange you bought it through:
- Sign in to the exchange you have LINK on.
- If you store your Chainlink in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of LINK you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Chainlink.
- Complete your transaction and move your LINK to a wallet for storage.
Disclaimer: Cryptocurrencies, including Chainlink, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of LINK 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 Chainlink or any other cryptocurrency discussed.
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