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How to buy, sell and trade Lisk (LSK)

A beginner’s guide to the Lisk cryptocurrency and how you can buy it in Singapore.

Lisk is a blockchain platform designed to facilitate the development and distribution of JavaScript based decentralised applications (DApps). The Lisk ecosystem aims to provide developers the opportunity to build, distribute and monetise their applications with the use of customised blockchains, smart contracts, cloud storage and nodes.

In this guide, we’ll walk you through where and how to buy Lisk (LSK), how the token works and key things you should consider before buying it.

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 LSK in Singapore?

You can buy LSK tokens at various exchanges, using fiat currencies such as US dollars (USD) or euros (EUR). Alternatively, you can buy LSK with cryptocurrencies like bitcoin (BTC) or Ethereum (ETH). Some of the exchanges that offer the option to buy LSK tokens are listed below.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

314
cryptocurrencies

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.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

255
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

279
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

148
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.
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

269
cryptocurrencies

Promo: 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.
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A step-by-step guide to buying LSK

You can buy LSK with cryptocurrency or with fiat currency (e.g. USD or EUR).

At the time of writing in February 2018, you can buy it with fiat currency at CoinSpot or WEX.

Buy with fiat or crypto

At the time of writing in February 2018, you can buy it with fiat currency at CoinSpot or WEX.

To buy LSK with fiat currency, you need to do the following:

  1. Create an account on your chosen exchange.
  2. Verify your identity at that exchange. This usually involves confirming your identity by sending in a photo of your driver’s licence and other proof.
  3. Deposit money into the exchange. You can do this with a bank transfer, a credit card, a wire transfer or some other method depending on the exchange.
  4. Purchase LSK with the deposited money.

At this point, your LSK will either be deposited into your account on the exchange for withdrawal at your leisure or deposited directly to the wallet address you’ve provided.

Buy with cryptocurrency only

Most exchanges don’t accept fiat currency deposits, so you will first need to own or acquire a cryptocurrency which can be paired with LSK, such as BTC or ETH. The coins accepted may vary, depending on the exchange. If you don’t own any cryptocurrencies which can be paired with LSK, our guides can show you how to get started:

If you already have some cryptocurrency, you’ll need to create an account on the exchange you want to use to buy LSK, and then send your coins from your wallet to that exchange. At this point, you can trade them for LSK.

Exchange-related risks can include hacks, system errors or the site going down, so it’s usually recommended to withdraw your coins from an exchange and store them in a wallet.


How to sell LSK

You can sell LSK tokens on the same exchange where you bought them, or transfer them to another exchange that supports LSK. The process is almost exactly the same as the step-by-step guide above, except in reverse, so you will need to pair LSK with either another cryptocurrency or fiat currency such as USD/LSK or BTC/LSK. After deciding this, you enter the amount of LSK tokens you want to exchange. Once you have entered this number, confirm the final sale value and proceed to sell your LSK tokens.


Which wallets can I use to hold LSK?

You can use the following wallets to store your LSK:

  • Lisk Nano. This is the desktop wallet of the Lisk platform that you can use to store LSK tokens, to send and receive transactions on the Lisk network, or you can use it for delegate voting. It works on Windows, Linux and Mac OS X. There is also a web version of the wallet.
  • Lisk Core. This wallet is aimed at advanced technical users that want to build on top of the Lisk platform. For that reason, it includes Application Programming Interface (API) for developers.
  • Freewallet. This is a mobile app wallet for Android and iOS.

Discover more ways to store your cryptocurrency in our introductory guide to wallets.


What is the Lisk platform and how does LSK work?

The team behind Lisk intend to make blockchain technology more accessible by building a Software Development Kit (SDK) written in JavaScript. The Lisk platform software has three components: JavaScript, NodeJS and PostgreSQL. Through the sale of LSK tokens, the team hopes to finance projects which are built on the Lisk platform.

Lisk (LSK) is the cryptocurrency token of the Lisk platform. It is used to pay fees and to grant access to the system. The ticker symbol for the Lisk token is LSK and the algorithm it uses is called Delegated Proof-of-Stake (DPoS). This means that everything related to the network or the addition of new blocks to the blockchain is done by delegate voting.

Anyone can apply to become a delegate and the delegate collects votes from LSK owners. 1 LSK equals 1 vote, so if you have LSK in your wallet you can vote for delegates. The delegates with the most votes start securing the network and they subsequently receive rewards in LSK tokens.

Find out more about Lisk in our comprehensive guide.


What should I consider before buying LSK?

If you are wondering whether to buy LSK or any other cryptocurrency, you must be fully aware of the risks involved as cryptocurrencies are speculative and volatile. You should take the following points into consideration if you still want to buy LSK:

  • Supply. According to CoinMarketCap, the circulating supply of LSK tokens in March 2018 was 102,350,199 tokens out of a maximum supply of 118,528,048 LSK.
  • LSK use. LSK tokens can only be used within the Lisk platform to pay fees and to gain access to the platform’s SDK (Software Development Kit). You can also use LSK tokens to trade with other cryptocurrencies.
  • Availability. LSK tokens are available for purchase on a number of exchanges where you can buy LSK with fiat money and cryptocurrencies.
  • Market competition. Similar platforms to Lisk are: NEO, Cardano, Ethereum and EOS.

By considering the above factors and conducting your own research, you should be able to make a more informed decision about whether you would buy LSK.


Frequently asked questions

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.

Picture: Shutterstock

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