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How to buy Loom Network (OLD) in South Africa

Learn how to buy Loom Network (OLD) in our step-by-step guide.

Updated . What changed?
Fact checked

Where to buy Loom Network (OLD) in South Africa

It looks like LOOMOLD may not be available to purchase on an exchange in South Africa.

You can still purchase LOOMOLD by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.

Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.

How to purchase LOOMOLD using a decentralised exchange.
  1. Find LOOMOLD on a decentralised exchange and make sure Loom Network (OLD) can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
  2. Buy ETH to trade for LOOMOLD using an exchange like Binance. You will need to purchase enough ETH to swap for LOOMOLD as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
  3. Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
  4. Trade ETH for LOOMOLD on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
  5. Wait for the transaction to finalise and the LOOMOLD tokens will arrive in your wallet.
  6. You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.

You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in South Africa.

Best Loom Network wallets to store your LOOMOLD

You can keep your LOOMOLD 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.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is Loom Network (OLD) a good investment?

Buying cryptocurrency can be a risky endeavor, but there are precautions you can take to help mitigate risk, such as learning more about Loom Network (OLD) before buying:

  • Don't FOMO buy coins: Spend time researching a coin before you decide to invest, particularly if the coin's price is spiking for seemingly no reason.
  • Stick with well known exchanges: Unless you're an experienced cryptocurrency trader, stick to more well known crypto exchanges to help avoid the possibility of losing your money in a scam. When possible, store your crypto on a hardware wallet instead of on an exchange.
  • Look into the coin's founders and developers: Anonymous teams are often a red flag, so if you can't find details on the creator of the coin you may want to consider investing in a different cryptocurrency.

Additional information about Loom Network (OLD) can be found using our LOOMOLD analysis tools.

Today's Loom Network (OLD) price versus ATH

Compare today's price of Loom Network (OLD) ($0.04016756 USD) against its all-time-high price of $2020-03-13T02:29:21.252Z USD on 01 January 1970. The closer the bar is to 100%, the closer LOOMOLD is to reaching its ATH again.

Loom Network (OLD)'s price: $0.04016756
ATH date: March 13, 2020
5.20%

Loom Network (OLD) ATH: $0.772485


How to trade, convert or sell Loom Network (OLD)

You can convert or sell your LOOMOLD with the same exchange you bought it through:
  1. Sign in to the exchange you have LOOMOLD on.
  2. If you store your Loom Network (OLD) in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of LOOMOLD you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Loom Network (OLD).
  6. Complete your transaction and move your LOOMOLD to a wallet for storage.
  1. Data by CoinGecko

Disclaimer: Cryptocurrencies, including Loom Network (OLD), are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of LOOMOLD 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 Loom Network (OLD) or any other cryptocurrency discussed.

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