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How to buy Loom Network (NEW) in Australia

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

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Where to buy Loom Network (NEW) in Australia

It looks like LOOM may not be available to purchase on an exchange in Australia.

You can still purchase LOOM 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 LOOM using a decentralised exchange.
  1. Find LOOM on a decentralised exchange and make sure Loom Network (NEW) 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 LOOM using an exchange like Binance. You will need to purchase enough ETH to swap for LOOM 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 LOOM 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 LOOM 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 Australia.

Best Loom Network wallets to store your LOOM

You can keep your LOOM 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 (NEW) a good investment?

If you are wondering whether or not to buy LOOM, its integral to ensure you understand the coin's function and the underlying platform's intended purpose. Here are a few factors to consider regarding Loom Network:

  • CryptoZombies. Loom Network are the team behind CryptoZombies, an interactive code school designed to teach developers how to write smart contracts in Ethereum’s Solidity programming language. Those interested in investing in LOOM to get involved on the platform may want to check the tutorial out and learn how to build dApps for themselves.
  • Competition. Loom Network are one of a number of protocols intending to improve the scalability and interoperability of Ethereum-based dApps. Enjin is one of their main competitors for a share in the market. A key difference between the two is that Enjin built and runs their own Ethereum sidechain, whereas Loom uses Plasma technology to utilise the Ethereum network.
  • Token use-case. Whereas other networks often require their utility tokens to be used for transaction fees or payments, Loom is one of the few where the token is used specifically for membership. If you want access to a certain application built on Loom’s infrastructure (or to build one yourself), investing in LOOM tokens will likely make sense. LOOM tokens can also be staked via the network's native wallet.

Additional information about Loom Network (NEW) can be found using our LOOM analysis tools.

Today's Loom Network (NEW) price versus ATH

Compare today's price of Loom Network (NEW) ($0.04954482 USD) against its all-time-high price of $0.256708 USD on 10 April 2021. The closer the bar is to 100%, the closer LOOM is to reaching its ATH again.

Loom Network (NEW)'s price: $0.04954482 USD
ATH date: April 10, 2021

Loom Network (NEW) ATH: $0.256708 USD

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

You can convert or sell your LOOM with the same exchange you bought it through:
  1. Sign in to the exchange you have LOOM on.
  2. If you store your Loom Network (NEW) 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 LOOM you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Loom Network (NEW).
  6. Complete your transaction and move your LOOM to a wallet for storage.

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

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