Loopring (LRC): Your guide to buying and selling | finder.com.au

How to buy, sell and trade Loopring

Your guide to Loopring, how it works and how you can buy the LRC cryptocurrency.

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Loopring is a decentralised exchange and open protocol on the Ethereum blockchain. It’s designed to provide traders and institutions with a decentralised, automated trade execution system that implements trades across crypto exchanges, ensuring protection from counterparty risk and reducing the cost of trading.

The LRC token is the native token of the Loopring system, so let’s take a closer look at what these tokens are used for and how you can buy LRC in Australia.

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.
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Quick guide: How to buy LRC

  1. Register for an account with a cryptocurrency exchange like CoinSpot.
  2. Enable 2-factor authentication.
  3. Verify your account.
  4. Click “Deposit AUD”.
  5. Transfer funds into your account.
  6. Click “Buy/Sell” at the top of the screen.
  7. Search for the cryptocurrency you want and click “Buy”.
  8. Enter the amount you want to buy, or the amount of AUD you want to spend.
  9. Review the transaction details.
  10. Click “Buy”.
Go to CoinSpot's site

This is our quick guide to just one way to buy LRC. Compare some other options in the table below.

Where can I buy LRC?

You can buy and sell LRC on a wide range of popular cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD

257
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

276
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 250 cryptos.
Binance Cryptocurrency Exchange Australia
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

261
cryptocurrencies

Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

250
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
An Australian based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
Cointree Cryptocurrency Exchange
Cash, Cryptocurrency, POLi, PayID, Online banking
AUD

132
cryptocurrencies

Finder Exclusive: New members get $10 bonus after verification. T&Cs apply.
Buy 130+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.
Coinbase Digital Currency Exchange
Debit card
USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

40
cryptocurrencies

Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
Bittrex Global
Bank transfer, Credit card, Cryptocurrency, Debit card
USD

273
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

164
cryptocurrencies

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.
HitBTC Multi-currency Exchange
HitBTC Multi-currency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, SEPA
USD, EUR

212
cryptocurrencies

Buy crypto with fiat (USD/EUR) and trade over 150 other digital assets on this Europe-based exchange platform.
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, SWIFT, Wire transfer
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more

219
cryptocurrencies

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

118
cryptocurrencies

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

Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
IDEX Cryptocurrency Exchange
Cryptocurrency
-

257
cryptocurrencies

A decentralised cryptocurrency exchange where you can trade over 250 ERC20 tokens.
Bitit Cryptocurrency Marketplace
Bank transfer, Cashlib, Credit card, Neosurf, SEPA
EUR, USD, JPY, DKK, GBP, SEK, NOK, TRY & 5+ more

50
cryptocurrencies

Buy cryptocurrency with cash or credit card and get express delivery in as little as 10 minutes.
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Compare up to 4 providers

How to buy LRC

If you want to buy LRC, this is how to do it:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade LRC

Do your research to find an exchange that offers LRC in the currency pairing you want to trade, and then sign up for an account with that exchange online. You’ll need to provide your name and email address to register and, to comply with Know Your Customer laws, some exchanges will require further contact details and proof of ID before you can begin trading.

It’s also recommended that you setup two-factor authentication on your account for added security.

Step 2. Deposit funds into your account

At the time of writing, there was no crypto exchange that allowed you to exchange Australian dollars (AUD) for LRC directly, so you’ll need to own or buy a popular currency, such as Bitcoin (BTC) or Ethereum (ETH), before you can acquire any LRC.

To deposit funds, login to your account and click on the “Deposit” link. Enter the amount you want to deposit and generate a wallet address to transfer your chosen crypto from another exchange or your own wallet into your account.

Step 3. Buy LRC

Now it’s time to exchange your chosen crypto for LRC. The steps you’ll need to complete to do this may vary slightly between exchanges, but you’ll generally need to search for your desired pairing (such as ETH/LRC) and click on “Buy LRC”.

You can then enter the amount of LRC you want to buy and, if you’re happy with the transaction details and total cost, confirm your purchase.

How to sell LRC

If or when you decide to sell your LRC, you can do so via your chosen crypto exchange. You’ll essentially need to follow the same process as in step 3 above, but with the obvious difference that you’ll be looking to sell rather than buy. You should also be aware that exchanges don’t offer every possible crypto pairing, so you may not be able to directly exchange LRC for the currency you want.

LRC wallets

Storing cryptocurrency on an exchange for any length of time is not recommended, so you should consider transferring your LRC to a wallet. LRC is an ERC20 token on the Ethereum blockchain, so you’ll need to store your LRC in an Ethereum-friendly wallet. Examples of suitable wallets include:

How Loopring works

The main aim of Loopring is to solve the problems associated with centralised cryptocurrency exchanges. Despite the fact that cryptocurrencies are designed to be decentralised, most people still buy, sell and trade cryptos on centralised platforms. Not only does this expose us to an increased risk of fraud and a lack of transparency, it also means higher transaction fees and, in recent times, inconvenience as several exchanges have struggled to keep pace with rising demand.

Loopring is a decentralised exchange protocol, but not a decentralised exchange as such, for ERC20 tokens. By acting as an automated trading interface between crypto exchanges and blockchains, its role is to implement a user’s trades across the world’s crypto exchanges, providing protection against counterparty risk and reducing trading costs.

The Loopring system allows traders to retain control of their tokens rather than sending them to an exchange, with smart contracts used to automatically execute trades while the funds remain under your control. Loopring is designed to break each order into small pieces, identify the best exchanges and times to trade those pieces, and apply game theory logic to produce the best trading results.

Ethereum is the first public blockchain to be supported by Loopring, but the protocol is designed to be blockchain-agnostic, so other blockchains with smart contract capability could also be supported in future.

The Loopring concept was first developed in 2016 and its whitepaper was published in May 2017. An ICO took place in August 2017, and raised $US45 million in funds.

What to consider when buying LRC

Cryptocurrencies are complex, speculative and risky, so you’ll need to thoroughly research any coin before you decide to buy. If you’re thinking of buying LRC, make sure you take the following factors into account:

  • Supply. According to CoinMarketCap, at the time of writing (25/01/2018) there was a circulating supply of 561,169,913 LRC, out of a total supply of 1,374,956,857 LRC.
  • Use. LRC tokens function in a similar way to Ethereum’s gas. It will be used to pay transaction fees, reward miners and pay for other service fees. LRC holders also enjoy discounted trading fees and can vote on important matters in the protocol.
  • Decentralisation. Bitcoin and other cryptos were established so that people could trade units of value without having to trust a centralised authority like a bank. Most of today’s crypto exchanges are still centralised, exposing users to the risk of fraud and hacking, so a move towards the decentralisation of exchanges does seem like a logical next step.
  • Growth. Initially only for ERC20 tokens on the Ethereum blockchain, the Loopring protocol is blockchain-agnostic. This means it can potentially support other blockchains with smart contract capability, such as NEO, Qtum and EOS, in the future.
  • Future developments. For details of future developments and upgrades to Loopring, check out the Roadmap on the Loopring website. While you’re there, download the whitepaper for a detailed explanation of how the protocol and LRC tokens work.
  • Competition. You’ll also need to consider the market competition Loopring may face, not only from the more traditional centralised exchanges, but also from projects such as KyberNetwork and 0x.
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.

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