How to Buy Loopring (LRC) Crypto: A Comprehensive Guide

LRC is the utility token of the Loopring protocol that performs essential functions across various aspects of the ecosystem. It keeps things running smoothly, incentivizes participation, and gives holders a say in the protocol's development. 

LRC enthusiasts can buy this cryptocurrency on CEX.IO with credit and debit cards or choose other funding methods, like bank transfers or online wallets. This makes CEX.IO a user-friendly choice for beginners and those who want a quick and straightforward way to acquire LRC. Read below to learn more about LRC and how to obtain it on CEX.IO. 

How does Loopring work?

The Loopring protocol is a Layer 2 (L2) scaling solution built on top of the Ethereum blockchain. It was created in 2017 by Daniel Wang, a former Google engineer and blockchain enthusiast. 

Loopring enables the creation of decentralized exchanges (DEXs) that rival centralized counterparts in terms of speed and transaction costs. To achieve this goal, Loopring implements zkRollups technology, which takes some of the workload off the Ethereum blockchain itself. 

Loopring raised funds through an ICO, but due to tightening regulations in China, they returned most of the capital raised. This was especially challenging, as most tokens were already traded on secondary markets. 

Nevertheless, in December, 2019, the Loopring protocol was finally deployed on the Ethereum mainnet, marking a significant milestone.

Loopring functions as a DEX protocol powered by its native token LRC. 

What is Loopring (LRC)?

LRC is the token that fuels the Loopring protocol. Participants can use this cryptocurrency to cover transaction fees on the Loopring DEX. In addition, it allows token holders voting rights on proposals, features, and updates that can affect the development of the protocol. 

LRC also plays a crucial role in securing the network through its staking mechanism. Similar to the CEX.IO crypto staking program, Loopring users can allocate a portion of their LRC holdings to potentially earn rewards for contributing to the network's security. On top of that, staking on the Loopring platform can reduce trading fees for users. 

Now that you know more about Loopring, let’s explore how to buy LRC in the section below. 

How to buy Loopring with a credit card in the U.S.

CEX.IO offers multiple avenues for U.S.-based users to obtain LRC, as well as 30+ supported cryptocurrencies. In addition to Loopring's native token, eligible participants can buy Ethereum, Bitcoin, USDT, Cardano, Cosmos, and other established digital assets. 

The most intuitive way to obtain LRC is through Instant Buy. This feature allows verified customers to seamlessly link their bank cards with the CEX.IO account, facilitating the direct purchase of LRC with a few clicks and eliminating the need for complex transfers or exchange processes.

Instant Buy also provides a convenient avenue for users seeking to buy Bitcoin with a credit card or other supported funding methods, offering a fast and secure way to enter the digital asset market. 

Besides Instant Buy, crypto enthusiasts can trade LRC against fiat currencies (EUR and USD) or stablecoins (USDT) through Spot Trading. It's also good to know that eligible participants can buy USDT on our platform as well, should they need to further streamline their LRC acquisition process. 

How to register with CEX.IO

Instant Buy is available to registered and verified clients only. Luckily, both registration and verification processes on CEX.IO are straightforward and beginner-friendly. A user can create an account by clicking Registration and submitting their country of residence and email, as well as generating a strong password. 

Once they accept the terms and conditions and verify their age, interested parties receive an account activation email containing a unique code. Entering the verification code grants users access to our dashboard. 

To comply with AML/KYC procedures, we require all customers to verify their identities. This streamlined process requires participants to provide the following details: 

• Government-issued ID
• Facial recognition
• Address information
• Proof of address

Verifying your account unlocks the full potential of our platform, allowing you to buy, sell, convert, and store cryptocurrencies. You'll also gain access to exclusive events for both crypto newcomers and veterans. (For more information about how to buy LRC in the U.S., please refer to this guide.)

Acquiring LRC with a credit card on Instant Buy 

Once registered and verified, customers can buy LRC online in the U.S. by adding their credit card to the CEX.IO account. Here are the steps to obtain LRC via Instant Buy: 

1. Login to your account and locate Instant Buy from the dashboard.
2. Select USD as the fiat currency you wish to use for the purchase. Other available currencies are EUR and GBP. 
3. Determine the amount you wish to spend acquiring LRC. Make sure it aligns with your financial goals and risk appetites. 
4. Choose LRC from the list of supported assets. Instant Buy will immediately calculate the amount of LRC you can receive. Click Buy Crypto Instantly to proceed with the purchase. 
5. From the Add Funds page, navigate to Select Payment Method and choose credit/debit cards. 
6. Enter your card details (16-digit number, expiration date, and security number (CVV)), and click Add Card. 
7. Confirm your purchase by entering the One-time password (OTP) you receive via SMS or email. 

How to buy LRC with a debit card

Individuals who favor the convenience of debit cards can also acquire LRC using a streamlined process similar to the one outlined above. This method can offer an additional advantage: the potential to connect your debit card with other popular payment platforms. 

Notably, CEX.IO allows eligible customers to buy crypto with Google Pay, Apple Pay, and PayPal, offering an additional layer of ease for compatible users.

Where to buy LRC?

Curious participants can acquire LRC on established cryptocurrency exchanges, like CEX.IO. These platforms facilitate the buying and selling of various digital assets, including LRC. 

However, when selecting an exchange, it's vital to conduct thorough due diligence to ensure it aligns with your needs. Here are some key aspects to consider: 

• Asset Security – The security of your digital assets is paramount. Choose an exchange with a robust security infrastructure to protect your holdings from unauthorized access. In addition to this, CEX.IO regularly undergoes audits to verify its compliance with Payment Card Industry Data Security Standard (PCI DSS) standards, implementing security measures to protect sensitive cardholder data, such as credit card numbers and expiration dates.
• Supported Payment Methods – Consider the payment methods you prefer, such as debit card, bank transfer, e-wallets or other cryptocurrencies, and ensure the exchange supports them for buying LRC.
• Geographic Restrictions – Some exchanges may limit users from specific geographic locations. Verify that the chosen platform operates in your region.

Whether you're looking to obtain LRC or buy USDC, Bitcoin, or any other digital currency, make sure to conduct extensive research using the factors mentioned above to select a reputable and secure exchange that aligns with your financial objectives.

What should I consider before acquiring LRC?

Individuals interested in obtaining Loopring (LRC) should carefully consider several factors before making a purchase. Here are four key areas to explore:

1. Project Fundamentals – Research Loopring's technology, team, and roadmap to understand its potential for growth and adoption.
2. Market Conditions – Evaluate the overall cryptocurrency market sentiment and LRC's specific price history to assess potential volatility.
3. Technical Analysis – Learn about technical indicators used to analyze price trends and identify potential entry and exit points for LRC.
4. Fundamental Analysis – Understand core factors that can influence LRC's value, such as partnerships, exchange listings, and industry regulations.

Remember: Thorough research is crucial before any cryptocurrency transaction. While understanding the fundamentals of Loopring is important, it's equally vital to consider its market performance due to the cryptocurrency market's inherent volatility. Equipping yourself with both technical and fundamental analysis can empower you to make educated purchasing decisions.

How to store LRC tokens

For beginners, cryptocurrency exchanges like CEX.IO represent the most intuitive way to store LRC tokens. These platforms allow less tech-savvy users the convenience of buying, selling, and holding LRC within a beginner-friendly crypto wallet, eliminating the need for managing private keys or downloading additional software wallets. 

Alternative payment methods to buy LRC on CEX.IO

In addition to bank cards, eligible customers can use a variety of other funding methods to obtain LRC, as well as other supported assets. Following the steps mentioned above, customers can access payment methods from the Add Funds page.  

From there, users can choose to buy crypto with Apple Pay, Google Pay, bank transfer (SEPA, SWIFT), and e-wallets (Skrill, Neteller). 

However, bear in mind that the availability of certain payment methods may differ between jurisdictions. For example, only U.S.-based clients can buy crypto with PayPal. On the other hand, customers from the U.S. jurisdiction won't be able to acquire cryptocurrencies via bank transfers. 

FAQs

How can I track the value of LRC on CEX.IO?

Curious participants can track the real-time performance of LRC by exploring our cryptocurrency prices page, which is available to both verified and non-registered clients. This resource provides enthusiasts with information about LRC's 24-hour trading volume, current market capitalization, and most frequently traded currency pairs. 

Can I stake LRC on CEX.IO? 

LRC is currently not available for staking at CEX.IO. However, those looking to earn crypto rewards by participating in our staking programs can explore other opportunities, including Solana (SOL), Matic Network (MATIC), Tron (TRON), Cardano (ADA), and Polkadot (DOT). 

What is the CEX.IO Bitcoin calculator? 

BTC calculator allows users to effortlessly and instantaneously determine the current exchange rate between Bitcoin (BTC) and various fiat currencies (USD, EUR, GBP) or stablecoins (USDT) supported by the CEX.IO. This tool eliminates the need to manually search for conversion rates, providing a clear and transparent view of BTC's current market price.