How to Buy Loom Network (LOOM)

Step 1 – Signup to Kraken

You will first need to buy one of the major coins. Exchanges commonly accept either ETH (Ethereum) or BTC (Bitcoin) in exchange for any other Cryptocurrency. Click below for registration and receive BTC (Bitcoin) or ETH (Ethereum).

Step 2 – Transfer Your Ethereum (ETH) or Bitcoin (BTC) to an Crypto Exchange

Your Ethereum (ETH) or Bitcoin (BTC) has to be sent over to an Crypto Exchange now. Every exchange has a deposit form that is identical. Loom Network (LOOM) is available on Binance, so we will use that as an illustration. Unsure on how to send Coinbase funds to an Crypto Trader? (Follow these easy steps)

Make sure you have selected the exact coin you want to deposit.

BTC must be sent to a Bitcoin deposit address, Ethereum to an ETH deposit address, et cetera. In the case you are working with a decentralized exchange, such as Airswap or DDEX could be different (Follow our guide).

Step 3 – Find Loom Network (LOOM)

Once your deposit has been confirmed, you'll instantly have access to your finances and you can start buying and trading. To invest in Loom Network (LOOM) on Binance, you will want to hover over the tab which is called “Exchange” and after that click on “Basic”.

To locate Loom Network (LOOM), you will need to insert the shortname of the coin (LOOM) into the search box, which is highlighted in the image. Make sure you have choosen the correct pairing, we've highlighted this too. Click on “LOOM/BTC” to progress.

Step 4 – Acquisition of Loom Network (LOOM)

After you have spotted Loom Network (LOOM), you will be presented with a Price Chart (in the Center of the image) and some Order Books (Leftside of the picture). Next we're going to make our own Limit Order.

The field with the “Price” tag will be filled with the most up-to-date tariff Loom Network (LOOM) was sold for. This can be changed to your preferred rate. The field with the “Amount” tag is the quantity of LOOM you wish to purchase. The field with the “Total” tag is the aggregated price in Bitcoin that you will pay for the whole amount of LOOM.

If you are satisfied, make a mouse click on “Buy LOOM”. Your order will be filled when a Seller sells their LOOM for the price you offered.

Step 5 – Withdraw Loom Network (LOOM)

Unless you are regularly trading, best advise is not to keep your crypto on an Exchange for an longer time period. To take off your Loom Network (LOOM), go to the tab called “Funds” and click on “Withdraw”. Loom Network (LOOM) can be securely stored using a Wallet, for example MyEtherWallet. (MyEtherWallet Setup Guide)

Locate Loom Network (LOOM) by using the given drop-down box. Drop in the quantity of Loom Network (LOOM) you would wish to take off. Don't forget the shown fees/minimums. Also make sure you have filled your right withdraw address.

When you're satisfied, click on “Submit”. You may be requested for verfication via email/phone ahead of a take off.