How to Buy Loom Network (LOOM)

A Step-by-Step-Guide on 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).

Binance Signup
Step 2 – Transfer Your ETH (Ethereum) or BTC (Bitcoin) to an Crypto Trader

Your Ethereum (ETH) or Bitcoin (BTC) has to be sent over to an Crypto Trader now. All exchanges have a deposit form that is identical. Loom Network (LOOM) is accessible on Binance, so we're going to use that as an example. Unsure on how to send Coinbase funds to an Crypto Trader? (Follow this guide)

Make sure you've chosen the precise coin you would like to deposit.

Bitcoin must be sent to a BTC deposit address, Ethereum to an ETH deposit address, et cetera. In the case you're dealing with a decentralized exchange, such as Airswap or DDEX could be divergent (Follow our how-to).

Step 3 – Find Loom Network (LOOM)

As soon as your deposit has been affirmed, you will instantly have access to your finances and you can launch buying and trading. To invest in Loom Network (LOOM) on Binance, you'll want to go to the ”Exchange” tab and after that click on “Basic”.

To spot Loom Network (LOOM), you will need to put the shortname of the coin (LOOM) into the search-box, which is marked in the graphic. Be certain of having selected the proper pairing, we've marked this also. Click on “LOOM/BTC” to go on.

Binance Hot To Buy Loom Network (LOOM)
Binance How to Buy (LOOM) Loom Network
Step 4 – Purchasing Loom Network (LOOM)

After you have spotted Loom Network (LOOM), you will be given a Price Chart (in the Center of the picture) and a few Order Books (on the Left of the image). Next we are going to create our own Limit Order.

The ”Price” field will be filled with the most recent valuation Loom Network (LOOM) was traded for. This can be changed to your preferred rate. The ”Amount” field is the volumen of LOOM you want to purchase. The ”Total” field is the whole price in Bitcoin that you'll settle for the complete quantity of LOOM.

When you're glad, make a mouse click on “Buy LOOM”. Your order will be filled as soon as a Vendor 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 extended time period. In order to withdraw your Loom Network (LOOM), hover over the tab called “Funds” and click on “Withdraw”. Loom Network (LOOM) can be stored securely using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide)

Locate Loom Network (LOOM) by using the provided drop-down box. Put into the amount of Loom Network (LOOM) you would wish to withdraw. Take into account the presented minimus/fees. Also make sure you have filled your correct withdraw address.

When you are happy, click on “Submit”. You could be asked for verfication via email/phone before a withdrawal.

Binance Withdraw

Congrats! You have successfully purchased and stored Loom Network (LOOM).

That's it!

Take offs from Cryptocurrency Exchange can durate anywhere from 1 – 30 minutes (depending on network usage). Once you've confirmed your take off with Ethplorer.io or Etherscan.io and the (LOOM) Loom Network is stored inside your wallet, you are done.

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