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 Bitcoin (BTC) or Ethereum (ETH) to an Exchange

Your Bitcoin (BTC) or Ethereum (ETH) has to be sent over to an Exchange now. Every exchange has a deposit form that is identical. Loom Network (LOOM) is accessible on Binance, so we will use that as an example. Unsure on how to send Coinbase funds to an Cryptocurrency Exchange? (Just follow this how-to)

Make sure you've selected the exact coin you wish to deposit.

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

Step 3 – Find Loom Network (LOOM)

As soon as your deposit has been approved, you will now have access to your assets and you can begin purchasing and trading. To purchase Loom Network (LOOM) on Binance, you'll want to hover over the tab which is called “Exchange” and then mouse click on “Basic”.

To spot Loom Network (LOOM), you will need to insert the cointype (LOOM) into the search-box, which is highlighted in the graphic. Make sure you have choosen the correct grouping, we've highlighted this too. Click on “LOOM/BTC” to go on.

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

As soon as you've spotted Loom Network (LOOM), you will be presented with a Chart with Prices (in the Center of the picture) and a few Order Books (Leftside of the picture). Next we are going to create our own Limit Order.

The field with the “Price” tag will be filled with the most recent valuation Loom Network (LOOM) was traded for. This can be changed to your favoured rate. The field with the “Amount” tag is the quantity of LOOM you wish to purchase. The ”Total” field is the whole price in Bitcoin that you will pay for the complete quantity of LOOM.

If you're happy, make a mouse click on “Buy LOOM”. Your order will be filled when a Vender trades their LOOM for the price you offered.

Step 5 – Withdraw Loom Network (LOOM)

Unless you're frequently trading, you should never keepyour crypto coins on an Crypto Trader for an extended time period. In order to withdraw your Loom Network (LOOM), go to the ”Funds” tab and mouse click on “Withdraw”. Loom Network (LOOM) can be securely stored using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide)

Locate Loom Network (LOOM) by using the provided drop-down box. Put into the quantity of Loom Network (LOOM) you would like to take off. Take into account the shown fees/minimums. Also make sure you have filled your right withdraw address.

If you are satisfied, click on “Submit”. You could be asked for phone/email verification before a take off.

Binance Withdraw

Kudos! You have successfully bought and stored Loom Network (LOOM).

That's it!

Withdrawals from Cryptocurrency Exchange can take anywhere from 1 – 30 minutes (rely on usage of the network). As soon as you have proved your take off with Etherscan.io or Ethplorer.io and the (LOOM) Loom Network is stored in your wallet, you are finished.

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