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 – Transmit Your Bitcoin or Ethereum to an Exchange

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

Make sure you have chosen the right coin you wish to deposit.

BTC must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, et cetera. In the case you're using a decentralized exchange, such as Airswap or DDEX could be divergent (Just follow these easy steps).

Step 3 – Locate Loom Network (LOOM)

Once your deposit has been approved, you'll now have access to your finances and you can begin buying and trading. To purchase Loom Network (LOOM) on Binance, you'll want to go to the ”Exchange” tab and then click on “Basic”.

In order to find Loom Network (LOOM), you'll need to put the cointype (LOOM) into the search-box, which is highlighted in the picture. Make sure you have selected the proper pairing, we've highlighted this also. Click on “LOOM/BTC” to advance.

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

Once you have located Loom Network (LOOM), you'll be presented with a Chart with Prices (in the Center of the image) and a few Order Books (Leftside of the image). For now we are creating our Limit Order.

The ”Price” field will be automatically filled with the recent price Loom Network (LOOM) was traded for. This can be changed to your preferred rate. The ”Amount” field is the quantity of LOOM you want to purchase. The ”Total” field is the total price in Bitcoin that you will pay for the whole quantity of LOOM.

If you're happy, make a mouse click on “Buy LOOM”. Your plan will be filled when a Vendor sells their LOOM for the price you submitted.

Step 5 – Withdraw Loom Network (LOOM)

Unless you are trading, never keep your crypto on an Crypto Exchange for an longer time period. In order to withdraw your Loom Network (LOOM), go to the ”Funds” tab 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'd wish to withdraw. Don't forget the demonstrated minimus/fees. Also make sure you have filled your right withdraw address.

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

Binance Withdraw

Congratulations! You've successfully purchased and stored Loom Network (LOOM).

That's it!

Withdrawals from Exchange can take between 1 – 30 minutes (depending on network usage). As soon as you've proved your withdrawal using Ethplorer.io or Etherscan.io and the (LOOM) Loom Network is stored within your wallet, you're finished.

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