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 – Send Your Bitcoin or Ethereum to an Cryptocurrency Exchange

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

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

BTC must be sent to a BTC deposit address, ETH to an ETH deposit address, etcetera. If you are using a decentralized exchange, such as Airswap or DDEX could be divergent (Follow our guide).

Step 3 – Find Loom Network (LOOM)

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

In order to locate Loom Network (LOOM), you'll need to put the shortname of the coin (LOOM) into the search-box, which is highlighted in the graphic. Be certain of having choosen the correct grouping, we've highlighted this too. Click on “LOOM/BTC” to go ahead.

Step 4 – Acquisition of Loom Network (LOOM)

Once you've found Loom Network (LOOM), you'll be presented with a Chart with Prices (in the Center of the picture) and a few Order Books (Leftside of the picture). And now we're making our own Limit Order.

The field with the “Price” tag will be filled automatically with the most up-to-date rate Loom Network (LOOM) was sold for. You can change this to your desired rate. The field with the “Amount” tag is the quantity of LOOM you like to buy. The ”Total” field is the aggregated price in BTC that you'll settle for the whole quantity of LOOM.

If you're glad, click on “Buy LOOM”. Your order will be filled when a Vendor trades their LOOM for the price you introduced.

Step 5 – Withdraw Loom Network (LOOM)

Unless you're frequently trading, best advise is not to keep crypto on an Crypto Exchange for an longer period of time. In order to take off your Loom Network (LOOM), go to the tab called “Funds” and mouse 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. Enter the amount of Loom Network (LOOM) you would wish to withdraw. Take into account the shown fees/minimums. Also make sure you have entered your correct withdraw address.

If you are glad, click “Submit”. You could be requested for verfication via email/phone ahead of a withdrawal.