There are a lot of elements that come into the spot when buying crypto such as location and protocol. There is a need for collaboration between internet money that is provided by a blockchain. Hanging on their applications, different types of data are passed on by blockchain-like network topologies, consensus mechanisms, etc.
If the requirement is to gather information outside the source of the blockchain then it is always at risk to collect information from outside. Then what will be the solution for it? The answer is chain link.
What is Chainlink?
Chainlink is a decentralized Oracle network that allows one to gather information from smart contracts and securely communicate with real-world data and services outside of the blockchain. Chainlink has been executed by a large open-source community and it was introduced in 2017. Maintaining the technology of blockchain security and reliability assurance enhances the capabilities of smart contracts and enables to access data from outside blockchain computing.
This article will explain how to buy chain link and about its payment methods etc.
How to Buy Chainlink?
The simpler and easier way to buy Chainlink is to buy it from a crypto exchange. You can easily buy or sell Chainlink from exchanges and other cryptocurrencies from your phone, tablet, or computer. The following are the steps that help you in buying Chainlink.
Choose a Platform;
To keep your elements in mind, find a platform that meets your demands. Choose a platform by keeping all your needs in mind and the place where you live. Most platforms are simple and easy to use for early beginners.
Create an Account:
You need to submit all the personal information that is needed. Such as your photo, valid ID, and proof of address to complete the process. After clicking on create an account, you have been accepting all the terms and conditions and your account has been created.
Verify your Account:
You received a link in your registered email. You need to click on the link to get verified
Select a Payment Method and Make a Deposit:
Now you need to click on the deposit fund button and enter the amount that you want to transfer. Choose the preferred payment method and local currency. Click on deposit to transfer your money.
Buy Chainlink:
At the top type in the search box chainlink to find the coin and click Trade. You can simply create a market order put in how much you want and click on buy.
What Payment Method Can I Use to Buy the Chain Link?
When it moves toward understanding ways of purchasing LINK, there are various methods are available. Here we will learn a few of them.
Buy Chainlink with a credit or Debit Card:
For buying LINK credit and debit cards are two suitable methods and almost all cryptocurrency exchanges have accepted these two methods. The only issue is that fees are considered to be higher than other payment method.
Buy Chainlink with a Bank Transfer:
It is considered to be the cheapest and most popular way of buying LINK, it is endorsed by many platforms. You can immediately receive your funds if faster payment is available. On Coinbase and Bitstamp the faster payment is free of cost. However, on Binance it will cost you one euro.
Buy Chainlink with PayPal:
PayPal is the convenient, secure, and fast way to buy LINK. PayPal charged no fees but other crypto platforms may force you to pay fees for your purchases and deposits on PayPal. If you want to buy LINK via PayPal on Binance, it doesn’t accept deposits through PayPal. You need to use peer to peer market on Binance if you want to buy LINK. On eToro PayPal deposits are free. Coinbase charges a 2.5% fee on deposits.
Buy Chainlink with Skrill:
The e-money transfer services are provided by Skrill and Neteller. A simple and fast method to organize your money. On Bitpanda both can be utilized to make EUR and GBP. You can deposit eToro free of cost.
Where to Buy Chainlink?
There are a lot of popular platforms that propose LINK tokens.
EToro:
eToro is considered to be one of the best platforms from where you can buy LINK. It is easy to use for beginners. On the other side features and charts also interacted for experienced users. You can get updates about the latest market trend by adding a chainlink to your watchlist. News and Feed tabs allow you to get information about the development. If you want to perform your analysis then you can use stats and Research tabs. If you don’t have any knowledge or time for self-analysis. eToro enables you to select other traders and copy their trades for you.
You can create an account on eToro within a few minutes. There is a different type of payment methods through which you can deposit 10$ via credit card, bank transfer, PayPal, and Neteller. The trading fees are $1 and withdrawal fees are $5.
Pros:
- Low fees
- The commission rate is zero
- Simple to use
- The minimum deposit is 10 dollar
- Having a strong security level
- Provides educational resources
Cons:
- Offering fewer coins when compared to other exchanges
Binance:
Binance offers the lowest trading fees in the market at 0.1% it may depend on the payment method you choose or your local currency. You can make deposits and withdrawals free of charge. For experienced traders, Binance has satisfactory charts, features, and advanced tools. And also for beginners, it provides user-friendly features through which it is easy to convert LINK tokens.
By depositing LINK into your accounts or via DeFi staking or liquidity farming you can make interest on your token.
There are many other cryptocurrencies for which you can swap a LINK for it on Binance. If you want to boost up your familiarity then Binance offers educational resources on the chainlink and many others on Binance Academy. All the information is protected by security features like advanced data encryption. Where ever
You are you can trade via Binance mobile app.
You can create an account on Binance and it takes a few minutes to validate your identity. You need to make a deposit of a minimum of $50 and a minimum of $10 to buy a LINK.
Pros:
- Low fees
- Having more than 600 coins to trade
- Make a profit on the purchase
- Advanced trading tools
- Having educational resources
Cons:
- As compared to other platforms having a higher minimum deposit
- Fewer payment options
Coinbase:
The best place for buying LINK is Coinbase. The procedure for buying LINK is simple and its layout is very clear. You can easily view your portfolio on the dashboard. By adding chainlink to your wishlist you can get information about the latest market trends.
Coinbase enables you to purchase $2 worth of the coin. Regularly you can make the automatic duplicate purchases again.
You can switch to the Coinbase Pro platform, it is straightforward. You can search for more advanced features like charts, trading tools, and more order types. Coinbase also offers some educational material if you want to enhance your knowledge and have the chance to earn free crypto.
Because of its crypt-insurance, offline storage, and licenses, you can safely buy LINK. First, you need to create an account. Now deposit $50.
Pros:
- Easy to use
- Recurring buys are enabled
- For sending crypto requires a debit card
- Secure offline storage
Cons:
- Having less number of cryptocurrencies
Bitpanda:
It secures all your funds in offline wallets and it is one of the safest platforms for buying LINK. The platform is regulated, having all necessary licenses and with anti-money laundering, it is fully compliant. By offering a multi-asset platform Bitpanda makes it unique from other competitors. You can also trade crypto metals, ETFs, and dice. You can switch between different assets.
To create a better awareness of crypto, Bitpanda provides a variety of educational resources. It also provides a feature of helpdesk if you need any kind of help in using the platform.
There is also an option for recurring purchases of LINK tokens for your saving strategies and you can trade from anywhere via a mobile app. Users can do this by LINK card Whenever they want to spend their LINK or other assets.
You can make an account on Bitpanda within a few minutes and you need to deposit a minimum payment of $50 through different payment methods.
Pros:
- About 200 cryptocurrencies are available to trade
- Multi-asset platform
- Simple to use
- Highly rated by users
- Educational resources
- Licensed and secured
Cons
- Crypto deposit requires fees
- Only support email feature
Nexo:
If you want to earn on your LINK 8% annual interest, then Nexo would be the best option for you. And if you don’t want to utilize your token then Nexo also provides a great facility for storing your LINK and enables you to grow your investment. For other assets annual interest rate is daily paid to users which is 17%.
The interface is user-friendly and simple to use that’s why it is easy to monitor and grow your portfolio. You can also grab a loan by using your cryptocurrency. It also provides instant cashback and competitive rates and you can also utilize your cryptocurrency via Nexo Card.
Pros:
- A 17% annual interest rate is available
- Borrow cash
- Purchases with Nexo card you can earn 2% cashback
Cons:
- Fewer cryptocurrencies available than competitors
- No advanced technical trading tools
Ways to Invest in Chainlink:
Different ways are available to invest in Chainlink and you need to choose them wisely according to your requirements like time, skill, and risk appetite. Let’s learn some o,f the ways to invest in Chainlink.
Buy and Hold Chainlink:
You can buy a chainlink and for a while, you can hold onto it. It demands low skill and less time to make a profit for your purchase.
Investors think that the cost of the asset will boost in the long term for buy and hold chainlink.
Trade Chainlink:
As of buy and hold chainlink the trade is considered to be more difficult. You can make a profit by buying and selling more to take advantage. However, trade requires more time dedication, and skills like technical analysis for determining entry and exit points.
Stake Chainlink:
Chainlink community wants to sell data also stake LINK to enhance the chance of achieving a contract and in return they can make more LINK for the data services. Anyone who retains the LINK tokens can help to secure the network via stacking. From 2022 chainlink can work with staking for the community.
Choosing a Chain Link Wallet:
Let’s explain some wallets that are supported by LINK
- Web wallet With a small amount of LINK or who want to earn regular trade LINK then it is the most useful wallet for them. It is a place where you can store your LINK free of cost.
- Mobile Wallet You can install the mobile wallet on your smartphone. It is the most useful to handle your LINK from anywhere.
- Desktop wallet You can install it on your computers and your hard drive you can store the private keys.
- Hardware wallet It is the most secure storage solution and is in the form of a USB device and it is perfect for holding LINK for the long term.
- Paper wallet You can print and write down the private and public keys to create a key generator.
Before buying LINK keeps the following things in your mins
- Chainlink fees and regulations
- Chainlink price
- Buying chainlink safely and securely.
Conclusion:
When purchasing LINK, various decisions have to be taken like how to invest, when and where to buy, and what payment method to select. The next important step is to select a crypto exchange that we need to use and according to my view, the answer is eToro. Because it provides more advanced features than other competitors like deposit fees, user experience, security, and other unique features.
Frequently Asked Questions:
Q: Can I Buy Chainlink?
Ans: Yes, by signing up on any platform, it takes a few minutes to create your account and after that, you can buy Chainlink.
Q: Is Buying Chainlink a Good Investment?
Ans: It depends on each investor’s demands but Chainlink offers utility, strong fundamentals, and upcoming development to give it to the project and hold the LINK token for the long term.
Q: What is the Easier Way to Buy Chainlink?
Ans: The most simple and easy way to buy LINK is Coinbasw by just clicking the buy button at the top.
