How to Buy Chainlink - Ways to Purchase LINK
Chainlink has recently emerged as one of the most valuable altcoins after recording growth of over 450% in the last twelve months. As a result, it has broken into the top ten cryptocurrencies. With such a surge, you must be wondering how to buy Chainlink, and more importantly, what is the best method to do so?
If you are a newcomer to the crypto trading world then it may appear to be a bit challenging at first. However, we have created a comprehensive guide for you, leveraging our partnerships with top Chainlink brokers. If you have typed 'help me buy Chainlink' into the search engine, this is the page to be on. We offer all the details related to the cryptocurrency along with comprehensive information about how to purchase Chainlink.
You have the option to pick between a multitude of payment modes and our guide will help you compare Chainlink prices, deposit and withdrawal fees, and transaction fees between different crypto exchanges and brokers.
Buy Chainlink in 3 Easy Steps
Create a free account
Fund your account
Why Trade Rather Than Buy Chainlink?
You Don’t Need a Wallet
You trade on the price movement of the coin without having to buy and store it.
You Can Use Standard Payment Methods
All regulated brokers accept popular methods of payment such as credit / debit card and bank transfers.
Trades Are Fast and Withdrawals Are Easy
Trades are executed within seconds and withdrawals will reflect instantly in your account.
What is the Easiest and the Best Way to Buy? Compare the Top Chainlink Brokers
If you are wondering where to buy Chainlink and what exchange is the best place to buy it from, then you have to keep in mind that there are a variety of leading brokers and trading platforms. It is difficult to determine the single best website to buy LINK as it will depend on the factors which matter to you the most.
The best places to purchase Chainlink online offer a different combination of features including user-friendly trading, easy deposits and withdrawals, quick order execution, low charges and transaction fees, a demo account for practice, and more. You can compare the top crypto platforms to find out the easiest way to purchase Chainlink.
Another question that may pop in your mind is - is it the right time to purchase Chainlink or is it too late? There is no correct answer here as all cryptocurrencies, including Chainlink, are highly volatile.
5 Things to Consider If You Want to Buy Chainlink
If you are looking to buy Chainlink for the first time, there are a number of factors that you must take into account. Complying with the following instructions will prepare you for Chainlink trading and will allow you to execute transactions quickly and conveniently.
1. Choose Your Preferred Secure Payment Method Carefully
Although top crypto traders facilitate users to pay using dozens of payment methods, all of them are not supported everywhere around the world. Based on your region or country, you will need to check out what modes are available to you from different platforms. Then you need to take the deposit and withdrawal fee along with the payment processing time into consideration. Choose your payment method carefully and ensure it's a secure method even if it takes a bit of time.
2. Set Up Your Own Chainlink Wallet
While cryptocurrency trading platforms have built-in web wallets, it is always risky to keep your funds there for a long time. Instead, it is better to get a software or hardware wallet that's more convenient and secure. If you want to avoid the hassle of dealing with the wallet altogether, you can instead trade Chainlink CFDs which are contracts for differences. Here, instead of buying the coin itself, you invest in a contract and at the time of sale, you're simply paid the price difference.
3. Compare the Trading Costs
If you are purchasing Chainlink directly, you have to bear in mind that there is a blockchain network cost that you have to pay for using the network. However, in the case of Chainlink that cost is negligible. In fact, it would be more affordable for you to send the money as LINK tokens than relying on conventional fiat money which takes a lot of time and deducts 2 to 3% of the sum being transferred.
4. Safety & Security
It should be noted that cryptocurrency is designed to be highly secure as it relies on blockchain technology which is immutable. It means that once a transaction has been made, it cannot be altered or removed from the blockchain. Moreover, the top platforms offer support for two-factor authentication and top trading software like MT4 and MT5 which increase the safety cushion.
5. User-Friendliness of the Trading Platform
Before you put your money on the line, make sure that you completely understand the platform you are using and its different features. Many of these offer demo accounts which you can use to your benefit to familiarize yourself with the platform itself and the basics of trading.
Ultimate Beginner's Guide to Trading Chainlink
What is a Chainlink Broker?
A Cryptocurrency broker is an online service or platform that offers people to buy, sell, and trade a wide range of cryptocurrencies including the most popular ones like Bitcoin and Ethereum. You can make an account with them to start trading cryptocurrencies.
Chainlink brokers are crypto trading platforms where you can buy LINK tokens or CFDs for LINK. These brokers provide you with a platform to sell, buy, store, and trade LINK.
What is a Chainlink CFD?
A contract for Difference (CFD) is a financial instrument where you speculate on the price movement of a certain asset. This asset can be digital or conventional such as forex. If you believe that the price of a certain asset is going to go up, you buy its CFD and at a later date, you sell it to receive the price difference. It can either be a loss or a profit. It is important to note that no actual exchange of assets takes place.
Similarly, there are crypto platforms that offer Chainlink CFDs. If you think that Chainlink's price is going to increase, you can buy its CFD and when you believe the price has peaked or it's too risky to continue to hold the CFD, you can sell it and pocket the profit.
What is the Benefit of Regulation?
It is not unusual to see resentment for regulations around cryptocurrency trading, however, taking all things into account, it is beneficial for the consumer. Most investors don't want to deal with the security issues and regulations that force brokers to maintain a certain level of safety through Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Similarly, many global authorities have specified guidelines in terms of safe trading so investors' funds and personal information remain secure.
Regulatory bodies have been more active after Mt. Gox, the world's largest crypto exchange at the time, was hacked in 2013 and the hackers got away with 850,000 bitcoins which are worth more than $7.5 billion at today's price.
What is the Best Payment Method for Buying Chainlink?
Buying Chainlink through a crypto broker is not a complicated process at all. All you have to do is follow the instructions provided by your trading platform. You can use multiple payment modes to pay for the LINK coin.
Buy Chainlink with PayPal
Being one of the most preferred online payment methods, most users would love to buy Chainlink with PayPal. Unfortunately, there are not many brokers who offer this option due to regulatory issues since PayPal is highly regulated itself. So while it's convenient and transaction charges are affordable, buying Chainlink with PayPal may not be an option as of now.
Buy Chainlink with Credit/Debit Cards
You can use your bank's credit or debit card to deposit funds into your trading account. Then you have to go to the buying section of the platform to make a purchase or if you are trading, you can initiate your order by setting your preferences. Before you use this method, take a look at the processing time and transaction charges for bank card payments.
Buy Chainlink with Cryptocurrencies
One of your best options is to trade LINK tokens for any other cryptocurrency. Instead of trying to directly buy LINK, you can buy a popular currency like Bitcoin, Ethereum, or other altcoin and then trade it for LINK. This adds another step to the process, however, it is more convenient at times when you are trying to find the best payment method for purchasing LINK.
Purchasing with Cash
It might be possible to buy Chainlink with cash but you will need to jump through so many hoops that it's the least desirable and least recommended option. Currently, there are no brokers who offer Chainlink for direct cash.
The Verification Process for Trading Chainlink
When you sign up on any broker or crypto trading platform to make your account, you will have to go through a personal identity verification process. Don't worry, the process isn't that long and takes less than half an hour. This is done to protect users' funds and interest by ensuring they are signing up for the right reasons.
Long vs Short Term Investment
The short term strategy is simply about making as much as possible in the shortest amount of time. You purchase Chainlink at a low price and then attempt to sell it when it's high. The short term investment is usually called trading rather than investing. The downside here is that you may lose the opportunity to earn big by selling too quickly.
On the other hand, long term strategy is usually about developing a diverse investment portfolio, profiting big in the long run, and it requires a certain level of faith in the crypto project. Purchasing LINK and holding onto it means that you believe in the project's success which will eventually translate into price increase in the coming months.
Why Buy, Rather Than Trade?
When it comes to investment, buying Chainlink may be a more appealing option as compared to trading. Both strategies have different intents and goals. Holding Chainlink is usually about making money strategically so you look for the cheapest way to buy Chainlink. When you buy LINK cheap, you can sell it when the price surges. For holding to be successful, you need to purchase Chainlink instantly as the fastest Chainlink purchase will ensure there is no price difference when you initiate your order.
What Fees Are Involved?
Since you are using a service to purchase Chainlink, it is difficult to get it completely free. You have to pay certain fees, charges, and commissions to trade Chainlink on broker platforms. These fees and charges depend on numerous factors including your country of residence, your selected payment mode, the broker platform, and the way you are buying Chainlink (directly or CFD). Some of the expenses include the following:
Blockchain Network Fee
When you directly purchase the coin, it means the blockchain network has to be used to transfer the ownership. This is why the network fee is incurred to accommodate the people who are verifying transactions. On the Chainlink network, currently, the fee is quite negligible.
This is incurred when you buy, sell or trade LINK coins and it is usually a certain percentage of the order value. However, some brokers take a flat rate regardless of how small or big your purchase or trade order is. Due to a lot of competition, these charges have become increasingly affordable in recent times and you can buy LINK for as little as 0.1 to 0.2% fee.
When you make a deposit or withdraw your funds, you might have to pay a certain percentage of the amount. Once again, this will depend on the broker you have selected, payment mode, and your region.
Sometimes these charges and fees may seem like a burden but you have to keep in mind that these platforms provide a wide range of services for such a low price. Apart from developing the entire website, building in a wallet for storage, and creating a trading platform, they also have to keep the services running flawlessly and ensure security at all times for thousands of transactions happening every day.
Safely Storing Your Chainlink
To safely store your LINK tokens, you have to use a cryptocurrency wallet. A crypto wallet is either a software or hardware storage device that can store cryptocurrencies with a higher level of security as compared to built-in exchange accounts. There are different types of wallets including the following.
These are the wallets that are either built into the trading platforms or are browser-based so you can access them through credentials. They are convenient to use but pose more risks compared to other types of wallets. MyEtherWallet is a good example.
These are those wallets that have been specially designed for smartphone traders. They offer a lot of convenience and security features like 2FA but ensure that nobody gains unauthorized access to your device. Some of the top mobile wallets include Atomic Wallet, Coinomi, and Trust.
These wallets are less convenient to use but offer a greater amount of security since the currency is present on your computer and not online. Atomic Wallet is one the best desktop wallets for storing Chainlink.
If you want top-level security, nothing beats a hardware wallet. It is completely disconnected from any network and offers a high level of security through 2FA and passphrase. Top hardware wallets for storing Chainlink include Ledger Nano S, Ledger Nano X, and Trezor.
What Other Coins Can I Trade or Use to Buy Chainlink
If you are looking to buy Chainlink with Bitcoin or other altcoins, it is definitely possible. In fact, it is one of the highly recommended ways to buy emerging cryptocurrencies since not many brokers support all the payment methods in all the regions. All you need to do is open an account with the selected trader, buy the coin you want to trade in for Chainlink, and then simply execute the trade. Just ensure that you compare the trading costs before you buy LINK with ETH or any other coin.
What's the Smallest and Largest Amount of Chainlink I Can Buy?
If you are wondering what's the minimum purchase for Chainlink or can you buy Chainlink without a limit, you don't have to worry. You can buy a small amount of Chainlink and if you are thinking can I buy less than one Chainlink? Yes. You can even buy 0.0001 LINK if you want although the cost of the transaction would probably be higher than what you would own.
On the other hand, if you want to know the Chainlink buy limit, you have to keep in mind that the total supply is 1 billion LINK tokens out of which only 350 million are in circulation.
Can I Buy Chainlink Anonymously with no ID? Is it Safe and Legal?
If you want to buy Chainlink anonymously or with no verification process, unfortunately, that's not possible as of now. Being a newcomer in the digital asset sphere, LINK is only offered by the top brokers who comply with the regulatory processes to ensure their users buy LINK safely. Another question is whether is it safe to purchase Chainlink anonymously? The answer is it depends on how great you are at keeping your tokens safe. If you are just a beginner then a secure Chainlink purchase is through a reputed broker where you have to verify your identity.
Will Buying Chainlink Make Me Money?
Does buying Chainlink make you money? You are not alone in thinking along the lines of 'buy Chainlink, get rich' as its price has continued to surge in recent months. However, nobody can give you a guarantee that you will definitely make money by buying Chainlink or any other cryptocurrency. You have to keep multiple factors in mind. See who is buying Chainlink? What is the best price to buy LINK? How much does it cost to purchase Chainlink?
Having answers to those questions will give you the likelihood of making money with Chainlink. Ensure you have a diverse portfolio and are investing in different assets to minimize your risks.
How to Spend Your Chainlink?
Chainlink is currently not a viable currency to make purchases, however, you can trade it for other cryptocurrencies that are accepted by retail outlets and e-commerce stores. You can also continue to hold it if you believe that currency's price will witness an increase in the long run.
How to Sell Your Chainlink?
If you are looking to sell your LINK coins, you can do so through your broker or trading exchange platform. If you hold LINK, you must already have made an account on a trading platform so you can use it to sell it as well. If you are frequently buying and selling Chainlink, it is better to consider CFDs as they simplify the whole process. The trader buys the currency on your behalf and holds it until you have made the decision to sell. You just have to pocket the price difference. It's that easy.
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Frequently Asked Questions
It is not guaranteed that you will earn a profit as you have to look at multiple factors including costs, price trends, and investment environment.
Unfortunately, currently, Chainlink cannot be used as an alternative currency. You can, however, buy other cryptocurrencies with it that are widely accepted.
You shouldn’t invest any more funds than you can afford to lose. It is better to invest your money in different assets to diversify your risk.
Although the price of the LINK token has gained 450% in the last 12 months, cryptocurrencies can be quite volatile. It is difficult to predict what will happen in the next 5 years.
Generally, exchange wallets do fine for short term storage. However, it is a better choice to pick a dedicated software or hardware wallet to ensure enhanced security of your LINK tokens.
You can use the demo account available on different exchanges to test different trading strategies and whether they work for you or not. This way you can find out the rate of your success without putting money on the line.
You should neither be a pessimist or an optimist. You should always be a realist when it comes to trading. Look at the numbers and check out the facts and invest on the basis of that.
If you are making profits on your investment, it is advisable that you should put a certain percentage aside as savings and continue to invest the rest.