How to buy Loopring in Singapore is a simple process—all you need is a user-friendly crypto broker or cryptocurrency exchange that is available in Singapore. We’re going to review some of the most popular ones to help you find the platform that’s right for you.
We’ll discuss the pros and cons of each, as well as how to buy Loopring, why you might want to, and where you should store it afterwards.
The easiest way to buy Loopring in Singapore is to purchase it online from a crypto exchange. Exchanges make buying and selling Loopring and other cryptocurrencies easy from your smartphone, tablet or computer. Check out our recommended platforms below and follow the steps to safely buy Loopring in Singapore.
The platform you pick should work specifically in Singapore. It should operate within the financial services laws and ideally be regulated by a native government agency or by one recognised by local authorities. Our top picks below all fulfil these criteria.
Input your name, contact information, and other details in the sign-up form usually displayed after clicking a Sign Up button on the home page. To fund your cryptocurrency exchange account, you must pass KYC by submitting identity and address documents like an ID and a utility bill.
Navigate to your account's explore or discover page and search for Loopring. You may see tickers like LRC/SGD, or LRC-USDT, depending on the platform. Purchase Loopring directly using a funding method of your choice or with your account balance.
Let’s take a more in-depth look at the best online platforms where you can buy Loopring in Singapore.
eToro has everything Loopring traders and investors need. It has attracted more than 25 million users worldwide as it ticks all the right boxes when it comes to fees, security, and its diverse range of innovative features.
The platform has a good variety of assets other than Loopring for portfolio diversification. These include more than 70 other cryptocurrencies and traditional assets, like stocks, ETFs, and forex. You can also take advantage of thematic investment strategies with the smart portfolios feature.
Under Loopring, you’ll find tabs for News, Stats, and Research, providing the information you need to conduct fundamental and technical analysis. You can also add Loopring to your Watchlist and set up price alerts if you want to stay informed on its market performance.
eToro is trusted by its users as it is a regulated platform with a long history and a strong reputation. It employs top-tier security practices, such as SSL encryption, offline storage, and free insurance.
What really makes eToro stand out in the crypto market is its social investing features. You can connect with other users, learn from them, and share ideas. You can even view the risk appetites and profit margins of pro LRC traders and pick one to copy with the unique CopyTrader feature.
Singaporean users can get started on eToro with a minimum deposit of $50 (about S$71), and there are no fees for making a deposit. You will be able to pay with a credit/debit card, bank transfer, PayPal, Skrill, or Neteller. There is a transparent fee of 1% plus spread when you make a Loopring purchase or sale.
Read our full eToro review here.
Secure and regulated
Copy trading feature
Not as many coins as some competitors
The volatility of Loopring makes it a great asset to trade and profit from quickly. Oanda's contracts for difference (CFDs) enable you to do this without actually owning any LRC or needing to worry about storing it safely.
You can use Oanda’s CFDs to go long or short on Loopring. You also have the ability to apply leverage, which will magnify your profit (or loss), with margins from 50%. The availability of stop losses enables you to protect your profits and manage your risk.
As well as LRC, you can trade CFDs on ETH, BCH, and LTC, as well as indices, commodities, metals, bonds, and forex. What’s more, the demo account enables you to practise trading risk-free.
Users have a choice of platforms to trade on with Oanda—Oanda Trade is available for desktop, mobile, and as a web-based platform, while users can also use MetaTrader 4. You can even access charts from TradingView within the Oanda platform.
Oanda users will have access to a range of powerful tools, including over 65 technical indicators, drawing tools, position ratios, a news aggregator, market insights, and innovative analytics tools.
There is no minimum deposit or deposit fee when opening an Oanda account, and users in Singapore can fund their account via bank wire transfer, PayPal, PayNow, DBS Bill Pay, FAST, NETS, or cheque. The spread when trading LRC starts from $80 (about S$114).
Multiple asset types
Powerful trading tools
No fees or minimums for deposits
CFDs are high risk
Only 4 crypto CFDs
Coinbase is one of the simplest places to buy Loopring or any of the 150+ other cryptocurrencies available. It has a very clear interface that is easy to navigate, even for those who are new to Loopring.
You can see your portfolio clearly displayed in the Assets tab, along with its past performance. If you want to keep up with Loopring’s market moves, you can add it to your watchlist to get price alerts.
You don’t need to risk a lot of capital to get started, as the minimum purchase size is just S$2. You can set up regular automatic purchases with the recurring buys feature, and find some more advanced features in the Trade tab, like customisable charts and a choice of order types.
Coinbase is trusted by its more than 100 million users as the platform is regulated and employs industry-leading security measures, such as cold storage and encryption. It also insures the crypto and cash balances of its users.
Beginners also favour Coinbase for the educational resources it provides, including tips, tutorials, and market updates. What’s more, the Learning Rewards section provides the opportunity to earn free crypto while completing lessons.
The trading fees are a competitive 0.6% when you use the Trade tab, but are variable and can be significantly higher for instant card purchases. There are currently no SGD withdrawal options, so to cash out, you will either need to withdraw another fiat currency or transfer your crypto to another platform before selling.
Read the full Coinbase review here.
Accessible for beginners
Low trade minimum
Regulated and secure
Small instant card purchases can have significant fees
No SGD withdrawals
Independent Reserve provides a safe and hassle-free way to buy Loopring in Singapore. It was one of the first virtual asset service providers to receive full licensure approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act.
On top of this, Independent Reserve has an ISO 27001 certification, protects users’ crypto with top-tier underground vaults, and offers two-factor authentication. You can also contact the support team 24/7 if you need any assistance.
There are 19+ cryptocurrencies available to trade on the platform, and the simple interface makes it easy to buy and sell your coins in a couple of clicks. The sign-up and deposit processes are very quick, so you can start trading in minutes.
Making a purchase or sale takes a matter of seconds, and you can use the mobile app to manage your assets and track your portfolio on the go. There is a choice of limit orders to use, and you can use the AutoTrader feature to automate strategies such as dollar-cost averaging.
There is no minimum deposit, and SGD deposits via FAST transfer are free above S$1,000, while smaller deposits carry a S$2.50 processing fee. You can also make SGD TT deposits for a S$15 fee, or deposit USD from a DBS bank account for $2.50 or via SWIFT for $15. Trading fees start at 0.5% and can be lower depending on trading volume.
Regulated in Singapore
Easy to use
Denominated in SGD
Limited number of cryptocurrencies
Not many tools for advanced trading
Our guide focuses on eToro as it is our overall best place to buy Loopring in Singapore. However, these steps can be applied to other crypto exchanges in this guide.
Click on the Start Investing button on the homepage to get started. Fill in your details on the sign-up form and create an account. You can also download the mobile app from the Play Store/App Store and do the same.
You'll receive an email verification link when you create an account. Click on it to start the process. Complete your profile by submitting details like your date of birth and a passport photo, after which you submit KYC documents. These documents include proof of ID (National ID or driver’s licence) and proof of residence (utility bill).
Once your account has been verified, click on Deposit Funds on the left pane of your dashboard. The deposit options available will be displayed. Choose one and set the amount you’d like to deposit. You can deposit Singapore dollars directly using credit/debit cards, PayPal, Skrill, Neteller, or a bank transfer.
Search for Loopring in the Discover tab. An interface like the one below should load. You can buy immediately at market price or set a price you’d like to buy at.
We cannot outright say whether or not Loopring is a good investment. However, we can give pointers to help you arrive at that decision yourself.
Firstly, Loopring is decentralised. It does not depend on governments to legitimise it or companies to run and maintain its blockchain infrastructure. Cryptocurrency transactions are free from many of the controls and drawbacks of traditional finance networks, like high fees for international transfers.
As the digital age progresses, more components of our lives will be moved to the digital space. Crypto technology mathematically safeguards digital assets and places ownership with users, making it crucial for a free digital future.
Cryptos are generally very liquid and portable assets. They can be bought on one crypto exchange, moved to another cryptocurrency exchange in a different country and sold in a matter of minutes, creating a way to move wealth easily.
Loopring has a track record of delivering high returns on investment, either due to its volatility or more fundamental reasons like growing adoption and institutional interest. Combine this with the fact that blockchain technology is still in its early stages, and the growth (and profit) potential is significant.
Crypto can be used as a long-term store of value, especially those that are scarce, like Loopring. Because supply is capped, the value of finite coins is projected to grow over time, provided demand grows. This makes Loopring a possible long-term alternative to gold.
Loopring is a digital asset that can be used as an asset class when building a diversified portfolio. Its equity potential (the possibility to increase in value) makes it worthy of consideration for modern portfolios.
There are downsides to buying Loopring. The first is its volatility. Crypto is known to swing wildly, losing significant portions of its value within a few weeks and often leaving investors reeling from losses.
There is also a risk of rug-pulls, blockchain attacks, and wallet hacks. These are technological risks that involve an attacker hacking a crypto’s blockchain network or your wallet and usually end with funds getting stolen.
Finally, crypto at large is still the target of legal crackdowns and harsh regulatory policies that could stunt its growth and adoption rate.
Ideal payment methods should support the Singapore dollar natively, and while not all platforms allow deposits in SGD, these are the methods you can easily use to buy Loopring in Singapore.
Credit or debit cards are probably the most accepted payment method across platforms but also the most expensive. eToro doesn’t charge fees but fees on Coinbase are 2.49%. On other platforms, fees generally range between 1% - 3%.
Local transfers through a Singapore bank account are available for some platforms. It is free on eToro, though other platforms may charge fees. A conversion fee may be charged for deposits in currencies other than the account-denominated fiat currency. You can also use FAST to make bank transfers to Oanda and Independent Reserve.
PayPal is one of the most popular payment services and electronic wallets in use today. However, it is not as widely supported as the first two payment methods. For example, Coinbase does not support PayPal as a direct funding method in this region, but Oanda does.
There are several ways to gain exposure to Loopring and profit from its price movements in Singapore. This section dives into them and how they relate to Loopring.
The buy-and-hold strategy involves buying Loopring and holding it for a long time, usually as long as you can. This strategy is popular in the industry as it has proven to be effective over long periods, usually years.
This strategy can be varied using a buying technique called dollar cost averaging (DCA), where you buy a set dollar amount of Loopring at fixed intervals regardless of price.
This strategy profits from Loopring’s volatility. Trading LRC involves relatively short-term buying and selling, usually from as little as a day to as long as a year. Positions held for longer are often classified as investments.
Trading creates an opportunity to explore other financial derivatives like futures, options, and CFDs that give traders exposure to LRC’s price movement without the need to buy the coin. It also allows for leverage facilities that can magnify traders’ wins (or losses).
Wallets are important because they store your valuable cryptos, so choosing the right one is crucial. Crypto wallets are generally split into hardware and software wallets. Hardware wallets store cryptos offline on a device, while software wallets store cryptos online and are always connected to the internet.
Web wallet: These wallets come as either browser extensions or web apps that store your private keys in your browser. Web app variants are accessible through any browser, but the extension variant must be installed on a new browser, and a seed phrase must be used to recover your wallet. eToro and Coinbase provide free web wallets that store Loopring.
Mobile wallet: This wallet is a mobile app downloadable from the Play/App stores or the internet. Binance’s mobile wallet is called Trust Wallet and it supports Loopring.
Desktop wallet: This is an application that runs on your computer and stores your private keys on your hard drive. There are several desktop wallets available depending on the level of control you want and your familiarity with blockchain technology. However, a good option for beginners is the Electrum wallet, available for Windows, Mac, and Linux PCs.
Hardware wallet: A hardware wallet is a physical device that stores private keys offline. They are much harder to hack and are currently the safest storage option. Hardware wallets that support Loopring include Trezor and Ledger.
Paper wallet: A paper wallet is a piece of paper with public and private keys printed on them. While they are a good way to keep your private key offline, they are not recommended as you may lose the paper or the ink could wear off with age. Paper wallets have gone out of fashion since the advent of hardware wallets.
You can combine two or more crypto wallets for added security or a better user experience. For example, you can use a hardware wallet like Ledger with a web wallet extension to buy coins on a decentralised exchange and immediately send them to your hardware wallet.
Whether or not you should buy Loopring now depends on the state of the economy, your investment goals, your risk tolerance, and the cost of investments. Consider these factors when making a decision.
The total cost of buying Loopring is made up of trading fees, network fees, exchange fees, and deposit fees across cryptocurrency exchanges.
The network fee is the charge the blockchain takes for processing cryptocurrency transactions. This fee usually goes to computers that help secure and run the Loopring network. It could rise and fall based on the volume of transactions for certain blockchains. However, newer networks are built to accommodate high volumes without significant changes to transaction fees.
Exchange fees are charged for conversion, trading, or other related services. Some platforms are cheaper than others in certain regards. For example, conversions on Coinbase are cheaper than eToro at 0.6% per trade compared to the 1% charged by the latter.
There are other fees that may be worth comparing, too, such as spreads, deposit fees, withdrawal fees, and overnight fees.
Aggregate the costs of using various components of an exchange to obtain a holistic view of the cost of using that exchange, then compare it with others to find a cheap option.
Loopring’s price is known to change rapidly and swing wide, i.e. change quickly and by a considerable amount. For traders, this is good news as it presents opportunities to profit from this volatility.
Long-term investors, on the other hand, may not be too bothered by short-term fluctuations as price historicals show an overall uptrend with pocket downtrend periods. In the long-term investment case, a simple buy-and-hold strategy, or one combined with a DCA, may prove effective.
Security is of the utmost concern when dealing with cryptocurrencies and the exchanges that sell them. The first thing you should observe is the exchange’s regulatory status. The ideal situation is when the exchange is registered in its country of operation.
However, this is not always the case. Crypto exchanges sometimes offer services to users in certain geographical regions using entities registered in a nearby jurisdiction or in a jurisdiction where regulations allow them to onboard users from other countries.
In this case, ensure the regulatory agency is transparent and enforces industry-standard security and legal practices.
Buying Loopring anonymously is not as easy as some may assume due to widespread regulation on all major cryptocurrency exchanges and platforms. The key to remaining anonymous is to refrain from providing personally identifiable data. Platforms do this to varying degrees.
Crypto ATMs are a way to buy crypto anonymously. They only require the money with which you buy crypto and the wallet address you want to send it to. Currently, most ATMs are limited to Bitcoin, Ethereum, Litecoin, but more are popping up with support for more coins.
Another method is using prepaid cards to purchase cryptos on peer-to-peer markets. You send the code to the counterparty and they send your crypto. Visa offers prepaid cards but you’ll need to ensure you won’t have to give up personal details to obtain one.
Yes, buying Loopring is legal in Singapore. Cryptocurrencies are not considered legal tender, and they are not regulated by the Monetary Authority of Singapore (MAS). Instead, they are viewed as property, making them legal to buy and sell.
The MAS has warned the public of the risks of speculating with cryptocurrency, and Singaporeans aren’t protected in the case of loss or theft of LRC. In 2019, the Payment Services Act (PSA) was passed, which requires exchanges and crypto businesses to obtain an operating licence from MAS.
Some of the most popular banks in Singapore are listed below, along with their views on crypto.
DBS is one of the most crypto-friendly banks in Singapore. It even has its own digital exchange, DDex, where accredited investors can trade Loopring and a few other cryptocurrencies. You can use a DBS bank account to make deposits on Independent Reserve.
OCBC is another crypto-friendly bank based in Singapore. It was the first bank in Southeast Asia to use blockchain technology for inter-bank payments, and it has been looking into creating its own crypto exchange to satisfy customer demand.
UOB accounts can be used to make deposits on crypto platforms. The bank has published various pieces of research on digital assets and has hired a VP for crypto security administration.
The Inland Revenue Authority of Singapore (IRAS) classes Loopring as a Digital Payment Token. There is no tax when buying Loopring, but any profits from selling it may be taxed depending on your activity.
Profits made in the regular course of business are subject to income tax, while losses made in this way are deductible. If, however, you make a capital gain from a long-term investment in Loopring, you won’t need to pay any tax.
If you are trading regularly, you should keep detailed records of your cryptocurrency transactions to make sure you report your profits and losses correctly. These should include the date, type of transaction, SGD value of your crypto at the time of the transaction, and the other party involved.
In conclusion, there are many factors to consider before buying Loopring, such as payment methods, strategy, and storage. First and foremost, however, you will need to decide where to buy it.
Our number one recommendation is eToro, which is a regulated platform with strong security. It has a user-friendly interface and beats its competitors when it comes to deposit fees and social investing features.
Check out more of our popular crypto guides for Singapore below.
We decided on the best platforms by first testing them individually. Our criteria for assessment include fees, deposit and withdrawal methods, reputation, credibility, security, ease of use, trading features, coin selection, and competitive edge.
The platforms listed on this page are ones that we found to be the best at the features we listed them under, e.g. cheapest way to buy Loopring. All platforms have a track record of providing value to users.
We also placed an onus on security and credibility. These platforms have millions of users and employ some of the highest security measures in the industry.
Finally, we considered fees and limits. These platforms have various fees and deposit/withdrawal limits, but they are all within reasonable limits.
To learn more about how we test and choose platforms, visit our why trust us and how we test pages.
Independent Reserve is the safest way to buy Loopring in Singapore as it is licensed by MAS, uses top-tier underground vaults, and offers 2FA.
For large amounts, Independent Reserve is the cheapest way to buy Loopring in Singapore, while eToro is cheaper for smaller purchases.
You can sell Loopring in Singapore by using any of the platforms recommended in this guide. Just create a sell order and enter how much you want to sell.
This depends on your platform and payment method. For example, the minimum amount of Loopring you can buy on eToro is $10 (about S$14).
Which is the best Loopring wallet depends on your priorities. A web wallet provided by a platform like eToro is free and the most convenient option, while a hardware wallet like Trezor or Ledger can be expensive but is more secure.
Yes. If you use Independent Reserve, your account will be denominated in SGD while you buy LRC. On eToro, you can deposit SGD, but it will be converted to USD before you buy LRC.