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How to Buy Loom Network: Best Ways to Buy LOOM in 2022

By Cody V. 7 min read

If you're merely looking for ways to buy Loom Network (LOOM) or you want to invest in a variety of coins, it is not nearly as difficult as it appears at first glance. You could make your LOOM purchase safely by following a few simple steps. There are several platforms through which to purchase Loom Network. The most popular alternatives include cryptocurrency exchanges. You'll be able to choose the best one for you once you've learned more about them. Let’s dive into it to learn more about the process.

Where to buy Loom Network

Below are the popular crypto exchanges based on user experience,security,fee structure and supported coin, that you can use to purchase Loom Network (LOOM) in 2022.

Before moving forward i want to make it clear that the ranking of these exchanges are in no particular order. With that in mind - Let’s explore these crypto platforms one by one so that you can select the best cryptocurrency exchange to buying your Loom Network.

1. Binance

Binance is well-known for its cryptocurrency-to-cryptocurrency trading services. Binance came onto the scene during the 2017 crypto craze and has since risen to become the world's leading cryptocurrency exchange. 

By trading volume, Binance is the world's largest online cryptocurrency exchange. The exchange is also one of the most rapidly growing venues in the cryptocurrency market today. You can easily buy and sell Loom Network (LOOM) using our step by step guide.

The exchange offers investors one of the most diverse selections of cryptos accessible on the market today. The currencies and tokens on sale range from the markets largest by market cap to some smaller and less well-known coins and tokens.

Getting Started with Binance

Users must first create an account in order to utilize the exchange. The procedure is quite quick and straightforward, and you do not need to verify your account for level 1, which has a daily withdrawal limit of 2BTC.

For level 2, which enables up to 100BTC every day, you must upload a picture ID and wait for approval. There are still greater restrictions, but you must contact them personally to arrange for them.

Follow the steps below to open a Binance account:

Step 1: Visit the Binance Website

Step 2: Click on the “Register” option in the upper right-hand corner and complete the relevant information. Binance will validate your account details throughout the registration process, which may take a few minutes.

Step 3: Enable 2-Factor Authentication.

Step 4: Select and Link you payment Methods.

Step 5: Deposit and Start trading.

Binance Pros

  • Over 365 coins are available for trading on a global scale.
  • A diverse range of trading options and order types are available.
  • Low transaction costs.
  • Payment options are supported in a variety of ways.

Binance Cons

  • The platform is complicated and may be confusing for some people.
  • U.S exchange is more limited than others.
  • Binance has ran into regulatory issues in a number of nations.

How to buy Loom Network on Binance

Binance has a rich collection of tools and dashboards that might be overwhelming. Its Buy Crypto page makes it easy to cut through the confusion and conduct straightforward transactions. It has a simple interface where you can buy, sell, or convert cryptocurrency.

1. Login to your Binance account and on the homepage click on the “Buy Crypto “Button.

2. You can purchase Loom Network (LOOM) using a variety of fiat currencies. Enter the amount of fiat money you wish to spend, and the system will calculate the amount of Loom Network you can acquire.

3. Select the payment method and fill the required information than Continue.

4. Please double-check the payment information and costs, and complete your purchase within 1 minute, otherwise the amount of Loom Network you may get will be adjusted depending on the current market price. 

5. You'll be taken to your bank's OTP Transaction Page. To validate the payment, follow the on-screen instructions. Following that, you will be able to see the acquired LOOM in your Binance Spot Wallet immediately.


2. Binance

Binance is well-known for its cryptocurrency-to-cryptocurrency trading services. Binance came onto the scene during the 2017 crypto craze and has since risen to become the world's leading cryptocurrency exchange. 

By trading volume, Binance is the world's largest online cryptocurrency exchange. The exchange is also one of the most rapidly growing venues in the cryptocurrency market today. You can easily buy and sell Loom Network (LOOM) using our step by step guide.

The exchange offers investors one of the most diverse selections of cryptos accessible on the market today. The currencies and tokens on sale range from the markets largest by market cap to some smaller and less well-known coins and tokens.

Binance Features

  1. Binance trading has some of the lowest costs in the business.
  2. On Binance, you can trade over 180 cryptocurrencies.
  3. The exchange is available through online and mobile apps for Android and iOS, as well as desktop programmes for macOS and Windows.
  4. Binance Futures provides up to 125x leverage while margin trading provides up to 3x leverage.
  5. It offers a dedicated help Centre where you may contact the support team or get actual beginning tips and explanations of various exchange operations.
  6. It also allows you to make passive income from your crypto assets through staking, crypto lending, and other methods.

Getting Started with Binance

Users must first create an account in order to utilize the exchange. The procedure is quite quick and straightforward, and you do not need to verify your account for level 1, which has a daily withdrawal limit of 2BTC.

For level 2, which enables up to 100BTC every day, you must upload a picture ID and wait for approval. There are still greater restrictions, but you must contact them personally to arrange for them.

Follow the steps below to open a Binance account:

Step 1: Visit the Binance Website

Step 2: Click on the “Register” option in the upper right-hand corner and complete the relevant information. Binance will validate your account details throughout the registration process, which may take a few minutes.

Step 3: Enable 2-Factor Authentication.

Step 4: Select and Link you payment Methods.

Step 5: Deposit and Start trading.

How to buy Loom Network on Binance

Binance has a rich collection of tools and dashboards that might be overwhelming. Its Buy Crypto page makes it easy to cut through the confusion and conduct straightforward transactions. It has a simple interface where you can buy, sell, or convert cryptocurrency.

1. Login to your Binance account and on the homepage click on the “Buy Crypto “Button.

2. You can purchase Loom Network (LOOM) using a variety of fiat currencies. Enter the amount of fiat money you wish to spend, and the system will calculate the amount of Loom Network you can acquire.

3. Select the payment method and fill the required information than Continue.

4. Please double-check the payment information and costs, and complete your purchase within 1 minute, otherwise the amount of Loom Network you may get will be adjusted depending on the current market price. 

5. You'll be taken to your bank's OTP Transaction Page. To validate the payment, follow the on-screen instructions. Following that, you will be able to see the acquired LOOM in your Binance Spot Wallet immediately.


Other Exchanges to buy Loom Network

Aside from using above popular platforms, there are variety of smaller cryptocurrency exchanges where you can buy LOOM.

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Buy Loom Network on Decentralized Exchanges.

Below, you will find comprehensive and detailed review about top rated decentralized exchanges using which you can buy Loom Network (LOOM) easily.

Buy Loom Network on Uniswap

Currently, these are two popular ways to buy Loom Network with Uniswap.



How to buy Loom Network on Uniswap using MetaMask

This section will go through how to purchase Loom Network (LOOM) currency on Uniswap using Metamask. Uniswap is an ethereum-based system that permits digital asset exchange, and it may be accessed via the Metamask wallet.

Uniswap provides an exchange opportunity on the Ethereum blockchain and is recognized to be a secure and trustworthy platform on which users can rely, trade and inves to purchase currencies fast and effortlessly in a decentralized way.

Why you should use Uniswap?

Uniswap is a decentralized exchange system that runs on the Ethereum blockchain and allows for peer-to-peer (P2P) crypto trades. The decentralization nature of uniswap has been one of the main factors enabling its growth. The DEX platform facilitates exchanges of digital assets with the certainty of liquidity by utilizing automation and smart contracts.

By committing their assets to liquidity pools, liquidity providers play a vital role in the Uniswap market. In addition, the platform employs an AMM method to determine the price of assets in a liquidity pool, assuring fair value. As a result, Uniswap DEX is unquestionably one of the best options for crypto trading, particularly with a focus on DeFi.

One of the best reason you should use Uniswap is that Traders own their funds, like with all DEXs, and are not required to deposit them on the exchange. Uniswap traders are not at risk of losing their cash because they have complete custody of their assets.

Before moving forward please note that you might have to pay high ethereum network fee.

Create a Metamask Wallet

To purchase any currency on Uniswap, you must have two things first a uniswap compatible wallet and second have some Ethereum in your wallet to pay for the network fee. You can use any Wallet that is supported. In this Guide, we will use Metamask. So, first and foremost, let us begin by making an account on Metamask Wallet.

Step 1: Download Metamask Extension

To set up your Metamask wallet it is suggested that you use Google Chrome with MetaMask because the browser has fewer issues than others. To check that you're on the appropriate platform, open your Chrome browser and enter in the Web address metamask.io at the head. After entering the URL, download and install MetaMask extension.

Step 2: Get Started with Metamask

Click newly installed Metamask icon from top right bar on Chrome browser and open it.

Now click the Get Started button, you'll be asked if you're new to MetaMask. This is where you may import your wallet if you already have a seed phrase and wish to obtain access to it. Click Create a Wallet if you're just starting started.

After you click ‘’Create a Wallet’’, MetaMask will request information from you in order to enhance their platform.

Create your password, accept the Terms of Service, and click Create. When MetaMask or a dapp prompts you to log in to MetaMask, enter this password.

Step 3: Create 12-word seed phrase

Create your 12-word seed phrase, also known as the Secret Backup Phrase in MetaMask. If you ever erase MetaMask from your browser, you can reinstate your account in this manner. With a seed phrase, you may also access your account on a fresh computer from anywhere. On the following page, you will be prompted to confirm your secret phrase in the right sequence.

Awesome! You've just created your MetaMask.

After creating your wallet, the next step is to get Ethereum coin in it for buying and paying for the network gas fee . To buy ethereum Just Copy and make a note of your Metamask wallet address. Purchase some Ethereum on our recommended exchanges by following the steps listed above (how to buy bitcoin/ethereum section).

Find the Withdraw option in your selected exchange. Choose Ethereum as a withdraw coin. Fill the form with your Metamask address and Ethereum as network. After the transfer you will see ethereum coin in you Metamask wallet.

Now we have everything to use uniswap and buy Loom Network.

1. Launch Uniswap and Connect Metamask

Go to Uniswap.org, click Launch App and Connect your Metamask wallet. After connecting your wallet to Uniswap, you can now begin trading tokens on the Uniswap official site.

2. Swap Ethereum for Loom Network

First, decide which cryptocurrency you wish to exchange. Tokens can be found by name or address from CoinMarketCap. In our case, we want to buy Loom Network through Uniswap we will select LOOM.

you must enter the amount of cryptocurrency you want to swap. The amount of the LOOM you will get, will be calculated automatically by Uniswap. On the Main screen there are two boxes. First box for Ethereum and the second one is for which you want buy (Loom Network).

We wish to exchange ETH for Loom Network (LOOM). If you wish to trade a specific amount of ETH, put that amount into the ETH area. You can put a specified amount of LOOM in the LOOM amount area if you like.

The screen will show you the best possible rates in which your coin is going to be swapped. If you agree with the rate and amount, click Exchange, and you will be sent to a new window where you may check the specifics of your swap.

To proceed and complete the transfer, take a note of the fee as network fee and click swap.

As soon as the trade is verified, LOOM will appear in your wallet.

How to buy Loom Network on Uniswap using Trust Wallet

This section will go through how to use Trust Wallet to acquire Loom Network (LOOM)on Uniswap. Uniswap is an ethereum-based system that permits digital asset swap, and users can access it using the trust wallet's Dapp browser.

Why you should use Uniswap?

Uniswap is a decentralized exchange system that runs on the Ethereum blockchain and allows for peer-to-peer (P2P) crypto trades. The  decentralization nature of uniswap has been one of the main factors enabling its growth. The DEX platform facilitates exchanges of digital assets with the certainty of liquidity by utilizing automation and smart contracts.

By committing their assets to liquidity pools, liquidity providers play a vital role in the Uniswap market. In addition, the platform employs an AMM method to determine the price of assets in a liquidity pool, assuring fair value. As a result, Uniswap DEX is unquestionably one of the best options for crypto trading, particularly with a focus on DeFi.

One of the best reason you should use Uniswap is that Traders own their funds, like with all DEXs, and are not required to deposit them on the exchange. Uniswap traders are not at risk of losing their cash because they have complete custody of their assets.

To put it another way, Uniswap is a safe mechanism for anyone to exchange various sorts of tokens based on the famous Ethereum blockchain without relying on a centralized exchange.

Before moving forward please note that you might have to pay high ethereum network fee.

Create a Trust Wallet

In order to buy LOOM from Uniswap you must have an active Trust Wallet or Metamask Account. So first lets see how to create an account on Trust Wallet.

Step 1: Download Trust Wallet

Before you begin, you must first download the Trust wallet app from the Google Play or App Store. As of writing this guide Trust wallet is only available for Android and IOS users.

Step 2: Get Started with Trust Wallet

After installation, click "Create a New Wallet." Read the Privacy Statement and the Terms of Service, then check the box to confirm and click "Continue."

Step 3: Create 12-word seed phrase

Make a note of your 12-word recovery phrase on a piece of paper and keep it somewhere secure where you won't forget it. Once you've typed down your sentence, press the words on the next screen to put them in the right sequence to ensure you've done it correctly.

After you've established your wallet, you may access your wallet address by selecting the currency you want to use.

Awesome! You've just created your Trust wallet account.

After creating your wallet, the next step is to get Ethereum coin in it for buying and paying for the network gas fee . To buy ethereum Just Copy and make a note of your Trust wallet address. Purchase some Ethereum on our recommended exchanges by following the steps listed above (how to buy  bitcoin/ethereum section).

Find the Withdraw option in your selected exchange. Choose Ethereum as a withdraw coin. Fill the form with your Trust wallet address and Ethereum as network. After the transfer you will see ethereum coin in you Trust wallet.

Now we have everything to use uniswap and buy Loom Network.

Step 4: Launch Uniswap and Connect Trust Wallet

Open your Trust wallet app and navigate to Dapps option from the bottom menu. Now Find uniswap or type in the search box and press enter.

Go to Uniswap.org, click Launch App and Connect your Trust wallet. After connecting your wallet to Uniswap, you can now begin trading tokens on the Uniswap official site.

Step 5: Swap Ethereum for LOOM

First, decide which cryptocurrency you wish to exchange. Tokens can be found by name or address from CoinMarketCap. In our case, we want to buy Loom Network (LOOM) through Uniswap we will select LOOM.

We wish to exchange ETH for Loom Network. If you wish to trade a specific amount of ETH, put that amount into the ETH area. You can put a specified amount of LOOM in the LOOM amount area if you like.

The screen will show you the best possible rates in which your coin is going to be swapped. If you agree with the rate and amount, click Exchange, and you will be sent to a new window where you may check the specifics of your swap.

To proceed and complete the transfer, take a note of the fee as network fee and click swap. As soon as the trade is verified, LOOM will appear in your wallet.



Conclusion

Choosing the best cryptocurrency platform for Loom Network (LOOM) might be a difficult task, there are various factors that one should consider before selecting a crypto exchange. These include the fees structure, security, exchange features, and whether it is based on fiat or crypto.
Remember, once you have shortlisted some exchanges, do your research on each of them to identify the most appropriate for you.




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