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How to Buy Loopring South Africa – Beginner’s Guide

One of the hottest trending cryptocurrencies is Loopring. Loopring is a DEX and an open project that runs on the Ethereum blockchain to offer users a reduction in both time and cost for their transaction.

In this guide, we reveal the easiest and quickest ways to buy Loopring in South Africa. We’ll also review the best cryptocurrency brokers in the country where you can buy Loopring at the best cost.

Key points on Loopring

  • Loopring is a decentralized open protocol that operates on the Ethereum Blockchain. It aims to facilitate decentralization for crypto exchanges.
  • LRC has a maximum supply of 1,374,513,896 LRC coins with a circulating supply of about 1,325121,371 tokens. At the time of writing, Loopring has a market cap of $1,492,797,898.
  • Within a few months in this year, the LRC coin price gained over an 84% price increase
  • You can trade Loopring CFDs alongside a wide other range of coins on Libertex, our recommended South Africa crypto broker.

How to Buy Loopring – Quick Steps Guide

Here are the four quick steps to buy Loopring in South Africa in a few minutes through Libertex, the best cryptocurrency broker.

  •   Step 1: Open an Account with Libertex – Visit the Libertex website and click on the “Open an Account” tab to open your online account. You’ll have to follow the on-screen instructions and provide your details.
  •   Step 2: Upload ID – Proceed with your account verification process by uploading government-issued IDs. This confirms the eligibility of your account to trade digital assets.
  •   Step 3: Deposit – Deposit some cash into your new online account through any payment option that the broker supports.
  •   Step 4: Buy Looproing – Finally, proceed to search for Loopring in the search box. Enter the amount of LRC you want to purchase and hit the ‘BUY’ button to buy LRC coin from your Libertex account.

STEP 1: Choose a Cryptocurrency Broker

The cryptocurrency space is very speculative and volatile. So, it’s imperative to choose a reputable, regulated, and secured platform when investing in cryptocurrency. Using an unregulated platform to invest in digital assets such as Loopring crypto exposes you to risk and insecurity in the ecosystem.

Most such platforms are prone to hacks and frauds, with a possible loss of part or all of your funds. Also, trading and other crypto transactions through an unregulated exchange could be costly with lots of delays or hitches.

So, if you’re wondering where to buy Loopring coin in South Africa, the best option is the Libertex brokerage. Besides security for your funds, you will receive a tremendous Loopring price in your transactions through the crypto brokerage. You can also use liberty crypto brokerage to buy LRC in South Africa.

1. Libertex – Popular Crypto CFD Broker in South Africa

Libertex Logo

Libertex is a reputable brokerage that specifically trades on CFDs. It has over 2.2 million users. Moreover, it’s under the strict regulations of the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC). Thus, the broker offers you a safe and secured platform to invest in LRC crypto.

You have several funds deposit methods in the Libertex platform. The deposit options include Debit/Credit cards, Bank transfers, Sofort, Skrill, Neteller, Giropay, P24, Raid transfer, iDEAL and Trustly. Except for bank transfers that may take some hours to 5 days, all the other deposit methods have instant consummation and confirmation on the platform. The minimum deposit amount on the forum is €20, or its equivalent.

Buy Loopring coin in South Africa

With Libertex, you have the opportunity of trading in over 200 instruments within eight different markets. The trading markets include cryptocurrencies, stocks, metals, indices, ETFs, oil/gas, agriculture, and currency pairs. It uses tight spreads on all its trading instruments that depend on the market and financial assets involved. Despite that, the broker remains competitively advantageous over most trading platforms in the industry.

Libertex functions as a web trading platform with no need for any download by users. Once you access a web browser, you can easily connect to the podium to purchase your LRC crypto without stress. Furthermore, you will receive great trading tools from MetaTrader 4 (MT4) and MetaTrader 5 (MT5) from the platform to enhance your trading execution and profitability.

Moreover, the platform is available as mobile apps for Android, and the iOS broker comes with devices. Therefore, users can conveniently download the app from Google Play Store and Apple Store, respectively. Whether you are using the web or the mobile app, the platform offers excellent features to its clients. Some of them are technical analyses, charts, trading signals, recommendations, news feeds, indicators, and timeframes.

Libertex’s Transaction Fees

Transaction Fees
Commission on trading crypto pair 0.47% – 2.5%
Deposit N/A
Withdrawal through bank transfer 0.5%
Withdrawal through the card (Visa only) 1 EUR
Withdrawal through Neteller 1%
Inactivity $5 per month

 

Here are the pros and cons of using Libertex:

Pros

  •   Under the regulation of CySEC and others.
  •   Offers low commission on trading most financial instruments.
  •   Simple and user-friendly interface.
  •   Comes with several payment methods.
  •   Has the best mobile trading app
  •   Users can easily access MT4 and MT5.
  •   Customers can get real-time trading news and signals
  •   Zero deposit fees
  •   Stress-free account opening process.

Cons

  •   Deals only on CFDs trading and its derivatives.
  •   Lacks fundamental data.

74% of retail investor accounts lose money when trading CFDs with this provider.

STEP 2 – Research Loopring

What is Loopring?

Loopring is a decentralized open protocol that operates on the Ethereum Blockchain. It aims to facilitate decentralization for crypto exchanges. So, the functionality of Loopring creates a hybrid product that inculcates exceptional parts of both decentralized and centralized exchanges. It does that by combining the smart contract technology from decentralized and the order matching from centralized exchanges.

Daniel Wang, an entrepreneur and software engineer, founded the Loopring Foundation in 2017. He is presently the CEO of the foundation. He and his team designed Loopring to protect users from counterparty risks and reduce crypto trading costs.

The operability of Loopring is such that the control of tokens with the users. Thus, the exchange on which the transaction occurs doesn’t influence the tokens; instead, Loopring automatically implements transactions using smart contracts.

It presents the users with outstanding trading results through the application of game theory logic. To perform a transaction, Loopring will first disintegrate customers, and orders into bits to distinguish the best time, and exchange for trading the bits.

Loopring Key Features

  •   Loopring Supply

LRC has a maximum supply of 1,374,513,896 LRC coins with a circulating supply of about 1,325121,371 tokens. At the time of writing, Loopring has a market cap of $1,492,797,898.

  •   Decentralized protocol

Though Loopring is a decentralized protocol, it combines the management of orders via a centralized approach and the execution of trades through decentralized blockchain technology.

The protocol then produces a hybrid that removes inefficiencies from decentralized exchanges and transparency and custodial risks from centralized ones. Its operability creates an increase in DEX liquidity while promoting efficiency during the execution of orders. Hence, users will maintain control of their funds.

  •   Meteoric Growth

Loopring is a decentralized open protocol that is blockchain-agnostic. Since its launch, the protocol has experienced a meteoric growth that keeps its outstanding among decentralized exchanges.

Though it operates on the Ethereum blockchain while supporting ERC 20 tokens, the protocol can support other blockchains running on smart contracts. there’s a future possibility of inculcating blockchains like Qtum, EOS, NEO, and others

  •   Token Use

The Loopring native token, the LRC coin, has its functionality to reflect Ethereum’s gas. This means that it’s the critical drive that powers the Loopring protocol. Its utility stretches to payment of transaction fees and other service charges as well as incentivizing miners.

Also, the LRC coin is a governance token that gives holders the eligibility of voting in the protocol’s issues and discounts for their transactions.

Is Loopring a Good Buy?

Loopring price growth displays a drastic change from the beginning of the year till date. At the time of writing, LRC price stands at $1.10 per token. As Compared to its opening price at the beginning of this year at $0.1698, this shows about an 84% increase with today’s LRC coin price.

So, lots of investors will agree that buying Loppring is worth the risk. However, when you’re considering buying Loopring crypto, you should evaluate your risk management in handling the volatility of cryptocurrency.

In addition to that, here are some factors to consider when you want to buy Loopring.

Loopring Crypto Price Growth

LRC Price

Not all cryptocurrencies have moved at a price the way Loopring crypto has. Within a few months in this year, the LRC coin price gained over an 84% increase. This pushes it as one of the outstanding and profitable digital assets. So, if your focus is on long-term investments, you can conveniently buy Loopring coin.

  •   High Scalability

One of the challenges in the Ethereum blockchain is scalability which Loopring bridges and creates a solution for it. Through its innovative operability, the protocol allows users to execute their trades on other decentralized exchanges with high speeds and reduced costs.

Loopring Price History

Loopring Price History

While the entire cryptocurrency market remains bullish this year, Loopring crypto is not left out. Within the past few months, Loopring’s price has surged considerably to attract more investors.

The protocol’s meteoric growth and scalability solution on the Ethereum blockchain push competitively above most other similar projects. With Loopring crypto price chart for the past month, you will discover an upshoot of about 63% increase.

Loopring Price Prediction

LRC Price Prediction

The general trend in prices of most cryptocurrencies over the past few months shows a climbing move. On average, Loopring’s cost is maintaining its upward trend.

While some observers and investors wonder how far Loopring can go, some analysts put forth their Loopring crypto price prediction. Some are forecasting a continuous upward trend for the token.

Commenting on Loopring crypto price prediction, Digitalcoin forecasts that the end of 2021 will see the LRC price at $1.95. Furthermore, the price forecast by 2024 ending sets the Loopring crypto price at $3.24.

However, there are still some Loopring crypto price predictions of a fall to $1.035 before any possible rise.

Loopring Market Cap

The cryptocurrency market is one of the busiest and growing markets for investments and transactions of digital assets. From its launch time, Loopring boasts of a live market cap of about $1,492,797,898 at the time of writing.

STEP 3 – Choose Your Payment Method

When you’re planning to buy Loopring coin, you should understand some of the ways to do so seamlessly.

Here is how you can buy Loopring coin in South Africa.

Buy Loopring with PayPal

Using PayPal to Buy Loopring coin gives you almost an instant execution via the Libertex platform. If you have an account with the broker, just log in and place your buying order selecting PayPal as your payment means. Before that, you must ensure that you’ve completed the KYC account verification process that will make your account eligible for buying, selling, and trading Loopring crypto and other digital assets.

When you confirm your order and send it, Libertex executes your order you’ll receive the amount of LRC coins you requested.

Buy Loopring with Debit/Credit Card

When you want to buy Loopring coin with a debit/credit card, you should ensure you have a wallet for its storage. Alternatively, you can use a crypto exchange/brokerage that has a built-in wallet for users. Libertex is one of the brokerages that make the buying of Loopring easy for South African residents as you aren’t required to store the LRC coins. Instead, you’ll be buying them as CFDs.

Once you have an online account with Libertex, using your debit/credit card, you can place a buying order for LRC crypto. The broker will execute your order using the best available market price.

Buy Loopring with Bitcoin

Buying Loopring coin with Bitcoin requires using an exchange. The process involves the swapping of BTC for the LRC crypto. So, you will select from the search box the crypto pair BTC/LRC. Next, you’ll input the amount of BTC to use the LRC to receive via the swap. Then, proceed to confirm your order and click the BUY button. The exchange will consummate the swapping, and you will receive the LRC coins according to your order.

STEP 4: Buy Loopring – Full Guide on Libertex

Understanding some of the top brokerages, you can conveniently and seamlessly buy Loopring coins in South Africa. Libertex is your overall best broker in buying LRC crypto as its offers you zero commission on trading cryptocurrency. Also, the platform has the right tools that will assist you irrespective of your level in crypto transactions.

Below is the complete guide in buying Loopring via Libertex.

  • Sign-up for an Account

The starting point is to open an online account with Libertex. First, you’ll visit Libertex and click on the ‘Open an Account’ tab on the top right-hand side of your screen. Then, fill out the on-screen instructions correctly using your information such as full name, phone number, email address, and others.

Register an account with Libertex

74% of retail investor accounts lose money when trading CFDs with this provider.

  • Upload Your ID

Libertex is a regulated platform that complies with regulatory and security measures on anti-money and other laws. Hence, you will need to complete your KYC process, which serves to verify your account.

The process demands that you’ll upload any of your government-issued IDs. Also, you will upload a copy of your recent utility bill or bank statement, which is not more than three months. Libertex will then send you a notification for the confirmation of your account.

  • Deposit Your Funds

Libertex supports a wide range of payment options that will allow users to deposit funds into their accounts. Therefore, you should select any of the methods that are suitable for your account funding process. The minimum deposit on Libertex is €10.

Libertex deposit

Some of the deposit methods include:

  •   Mastercard
  •   Visa
  •   Paypal
  •   Maestro
  •   Wire transfer
  •   Paysafecard
  •   Neteller
  •   Giropay
  •   Skrill
  •   Sofort
  •   Ideal
  •   Trustly
  •   EPS

The broker takes no fee on deposit irrespective of the method you choose.

  • Buy Looping

Once you get a confirmation of the funds in your account, you can buy the Loopring crypto. First, search for LRC from the search button. Then, input the amount of LRC coin your want in your buy order and hit the BUY button. Libertex uses the best price within the market to execute your purchase order.

Libertex crypto CFDs

You may decide to leave open your Loopring trade using the ‘OPEN TRADE’ button until you request a cash-out.

Libertex – Buy Loopring CFDs With Competitive Spreads

Going through this guide leaves you with the proper steps on how to Loopring South Africa. You should also know the importance of utilizing a reputable and secured crypto exchange or brokerage to buy Loopring coins.

Libertex remains one of the best platforms for you to buy Loopring in South Africa. The broker provides its users with excellent trading tools and features to enhance their crypto knowledge and transactions.

Moreover, its zero commission on trading and competitively low spreads gives you leverage to be profitable in crypto investment. Also, with its simple and user-friendly interface, beginners won’t experience any complexity on the platform.

74% of retail investor accounts lose money when trading CFDs with this provider.

Frequently Asked Questions on Loopring

What is Loopring?

What is Loopring coin used for?

What makes Loopring different?

What is Loopring coin worth?

Is Loopring coin a good investment?

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.

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