One of the cheapest ways to buy Chainlink (LINK) in the UK is with Coinbase Pro. With this route, you can deposit GBP with a UK bank transfer and buy Chainlink (LINK) at the real exchange rate without paying more than 0.5% trading fees.
Scroll down to find out more about the best ways to buy Chainlink (LINK) in the UK.
Summary: Best Places to Buy Chainlink (LINK) in the UK
This table summarises the best places that you can buy Chainlink (LINK) in the UK with various payment methods.
|Provider||Payment Method||Fees (Approx.)|
|Coinbase Pro||UK Bank Transfer||< 1%|
|Kraken||UK Bank Transfer||< 1%|
|CoinJar||UK Bank Transfer||1%|
|Solidi||UK Bank Transfer||1-2%|
|CoinJar||Credit & Debit Card||2%|
|Crypto.com||Credit & Debit Card||2.99%+|
|BC Bitcoin||UK Bank Transfer||5.00%|
If you don’t want to use a cryptocurrency exchange, check out CoinJar. This is easier, quicker, and more beginner-friendly than using one of these cryptocurrency exchanges – but their fees are a bit higher (1%).
Keep reading for more details.
How to Buy Chainlink (LINK) in the UK
1. Coinbase Pro
Coinbase Pro is one of the cheapest ways to buy Chainlink (LINK) in the UK.
In 2022, you can deposit GBP directly into Coinbase Pro using a UK bank transfer for FREE. This is processed via Faster Payments (FPS), which means that GBP you send to your Coinbase Pro account will be credited within minutes.
However, the first GBP deposit you make will take much longer than this to be processed (as it has to be manually checked).
Without a doubt, Coinbase Pro is one of the best cryptocurrency exchanges available to UK residents right now. In addition to Chainlink (LINK), you can use it to easily and cheaply buy dozens of other popular cryptocurrencies.
Like other places, you will be charged a variable fee to withdraw Chainlink (LINK) from Coinbase Pro to your own wallet. When I checked recently, it was quoting me about £5 to withdraw less than £100 worth of Chainlink (LINK).
If you don’t already have an account, it’s 100% worth checking out.
CoinJar allows you to buy Chainlink (LINK) with a UK bank transfer or a credit/debit card. It supports a growing number of other cryptocurrencies too – including Compound (COMP), Basic Attention Token (BAT), Litecoin (LTC), and more.
It charges higher fees than cryptocurrency exchanges like Coinbase Pro. Regardless of whether you’re buying Chainlink (LINK) or any other supported cryptocurrency, you’ll be charged a fixed fee of 1%. Whenever I’ve checked, I’ve also found that the prices you’re quoted aren’t much higher than you’d find on an exchange (around 0.5%).
If you buy Chainlink (LINK) using a credit or debit card, you’ll be charged a higher fixed fee of 2%.
This is a more expensive option, but CoinJar is a lot more beginner-friendly than using a cryptocurrency exchange.
Crypto.com is a convenient way to buy Chainlink (LINK) in the UK with a credit or debit card. Like CoinJar, this mobile app is easier and more intuitive for beginners to get started with them a cryptocurrency exchange like Coinbase Pro.
Crypto.com allows you to deposit GBP via a UK bank transfer, but you can also use it to buy Chainlink (LINK) and 150+ other cryptocurrencies with a credit or debit card. If you’re a UK resident, you’ll pay 2.99% in fees.
You can use the Crypto.com app to buy and sell more than 150 cryptocurrencies too. And they’re continuing to add more all the time.
Unfortunately, there is one significant downside. You won’t be quoted the real exchange rate (i.e., what’s charged on an exchange like Coinbase Pro). I’ve consistently found that the prices you’re quoted for Chainlink (LINK) are more than 1% higher than they should be.
This effectively means that you’ll be charged 4% (or more) in fees to buy Chainlink (LINK) with a credit or debit card using the Crypto.com app (which sucks).
Check out my Crypto.com review to find out more about everything that they offer.Get Started Now
After an “unprecedented number of requests”, you can now buy Chainlink (LINK) using Solidi.
Just send GBP using a simple UK bank transfer and you’ll normally have any supported cryptocurrency credited to your account minutes later.
It’s fast, simple, and painless – making it perfect for beginners.
Solidi’s fees are competitive too. They’re built into the exchange rate, but there’s nothing extra you have to worry about. When I checked them out, their rates were about 1% above the real exchange rate (but it does vary day-to-day).
On top of this, they offer FREE Chainlink (LINK) withdrawals. Not bad!
To learn more about them, check out my full Solidi review.Visit Solidi Website
Best Chainlink (LINK) Wallets
Unless you’re looking to trade cryptocurrencies back and forth, you’ll find that most people will recommend you move your Chainlink (LINK) into an external wallet which YOU have the private keys for.
Chainlink (LINK) is an ERC-20 token, so there are lots of wallets that you can download on your computer or mobile phone that’ll support it. This includes:
- Atomic Wallet (Desktop & Mobile Wallet)
- Coinbase Wallet (Mobile Wallet)
- MyEtherWallet (Web Wallet)
- MetaMask (Browser Extension)
Chainlink (LINK) is also supported by many of the best hardware wallets. This includes the:
I’ve found that the Ledger Nano S is frequently recommended across the crypto-community. That’s probably because it’s one of the cheapest options, but also supports tons of popular cryptocurrencies.
To learn more about it, check out my Ledger Nano S review.
What is Chainlink (LINK)?
Chainlink (LINK) is the native token for Chainlink, a decentralised oracle network. The purpose of Chainlink is to provide real-world data to blockchains to power smart contracts. LINK tokens are primarily used to help pay for network services.
The Chainlink network was created in 2017 by SmartContract (now Chainlink Labs), a company co-founded by Sergey Nazarov and Steve Ellis. LINK tokens were released to the public shortly thereafter to help power the network and incentivize the node operators that help secure it.
Here’s a quick video that describes how Chainlink and its native LINK token work:
Chainlink is a decentralised oracle network, which means that it provides real-world data to blockchain networks to make their smart contracts more functional. But to conceptualise what Chainlink does and why it’s such a popular crypto project, we first need a solid understanding of what smart contracts are and how they operate.
Smart contracts are lines of code that serve as an agreement between two or more parties. These agreements are programmed to execute whenever a certain set of conditions are met.
A potential use case for smart contracts is in the world of real estate transactions. Currently, real estate transactions between parties normally involve some sort of middleman, like a realtor or mortgage broker, to help ensure that both parties uphold their end of the deal.
But what if these sorts of agreements could be executed without the need for a middleman?
With smart contracts that are powered by Chainlink’s oracles, they can.
An oracle is a third-party service that provides external data to smart contracts on various blockchains. Chainlink is a network of oracles that works together to power smart contracts so that they can execute when certain real-world conditions are met.
In our real estate example, a property purchase agreement could be coded into a smart contract. This smart contract could be coded to only execute once all of the property negotiations are settled.
For example, the smart contract could automatically release funds from escrow to the seller and transfer the property title deed to the buyer once all the appropriate paperwork is signed and the final property inspections are complete. All of this could happen automatically—and without a middleman—if the smart contract was powered by data from an oracle network like Chainlink.
The premise of Chainlink is that it provides data to smart contracts so that they can execute based on events that happen in the real world. Chainlink’s oracle networks are already in widespread use within the cryptosphere, especially in the realm of decentralised finance (DeFi).
However, oracle networks can only work if they’re able to reliably feed correct data to blockchains. If oracles consistently provide incorrect data then they might do more harm than good.
To combat the issue of misinformation or low-quality data in its oracle network, Chainlink uses a multi-step process to provide data to blockchains. These steps are:
- Oracle Vetting & Selection: Before anyone can operate as an oracle node on the Chainlink network, they need to meet conditions outlined by Chainlink that dictate what kinds of information it will provide. Oracles also need to deposit a certain amount of LINK tokens to be able to process data requests on the network.
- Data Reporting: Once an oracle is live on the Chainlink network, it can receive and respond to data requests. Each oracle is responsible for finding and providing accurate data as requested by users. If it can’t find the correct data, an oracle can reject a user’s data request.
- Data Aggregation: After an oracle finds the appropriate data, it’s aggregated and sent to the appropriate smart contract. Smart contract creators can then assess the accuracy of the data that they receive from Chainlink oracles. If an oracle provides incorrect data to users, it can be taxed and lose a portion of its staked LINK tokens for poor performance. If oracles consistently provide quality data to users, they can earn more LINK tokens and have a higher likelihood of being rewarded data requests in the future.
Note that Chainlink is not its own blockchain network. While the protocol’s native token, LINK, is an ERC-20 token, it is interoperable with multiple blockchains so long as these blockchains can support smart contracts. Although most use cases of Chainlink involve the Ethereum network, the protocol’s oracles also work with other blockchains like Polkadot and Terra.
The LINK token is designed to power the Chainlink network. Any platform that uses Chainlink’s oracle services has to pay oracle nodes in LINK tokens for their service. This helps to compensate nodes for their efforts and it helps incentivise data providers to participate in the network.
Additionally, LINK tokens are used to encourage appropriate use of the Chainlink network and to help ensure that only accurate data is passed on to smart contracts.
The Chainlink network performs quality control on its oracle nodes by rewarding them with LINK when they provide high-quality information.
Alternatively, the network penalises low-performing nodes and those that provide incorrect data by slashing their staked LINK tokens. If users are consistently unhappy with an oracle’s performance, the oracles’ stash of staked LINK tokens will decrease. This will limit the oracle’s ability to receive new data requests in the future.
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