Where’s the best place to buy Loopring (LRC) in the UK?
In short, Kraken is your cheapest option. You can deposit GBP into this cryptocurrency exchange for FREE and you’ll be charged maximum trading fees of 0.26%.
Check out this quick guide to learn more.
Summary: Buy Loopring (LRC) in the UK
Here’s a quick overview of where you can buy Loopring (LRC) in the UK with various payment methods.
|Kraken Pro||UK Bank Transfer||< 1%|
|Coinbase Pro||UK Bank Transfer||< 1%|
|CoinJar||UK Bank Transfer||1%|
|CoinJar||Credit & Debit Card||2%|
|Crypto.com||UK Bank Transfer||Variable|
|Crypto.com||Credit & Debit Card||2.99%+|
|BC Bitcoin||UK Bank Transfer||5%|
Keep reading to learn more about your best options.
Best Ways to Buy LRC in the UK
1. Kraken Pro
Kraken Pro is the cheapest place where you can buy Loopring (LRC) in the UK.
Founded in 2011 (and in operation since 2013), Kraken is one of the best cryptocurrency exchanges in the world. And don’t just take my word for it – they were ranked #3 in the CryptoCompare Exchange Benchmark (August 2021).
In 2022, it supports more than 80 cryptocurrencies – which includes Loopring (LRC), but also popular coins like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and more.
UK residents can now deposit GBP into Kraken with a UK bank transfer (for free). This is processed via the Faster Payments Service (FPS), which means that your money will be credited quickly into your GBP wallet on Kraken.
Trading fees are low, too. The maximum you’ll pay is 0.26%, but – like on most other exchanges – this will be reduced if you trade more.
You can’t buy Loopring (LRC) directly with GBP on Kraken, so you’ll need to buy something else that can be exchanged for it.
Kraken currently allows you to buy Loopring (LRC) using EUR or USD. In this quick process above, I’ve chosen to use Euros (EUR). This is mainly because it’s the Loopring (LRC) market that has the highest trading volume (which means there should be less slippage).
Keep in mind: You’ll have to pay a trading fee when you convert GBP into EUR (max 0.2%) and another trading fee when you convert EUR into Loopring (max 0.26%).
Check out their website to learn more.
Founded in 2013, CoinJar allows you to buy Loopring (LRC) directly with GBP.
Like with Kraken, you can deposit GBP into Kraken using a UK bank transfer (for free). Because this is processed via Faster Payments, I’ve found that my GBP deposits are credited within minutes of being sent from my UK bank account.
Alternatively, you can quickly buy Loopring (LRC) and any other supported cryptocurrency with a credit or debit card.
You’ll pay a fixed fee of 1% on CoinJar when buying Loopring (LRC) using cash deposited with a UK bank transfer. While it’s a little more convenient to use a card to instantly buy cryptocurrencies on CoinJar, you will pay a higher fixed fee of 2%.
With the Crypto.com app, you can buy Loopring (LRC) and more than 100 other cryptocurrencies with UK bank transfer, credit card, or debit card.
If you use a card, you’ll be charged 2.99% in fees as a UK resident. However… create a new account on the Crypto.com app, you’ll get these fees waived for the first 30 days. This means you can buy Loopring (LRC) in the UK with a credit or debit card without paying these fees.
Even though they advertise “true cost”, the exchange rate you’re quoted will be higher than you’d find on a cryptocurrency exchange (1%+).
You can do much on the Crypto.com app than just buy, sell, and store cryptocurrencies like Loopring (LRC). In particular, the Crypto.com Visa Card is one of the best crypto debit cards available in the UK – offering up to 8% in cashback.
Check out my review or download the app and test-drive it yourself.
4. BC Bitcoin
BC Bitcoin is a cryptocurrency broker that allows you to buy and sell hundreds of cryptocurrencies – including Loopring (LRC).
They support a few payment methods, but you’ll be charged the lowest fees if you use a UK bank transfer.
One thing I like about BC Bitcoin is that there’s nothing hidden in the exchange rate. They’re 100% upfront about all the fees you’re going to pay if you use them.
But there’s no doubt about it:
Cryptocurrency brokers like BC Bitcoin are more expensive than using a cryptocurrency exchange. However, using a broker is more straightforward and you’ll get better support if you have any questions or problems along the way.
You’ll normally be charged 5% in fees if you buy Loopring (LRC) using a UK bank transfer on BC Bitcoin. This is reduced by 1% if you place an order worth £5000 or more.
What is Loopring (LRC)?
Loopring (LRC) is the native token of Loopring, an open-sourced, non-custodial payment and exchange protocol that operates on the Ethereum network. The Loopring token is officially called LRC and the protocol is called Loopring, but the terms are often used interchangeably.
Founded in 2017 by Daniel Wang, the Loopring protocol’s main goal is to combine the best features of centralised and decentralised exchanges (DEXes). Loopring tries to provide a faster and more cost-efficient way to trade Ethereum tokens without sacrificing decentralisation, scalability, or security.
Check out this quick video for an overview:
The primary goal of the Loopring protocol is to facilitate fast, cheap, secure, and scalable crypto transactions on the Ethereum network. It achieves this goal through layer-2 technology called zkRollups.
ZkRollups make payments and crypto trades faster and cheaper by bundling together different transactions. These transactions are then processed off-chain as a single bundle before they’re sent to the Ethereum blockchain for finalisation.
By bundling transactions together, zkRollups greatly reduce the gas fees that transactions would accrue if they were sent individually to the Ethereum network. ZkRollups also expand the Ethereum network’s scalability by allowing it to process more transactions per second than it would otherwise be able to handle.
These advantages make zkRollup solutions like Loopring particularly powerful for use with DEXes on the Ethereum network.
Many of these DEXes charge high transaction fees and suffer from high slippage rates. That’s because of the sluggishness that the Ethereum blockchain experiences during periods of network congestion. With Loopring, DEXes can theoretically offer faster, gas-free trades that rival what you can get on a centralised exchange.
Anyone that holds LRC can stake their tokens to earn rewards on the Loopring network. In exchange for staking your LRC, which helps provide liquidity to the protocol, you can earn a portion of the transaction fees that are paid to the Loopring network.
LRC is also used to pay transaction fees on Loopring’s proprietary DEX. However, other DEXes that use Loopring’s zkRollups scaling solutions also pay transaction fees to the network.
All these fees are bundled together and are distributed to LRC stakers, among other parties. Eventually, a portion of these transaction fees will also be used to fund the LoopringDAO (decentralised autonomous organisation).
When the LoopringDAO launches, LRC token holders will also get access to governance votes. These votes give token holders a voice in future changes and updates that are made to the Loopring protocol.
Best Loopring (LRC) Wallets
With the Loopring Smart Wallet, you can send and receive LRC (and other Ethereum tokens) using Loopring’s zkRollup technology. This provides you with fast, gas-free transactions with the push of a button.
You can also store the private keys to your LRC tokens in most popular ERC-20-compatible wallets.
If your primary goal is to securely store the LRC that you bought on an exchange, you can use any number of ERC-20-compatible software wallets – such as Coinbase Wallet, MyEtherWallet, and Exodus.
But if you want to stake your LRC or trade on Loopring’s proprietary DEX, consider using MetaMask.
MetaMask is currently the only wallet that directly integrates with the Loopring decentralised app (DApp). It’s an Ethereum wallet that’s capable of managing all ERC-20 tokens, including LRC. You can use MetaMask as a browser extension or a mobile app.
The Loopring DApp also supports WalletConnect, a third-party software that connects DApps with popular wallets. You can use WalletConnect to integrate other LRC-compatible wallets like Trust Wallet or Atomic Wallet.
Interested in using a hardware wallet?
You can use the following hardware wallets to manage your LRC tokens:
WalletConnect works with all Ledger, Ellipal, and CoolWallet devices, too, so you can use your hardware wallet on the Loopring DApp. If you want to connect a Trezor device to the Loopring DApp, you’ll need to do so through MetaMask or another similar platform.
Thanks for Reading!
Thanks for checking out this guide about how to buy Loopring (LRC) in the UK.
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