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How to Buy Chainlink (LINK) in 2024: Step-by-Step Guide

Kane Pepi
Last updated: | 16 min read

Wondering how to buy Chainlink (LINK) in 2024? Chainlink is a tier-one blockchain project that leads the Oracle niche. It provides real-time, real-world data to smart contracts, bridging the gap between the virtual and blockchain spaces.

Therefore, Chainlink could be a great addition to your long-term crypto portfolio. Read on to discover the best places to invest in LINK, and what the future holds for this top-rated project.

What is Chainlink (LINK)?

Founded in 2017, Chainlink is an established blockchain project with a native token, LINK. It specializes in Oracles, which provide data to smart contracts from outside of the blockchain ecosystem. This means that decentralized applications (dApps) can engage with real-world data, a crucial component of the Web 3 era.

The use cases for Chainlink are virtually unlimited. For example, consider a dApp that enables investors to buy and sell real-world assets in tokenized form. The dApp won’t be able to offer reliable pricing data without using a third party. However, this presents risks, as third-party data can be biased and inaccurate.

In contrast, by using Chainlink, data is only provided once a consensus has been reached. The protocol leverages multiple trusted sources to achieve this goal. Chainlink provides solutions to every industry imaginable, from insurance and banking to supply chain management and healthcare.

Here’s the important part; Chainlink data isn’t free. On the contrary, developers must pay fees to access the Chainlink ecosystem. Fees are paid in LINK, ensuring Chainlink’s native token has a long-term use case. With this in mind, LINK tokens give you exposure to the Chainlink project.

How to Buy Chainlink in 5 Easy Steps

Considered one of the best cryptocurrencies to buy, Chainlink trades on many exchanges. It’s important to choose the right platform; consider fees, safety, minimum deposit requirements, payment methods, and customer support.

eToro – a reputable exchange with low fees, is a good option for beginners. With this in mind, we’ll use eToro for our tutorial. Read on to buy Chainlink tokens in under five minutes.

Step 1: Sign Up to a Crypto Exchange

First, you’ll need to open an account with a crypto exchange. eToro requires some personal information and contact details. This includes your name, nationality, date of birth, and mobile number.

Step 2: Complete KYC

Unlike many exchanges, eToro takes its anti-money laundering responsibilities seriously. This means that all eToro customers must complete a Know-Your-Customer (KYC) procedure.

First, you’ll need to upload proof of identity. A passport, driver’s license, or national ID card will suffice. Second, proof of residency is needed. This can be a bank or credit card statement, tax bill, or utility bill. The document must have been issued within the past three months, and display your name and address.

etoro upload kyc identification

You don’t need to wait for the documents to be verified, proceed to the next step once uploaded. That said, we found that eToro usually verifies accounts in minutes.

Step 3: Deposit Funds

eToro is one of the best crypto exchanges for depositing funds. For a start, eToro accepts the most convenient payment methods, including debit cards and e-wallets.

The minimum deposit requirement starts from just $10. However, this increases to $500 when opting for a bank wire. In addition, USD deposits are fee-free, no matter the chosen payment type. Other currencies are accepted, but an FX fee will apply. To complete your eToro deposit, select your preferred payment method and type in the deposit amount.

etoro fund account

Step 4: Search for Chainlink

You’ll find a search bar at the top of the eToro dashboard – type in ‘LINK’. Click on ‘Chainlink’ when it appears. On the next page, click the ‘Buy’ button.

How to buy Chainlink on eToro

Step 5: Buy Chainlink

You should now see an order box, like in the image displayed below. Next to the ‘Amount’ tab, type your investment size in USD. We’re investing $250, which gets us 13.97 LINK tokens.

Buy Chainlink on eToro

Leave the order type as a ‘Market Order’, as this means your Chainlink investment will be executed instantly. Finally, click on the ‘Buy’ button. You’ve just bought Chainlink from eToro. Click on the ‘Portfolio’ button to keep tabs on your investment. This is also where you’ll sell your LINK tokens.

Where to Buy Chainlink in 2024? The Top Exchanges

We’ve explained how to buy Chainlink in five simple steps. We’ll now discuss the best places to invest. After all, no two exchanges are the same. While some exchanges are ideal for low fees, others focus on security and regulation. Read on to discover where to buy Chainlink in 2024.

eToro – The Overall Best Place to Invest in Chainlink

We rate eToro as the best place to buy Chainlink. This is the safest place to invest, as eToro is used by more than 30 million clients worldwide, offers two-factor authentication (2FA) and keeps crypto assets in cold storage.

Not only is eToro the safest place to buy Chainlink but also the most convenient. It takes minutes to register a verified account. You can then deposit funds with an e-wallet or debit card. Account minimums start from just $10. No deposit fees are charged when using USD. Otherwise, FX fees will apply.

eToro review

We did, however, find that eToro commissions are higher than many exchanges. You’ll pay 1% when buying and selling LINK. Dozens of other listed markets are available, including Bitcoin, Dogecoin, Shiba Inu, Litecoin, Maker, and Cronos. eToro also offers copy trading tools. This means you can copy another crypto investor, rather than researching the markets yourself.

Pros

  • The overall best place to invest in Chainlink
  • Instantly deposit funds with an e-wallet or debit card
  • No deposit or withdrawal fees on USD payments
  • Also lists some of the best altcoins, including Shiba Inu
  • Established in 2007 and used by over 30 million clients

Cons

  • You’ll pay a 1% commission when trading Chainlink
  • Non-USD deposit fees are high

Exchange Deposit Fee Commission to Buy Chainlink
eToro No fees on USD bank deposits, including debit/credit cards and e-wallets. Non-USD deposits cost 1.5-3% 1%

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

Kraken – Low Chainlink Trading Fees When Opting for a Bank Transfer

Kraken

is a trusted exchange that serves over 10 million clients in more than 190 countries. Founded in 2011, it offers a safe way to buy Chainlink online. Although Kraken accepts Visa and Mastercard payments, it charges 3.75% + €0.25. That said, Kraken is a great option if you’re happy to deposit funds via bank transfer.

US clients can transfer funds via ACH. UK and European clients can use Faster Payments and SEPA, respectively. No deposit fees apply, although you might need to wait a few days for the funds to land. When they do, you can buy Chainlink at a commission of just 0.26%.

Kraken review

This amounts to just $2.60 for every $1,000 invested. Kraken also lists over 200 other cryptocurrencies, including some of the best meme coins. Kraken also offers leveraged markets for eligible clients, including perpetual futures. It doesn’t offer personal wallet services though, so it’s best to withdraw your LINK tokens after completing the purchase.

Pros

  • Charges 0.26% per slide when trading Chainlink
  • No fees when depositing funds via bank transfer
  • Lists more than 200 crypto markets
  • Trusted by over 10 million traders
  • Get started with just $10

Cons

  • 3.75% + €0.25 fee on debit/credit card purchases
  • Doesn’t offer personal wallet services

Exchange Deposit Fee Commission to Buy Chainlink
Kraken No fees on bank transfers, including ACH, Faster Payments, and SEPA. 3.75% + €0.25 fee on debit/credit card purchases 0.26%

 

Coinbase – Instantly Buy Chainlink With Visa or MasterCard

Coinbase

is a US-based exchange that offers a safe way to buy Chainlink. It’s also one of the fastest options, as Coinbase offers an Instant Buy feature. Simply type in your debit/credit card details and choose an investment amount. The LINK tokens will instantly be added to your Coinbase wallet.

However, the Instant Buy feature isn’t cheap; you’ll be charged 3.99% of the transaction size. An alternative method is to deposit funds via bank transfer. ACH, Faster Payments, and SEPA are supported and no fees apply. Payments often arrive in minutes, but make sure you enter your unique Coinbase reference number.

Buy Chainlink on Coinbase

Note that Coinbase charges trading commissions of 1.49%. This is charged when you buy or sell LINK. However, you’ll pay just 0.5% by completing the trade on Coinbase Advanced. You can access the Advanced platform within your Coinbase account. Coinbase is also a great option for security. 2FA, cold storage, and device whitelisting are offered to all account holders.

Pros

  • A safe crypto exchange with solid security features
  • Buy Chainlink instantly with Visa or MasterCard
  • Offers one of the best crypto wallets for mobile users
  • Local bank transfers are often credited instantly
  • Ideal for beginners and experienced pros alike

Cons

  • You need to use Coinbase Advanced to get the lowest commissions
  • High debit/credit card fees

Exchange Deposit Fee Commission to Buy Chainlink
Coinbase No fees on bank transfers, including ACH, Faster Payments, and SEPA. 3.99% on debit/credit card purchases 1.49%, or 0.5% when using Coinbase Advanced

 

How We Ranked The Best Places to Buy Chainlink

We’ve selected three of the best places to buy Chainlink in 2024. We ensured that each exchange offers a safe trading experience, sufficient liquidity, and competitive fees.

Customer support was also an important part of our methodology, considering that many readers will be first-time buyers. Read on for more information about how we ranked the best Chainlink exchanges.

Highest Trading Liquidity – 25%

Ensuring there’s sufficient liquidity is crucial when buying and selling Chainlink. Although Chainlink is a large-cap crypto asset, not all exchanges meet this requirement. If there isn’t enough liquidity to facilitate your orders, this will result in high slippage costs.

Put otherwise, you’ll be forced to accept an unfavorable price to get your order executed. eToro, Kraken, and Coinbase are some of the largest exchanges globally, with millions of active clients. This means you can trade LINK tokens in smooth market conditions.

Most Ways to Buy Chainlink – 25%

There are many different ways to buy Chainlink – we made sure the most convenient methods were covered. For example, first-time investors will likely prefer eToro, as it accepts debit card and e-wallet deposits. These payment methods are used daily by most people, meaning a simple investment process.

Buy Chainlink on eToro

Alternatively, experienced investors might prefer more sophisticated ways to trade Chainlink. In this instance, Kraken could be a more suitable option. This is because Kraken offers Chainlink futures. These are perpetual futures that support long and short trading, not to mention leverage.

Cheapest Fees for Buying Chainlink

We also ranked Chainlink exchanges based on fees. That said, there is often a trade-off between low fees and high security. For example, Coinbase offers robust security features and boasts a strong regulatory framework. However, it charges 3.99% when buying Chainlink with a debit/credit card.

eToro offers fee-free deposits when using USD, so investors can save big when using debit cards, wire transfers, or an e-wallet. However, eToro charges 1% in trading commissions. You’ll pay this whenever you buy or sell Chainlink. And then there’s Kraken, which offers much lower commissions at just 0.26%. However, Kraken charges 3.75% + €0.25 when using a debit/credit card.

Most Reliable Support – 25%

Customer service will vary widely from one Chainlink exchange to the next. You might not prioritize quality support if you’re an experienced trader. But this is a very important metric for beginners. First, we explored what support channels are available. The best option is live chat.

Telephone support is rarely available, due to the sheer number of global users that exchanges serve. If email or support tickers are the only option, this is a red flag. You might need to wait days before receiving a response. We also explored what days and hours the support team works. 24/7 support is the preferred option.

What is the Best Place to Store Your Chainlink?

Now that you know how to buy Chainlink, let’s talk about storage. There are many different ways to store your LINK tokens. Crucially, LINK is an ERC-20 token, so it can be stored in any wallet that supports the Ethereum network.

Why Can’t I See my Chainlink Tokens in my Wallet?

Some wallets initially only display proprietary coins, such as Bitcoin and Ethereum. If Chainlink isn’t displayed when you open your wallet, you can add it manually. You’ll need to add a custom token on the Ethereum network and paste Chainlink’s unique smart contract: 0x514910771af9ca656af840dff83e8264ecf986ca

Now, in terms of choosing the best Chainlink wallet, this will depend on your goals and preferences. If you’re a complete beginner without any experience in using crypto wallets, keeping your LINK tokens in eToro or Coinbase could be a good option. These are regulated exchanges that employ institutional-grade security controls. The LINK tokens will remain in your account until you decide to sell.

However, trusting your LINK tokens with an exchange can be risky, as seen with the FTX bankruptcy. If you’d prefer being your own custodian, you’ll need a non-custodial wallet. This means you’re responsible for safekeeping your LINK tokens, as nobody else controls your private keys.

Best Wallet review

One of the best non-custodial wallets for storing Chainlink is Best Wallet. Simply download the Best Wallet app, create a new wallet, and deposit your LINK tokens. Your wallet will be protected by biometric security, two-factor authentication, and a passcode. You’ll also get a backup passphrase, which enables you to recover your LINK if you lose your phone.

Another option to consider is a hardware wallet. These also sit within the non-custodial category. However, your private keys will be stored in a physical device. The device is always offline, so you don’t need to worry about being hacked. LINK tokens can only leave your wallet once a PIN has been entered on the device. Trezor, Ledger, and Ellipal Titan are considered the best crypto hardware wallets, but other options also exist.

What Can You Use LINK Tokens For?

Although Chainlink is an ERC-20 token, it offers many use cases. For a start, LINK is required when requesting real-world data. This is because Oracle fees are paid in LINK.

In addition, node operators receive LINK when providing data to the network. LINK is also a staking coin, meaning long-term holders will earn passive rewards. Let’s take a closer look at why Chainlink is one of the top utility tokens to hold.

Node Operator Incentives

Node operators sit at the heart of the Chainlink ecosystem. Without them, dApps wouldn’t have access to reliable and accurate data. Put simply, node operators provide real-time information to smart contracts. In doing so, they earn LINK tokens.

For example, consider a node operator that specializes in weather data. They provide real-time information on temperature, precipitation, wind speeds, and everything in between. Supplying this data to Chainlink offers an additional revenue stream.

Data Request Payments

We’ve established that node operators earn LINK by supplying real-time data. Chainlink operates a sustainable business model, as data requests must be paid for.

  • For example, consider a decentralized sports betting website that seeks real-time scores.
  • Data accuracy is crucial, as it offers in-play betting.
  • The betting site will request data feeds from Chainlink.
  • The Chainlink network will then obtain data from partnered node operators.
  • Before the request is made, the betting site must pay fees in LINK.

These fees are then distributed to node operators.

Oracle Network Feeds

Oracle network feeds are another service offered by Chainlink. This is akin to an ongoing subscription rather than a one-off data request. For example, consider a decentralized finance platform that offers collateralized loans.

It requires up-to-date crypto prices to ensure risk is effectively managed – 24/7. It also requires data on liquidity, trading volumes, and order book depth. It pays Oracle network fees in LINK and receives continuous data feeds.

Chainlink ecosystem

The decentralized finance platform can be assured of data integrity. This is because Chainlink data relies on consensus, meaning it uses multiple trusted sources.

Staking and Governance

In addition, LINK is also a staking token. This means you can earn interest simply by adding LINK to a staking pool. Holders can do this directly on the Chainlink website. Currently, yields are 4.32%, although this changes based on demand.

Over 40.8 million LINK tokens are being staked right now. You can also stake LINK on third-party platforms for higher yields. However, this isn’t advised, as you’re taking on counterparty risk.

LINK is also the governance token for the Chainlink ecosystem. This means token holders have a say in key project proposals.

Conclusion

In summary, we’ve explained how to buy LINK in 2024. Many exchanges list Chainlink, but we like eToro. Not only is eToro a safe option but it accepts convenient payment methods.

Instant deposits can be made with e-wallets or debit cards at competitive fees. Ensure you research the Chainlink project extensively before investing.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

FAQs

Where can I buy Chainlink?

Chainlink is listed on most tier-one exchanges, including eToro, Kraken, and Coinbase. Assess fees, safety, and payment methods when choosing a place to buy LINK.

Is Chainlink a good investment?

Some analysts believe that Chainlink is a solid long-term investment with unparalleled upside. It dominates the Oracle data industry and is compatible with most network standards.

Can I buy Chainlink with a credit card?

Yes, you can buy Chainlink with a credit card on eToro. USD payments are fee-free, although other currencies will incur an FX fee.

Is Chainlink only on Ethereum?

Yes, Chainlink is an ERC-20 token, meaning it operates on the Ethereum network. However, Chainlink is also compatible with other network standards, including the BNB Chain, Solana, and Polygon.

Does Chainlink have a future?

Yes, Chainlink sits at the heart of the Web 3 era, considering it provides real-world data to smart contracts. Some analysts believe that Chainlink is worth just a fraction of its true potential.

Can I buy Chainlink on Coinbase or Binance?

Yes, Chainlink is listed on Coinbase and Binance. It’s also listed on other popular exchanges, including eToro, Kraken, Bybit, and OKX.

References

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