How to Buy Chainlink (LINK)?
Chainlink (LINK) is a service aiming to build a decentralized network of oracles. Oracles are the intermediaries between blockchain, which cannot access real-time data by design, and the real world and any data a blockchain-based program and its smart contracts might need. This helps automate processes that would otherwise need external proof of performance to be provided manually.
Chainlink aims for blockchain-agnosticism, meaning that it wants to be supported by any kind of blockchain. Its decentralized nature is the way it reaches consensus: instead of needing to trust one or two oracles, it relies on the majority to provide the same data. This removes a single point of failure—which is a significant advantage of decentralization everywhere—but also helps weed out potentially malicious oracles, in case they consistently provide bad information. In other words, decentralization ensures reliability in a way that centralized third party APIs or apps cannot, in that it completely removes the need for any intermediary at all, while still letting Chainlink and the like serve a similar purpose.
Buying LINK in 2021: Everything You Need to Know
With its significant use case in the real world, it is no wonder that Chainlink’s native token, LINK, is among the most popular coins currently in the market. Our guide will give you all the details on how and where you can buy it, what fees you can expect, and if the exchange you’re considering is a good fit for your skill level. Even if you can’t immediately choose among our options, they’re sure to give you a good starting point for further research. Let’s take a look!
Binance. On this exchange, you will find the most liquid LINK trading pairs, with its USDT trading pair making up almost 16% of all the coin’s trading volume in a 24-hour period. You can also trade the coin against BTC and ETH, along with even more stablecoins like BUSD, USDC, and TUSD. If you’re buying for the first time and you want to use fiat, Binance supports a very large number of fiat currencies, including USD, EUR, TRY, BRL, GBP, and others, depending on your location. With near global coverage and constant innovations, Binance is an exchange that can easily become your forever home.
Coinbase. If you’re looking for one of the most beginner friendly platforms in the market, Coinbase is your friend. Its LINK markets are also reasonably popular, meaning you won’t struggle to have your order filled—and you can purchase it with a wide range of fiat currencies, as well as BTC and ETH. However, in comparison to the industry average, the fees on Coinbase are quite high, which is a tradeoff for its ease of use and intuitiveness. Also, its simplicity may be a deterrent for professional traders, as the platform does not offer trading charts that are second nature to many experienced enthusiasts. Still, if you’re only now starting out, Coinbase is a good place to buy your first LINK.
Kraken. Another extremely beginner friendly platform on our list, Kraken is extremely secure, almost globally available, and boasts reasonably low fees compared to the rest of the crypto space. On Kraken, you can choose the level of complexity when you’re initiating a trade—if you don’t know what some terms mean, you don’t have to fill out the spaces, or even include them; but if you do, it is useful to be able to tweak your order until you’re completely satisfied by it. When it comes to trading LINK in particular, you can find USDT, BTC, and ETH trading pairs, but also a decent selection of fiat currencies.
Gate.io. On the other end, experienced investors who are looking for a powerful trading engine can feel right at home at Gate.io. As one of the most liquid altcoin exchanges, it is no surprise that you can find LINK here trading against USDT, BTC, and ETH—but if you’re looking to diversify your portfolio, you can get an incredible number of different altcoins here. All of this comes with low fees that come with additional discounts if you’re serious about trading. Still, you should keep in mind that the exchange is unregulated, so if you prefer knowing you’re using a licensed platform, this may not be the place for you. You will still, however, have to go through the KYC procedure (and more extensive ones if you want to deposit large amounts).
KuCoin. This user-friendly exchange lands in the middle of the experience necessary to use it: not quite perfect for complete newcomers as it accepts no fiat, but also not completely unfriendly. In other words, if you already have at least some rudimentary knowledge about trading, you can find KuCoin a pleasant trading experience. Those who prefer privacy can trade through an unverified account, although for access to large withdrawals you will still have to go through KYC. You can trade LINK with USDT, BTC, USDC, and the exchange’s native coin KCS, all with low fees.
Have you found your perfect spot for LINK trading? If you can’t decide, make sure you read our extensive reviews of each linked platform. For suggestions, ideas, and questions, don’t hesitate to contact us!
And if you want to keep up to date with everything crypto-related, bookmark Cryptonews and subscribe to our newsletter!