The Complete Guide To Buying Chainlink (LINK)

The Complete Guide To Buying Chainlink (LINK)

Blockchains can access information from the real world via Chainlink, a decentralized network of oracles. From gaming to sustainability projects, the technology is used to power a wide range of decentralized services. In 2017, Chainlink was created and is now run by a large community of open-source developers. 

The purpose of this guide is to help readers learn about the best places to purchase Chainlink (the project’s token LINK). In addition, we will discuss payment methods, investment options for Chainlink, and how to decide whether to invest in LINK.

A Quick Guide to Buying Chainlink

  1. Choosing a Platform

Choose a platform with features that meet your needs in terms of fees, security, and other factors. 

  1. Account Creation and Funding

During KYC, you will be asked to provide information about yourself and upload images of your photo ID and/or proof of address. You can transfer funds after your account is verified by visiting the deposit page and choosing your preferred payment method.

  1. Buying Chainlink

You can find your deposited currency and the trading pair for LINK on your platform. Limit orders allow you to specify a future price at which you want to purchase LINK.

Chainlink: Which Places are the Best to Buy It?

LINK trading can be done on various platforms, each with its own advantages and disadvantages. In the next section, you can find an in-depth review of each to help you decide which is right for you. 

Chainlink – Where to Buy?

The following is a detailed analysis of top platforms offering LINK, including their pros and cons.

  1. eToro – Best Chainlink Platform

A clear, intuitive interface, along with its charts and features, makes eToro one of the best platforms for buying LINK because it is easy to use for beginners.

eToro allows you to add Chainlink to your watchlist to stay up-to-date on market trends through the “Feed” and “News” tabs. Stats and Research tabs are also available for conducting your own research.

Nonetheless, you shouldn’t worry if you don’t have the time or skills to conduct your own analysis. With its innovative CopyTrader feature, eToro stands out from its competitors. LINK traders can be selected based on their risk profile and profit margins, and their trades can be automatically copied.

There are numerous other investment options that eToro offers if you are interested in more than just Chainlink, which includes more than 70 other cryptocurrencies, in addition to conventional financial assets like indices, stocks, and ETFs. Through the smart portfolio feature, you can even invest based on thematic strategies based on LINK.

With eToro, you can open an account in a few minutes and deposit a minimum of $10 using a variety of payment methods, including PayPal, bank transfer, and Neteller. There is a $5 withdrawal fee in addition to the 1% plus spread crypto trading fees. 

Also, eToro is a member of FINRA and SIPC in the USA and registered with FinCEN. The FCA regulates the platform in the UK, protecting your investment portfolio. 

Pros

  • Mobile app
  • Low fees
  • Strong security, regulated
  • 0% commission
  • Social investing features
  • Educational resources
  • Minimum deposit of $10 for USA and UK
  • User-friendly

Cons

  • Compared to crypto-specific platforms, it offers fewer coins.
  1. Buying Chainlink on Binance for the Lowest Fees

Binance is the place to go when you don’t want to spend a lot on fees when purchasing LINK. You may be able to make deposits and withdrawals for free, depending on your local currency and payment method. Trading fees are among the lowest on the market at 0.1% or less.

In addition to customizable charts, advanced tools, and indicators for more experienced traders, the convert feature makes buying LINK very simple for those with no trading experience. To potentially maximize your profits, leverage can be used to trade LINK.

If you deposit LINK into a savings account or participate in DeFi staking or liquidity farming, you can earn interest on it. Several new and obscure cryptocurrencies are also available on Binance, including 600+ other cryptocurrencies that you can swap them with.

For those who want to brush up their knowledge on Chainlink or any other crypto topic, the Binance Academy offers a wide range of resources. The Binance mobile app allows you to trade LINK from anywhere, and advanced data encryption protects users’ data.

In just a few minutes, you can create a Binance account and verify your identity. Deposits must be at least $50, and LINK can be purchased for a minimum of $10. Depending on the blockchain, LINK withdrawal fees range from 0.002-1.42 LINK. Any cryptocurrency can be deposited for free, including LINK.

Pros

  • Mobile application
  • Low fees
  • Earning interest in various ways
  • The option of margin trading is available
  • Tools for advanced trading
  • Educational tools
  • You can trade over 600 other coins as well

Cons

  • Platforms with higher minimum deposits
  • Compared to some competitors, there are fewer payment options
  • Some jurisdictions have regulatory issues
  1. Best Place for Beginners to Buy Chainlink – Coinbase

Coinbase is a great place to buy LINK if you’re just getting started with crypto. This site has a very clear layout, and the purchasing process is very straightforward. Using the dashboard, you can view your portfolio and navigate the platform easily. By adding Chainlink to your watchlist, you can keep track of LINK’s market performance.

Coinbase lets you buy Chainlink for as little as $2 if you aren’t ready to commit a significant amount. With the recurring buys feature, you can also implement a dollar-cost averaging strategy by making automatic purchases on a regular basis.

If you’re a more experienced trader, switching to the Coinbase Pro platform is simple, where you can find more advanced features, such as charts, trading tools, and more order types.

There is plenty of educational material available if you want to expand your knowledge and users even have the opportunity to earn free crypto. At the same time, they learn through Coinbase’s regular learn and earn campaigns.

You can feel safe buying LINK on Coinbase due to the platform’s crypto-insurance, offline storage, and regulatory licenses. Setting up your account will take a few minutes, and a minimum deposit of $50 is recommended. The trading fees are fairly competitive on Coinbase at up to 0.6% plus the spread. Read our full Coinbase review here.

Pros

  • Simple-to-use
  • Set up recurring buys
  • Earn free crypto through learning campaigns
  • Debit card for spending crypto
  • Secure offline storage

Cons

  • A low number of cryptocurrencies available
  1. Bitpanda – Most Secure Place to Buy Chainlink

If you’re looking for a safe way to purchase LINK, Bitpanda could be just what you’re looking for as it secures all funds in offline wallets. You can also feel confident that the platform is regulated, holds the necessary licenses, and fully complies with anti-money laundering regulations.

Bitpanda differentiates itself from most competitors by offering a multi-asset platform. As well as nearly 200 other cryptocurrencies, you can trade crypto indices, stocks, metals, and ETFs. You can even swap between different types of assets.

The Bitpanda Academy is stocked full of educational resources to help you develop a better understanding of crypto, and there’s a Helpdesk if you need help using the platform. The support offered is rated highly by users, with Bitpanda receiving an excellent rating on Trustpilot.

You can set up recurring LINK purchases as part of a savings plan, and the mobile app lets you trade from anywhere, while the Bitpanda Card allows customers to spend their LINK and other assets wherever they want.

It will take a few minutes to set up and verify your Bitpanda account, and the minimum deposit is $25, with a variety of payment methods available. After that, you can purchase as little as $1.50 or €1 worth of LINK. The quoted price of LINK includes a 1.49% premium, and you can withdraw LINK to an external wallet for a fee of about 1.17 LINK.

Pros

  • Nearly 200 other cryptocurrencies to trade
  • Multi-asset platform
  • Easy to use
  • Licensed and secure
  • Highly-rated by users
  • Wide range of payment options
  • Small minimum trade size
  • Educational resources
  • Mobile app

Cons

  • Fees for crypto deposits
  • Only email support is available
  • Unavailable in most countries outside of Europe
  1. Bitstamp – Best Place to Buy Chainlink for Customer Support

If you want a reliable place to purchase LINK that offers comprehensive support, then Bitstamp could be the platform for you. Customer support is available 24/7 by phone and email anywhere in the world. Bitstamp’s free Crypto Pulse report also provides a comprehensive survey of global trends and market insights.

The intuitive interface makes for easy trading of 75 coins, and Bitstamp’s industry-leading uptime and high liquidity provide reliable order execution. Experienced traders will appreciate the analytical tools, advanced order types, real-time data streaming, and range of powerful APIs for deploying algorithmic strategies.

The exchange has been in operation since 2011, and customers can have confidence in Bitstamp’s institutional-grade security practices, which include offline storage for 98% of assets, strong encryption of personal data, whitelisting, and transaction confirmations.

It won’t take long to set up and verify a Bitstamp account, and you can access it at any time and place through the Bitstamp mobile app. Instant card purchases are supported almost worldwide, though there is a 5% fee.

Most deposit methods, however, are free of charge, and you can purchase as little as $10 worth of LINK. The trading fees are very competitive at 0.5% or less, and you can withdraw your LINK for a fee of 1.5 LINK.

Pros

  • 24/7 phone and email support
  • Reliable
  • Institutional-grade security
  • Easy to trade on
  • Advanced trading tools
  • Most deposit methods are free of charge
  • Mobile app

Cons

  • Somewhat limited payment methods
  • Not as many cryptocurrencies as some competitors
  1. Chainlink Interest-Earning App – Nexo

As you can earn 8% annual interest on your Chainlink with Nexo, it is a solid option for purchasing and storing Chainlink.

As soon as you invest in a LINK, Nexo will allow you to store and grow your investment simultaneously.

It’s possible to earn up to 17% annual interest on other assets through daily payments.

You can monitor and grow your portfolio easily, thanks to the straightforward interface. Using your cryptocurrency as collateral makes it possible to take out a loan. 

Lastly, you can use the Nexo Card to spend your cryptocurrency as well as buy LINK with its hassle-free platform. It even offers better rates and instant cashback.

Pros

  • With the Nexo Card, you’ll earn 2% back on purchases
  • There is an interest rate of up to 17% per year
  • Cash or stablecoins are available for borrowing
  • 38 coins available for trade, borrowing, and earning interest
  • Nexo Booster offers 3x leverage

Cons

  • Tools for technical trading are lacking
  • Compared to many competitors, there are fewer cryptocurrencies.

Chainlink: What Is It?

It is possible to deliver a range of services and applications by using blockchain technology, but for them to be useful, they must have access to real-world data not stored on a blockchain. Chainlink comes into play here.

In Chainlink, off-chain computing and information are accessible through a decentralized oracle network. As well as providing exchanges with price feeds, the technology can also ensure randomness in blockchain gaming.

This project was started in 2017 by Sergey Nazarov, and it is managed by a community of diverse open-source developers. The Chainlink platform is built on Ethereum, while LINK is an ERC-20 token used for obtaining data contracts and as a payment method for data and services.

Payment Options to Buy Chainlink

You can purchase LINK using a number of different payment methods. In the following sections, we’ll explore some of the more popular options.

Using A Credit Card Or Debit Card To Purchase Chainlink

In addition to being very convenient, credit and debit cards are also widely accepted by crypto platforms. 

Using your card has the disadvantage of high fees compared with other payment methods. In Binance, for example, bank card deposits are charged at 1.8%, whereas instant card purchases at Bitstamp are charged at 5%. If you want to purchase LINK with a card, the cheapest way is through eToro.

Buying Chainlink Through a Bank Transfer

The most popular method for buying LINK is through bank transfer since it’s often the cheapest option, supports many platforms, and can be received almost immediately through Faster Payments. 

Coinbase, Bitstamp, and Binance all accept Faster Payments for free, while Coinbase charges £1. You can transfer funds for free on eToro, but there is a minimum fee of $500, and the process can take up to 7 days.

Using Paypal To Purchase Chainlink

The fastest, most convenient, and most secure way to purchase LINK is through PayPal. Payments and purchases made through PayPal do not incur PayPal fees, but crypto platforms may charge their own fees. 

Binance’s peer-to-peer market allows you to purchase LINK with PayPal, even though Binance doesn’t accept PayPal deposits. The US Coinbase user can deposit money using PayPal for a fee of 2.5% or purchase LINK with PayPal for a fee of 3.99%. eToro accepts PayPal deposits for free.

Using Skrill or Neteller to buy Chainlink

You can manage your money quickly and easily with Skrill and Neteller e-money transfer services. Using both will allow you to deposit EURs and GBPs on Bitpanda, and Skrill will allow you to deposit USD. Skrill and Neteller are free to deposit options on eToro.

The Step-by-Step Guide to Buying Chainlink

To buy LINK on eToro, follow these simple steps.

  1. Get Started By Creating A Free Account

To register, click “Join Now” and enter your email address, username, and password. Upon accepting the terms and conditions, click “Create Account”. Google or Facebook can also be used to sign up.

  1. Make Sure Your Account Is Verified

To verify your email address, you’ll receive an email with a link. For your profile to be completed, you’ll need to provide your full name, address, phone number, date of birth, and proof of identity. 

Following that, you will be prompted for some information about your investing history.

  1. Get Started By Making A Deposit

You can deposit funds by clicking the “Deposit Funds” button and entering the amount. Choose your preferred payment method and currency from the drop-down lists and provide any additional information required for the chosen payment method. Click “Deposit” to complete the transfer.

  1. Buying Chainlink

You can find the coin by typing “Chainlink” in the search box at the top and clicking “Trade”. By switching to “Order”, you can specify the future price at which to purchase. LINK can be purchased immediately by entering the amount you want to buy and clicking “Open Trade”.

Chainlink Investing Options

Investing in cryptocurrencies comes in many forms, and deciding which to choose depends on skill, time, and risk appetite. Chainlink offers a variety of investment opportunities. Let’s take a closer look at some of them.

A buy-and-hold chainlink strategy

Basically, this investment method entails buying some LINK and holding onto it for a period of time. Due to its low skill and minimal time requirements, this is an easy way to make money.

A buy-and-hold investor believes that the asset’s price will increase over time. If Chainlink’s services prove valuable in the future, there may be greater demand for LINK, which can cause LINK’s price to rise if more people use Chainlink’s services.

Trading Chainlink

Trading LINK involves more complexity than buying and holding. The price volatility of LINK will allow you to generate regular profits by buying and selling more frequently. A more time-consuming process, trading requires skills such as technical analysis to identify entry and exit points.

Staking Chainlink

LINK can be staked as collateral by members of the Chainlink community who have data to sell in order to increase their chances of winning contracts, which will result in more LINK profits.

Chainlink will also make staking available to the whole community this year. Holders of LINK tokens will be rewarded with more LINK if they stake the network to help secure it.

Making The Right Choice When It Comes To Chainlink Wallets

Your LINK can be stored in a variety of places. It is important to consider security, cost, and what you wish to do with your LINK before choosing. The more popular LINK wallets are listed below.

Chainlink Software Wallets

  1. Mobile wallet

Mobile wallets are apps that you can download onto your smartphone, providing convenient access to your LINK anywhere you go. LINK can be stored in Freewallet’s mobile wallet.

  1. Web wallet

If you want to make regular LINK trades or have a small amount of LINK, this wallet is perfect. Each platform listed in this article offers a free web wallet for storing your LINK.

  1. Desktop wallet

Your private keys will be stored on your hard drive if you download this type of wallet onto your computer. Chainlink is supported by desktop wallets such as Exodus and Atomic.

Physical and Hardware Wallets

  1. Paper wallet

Print or write down your private and public keys using a key generator. To store LINK, however, paper wallets aren’t recommended.

  1. Wallet Combinations

If you want to store your LINK in more than one wallet, you can do so. The Ledger Live app, for example, works with Ledger’s hardware wallet. A wallet combination may also be convenient, depending on how you invest. A hardware wallet may be a good choice to hold some of your LINK, while a web wallet is a good choice for regular trading.

  1. Hardware wallet

For those holding a large amount of LINK over the long term, a hardware wallet is the most secure storage solution, often in the form of a USB device. The Ledger, BitBox, and Trezor all support Chainlink.

Find out which are the best hardware wallets available for storing your crypto.

Chainlink: Is it worth investing in?

You may want to consider these factors when deciding whether to purchase LINK.

Chainlink’s utility makes it fundamentally valuable. A blockchain-based app or service cannot function without data from an Oracle. A long-standing and highly trusted oracle project in the blockchain space, Chainlink has carved a niche for itself as one of the best established and most trusted projects.

It will become increasingly important for data oracles as more apps and services migrate to blockchains. In turn, increased demand for LINK could raise its price as the Chainlink community grows.

The credentials of Chainlink founder Sergey Nazarov are impressive, giving you great confidence in the company. In addition to CryptaMail and SmartContract, he founded other successful blockchain projects at NYU. 

Decentralization makes Chainlink an attractive project to many in the crypto community because it’s powered by a diverse open-source community.

It is expected that Chainlink will deploy a full staking system in 2022, enabling delegation and making the network more secure. With this feature, anyone holding LINK can stake through delegation and earn rewards—not just node operators. The asset could gain in value if more retail investors invest in LINK.

Transacting with LINK on the Ethereum network is subject to high gas fees as it is an ERC-20 token. 

Despite this, the blockchain’s efficiency should improve as a result of “the merge” and Ethereum’s transition to Proof of Stake. As a result, LINK and other Ethereum-based tokens may become more popular.

Is It A Good Time To Buy Chainlink? Considerations Before Buying Chainlink

You should have gained some insight into whether buying LINK is the right move in the previous section, but you should also consider a few more practical considerations.

Fees & Regulations for Chainlink

When the Ethereum network is congested, LINK’s gas fees can be quite high since it is an ERC-20 token. The network congestion is not an issue on platforms like eToro since users are charged just a flat fee per trade.

A deposit fee, withdrawal fee, and fee associated with your chosen payment method will also be charged during the process of buying and transferring LINK. You may have to pay more if you use a credit card on some platforms.

LINK investors may not be able to access the Financial Ombudsman Service in the UK if the Chainlink project and its technology are not regulated by any financial authority. The UK and US still permit the purchase of LINK, but it is always best to do so on a regulated platform.

Chainlink Price

LINK’s price is highly volatile, just like cryptos in general, and has experienced dramatic rises and falls. When prices dip, short-term investors purchase, and when they rise, they sell.

LINK’s price is influenced by a variety of factors, which is challenging to predict. Other cryptocurrencies’ price movements and established market cycles, as well as economic trends and global events, can all affect cryptocurrency price movements.

As well as project developments, updates, the rollout of stake features, new partners, and the growth of the community, other factors may impact LINK’s price.

The Safest & Most Secure Way to Buy Chainlink

A regulated platform is your safest bet when purchasing LINK. The platform must offer cold storage, crypto-insurance, and the option to implement two-factor authentication as additional security measures.

The next consideration after buying LINK is where to store it. The most secure place to store your money is in a hardware wallet. Your private key should never be shared with anyone, and you should always keep your seed phrase safe so that you can always regain access to your tokens if need be.

Crypto markets are popular targets for scammers and hackers because of their high value. Be cautious when opening emails and always check their origin. Don’t share your crypto account passwords with anyone, and use strong, unique passwords.

Is Chainlink available on any other platforms?

LINK can also be bought and sold on a number of other platforms. Here are some other options to consider.

Is Chainlink available on eToro?

The purchase of LINK is supported by eToro. On eToro, you can buy Chainlink by following the detailed guide above.

Is Coinbase a good place to buy Chainlink?

Yes, of course. Chainlink can be purchased on Coinbase easily and is very accessible to beginners.

Is Chainlink available on Binance?

In fact, yes. Buying Chainlink on Binance is easy for beginners as well as pros due to the convert feature and spot and margin trading options.

Are Chainlinks available on Robinhood?

That’s right. Buying Chainlink on Robinhood is as easy as signing up, navigating to the Chainlink page, entering the amount, and confirming your purchase.

Is it possible to buy Chainlink on Trust Wallet?

Yes. You can purchase Chainlink on Trust Wallet by downloading the wallet, tapping on Chainlink, hitting the “Buy Chainlink” button, entering the amount, and providing your credit card information.

Does Crypto.com sell Chainlink?

Yes. You can purchase Chainlink on Crypto.com by going to your LINK wallet, tapping “Buy”, entering the amount, and following on-screen instructions.

Does Uniswap offer Chainlink?

It does. The process of buying Chainlink on Uniswap is slightly more complicated because you will need to swap in another cryptocurrency, such as ETH before you can purchase Chainlink. In order to use Uniswap, you should connect your private wallet to a platform such as eToro and buy ETH there.

Is Chainlink available on MetaMask?

Yes, it is. On MetaMask, you can buy Chainlink by clicking “Buy”, selecting a payment provider, entering the amount in fiat, changing the token name to LINK, and completing the transaction.

Concluding Thoughts

It is evident that when purchasing LINK, several decisions need to be made, including how much to invest, when to buy, and how to pay. 

Choosing the right platform is the most important decision, and we think eToro is the right choice. Due to its unique features, deposit fees, security, and user experience, it stands out from its competitors. 

You can see how easy it is to buy Chainlink by following the step-by-step guide above. 

Frequently Asked Questions

  1. Is it possible to buy Chainlink right now?

Chainlink can be purchased now. A platform such as eToro allows you to buy Chainlink instantly once you sign up.

  1. Would it be wise to invest in Chainlink?

Each investor must decide for themselves, but the token’s long-term value might be attributed to its solid fundamentals, utility, and upcoming developments.

  1. Is it possible to buy Chainlink using PayPal?

LINK cannot be purchased directly through PayPal. The eToro, Coinbase, and Binance P2P platforms all accept PayPal for LINK purchases.

  1. Is it possible to purchase Chainlink using Bitcoin?

Yes, it is. Chainlink can be purchased with Bitcoin on Binance using the LINK/BTC trading pair. You can buy LINK with fiat using your BTC and then sell it for BTC if your platform doesn’t have a BTC/LINK trading pair.

  1. How do I purchase Chainlink?

A reliable platform, like the ones in this guide, is the first thing you need to own Chainlink. As part of the KYC process, you will need to provide a photo ID. A private wallet will be required if you do not plan to use a web wallet.

  1. When buying Chainlink, what is the simplest way to do it?

Beginners can purchase Chainlink by clicking the Buy button on Coinbase. There are also a number of payment methods available at eToro, and there are no deposit fees when it comes to buying LINK.

  1. Chainlink: why should you buy it?

The value of Chainlink may increase over time if you believe it will be a long-term investment. As well as earning passive income, you might want to consider staking it.

  1. Smart contracts: what are they?

When predetermined conditions are met by smart contracts, they automatically execute, unlike ordinary contracts. A smart contract that is based on real-world events must be triggered by an oracle service like Chainlink.

  1. Where does LINK’s supply come from?

One billion LINK were distributed, of which 35% were sold in public sales, 30% were used to develop the ecosystem, and the rest were used to motivate nodes to participate.

  1. What is the source of Chainlink’s data?

Binance, Kraken, CoinGecko, Everipedia, and others are among the leading data providers on Chainlink.

  1. Who can stake LINK?

Chainlink node’s stake in LINK can be confiscated (slashed) if the node misbehaves. Data is fetched from the real world and made available on the blockchain by nodes.

  1. Chainlink Keepers: what are they?

Automated bots called Chainlink Keepers perform daily upkeep tasks to trigger smart contracts to execute. A variety of functions can be automated using the service, including yield harvesting, revenue rebasing, asset distribution, and trading.
If you’re looking to get on the cryptocurrency bandwagon, you should take the time to learn more about the best crypto interest rates in 2022.

Larry Covert
Editor-in-Chief Larry has worked a decade in finance, for an international bank where he saw before his eyes how his former company invested on almost everything that has something to do with technology and advancement. This inspired him to create the company along with his then newly-formed team of professionals from different fields, different walks of life.