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Chainlink with eToro

How and Where to Buy Chainlink (LINK) - A Beginner’s Guide

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Chainlink (LINK)
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Author: Shameel Kazi Updated: 1 June, 2022

Like most cryptocurrencies, Chainlink is also created with decentralisation as its underlying principle value as no central organisation or individual can exercise influence or have decision-making power. Smart contracts generally rely on data that is on-chain, but there is a limitation when these contracts are supposed to send or receive information to and from outside data sources and other channels. Chainlink facilitates that exchange through a decentralised network of oracles or nodes that make for a secure way to access input and output sources to link off-chain data channels with smart contracts. Chainlinks native token, LINK, is used to power its operations.  

This guide breaks down how and where to buy Chainlink, and provides an overview of how LINK works.

5 Steps to Buy Chainlink with eToro Now

Buying any cryptocurrency with eToro is easy, simply follow the steps below:

  1. 1
    Sign up for free with eToro, entering your details in the required fields.
  2. 2
    Fill out the questionnaire, this is both educational for you and eToro.
  3. 3
    Click 'Deposit', you'll then be asked how you want to fund your account.
  4. 4
    Choose your required payment method, follow the simple steps to link your payment.
  5. 5
    Enter the amount you want to deposit and you're good to go!

How to Buy Chainlink with a Broker in 5 Steps

Selecting a broker is a significant choice as you have to consider a number of variables including service quality consistency, goodwill, features and UI, commissions and different costs, customer care, and a few more factors. Read more to learn about where to buy Chainlink and how it works in our step-by-step guide below.

1. Register with the Broker 

The brokers we recommend, for instance, eToro, do not request a ton of individual data. You are required to provide details like your name, email address, and password. Ensure that your password is a blend of capitalised and lowercase letters, and incorporates one digit and a special character.

2. Verify Your Identity (KYC Process) 

We comprehend that you probably don’t want to go through this yet you have to remember that regulatory compliance doesn't just empower the trading platform to guard information and assets, but it additionally allows you to have a protected venture where you don't need to stress over tax evasion, tax avoidance, and other criminal operations. All top brokers hold fast to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations for the same reason. You will need to provide a valid ID such as your driver’s license for verification purposes. 

3. Deposit Funds with your Preferred Payment Method

All top trading platforms offer a wide assortment of payment modes but don’t get swayed by the quantity. You have to make sense of which payment method is the most convenient, economical, and secure for you. Remember that some payment modes are quite affordable while some are expensive. You should discover a balance between cost, convenience, and dependability. For instance, if you go with bank transfer, it is affordable and dependable, but the cash will take days to appear in your account. 

We additionally suggest that you start your LINK trading with the base deposit as opposed to trying to pull out all the stops. With regards to crypto trading, you should start with the minimum deposit and afterwards develop your profits to invest more.

4. Open a Position to Long/Short LINK 

Before you open a position, you must learn about short and long positions. Short positions are opened by those speculators who are alluded to like bears, and they expect the cost of the LINK token to decrease soon. On the other hand, the long position is opened by the traders who either trust in the token or feel that the cost will ascend in the coming days. They are called bulls. When you have an appropriate comprehension of how both short and long positions work, you will be in a better situation to trade LINK. 

Remember that all the major brokers offer you risk minimisation options. The two basic things you should learn about are 'stop-loss' and 'take profit’. They permit you to close the position automatically when your profit or loss hits a certain mark. 

5. Close Your Position 

Despite the fact that stop loss and take profit option can be utilised to deal with your investment risk, they don't take any control from you. If you need to close the trade before your mentioned limits are reached, you are allowed to do so. These risk minimisation options are there so that you don't lose more capital than you can stand to. 

When you accept that the long position you opened has made adequate gains and keeping it open will simply welcome more risk, you can close it regardless of whether it has hit the take profit limit. Likewise, a short position can also be closed if you feel that the LINK token has hit the lowest point and won't fall further.

How to Buy Chainlink with an Exchange in 5 Steps

Much the same as you need to consider numerous aspects while choosing your broker, you will likewise need to consider a number of variables to identify your favoured exchange including ease of use, cost of transactions, holding expenses, withdrawal and deposit charges, client assistance, and that's only a few aspects. Remember that numerous exchanges are not regulated and offer very enticing terms, but they are more risk-prone as well. 

1. Set up a Chainlink Wallet 

When you are going for a long haul approach, you need to use a hardware or software wallet to hold your LINK tokens safely. It isn't actually a challenging process, and you can self-teach yourself on the most proficient method to move coins from the web wallet to your own cryptocurrency wallet. Since LINK is an ERC-20 based token, you can store it on a wide assortment of wallets including: 

  • Exchange/Web Wallets – Wallets that can be signed into through a site, come as a browser expansion, or are incorporated in an exchange are called web wallets. They are the most advantageous to utilise, but the least secure. 

  • Software Wallets – These come as either desktop PC or mobile applications and offer sufficient security alongside the advantage of portability. 

  • Hardware Wallets – If you need to secure your LINK tokens for quite a long time, the most ideal option for you are cold wallets. They look like flash drives and have devoted equipment along with software features to guard your tokens. 

2. Choose and Join an Exchange that sells LINK

When you are hoping to join a crypto platform, there are many leading options, for example, Binance, Coinbase, and CEX.io. All things considered, you need to assess their upsides and downsides to select the one that meets your necessities in the most ideal manner. For example, there are crypto exchanges where charges may be somewhat high, but their security and service quality will be better. There are some exchanges where trading charges are on the lower side, but other service aspects are inferior. It's your obligation to assess all the features, read online feedback, check regulatory adherence, and different viewpoints to select the right exchange for trading crypto. 

3. Choose Your Payment Methods to Buy LINK 

There are many payment options available on crypto exchanges. Rather than getting excited about it, you have to recognise the payment mode that will keep your trading costs negligible, offer adequate speed and accessibility, and provide a secure exchange of assets. You may need to see whether a specific payment method is available in your country or not. For example, numerous investors couldn't imagine anything better than to utilise PayPal; however, because of regulatory impediments, its accessibility is very limited to just a couple of regions.

4. Place an Order to Buy LINK 

You will need to buy another mainstream token like Bitcoin or Ethereum and afterwards, you can proceed to trade it for LINK. There are a couple of crypto exchanges that will let you purchase LINK without buying any other token, but they can also be very costly. To put in the request, you need to select your favoured fiat money and the amount for which you want to buy LINK. It will show the number of LINK tokens that you can purchase for that sum. If you are content with what you see, you can send the buy request through. Else, you can make modifications to your request. 

Remember that if you have two-factor authentication on, you will get the one-time password (OTP) that you should enter to complete the transaction. 

5. Safely Storing Your LINK 

After you have bought LINK, you can move it to your wallet by furnishing the public key related to your tokens. Keeping your LINK coins in the exchange account wallet may be fine if you will trade them after a few days, however, if you want to hold them for a longer period, at that point a wallet is an unquestionable requirement. The site can turn into a casualty of cyberattacks or may encounter technical issues which can make your LINK tokens inaccessible. 

Should you Buy or Trade LINK? 

It thoroughly relies upon your investment procedure and desires. It is a smart thought to purchase Chainlink when you need to hold it for the long term. If you simply need to cash off the market unpredictability, it's a superior investment plan to trade it through financial instruments since it gets rid of the problem of managing wallets and trading costs. 

What's the Difference Between a Chainlink Exchange and a Broker? 

An exchange is a website where traders, as well as investors, can buy a wide range of cryptocurrencies and digital assets such as Bitcoin and Ethereum. You can essentially trade any mainstream digital token for another, and that is the reason it is known as a crypto exchange. It is an appropriate way for those financial traders who are hoping to invest long term in LINK. 

Brokers or trading platforms are services that permit speculators to bet on the price of LINK utilising instruments like CFDs. You can open and close your positions inside seconds to benefit as much as possible from the instability of the crypto market. These intermediaries are more qualified for traders who need to generate a second income. Since Chainlink is a new token, its derivative instruments like CFDs and futures are not offered by many brokers. 

Chainlink: Long Vs Short Term Investment 

Long haul interest in Chainlink is shown by those traders or investors who think that the price of the coin will keep on ascending in the coming months or who have faith in the Chainlink venture. Such traders can depend on crypto exchange to purchase LINK so that they can store, trade, sell, or hold LINK tokens. 

Short-term interest in the LINK token is shown by those traders who want to generate a secondary income or need to make day-trading their full-time job. All in all, it is more profit-driven as a trader endeavours to bring in gains by opening short-lived positions. For such sort of speculation, trading websites like eToro are a superior fit. Chainlink is not offered for Futures and CFDs trading by most brokers since it is a new token. 

3 Tips to Buy LINK

If you have reached this point, you are more likely to have comprehended the fundamentals of LINK trading and digital currency trading general. You are currently in a vastly improved position to begin trading, and we have a couple of tips for you which you shouldn't overlook. 

1. Choose the Right Time and Do Your Own Research on LINK

Do not depend on a solitary source of updates and news to get the hang of everything about the coin that you will put your hard-earned capital into. Watch out for the news and see what the specialists, particularly opinion leaders and influencers, are stating about the LINK token. Try not to purchase when there's a price rally since the market adjustment is bound to sink your capital. Pick a low spot and hold up until there's an upward tick. 

2. Comparing Costs to Buy LINK

You need to monitor the expenses of trading or purchasing your LINK tokens. There are various sorts of charges, including spreads, commissions, and different costs that can eat up your gains. Pick the correct platform and payment mode to ensure that your net revenues aren't impacted. 

3. Safety and Security when Buying LINK

If you are getting into the crypto venture game, you have to figure out how to ensure the security of your assets and LINK tokens. Select various passwords for different accounts, make your passwords strong, use 2FA, enable passphrases, and ensure that you are utilising your better judgment each time you are buying or moving money whether fiat or crypto. 

What is the Best Payment Method for Buying LINK? 

  • Buy LINK with Cash - First, you have to purchase Bitcoin utilising your money through a Bitcoin ATM, and afterwards, you can trade it for LINK. A viable approach to purchase LINK, however, it can be inconvenient.  

  • Buy LINK with Credit/Debit Card - One of the most standard payment modes to purchase Chainlink, but a bit expensive. 

  • Buy LINK with Bank Transfer – Highly advantageous and practical all things considered, but can be quite slow compared to other payment modes. 

  • Buy LINK with Bitcoin - Simply trade Bitcoin for Chainlink. 

  • Buy LINK with PayPal - Swift and productive payment mode; however, extraordinarily limited due to regulatory barriers.

Other Ways to get Chainlink

The above strategies on how to buy Chainlink coins are standard. They are profoundly solid, secure, and offer comfort to you as a financial specialist. There are also some offbeat or lesser realised ways of how and where to buy LINK. If you would prefer not to experience a trade or an intermediary, the following are your alternatives: 

  • Peer-to-Peer (P2P) Exchanges – These are platforms where buyers are connected with crypto vendors, and they can choose their own arrangement of terms. This way, you can discover a seller that offers your favoured payment mode, amount of coins, and different prerequisites. You should be cautious and must check the reviews and historical performance of the merchant before purchasing. 

  • You can also choose to work as a node to provide accurate data on Chainlink blockchain to earn LINK tokens.

  • Chainlink staking 

Frequently Asked Questions

  1. A number of the brokers and exchanges that we have recommended offer LINK tokens without requesting any commissions. But you may need to pay other costs.
  2. When you buy LINK, you own the tokens, and you can sell, hold, or trade them at any time. Trading includes no ownership of LINK token, rather you bet on the price through financial instruments and attempt to make quick gains.
  3. The best moment to purchase must be identified by you. That is the reason why you have to do research by reading our guidance material, tuning in to the analysts, and watching out for the news.
  4. There are many exchanges like CEX.io, eToro, Binance, Coinbase, and more. We've made these recommendations in the wake of assessing a number of factors and variables.
  5. It isn't generally recommended as they might offer better features since they are not following any laws, but they are leaving you more risk-prone. Also, unregulated platforms, by and large, attract criminal behaviour. This establishes a risky environment for investing in LINK or any other cryptocurrencies.

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