How to Buy Chainlink
Chainlink Price in USD: Convert to US Dollar
Chainlink is a distributed network of blockchain oracles. Oracles are special algorithms that provide blockchain smart contracts with access to information outside of its network. The Chainlink ecosystem is the largest decentralized oracle development project in the crypto industry.
The article will consider the main way to purchase a LINK token – buying on a centralized cryptocurrency exchange.
What is Chainlink
The Chainlink ecosystem was developed by Sergey Nazarov and Steve Ellis. The launch took place in 2019. The core of the project is distributed oracle technology based on blockchain nodes. The project is being developed by Chainlink Labs.
Oracles are used to obtain data from sources outside the network in which they are deployed. They are actively used in numerous DeFi applications, as well as in game projects based on blockchain technologies.
The LINK token does not have its own network, and originally worked on the Ethereum blockchain. The project’s oracles were later ported to the Solana blockchain, but continue to support networks that are compatible with the Ethereum virtual machine (BNB Chain, Polygon, Avalanche and some others). Cryptocurrency emission is limited to 1 billion coins.
Where is the best place to buy LINK
Due to the popularity of the ecosystem, the LINK coin is available for purchase in many services. You can buy a token through:
- Centralized and decentralized cryptocurrency exchanges;
- Payment services;
- Banks and financial institutions that support cryptocurrency transactions (like Relovut).
At the same time, it is most profitable to buy LINK on cryptocurrency exchanges. Due to the development of cryptocurrency regulation, these platforms are required to provide a high level of protection for transactions and user accounts. As the biggest players in the cryptocurrency industry, exchanges can also provide good liquidity of assets and multiple ways to buy cryptocurrencies (Mastercard/Visa, bank transfers, third party payment systems, p2p-services etc.).
Chainlink buying instructions
Purchasing Chainlink is described in the step by step guide below:
- Determine the level of risk you can afford;
- Choose a crypto exchange with favorable conditions;
- Register an account on it;
- Top up your exchange account;
- Buy Chainlink.
Decide on the level of risk
Cryptocurrency investments involve a high level of risk associated with the possibility of losing all invested funds. In order not to expose yourself and your capital to unnecessary stress, remember a few simple investment rules. By following them, you can avoid losing money:
- Use for investing in cryptocurrency the amount of funds that are willing to lose;
- Don’t invest last money;
- Do not use borrowed money to invest in cryptocurrencies, especially if you are a beginner;
- Don’t bet on one project – invest in different startups and assets.
Choose a crypto exchange
Choosing the right cryptocurrency exchange to trade LINK can help save on fees charged by the exchange. In addition to trading commissions, you should explore other parameters that a potential site offers. Pay attention to trading conditions, balance replenishment methods, withdrawal and deposit limits for cryptocurrencies and fiat (if the function is available), user reviews and other parameters.
The best exchanges to buy LINK are presented in the table below
Register an account
The next step to buying LINK will be registering an account on the crypto exchange. For example, let’s open an account on a crypto exchange OKX:
- Go to the official exchange’s website → in the upper right corner click Sign Up;
- Select one of the possible registration methods (by e-mail or phone) → enter password → add referral code (if you have one) → click Sign Up;
- In the next window, the exchange will ask you to enter a 6-digit code, which will be sent to the specified phone or email;
- Enter the code and wait for registration confirmation.
Fund your account
To start trading, you need to replenish the balance. Depending on the trading platform, different ways to replenish the balance are available to users. OKX exchange, which we are using as an example, supports cryptocurrency only deposits. Top it up with USDT coin:
- Go to Assets → Deposits → select USDT → select network (Ethereum or Tron);
- Specify the necessary account type (general/trading) for replenishment → the exchange will generate a wallet address (including in the form of a QR-code);
- In the wallet you use select USDT, click Send and paste in the required field the address generated by the exchange (or use QR-code);
- Confirm the transaction;
- Check the number of coins in the account.
Let’s move on to buying LINK. To do this, you need to use the exchange trading terminal. For example, let’s buy LINK for USDT:
- Go to user account;
- Click Trade → Basic Trade;
- Select a cryptocurrency pair, for example, LINK/USDT;
- Select order type, for example, Market (the asset will be bought at the current price);
- In the Total field, enter the amount of USDT coins that will be used to buy LINK;
- Press Buy LINK.
How to sell Chainlink
To sell LINK you need to follow the same steps as for buying it, but you need to go through the whole process in the Sell section, above the Sell LINK button, and then press it to send an order to sell coins to the exchange.
Where to store Chainlink
You can store purchased LINK not only in an exchange wallet. There are also special devices (“cold” or hardware wallets) and applications (“hot” or software wallets) for storing cryptocurrencies.
Hot wallets are recommended for users who actively use the purchased cryptocurrency, for example, for trading or for paying for goods and services. Trust Wallet is a secure wallet that can be used to store LINK. Hot wallets are considered more vulnerable than hardware wallets because of the increased risk of hacking (they are constantly connected to the Internet). Therefore, when using them, it is recommended to: enable two-factor authentication and create strong passwords.
Hardware wallets are mainly used for long-term storage of cryptocurrencies. Among “cold” wallets, devices of the company Ledger. Hardware wallets provide reliable crypto protection due to the lack of a permanent connection to the network. Their main disadvantage is a high price.
How to withdraw LINK to wallet?
- In the user’s personal account click Assets → Withdraw;
- In the next window find LINK in the list of cryptocurrencies → specify network → Continue;
- Enter the address and wallet name (optional) where the coins will be withdrawn. The exchange will automatically calculate the commission;
- To get the wallet address go to Trust Wallet → select LINK from the list of coins → click Receive → the wallet will generate address to receive coins;
- Go back to the exchange and enter the address received in the Trust Wallet in the Link Address field on the exchange page → Continue;
- On the next page, enter password to access money and confirmation code been sent to your phone → Confirm;
- Check the receipt of LINK coins in the wallet.
- Find a suitable exchange to buy a coin → create an account;
- Top up your balance using available methods;
- Enter the trading terminal, select the desired currency pair, for example, LINK/USDT;
- Create a buy order specifying its type and the number of USDT coins you want to buy LINK for;
- Click Buy LINK.
- Cryptocurrency exchanges;
- Digital payment services;
- Banks and financial institutions (for example, Relovut).
The most reliable and profitable way to buy LINK is on a crypto exchange.