How to Buy Loom Network (LOOM)

A Step-by-Step-Guide on how to buy Loom Network (LOOM)

Step 1 – Join Coinbase and recieve 10$ for free

You will first need to purchase one of the bigger coins. Exchanges normally accept either Bitcoin (BTC) or Ethereum (ETH) in exchange for Altcoins. Click below for registration and receive your first $10.

Binance Signup
Step 2 – Transfer Your Ethereum (ETH) or Bitcoin (BTC) to an Exchange

Your Bitcoin or Ethereum has to be sent over to an Crypto Trader now. All exchanges have a deposit form that is alike. Loom Network (LOOM) is accessible on Binance, so we will use that as an illustration. Not sure on how to send funds from Coinbase to an Crypto Trader? (Just follow this guide)

Make sure you've selected the exact coin you want to deposit.

BTC must be sent to a BTC deposit address, ETH to an Ethereum deposit address, etcetera. In the case you are dealing with a decentralized exchange, like Airswap or DDEX could be different (Follow our how-to).

Step 3 – Find (LOOM) Loom Network

Once your deposit has been affirmed, you will instantly have access to your funds and you can initiate buying and trading. To purchase Loom Network (LOOM) on Binance, you'll want to go to the “Exchange” tab and after that mouse click on “Basic”.

To discover (LOOM) Loom Network, you will need to put the shortname of the coin (LOOM) into the search-box, which is highlighted in the picture. Be certain of having selected the right grouping, we have highlighted this also. Click on “LOOM/BTC” to continue.

Binance How To Buy 1 Loom Network (LOOM)
Step 4 – Purchasing (LOOM) Loom Network

After you've spotted (LOOM) Loom Network, you will be given a Price Chart (in the Center of the image) and some Order Books (on the Left of the picture). Next we're going to create our own Limit Order.

The field with the “Price” tag will be filled with the latest tariff (LOOM) Loom Network was traded for. This can be changed to your preferred price. The “Amount” field is the amount of LOOM you want to purchase. The “Total” field is the aggregated price in BTC that you will settle for the whole quantity of LOOM.

If you're satisfied, click on “Buy LOOM”. Your plan will be filled when a Vendor sells their LOOM for the price you offered.

Step 5 – Withdraw (LOOM) Loom Network

Unless you are trading, best advise is not to keep your crypto on an Exchange for an extensive period of time. In order to withdraw your Loom Network (LOOM), go to the tab called “Funds” and click on “Withdraw”. Loom Network (LOOM) can be stored securely using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide)

Locate Loom Network (LOOM) by using the given drop-down box. Drop in the quantity of Loom Network (LOOM) you'd wish to withdraw. Don't forget the demonstrated fees/minimums. Also make sure you have entered your right withdraw address.

If you are happy, click “Submit”. You could be asked for verfication via email/phone before a withdrawal.

Congrats! You have successfully bought and stored (LOOM) Loom Network.

That's it!

Take offs from Cryptocurrency Exchange can take between 1 – 30 minutes (rely on network usage). As soon as you have proved your withdrawal with Etherscan.io or Ethplorer.io and the (LOOM) Loom Network is stored inside your wallet, you're all done.