What is Loopring?

Loopring is an open-sourced, audited, and non-custodial exchange protocol, which means nobody in the Loopring ecosystem needs to trust others. Cryptoassets are always under users' own control, with 100% Ethereum-level security guarantees.

Loopring powers highly scalable decentralized exchanges by batch-processing thousands of requests off-chain, with verifiably correct execution via ZKPs. The performance of underlying blockchains is no longer the bottleneck.

Loopring performs most operations, including order-matching and trade settlement, off the Ethereum blockchain. Such a design dramatically reduces gas consumption and thus overall settlement cost to only fractions of a cent.

Where and how to buy Loopring

Buy Loopring on Binance using Bitcoin

It's not possible to buy Loopring directly on Binance, but you can buy Bitcoin with a credit card or debit card on Binance and then exchange that for Loopring.

Or if you prefer you can buy Bitcoin from somewhere else and send it to Binance: guides to buying Bitcoin and sending it can be found here.

Step 1: Set up an account on Binance

Whichever of the above options you choose, the first step is to join Binance- click here to go to the site.

Enter your email address and a strong password (take password security as seriously as you would for your bank account).

Click the check box to confirm you're over 18 and click 'create account'.

You will be sent an email with a verification code. Go find that email (check your spam or junk folder if you don't see it within a minute or two).

Once you have the code enter it on this page.

If you're buying Bitcoin from another exchange and sending it to Binance then click here. Otherwise keep following this guide.

You will be given some options on how to get started.

However you won't be able to use any of these options until you've added more security to your account and verified your identity. So for the moment click the 'go to dashboard' link.

You will be asked to increase your account security by enabling 2FA (two factor authentication). Click the Google authentication option and follow the instructions to set it up.

Once your account is secured, return to the dashboard and click 'security'.

Click 'verify'.

On this page you will see 'basic information'. Click 'verify'. Enter your name and address as it appears on your personal identification (for example, your passport, national identification card or drivers license).

You will then be asked to verify your identification and face.

Start the verification. Select the country your identification was issued in and the type of identification you have.

You will then be given the option to either take a photo of the identification and your face using your webcam or upload files of the same. If you're on a mobile phone, you can click the supplied link to continue verification on your phone.

Follow the verification instructions until successful. It may take a little time before your verification is applied to your account, so please be patient.

Step 2: Buy Bitcoin (to exchange for Loopring)

Now that your account is secure and identity verified, on the top menu click 'buy crypto' and 'credit/debit card'.

On the next page you'll be given the option to select your preferred currency.

Enter the amount you'd like to spend.

Select Bitcoin from the drop down menu.

Press 'buy Bitcoin'

You may be asked to supply some additional information. This is to satisfy international regulations.

You may be told that your account is under review to assess if you are eligible to purchase cryptocurrencies using a credit card or debit card.

This review process usually takes under two minutes but may take up to two hours.

Once the review process has passed you will be asked to add your credit or debit card details to Binance.

Once the details have been entered you will be given a summary of your purchase.

If you're happy with what you see click 'confirm'.

Note: Your first cryptocurrency purchase might be blocked by your bank for security reasons. If this happens you should contact your bank and instruct them that the attempted purchase was made by you and you wish to try again. You can then go back to Binance and attempt your Bitcoin purchase again.

Success!

Your Bitcoin will soon be in your Binance wallet.

Now click here to go to the Bitcoin/Loopring exchange on Binance.

Step 3: Trade Bitcoin for Loopring using the Binance exchange

The exchange page can look overwhelming at first but don't worry, you're only going to use a small part of it.

There are two ways of buying Loopring- a limit order (more complicated) and a market buy (very simple):

A 'Limit' order

A limit order lets you manually set the price at which you want to buy Loopring (LRC).

In the 'exchange' section of the page select 'limit'.

Enter the price (priced in Bitcoin) you want to pay for Loopring in the 'price' box.

Then enter the amount of Loopring (LRC) you want to buy in 'amount'.

You will be told the total amount of Bitcoin the order will cost. Press 'buy LRC'.

Note: your order will only fill if the price of Loopring reaches the price you set.

A 'Market' buy

A market buy fills your order automatically at the best price available.

In the 'exchange' section of the page select 'market'.

In the box marked 'amount' fill in how many LRC you'd like to buy. It may be easier to use the percentage buttons below the input box- for example, press 50% if you'd like to exchange 50% of your Bitcoin for LRC.

Once you're happy with the amount press the green button marked 'buy LRC'.

Your order will be filled immediately.

Congratulations- you now own some Loopring!

In the future if you decide to sell your Loopring you can do so easily by using the same 'limit' or 'market' method, but using the 'sell' option instead.

Buy Loopring on Binance using Bitcoin bought on another exchange

Click 'deposit crypto'.

On this page you'll be given a Bitcoin (BTC) address.

Now you need to buy some Bitcoin. Follow our guide to buying Bitcoin here.

Once you have Bitcoin, send it to your Binance Bitcoin (BTC) address.

The process of sending Bitcoin varies by exchange, but the guide you used to buy Bitcoin will also explain how to send it.

It can take 20-60 minutes for Bitcoin to send and confirm. You don't have to sit and wait- once your Bitcoin has been successfully deposited to Binance you will be sent a confirmation email.

Once you've received the email click here to go to the Bitcoin/Loopring exchange on Binance.

The exchange page can look overwhelming at first but don't worry, you're only going to use a small part of it.

There are two ways of buying Loopring- a limit order (more complicated) and a market buy (very simple):

A 'Limit' order

A limit order lets you manually set the price at which you want to buy Loopring (LRC).

In the 'exchange' section of the page select 'limit'.

Enter the price (priced in Bitcoin) you want to pay for Loopring in the 'price' box.

Then enter the amount of Loopring (LRC) you want to buy in 'amount'.

You will be told the total amount of Bitcoin the order will cost. Press 'buy LRC'.

Note: your order will only fill if the price of Loopring reaches the price you set.

A 'Market' buy

A market buy fills your order automatically at the best price available.

In the 'exchange' section of the page select 'market'.

In the box marked 'amount' fill in how many LRC you'd like to buy. It may be easier to use the percentage buttons below the input box- for example, press 50% if you'd like to exchange 50% of your Bitcoin for LRC.

Once you're happy with the amount press the green button marked 'buy LRC'.

Your order will be filled immediately.

Congratulations- you now own some Loopring!

In the future if you decide to sell your Loopring you can do so easily by using the same 'limit' or 'market' method, but using the 'sell' option instead.

Using a VPN while signing up to and using Binance international

Unfortunately Binance has barred US citizens from using their international exchange. Instead Binance has built a US based exchange- but it does not allow the purchase of Loopring.

Fortunately there is a workaround.

You can use a VPN (virtual private network) that makes you appear to be accessing the internet from a different country.

You can read more about what a VPN is here.

It is strongly advised you use a secure paid-for VPN: you are dealing with money afterall. But if you really don't want to you can find the best free VPN software at Techradar.

It's very important to note that you must use a VPN EVERY time you access Binance international, otherwise it may be detected that you're in the US and your account will be locked. If your account is locked you may not be able to withdraw any cryptocurrency you have stored in it.

Once your VPN is set up, follow this guide to buy Loopring on Binance.