This guide will provide you with a step-by-step process you can use to start with USD and end up with LOOM.
You will have to transfer cryptocurrency from one exchange to another, but that's a process that happens all the time and is considered safe, so long as you are using a reputable exchange.
Let us walk you through the process!
Loom Network (LOOM) Buying Instructions
- Sign up for Coinbase and Binance.
- Buy Ethereum from Coinbase.
- Transfer Ethereum to Binance.
- Trade Ethereum for LOOM.
- For complete step-by-step instructions, see below.
Sign up for the right exchangesCoinbase
- Sign up here.
- Add a credit or debit card.
- Sign up here.
Purchase Ethereum on Coinbase
- Log in to Coinbase and go to "Buy/Sell".
- We recommend you purchase Ethereum, and you should use a debit/credit card or money deposited into your USD Wallet.
- Your Ethereum should be available instantly and visible in your accounts list.
Get Your Binance ETH Deposit Address
- Log into Binance and select "Funds->Deposits Withdrawals".
- Make sure the "Hide small assets" option is not selected.
- Type "eth" into the search bar.
- On the right, click "Deposit".
- Copy the "ETH Deposit Address", this is where you will send your ETH.
Send your Ethereum from Coinbase to Binance
- In Coinbase, click "Accounts" and look for your ETH Wallet.
- Under ETH Wallet, click "Send".
- Paste the "ETH Deposit Address" from Binance into the "Recipient" field.
- Enter the amount you would like to send to Binance in the "Amount" field.
- Verify that everything looks ok and click "Continue".
- A new screen titled "Confirm Send" will appear. Verify the information is correct and, if so, click "Confirm".
- Your Ethereum is now being sent to Binance.
- The Ethereum network will run a set of confirmations that will verify the transfer and then it will be available in Binance.
- Within a few minutes, you should be able to go to Binance and see that the transaction has started.
Trade your Ethereum for LOOM
- Once your transfer is complete, your Ethereum will be available for trading.
- Click here to go to the LOOM/ETH trading pair.
- Below the price graph, you will see options to Buy and Sell LOOM.
- To buy LOOM at the current market rate, click "Market".
- Enter the amount of LOOM you would like to buy, or use the percentage options to use a percentage of your overall ETH to purchase.
- Click the "Buy LOOM" button.
Congratulations! You now own some LOOM!