How to buy Chainlink (LINK) from the UK

By   |   Verified by David Boyd   |   Updated 29th August 2022

  • Chainlink (LINK) is both a cryptocurrency and a technology platform that connects off-chain data with blockchains.
  • Uses hybrid smart contracts in order to integrate on-chain code and off-chain data infrastructure.
  • Chainlink tokens are used for paying Chainlink network operators for the retrieval and preparation of off-chain data and for performing computations.

Since its creation in 2017, Chainlink has surged on the back of the DeFi trend.

If you want exposure to the DeFi and the future of finance, here’s everything you need to know about how to buy Chainlink in the UK.

eToro Crypto

On eToro's website

eToro Crypto

Highlights

  • Trade and stake a range of crypto assets with low fees.
  • Copy successful traders. Practice with a demo account.
  • eToro is regulated by CySec, FCA and ASIC.


Disclaimer: Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply. Please give the risk warning sufficient screen time and prominence.


Pros

  • The user-friendly website and app make it easy to trade from anywhere.
  • Trade Bitcoin, Ethereum, and 60+ other crypto assets.
  • With its CopyTrader feature, you can replicate the moves of other investors.
  • Start trading with just $10.

Cons

  • There is a 1% fee that is added to the market price.
  • Other exchanges have more selections of crypto coins and tokens.
Coinsmart

On Coinsmart's website

Coinsmart

Highlights

  • Get $20 in BTC with your first deposit.
  • Trade major coins and popular altcoins including Dogecoin, Cardano, Solana, Polkadot, and Polygon.
  • Fund your account with wire transfers, credit / debit cards, or crypto with access to trade funds the same day.

Pros

  • Low trading fees.
  • Deposits are cleared within the day.
  • Supports CAD, EUR, and USD.
  • Get 24/7 customer support.

Cons

  • Limited coins.
  • Fee applies to credit card and debit card deposits.
Crypto.com

On Crypto.com's website

Crypto.com

Highlights

  • Earn up to 8.5% p.a. on your crypto, and up to 14% p.a. for stablecoins.
  • Spend with the Crypto.com Visa Card and get up to 8% back.
  • Shop with Crypto.com Pay and receive up to 10% back, paid in CRO.

Pros

  • Get access to additional features including lending, borrowing, debit cards, and more.
  • Start trading with just $1.
  • Interest-earning deposits are available.
  • There is a $2,000 referral bonus.

Cons

  • Lack of educational resources.
Binance

Binance

Highlights

  • Trade over 50 cryptocurrencies with low trading fees.
  • Uses state-of-the-art storage technology to protect your cryptocurrency and GRB assets.
  • Earn rewards for holding coins and tokens.

Pros

  • It has some of the lowest trading fees out there. 0.1% for spot trading and 0.5% for instant buy or sell fees.
  • Credit card or debit card deposits are accepted.
  • Provides charting and trading tools suitable for advanced crypto traders.

Cons

  • The platform UI can be complicated to learn for new investors.

Chainlink’s digital asset, LINK, is available on a variety of crypto exchanges. Exchanges are the most convenient way to buy cryptocurrency.

There are a number of things to consider when making comparisons between exchanges. Check what the maker and takers fees are (or the spread if there are none). Another important cost to check is the fee to deposit and withdraw fiat currency.

On Finty we only list trusted exchanges with a proven track record. Whether you choose to buy Chainlink with one of the exchanges listed here or on another one, it’s still important that its security protocols are solid. Look for things like two-factor authentication and insurance on crypto assets kept on the exchange.

Step 2: Get verified

If you decide to sign up for an account with a crypto exchange, you usually have to provide personal information such as your name, phone number, and email address. Additional information may be required. Exchanges ask for these data in order to comply with regulations.

You can prove your identity using any valid photo ID. Verification is handled automatically and usually only takes around 5 minutes. Once your identity has been verified, you can begin trading.

Step 3: Set a budget for yourself

Since cryptocurrency is a volatile asset class, be sure to only invest funds that you are comfortable with potentially losing.

Step 4: Fund your account

You can deposit funds — fiat currency such as GBP — into your trading account in a number of ways. Depending on the exchange, you could fund your account with a bank transfer, debit card, or credit card. Payoneer, PayPal, and Skrill may also be available. If you're using a debit or credit card, you’ll probably be charged a transaction fee.

If you already own crypto in a separate wallet, you can transfer that to a wallet at the exchange and trade it.

If you aren’t concerned about price slippage, you can use a market order (often referred to as an instant buy). If you want to be more strategic, most exchanges also have trigger orders that are executed when LINK reaches a specified price.

Some exchanges let you configure an automated recurring order to purchase additional LINK at regular intervals, for example, weekly or monthly. This can help you to average down the cost of LINK over a prolonged period of time.

To help you access your LINK tokens easily, you can keep them in a wallet at the exchange from which you bought them. You can transfer them to another wallet later if you want. Take note that although convenient, hot wallets, being connected to the internet, are more vulnerable to loss through hacking or malware on your machine.

Cold wallets, on the contrary, aren't connected to the internet. These are the safer way to store your crypto, but you won’t be able to access the crypto on the device if you lose your unique key.