How to Buy Chainlink (LINK)

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Contributor, Benzinga
Updated: August 18, 2022

Want to jump straight to how to buy Chainlink? You can buy LINK on Coinmama!

Chainlink is something called a blockchain oracle that connects smart contracts on blockchain networks with data from the outside world. These networks can include data providers, web APIs, enterprise systems, cloud services, IoT devices, payments systems and other blockchains. 

Blockchain networks are highly secure and reliable. But they lack the ability to fetch external data or send data to off-chain systems. Chainlink connects smart contracts to real-world information, payments and events such as medical data, weather data, sports data, shipping data and asset prices. The Chainlink oracle is powered by a token with the same name. Chainlink is an ERC-20 token on Ethereum.

As a more recent addition to the blockchain network, Chainlink has several rich features:

  • End-to-end decentralization: Chainlink uses decentralized oracle networks made up of independent and Sybil-resistant nodes to prevent data manipulation. It also helps to maintain high availability of the cryptocurrency.   
  • Secure nodes: With Chainlink, every piece of data is digitally signed by nodes and stored on-chain. It also provides cryptographic proof of the oracle networks’ overall security. 
  • High-quality data: You can access any password-protected or authenticated API data source on Chainlink. This process can prevent redundant validation by multiple nodes for any single point of failure. 
  • Crypto-economic security: Chainlink lets you leverage binding service agreements outlining the terms of an oracle service with monetary penalties for poor results. 
  • Defense in depth: You can apply multiple layers of security such as cryptographic signatures, trusted execution environments, zero-knowledge proofs and more. 
  • Open-source community: Chainlink has a thriving open community of node operators, developers, researchers and security auditors. It improves network security and accelerates development through frequent contributions.   
  • Blockchain agnostic: Chainlink connects to all leading public and private blockchain environments from a single framework. It also provides a universal abstraction level for cross-network connectivity. 

Due to these robust features, Chainlink provides enterprises and governments with numerous ways to leverage the benefits of blockchain technology. The ease of use and its functionality make Chainlink an attractive investment opportunity for cryptocurrency traders. 

  1. Open an account.

    Are you interested in learning how to trade Chainlink? Before you begin trading cryptocurrencies, you’ll need to sign-up for an account with an online broker. There are several cryptocurrency brokers available online. 

    Make sure the broker you sign up with has Chainlink listed on its exchange. One of best exchanges offering LINK is Coinmama which supports credit and debit card purchases as well as traditional bank account transfers. Before you can start trading on Coinmama or any other exchange (for U.S. investors) you will need to verify your identity with the exchange.

  2. Buy a Wallet (optional)

    As an emerging platform, trading cryptocurrencies can be a risky investment. The completely online experience of trading digital currencies can leave you prone to cyber-attacks. You should consider buying an e-wallet to help you secure your digital assets. 

    A cryptocurrency wallet or an e-wallet can store all of your private and public keys in a secure location. There are several types of e-wallets including desktop, web, mobile, paper and hardware. Based on your trading tactics, you can choose the digital wallet that fits your portfolio.  

  3. Make Your Purchase

    Once you’ve purchased a digital wallet, you can transfer funds to your account to start trading. Most digital wallets accept credit cards and wire transfers to fund your account. Chainlink is available for trading on major cryptocurrency exchanges such as Binance and Coinbase. 

    The varying commission rates on cryptocurrency brokers can be decisive for successful trading. Many cryptocurrency exchanges will offer a low commission fee of less than 1%. Be sure to evaluate the minimum balance required on the platform to start trading. 

    You can buy Chainlink tokens by browsing through the listed cryptocurrencies on the platform. You can select the number of tokens you want to purchase and click on the buy button to complete the transaction. The Chainlink tokens you’ve bought should reflect in your account shortly after your buy order is executed. 

Here are a few of the best exchanges offering Chainlink trading:

Coinmama

Coinmama is one of the best options when looking to buy Chainlink because it is incredibly fast and easy to use. It also has a great trust-factor because it has been serving customers for almost a decade now. You can create an account, verify your identity and start buying Chainlink faster than most exchanges. Part of this is because it supports credit and debit card purchases as well as traditional bank account transfers. It doesn't offer a huge range of cryptos but it does have most of the top coins like Bitcoin, Ethereum, Dogecoin, Chainlink and more.

  • Coinmama
    More Details
    Pricing
    Rates are calculated by the XBX Index average + 2% (standard derivation) + sell fee of 0.9-1.9%.
    Account Minimum
    $50 USD
    securely through Coinmama's website
    More Details

KuCoin

KuCoin is an exchange that is definitely worth trying, especially for those that are looking to explore the wide range of coins that are available in today’s diverse crypto landscape. Additionally, those who are interested in trading with leverage will be able to do so here. The platform works very well and offers investors and traders access to almost every tool imaginable when it comes to using different strategies to grow their portfolios. The interface is versatile on both mobile and desktop but may take some time to get used to for beginners who aren’t as familiar with financial markets. Overall, KuCoin gets our recommendation as a trustworthy exchange that serves the needs of beginner and experienced investors alike.

  • KuCoin
    More Details
    Best For
    Experimenting Investors
    Overall Rating
    Read Review
    securely through KuCoin's website
    More Details

Gemini

You can buy, sell, and store your bitcoin and crypto with Gemini. Gemini's products set the standard for security, compliance, experience, and investor protection and include a mobile app, web exchange, Gemini ActiveTrader platform, Gemini Wallet and more:

  • Gemini Clearing: Acts as a confirming third party in prearranged transactions and helps ensure timely settlement while mitigating risk.
  • Gemini Custody: Stores and manages your digital assets using the most secure, compliant and user-friendly custody solution on the market.
  • Gemini dollar: The world’s first regulated stablecoin designed for scalability and usability in all kinds of transactions. Gemini dollar (GUSD) brings the value of the U.S. dollar into the modern digital era.
  • Gemini Pay: Can pay for everyday purchases using Gemini Pay.
  • Gemini Crypto
    More Details
    Best For
    New Investors
    Overall Rating
    Read Review
    securely through Gemini Crypto's website
    More Details

You can choose between a hardware wallet and software wallet.

Best for Hardware: KeepKey

KeepKey is a pioneer in manufacturing highly secure digital wallets. Its range of products can help you protect your cryptocurrencies and store all your private keys offline. KeepKey wallets give you protection against unauthorized use and passphrase protection. It also has customizable transaction speeds and limitless wallet addresses on a single device. 

It supports more than 40 leading cryptocurrencies that include Chainlink, Dash, Dogecoin and Bitcoin. With KeepKey, you can backup and restore your keys at any moment. It also features a large display to give you clarity over every digital asset sent and received on your device. 

  • KeepKey
    Overall Rating
    securely through KeepKey's website

Best Software Wallet: Exodus

Unlike hardware wallets, software wallets store your cryptocurrency on your computer or smartphone. Software wallets are typically less secure than hardware wallets, so it’s important to use a reputable company if you want to store your crypto using a software wallet.

The Exodus Wallet is among the most feature comprehensive cryptocurrency wallets we’ve seen. With support for desktop, mobile and cold storage, you're sure to have access no matter where you are. Exodus also has a built in exchange and supports over 150 different currencies. If you’re searching for a 1-stop-shop solution to store multiple cryptocurrencies offline, Exodus can provide you with a solution for all of your crypto wallet needs.

  • Exodus Wallet
    More Details
    Best For
    Staking Crypto + Earning Rewards
    Overall Rating
    Read Review
    securely through Exodus Wallet's website
    More Details

Chainlink has had rapid price movements compared to other cryptocurrencies in the past few years. The price of a Chainlink token reached an incredible all-time high of $52.88 in May 2021 and has since fallen significantly due to the crypto market crash. This is why you need to know how to sell to close your positition as well as how to buy Chainlink.

The price of a Chainlink token rose by 10% in October 2020 and started trading above $10 per token. The positive price movement came weeks after Chainlink was trading at $7.2 in September 2020. According to market forecasts, the price of Chainlink can go up by a massive 33% in the coming months and reach a target of $18 per token.  

If you’re new to trading Chainlinks, it could potentially be the right time for you to invest and earn big profits.

Current Crypto Prices

The cryptocurrency market has been struggling ever since geopolitical crisis and rising interest rates starting to take hold in 2022. There has been a decent but mild recovery in the last couple of months, however. Take a look at this table for current crypto prices.

The steady growth of Chainlink has urged eager crypto traders to invest. Don’t miss your chance to grow your digital assets by putting your money behind Chainlink.

Frequently Asked Questions

Questions & Answers

Q
What does Chainlink do?
A

Chainlink aims to advance smart contracts on various blockchains.

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