Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy Loopring. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!

Sign up with Swyftx

Loopring

Australia has a good number of popular and regulated cryptocurrency exchanges, so it’s quite easy finding an exchange that has Loopring. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.

Let’s get into it!

How to Buy Loopring in Australia

There are only 4 main steps involved and it’s pretty straightforward:

  1. Choose a crypto exchange
  2. Sign up with the exchange
  3. Fund your account with AUD
  4. Buy Loopring

1. Choose a crypto exchange

As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has Loopring in its list of cryptocurrencies.

Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.

And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.

So for this guide on buying Loopring, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer Loopring.

It’s also possible to take a look at our analysis of the top cryptocurrency trading platforms for those interested in learning more about which exchanges we like.

2. Sign up with the crypto exchange

Once you’ve decided on which exchange to use, it’s time to sign up.

Sign up with Swyftx and grab $20 free BTC.

Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.

Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.

Once done, it’s time for the next step.

3. Funding your account with AUD

To buy Loopring, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.

Swyftx Deposit Methods

4. Buy Loopring

The final step is to go to their asset list, find Loopring, navigate to the buy section, and then trade your AUD for some LRC. Once you’ve bought Loopring, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.

Where to Buy Loopring (LRC)

ExchangeRatingCryptocurrenciesSite
Swyftx logo5/5300+ cryptocurrenciesVisit Swyftx
CoinSpot logo4/5200+ cryptocurrenciesVisit Coinspot
binance logo3/5400+ cryptocurrenciesVisit Binance

Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.

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How to Sell Loopring

If you’re thinking about selling Loopring, just follow the steps below.

  1. Sign in to the cryptocurrency trading platform (like Swyftx).
  2. Click on Loopring in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
  3. FInd the sell section and sell Loopring for AUD, or trade it for another cryptocurrency.

Frequently Asked Questions

Is buying Loopring in Australia legal?

Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.

How to buy Loopring with PayPal?

Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find Loopring. Have a look on their site first, you might be lucky.

How to buy Loopring with a credit card or debit card?

Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy Loopring with your credit/debit card.

About Loopring

Loopring's Ethereum-based cryptocurrency token, LRC, is based on Ethereum. It is an open protocol that allows for the creation decentralized crypto exchanges.

In 2020, the average daily trading volume in the entire cryptocurrency market was between $50 million and $200 millions. Most of the trading occurs on centralized cryptocurrency platform -- online platforms owned and operated privately. They store user funds, allow for matching buy-and-sell order and allow for storage.

Decentralized exchanges were created because these platforms have many disadvantages. However, fully decentralized exchanges are not without their faults.

Loopring claims its goal is to combine central-order matching and decentralized, on-blockchain settlement in a hybridized product that will offer the best of both decentralized and centralized exchanges.

LRC tokens were first made available to the general public through an initial coin offering (ICO) in August 2017. Loopring protocol was also the first to be deployed on Ethereum mainnet in December 2019.

Loopring is a decentralized and centralized cryptocurrency exchange that aims to combine elements of both. This protocol can be used to benefit from the unique advantages and eliminate inefficiencies.

For crypto trading, centralized exchanges are currently the preferred way to operate. While they are easy to use and popular, there are risks associated with centralized exchanges. Their custodial nature is the most important. These exchanges keep users' funds safe between depositing and withdrawing. They are vulnerable to hacker attacks, malicious agent inside the exchange or regulatory intervention.

One problem with centralized exchanges is the lack of transparency. Trades are not settled via blockchain, but rather stored in the exchange's internal records. This allows price manipulation to be done and allows the exchange's internal records to store funds for non-authorized purposes.

To address these problems, a decentralized crypto exchange (DEX), was established in recent years. It doesn't store user funds or handle trades internally. It connects buyers with sellers and settles trades via a publicly available blockchain.

While they eliminate transparency and custodial risk, DEXs still have some disadvantages. They are primarily less efficient than centralized alternatives. This is due to fragmented liquidity and the limited capabilities of blockchains.

Loopring's protocol seeks to preserve the advantages of decentralized exchanges while improving efficiency through innovative hybrid solutions. Loopring's order management system is centralized, but trades can be settled on-blockchain. Loopring can combine 16 orders into circular trades instead of allowing one pair of trading pairs. It also aims at improving the liquidity and efficiency of DEXs.

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