Bitvavo makes Loopring as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Loopring is a decentralized platform built on the Ethereum network where users should be able to exchange their assets quickly, securely and for the best price. With this, Loopring tries to solve the following three problems:
1. Price differences between exchanges; prices on exchanges are based on supply and demand. As demand and supply may differ per exchange, price differences may arise in some cases.
2. Spreading liquidity; the number of potential buyers and sellers is spread over several exchanges, which means that liquidity is spread.
3. Independence when saving your digital currency; if you have a third party manages your digital currency, you are not completely independent.
Loopring wants to solve the above problems by offering a decentralized and automated system that is connected to many central exchanges.
Loopring has built a decentralized platform which is connected to several central exchanges and on which automated orders can be executed. Here Loopring always looks at which exchange the best prices are available and it also has access to the supply and demand on multiple exchanges, which increases liquidity. Finally, the digital currency purchased is not stored on the central exchanges themselves but on the Loopring platform itself, which is decentralized.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Loopring. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Loopring and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Loopring without any technical knowledge. Here is a brief overview of the existing wallet options to store your Loopring:
Hosted wallets are wallets where the private keys to your Loopring are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Loopring online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Loopring. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Loopring, and if malicious parties have access to your device, your private keys (and therefore your Loopring) can be stolen.
A hardware wallet is a physical device on which you can store your Loopring offline. It is one of the safest ways to store your Loopring, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Loopring is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Loopring. Once you have purchased Loopring on Bitvavo, you can choose to send your Loopring from your Bitvavo wallet to your own software or hardware wallet.