Buy LSK Token
There are various places where you can acquire LSK tokens, in fact some of the most reputable centralized exchanges hold trading pairs of LSK with stablecoins or fiat currency.
Here we will look at some of the places where to buy Lisk tokens, as well as how to send them to your personal wallet.
Utility of the LSK Token
The LSK token is essential to the Lisk ecosystem. This is because it is used in such a wide range of ways including:
- A store of value: In transactions
- Governance: For voting
- Registering a multi-signature wallet
More functionalities will be included in the future, particularly in the creation of blockchain applications. For more information on what the LSK token is, check out this Learn Lisk post.
Now let’s look at how to buy LSK token.
Where to Buy LSK
Some of the largest exchanges around the world hold LSK tokens, this includes Binance and Crypto.com. There are however many smaller exchanges that cater to many needs and users which also sell LSK through their institutions. Bitflyer, as an example, is a Japanese exchange that offers a variety of pairs like LSK/EUR and LSK/JPY, giving a unique opportunity to users who commonly use Japanese Yen.
Some other examples of exchanges are:
- Huobi Global: LSK/BTC and LSK/ETH pairs
- OKX: LSK/BTC and LSK/USDT
- Zonda: LSK/BTC, LSK/EUR, LSK/PLN, LSK/USDT, LSK/ETH
How to Buy LSK
Once you have verified yourself with an exchange you now have a large choice of coins to access. To buy your LSK tokens simply follow these steps:
Find the LSK pairing that suits you best This could be directly with fiat like your USD or EUR, stablecoins, or Bitcoin in some cases. Whatever the case may be, you will definitely need to have some available funds to purchase your LSK with.
Input the amount you want to purchase Make sure that you calculate the trading fees, you will need funds equal to what you want to buy, plus any fees that the exchange will take. If you go over the amount of funds you have, you will not be permitted to make the purchase.
Buy your LSK tokens Press buy, once your order has been filled you should get a notification expressing the completion of this action and the LSK should be reflected in your exchange wallet.
Check your Wallet It is important to make sure that your LSK was deposited in your wallet. Sometimes errors may occur in which the transaction fails to go through or your funds are sent back to you. Should you not see your funds, whether in the original assets you tried to purchase with or the LSK themselves, contact the exchange’s customer support as soon as possible.
How to send LSK tokens to the wallet?
Next you should consider where you will store your LSK. It is generally not suggested that you keep your coins on a centralized exchange long-term. The Lisk team suggests keeping your coins on a cold storage, like Ledger hardware wallet, or on the official Lisk Wallet for Desktop and Mobile.
If you want to withdraw your coins to an LSK compatible wallet, follow the steps below::
- Go to your centralized exchange wallet and find your LSK reserves.
- Find the button labeled “Withdraw”.
- Follow the instructions specific to the exchange you are using.
From here the process of each exchange varies, however, it is likely that you will need to use your 2FA to verify you are the owner of the assets being sent. This will likely include receiving an SMS or email to proceed. After you have verified your identity you will receive an email or message stating that your withdrawal has been executed.
To move your coins onto a physical wallet, you will need to set it up.