In the thriving landscape of decentralized finance (DeFi), you can now seamlessly buy Chainlink with a credit card. The Chainlink network offers oracle services that enable smart contracts to access real-world information. The decentralized sourcing of the information ensures it is accurate and free from manipulation. Moreover, the parties who provide data on the Chainlink network get paid in LINK. Discover what Chainlink is and how to buy Chainlink (LINK) with a credit card.
Best exchanges to buy crypto with a credit card within a minute
YouHodler
Best for beginners
OKX
Best for demo and spot trading
Coinbase
Best for beginners
Methodology: How did we choose the best platforms for buying LINK with credit cards?
This guide recommends a number of leading platforms with which you can purchase LINK easily with a credit card. All of these platforms were tested extensively by BeInCrypto over a period of six months, both for this purpose and with a focus on the features, advantages and limitations of each. Here’s why each were chosen:
YouHodler for buying and storing LINK
On YouHodler, direct link purchases via cards, wire transfers, and stablecoin deposits are possible. Once purchased, there is also an option to open the LINK-specific savings account, with yields going as high as 3.77%. Then there is the multi-HODL feature and the element of regulatory compliance as YouHodler aligns with the E.U. guidelines. Additionally, the platform uses a mix of hot and cold wallets to safeguard funds.
OKX for buying LINK
Buying LINK on OKX using credit cards usually attracts a fee of 1% to 2%. However, the platform often runs promotional offers where the charges are dropped altogether for the U.K. and EU users. The spot trading fee, post making a card-based purchase, is equally competitive at 0.1%. 90+ compatible cryptocurrencies are supported to convert LINK to any other crypto if needed. Finally, OKX allows trading of the highly liquid LINK/USDT pair, with a CoinMarketCap liquidity score of 613.
Buying LINK on Coinbase
Coinbase allows credit and debit card-based purchases, depending on the region of operation. The card-specific transactions are secure enough, initiated via 3D secure. Plus, it is straightforward to add the payment details, courtesy of the seamless interface. Both VISA and MasterCard are supported. And the LINK/USD pair on Coinbase is one of the more liquid ones around, with a score of 668.
Trading LINK on Binance
Binance has the most liquid LINK/USDT pair, with a score of 793. Also, to trade LINK at a clip, courtesy of the mentioned liquid pair, credit and debit card purchases are supported. Binance also supports other payment methods like bank deposits and third-party setups. Plus, the exchange features SAFU — Secure Assets Fund for Users — to safeguard funds. Also, the fee for using credit or debit cards on Binance can go as high as 3.5%.
Each platform ensures that credit card purchases are quick and without any hassle. Besides the mentioned evaluations, we also followed BeInCrypto’s methodology verification standards, which can be checked by clicking on the link.
What is Chainlink (LINK)?
Chainlink is a decentralized blockchain oracle network launched in September 2017. It connects on-chain smart contracts and external data sources. The data sources may range from APIs to live price charts. Without the off-chain information that Chainlink offers access to, smart contracts can have significant limitations.
Chainlink stands out as a decentralized oracle network as opposed to existing centralized oracles that rely on a single source of information. The centralized oracles face the challenge of smart contracts executing based on incorrect or false information.
Chainlink utilizes a network of nodes to validate information from multiple sources. Consequently, the network can determine source accuracy to a high level of accuracy. The node operators get paid in LINK for their service with the rates based on the market conditions. The operators also stake on the network to demonstrate commitment to the project.
With a market capitalization of $3.98B as of October 2023, the LINK token has been the subject of interest from many crypto traders and investors. As shown in the price chart above, there has been significant trading activity since the launch of the token, with traders speculating on the token’s value.
How to buy chainlink with a credit card
You can conveniently use your credit card to buy LINK tokens on various platforms. Here are the steps you can take to buy chainlink.
Create an account on a platform that accepts credit card payments
For this guide, we’ll use Binance to take you through the steps of buying chainlink (LINK) with your credit card. The steps are similar on other exchanges such as Kraken, Coinbase, and OKX.
The sign-up page offers several options to submit your email address. Once you enter your address, you will receive a verification code in your inbox. Enter the code, and the site will prompt you to select a password. Ensure you select a strong and unique password you do not use on other sites.
Verify your identity
As part of their Know Your Customer (KYC) standards, crypto exchanges like Binance require identity verification to protect users against misuse of their accounts for practices such as fraud, corruption, and money laundering. Click on the “verify” button to start the process.
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The site will prompt you to download the Binance app and continue the process. Download the app and follow the steps to complete the account verification process. It helps if the required documentation is ready. When done, you will have to wait for the review of your documents, and a notification email shall follow.
Once you receive the successful verification email, your account is ready to buy LINK and other digital assets.
Buy chainlink (LINK) tokens
You are ready to buy LINK tokens using various online payment methods such as GooglePay, ApplePay, MasterCard, and VISA. For this example, we’ll use a VISA credit card. Click on the “Buy LINK” button, and the window will display the various options. Select the card option.
At this point, the system will require you to add your credit card details to continue.
Once you enter your credit card details, you must upgrade your fiat service. Click on the “Start Now” button to get started. Proceed to click the “OK” button to continue your cryptocurrency trading activities.
Please note that the price keeps updating every 10 seconds, so ensure you review the current price and the associated fees before you confirm the transaction.
The system will send a verification code to your registered contact details for extra security. Check your email and phone for the code and enter it to proceed. Be sure to review the transaction details before hitting the submit button.
Once you enter the verification code, the transaction takes 30 seconds to process.
Your LINK tokens will be in your Binance account’s wallet. When you click the “view wallet” button, you can confirm the amount of LINK tokens in your crypto wallet and any other digital assets you have bought.
Secure your wallet
When storing your crypto, the debate often centers on the convenience of a hot wallet vs. a cold wallet. Whatever option you choose, you might want to consider a non-custodial wallet that offers more security than holding your tokens in the centralized exchange. Alternatively, you could also use air-gapped wallets disconnected from the internet. The complete isolation shields you from the threats that exist online. However, note that such wallets are ideal when fast access to your holdings is not a priority.
Moreover, you can enhance your crypto wallet security by ensuring your account login information is secure, and you have two-factor authentication set up since anyone with access to your account can access the tokens.
If you decide to hold on to your LINK tokens, you could also consider transferring them to a multi-signature wallet with extra security features plus full control of your private keys. This is important when you are unsure about the exchange’s long-term prospects, given that that platform will control your keys if you hold assets on the account wallet.
Regulators such as the FDIC, SEC, and others have expressed concerns about the risks associated with leaving one’s assets in their crypto wallet. Cases such as the collapse of FTX emphasize the importance of ensuring your digital assets are secured.
“After the bankruptcies of crypto–asset platforms earlier this year, there have been numerous stories of consumers who have been unable to access their funds or savings.”
FDIC Acting Chairman Martin J. Gruenberg
Buying LINK with a credit card is straightforward
Buying LINK tokens with a credit card is a seamless process. Crypto exchanges such as Binance, OKX, Kraken, and Coinbase offer users access to the crypto market with safeguards to ensure secure transactions. Knowledge is key in the crypto industry, so ensure you understand all the relevant information before buying any digital asset. Only invest in projects you believe in.
Frequently asked questions
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