Chainlink is a decentralised oracle network that provides reliable, tamper-proof data sources for smart contracts on the Ethereum blockchain. It is one of the most popular projects in the blockchain space and is often lauded for its innovative approach to solving the oracle problem.
“Oracles” are third-party services that provide external data to blockchain applications. This data could be anything from the price of a cryptocurrency to the weather in a certain location. The problem with oracles is that they are centralised, which means that they are vulnerable to attack and manipulation.
Chainlink aims to solve this problem by decentralising the Oracles. It does this by using a network of nodes, which are run by different organisations called “node operators.” These node operators stake LINK tokens to ensure that they provide accurate data. If they provide inaccurate data, they lose their tokens.
Chainlink has established partnerships with many reputable companies, like Google Cloud, Oracle, and SWIFT. These moves helped contribute to the project’s rapid growth and increased adoption.
If you are based in the UK and looking to buy Chainlink, this guide will show you everything you need to know about buying LINK.
Ways to Invest in Chainlink in the UK
There are a few different ways that you can buy Chainlink UK. First, The most common and straightforward way is to simply buy LINK tokens on a cryptocurrency exchange.
You will need to first set up an account on an exchange that offers LINK trading and then deposit funds into your account. Once your funds have arrived, you’ll be able to place an order to buy LINK tokens at the current market price.
The UK government has enforced regulations on cryptocurrency exchanges, so while you’re browsing for one, check if it is regulated in the UK or not.
Another way to invest in Chainlink is by participating in a crypto lending program. These programs allow you to deposit your LINK tokens into a smart contract and then earn interest on your deposited tokens. You simply need to sign up for an account on a platform that offers crypto lending services.
Finally, another way to get exposure to the Chainlink project is by investing in companies that are building on top of the Chainlink network. These companies are often referred to as “Chainlink ecosystem projects” and are building DeFi protocols and applications that use Chainlink oracles to source data.
By investing in them, you’re essentially getting a two-for-one investment. Many of these projects are available to invest in through major cryptocurrency exchanges as well.
Why Invest in Chainlink in the UK?
There are many good reasons to invest in Chainlink in the UK, with it being a promising technologically advanced project with a lot of potential. It’s no wonder that LINK has been one of the top-performing digital assets in recent years. We even declared it as one of the best crypto to invest in 2022.
Here are the best reasons below:
1. Solving Major Problems
Chainlink is solving one of the biggest problems in the blockchain industry – trustless data. By creating a decentralised network of oracles, Chainlink provides real-time data to smart contracts on Ethereum and other blockchains. This data can be anything from weather conditions to financial market prices.
2. Real-World Applications
Buying the LINK tokens will help support the growth of the technology for future applications. Furthermore, Chainlink has already been adopted by some of the biggest names in the tech industry. This shows that there is real-world demand for the product.
The use cases for Chainlink are numerous and varied. Some of the most popular include DeFi applications, prediction markets, and smart city infrastructure. And with more and more projects looking to build on Ethereum, we expect Chainlink’s use cases to increase exponentially in the coming years.
3. Rapid Growth
Chainlink is one of the fastest-growing projects in the blockchain space. Its market value has continued to surge since its launch in 2017. This growth is driven by the increasing adoption of the platform by users and developers.
The UK is also one of the most crypto-friendly countries in the world. The government is supportive of blockchain technology, and there is a growing community of crypto enthusiasts. This makes the UK a great place to invest in Chainlink.
4. Strong Team
Chainlink has a strong team of experienced professionals. It is led by Sergey Nazarov, who has been involved in the crypto industry since 2012.
The team also includes reputable executes like ex-Google CEO Eric Schmidt as strategic advisor, former LinkedIn vice president Mike Derezin as COO, and ex-Diem Association CTO Dr Dahlia Malkhi as chief research officer.
5. Well-funded
Chainlink has been backed by some of the biggest names in the crypto industry. These include Fundamental Labs and Andreas Schwartz. This funding has allowed the team to grow and develop the project at a rapid pace.
5. Active Community
Chainlink has one of the most active and engaged communities in the crypto space. The project has a Telegram group with over 35,000 members and an active subreddit with over 78,500 subscribers. The community is always working on new ways to use Chainlink’s technology and promote the project to a wider audience.
6. Positive Press Coverage
Chainlink has received a lot of positive press coverage from some of the biggest media outlets in the world, including The Wall Street Journal, Forbes, CNN, and Bloomberg. The project has also been covered by crypto-specific media outlets such as CoinDesk, Crypto Briefing, and ours.
7. Safe and Secure
The Chainlink network is built on top of Ethereum, which is itself a very secure platform. In addition, Link tokens are stored on the Ethereum blockchain, meaning they benefit from Ethereum’s security features. This makes Chainlink a safe and secure investment.
Payment Methods for Investing in Chainlink in the UK
There are several payment methods available to UK residents who want to buy the LINK token and support the Chainlink project. Let’s take a closer look at each of them:
- Bank transfer: You can make a bank transfer from your personal GBP account to an exchange that offers Chainlink trading. This is usually the most straightforward way to buy LINK, although it can take a few days for the funds to arrive in your account.
- Credit/debit card: You can also use your credit or debit card to purchase LINK tokens on some exchanges. This is a quicker method than a bank transfer, but it is important to note that credit/debit card purchases usually incur higher fees.
- E-Money: You can also use e-money services like PayPal or Skrill to buy Chainlink in the UK. It is another quick and easy way to buy LINK tokens. However, e-money services are also associated with higher fees.
- Crypto: If you already have some cryptocurrency, you can use it to buy LINK tokens on an exchange that offers Chainlink trading.
How to Invest in Chainlink – Step By Step
To get started on your investment journey, here’s how to buy Chainlink in the UK:
Step 1: Choose an Exchange
The first step is to find a reputable cryptocurrency exchange that offers LINK tokens. There are many exchanges to choose from, so it is important to compare features and fees before making your decision.
Additionally, make sure to pick an exchange that is regulated by the Financial Conduct Authority (FCA). You can take a look at our best picks after this section.
Step 2: Sign Up and Verify Your Account
Once you’ve chosen an exchange, you’ll need to create an account and go through the verification process. This usually involves providing some personal information and proof of ID. Take note that the verification process may take a few days, depending on the exchange.
Step 3: Deposit GBP into Your Account
The next step is to deposit GBP into your account on the exchange. Most exchanges will offer multiple methods for doing this, such as bank transfer or debit/credit card. Once the funds have arrived in your account, you’re ready to start buying LINK tokens.
Step 4: Buy Chainlink (LINK) Tokens
Now, it is time to buy some LINK tokens! Most exchanges will have a simple ‘Buy/Sell’ interface where you can select the amount of LINK you want to purchase with your GBP. Once you’ve placed your order, the exchange will match you with a seller, and your LINK tokens will be deposited into your account.
And that’s it! You’re now the proud owner of some Chainlink tokens and can start using them on the decentralised network.
Step 5 (Optional): Stake your Chainlink Tokens
If you want to earn some passive income from your LINK investment, you can do so by staking your tokens. Staking is the process of locking up your LINK tokens in order to participate in the governance of the network and validate transactions. In return for your participation, you’ll earn a portion of the transaction fees collected by the network.
Some cryptocurrency exchanges have staking services, so you can check with your exchange to see if they offer this option. If not, you can also stake your LINK tokens through a validator on the Chainlink network.
Where to Buy Chainlink in the UK
| Platform | Trading Fee | Minimum Deposit | Withdrawal Fee | Number of Coins |
|---|---|---|---|---|
 |
0.50% Maker/Taker Fees | £50 | 1% Network Fee | 150+ |
 |
1% Crypto Fees | $50 | £3.83 | 60+ |
 |
1% Crypto to GBP/ Crypto to Crypto Fee0.1% Maker Fee | None | None | 50+ |
 |
0.4% – 0.35% Maker/Taker Fee | None | None | 250+ |
 |
0% to 0.26% Trading Fee | None | Fees Vary | 180+ |
Coinbase
Coinbase is one of the most popular cryptocurrency exchanges in the world, serving over 100 million customers in over 100+ countries. It supports a wide range of cryptocurrencies, including BTC, ETH, ADA, SOL, and LINK tokens.
Coinbase is also the first exchange in the UK to be granted an e-money licence by the Financial Conduct Authority (FCA), which is a big plus in terms of security. Purchases can be made using a debit or credit card, as well as GBP bank transfers
Key Features:
- Ease of use: Coinbase has a simple and user-friendly interface that is perfect for first-time buyers. Registering an account only takes a few minutes.
- Strong security: Coinbase is one of the most secure exchanges in operation today. It uses industry-leading security measures, such as 2-factor authentication and cold storage for user funds.
- Staking rewards: Coinbase offers staking rewards for some of the cryptocurrencies it supports, including Tezos (XTZ), Algorand (ALGO), and Link (LINK). This means that you can earn passive income just by holding your crypto on the Coinbase platform.
- Education hub: Coinbase has a comprehensive education hub that covers everything from the basics of cryptocurrency to more advanced concepts like blockchain applications and smart contracts.
- Mobile app: Coinbase has a mobile app for both iOS and Android devices, which allows you to buy, sell, and manage your crypto holdings on the go.
Pros
- Beginner-friendly
- Over 150 cryptocurrencies
- High liquidity
- Opportunity to earn passive income
Cons
- High fees
- No control of your wallet keys
Fees:
- Trading fees: 0.50% Maker/Taker Fees
- Withdrawal fees: 1% Network Fee
eToro
eToro is a social trading platform that lets you buy and sell a wide range of assets, including cryptocurrencies, stocks, commodities, and ETFs. It is one of the few platforms that allow you crypto trading with leverage (up to 2x).
eToro is one of the safest platforms for crypto trading in the UK since it is regulated by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
The platform supports payment methods such as bank transfers, debit/credit cards, and e-wallets.
Key Features:
- Multi-asset trading: If you are an investor with a diversified portfolio, eToro is a great option since it allows you to trade multiple asset classes on the same platform.
- Intuitive interface: eToro has a user-friendly interface that is perfect for first-time buyers. The platform also offers a demo account so you can try out trading before committing any real money.
- Social trading: eToro’s social trading feature allows you to copy the trades of other successful traders on the platform. This is a great way to learn from more experienced investors and make profits without having to do all the research yourself.
- Resource centre: eToro has an extensive library of educational materials that can help you become a better investor.
Pros
- Secure crypto wallet
- Social features
- Beginner-friendly
Cons
- Inactivity fees
- Customer support is lacking
Fees:
- Trading fees: 1% Crypto Fees
- Withdrawal fees: £3.83
- Inactivity fees: £7.60 per month (after a year)
CoinJar
CoinJar is a popular Australian cryptocurrency exchange that has a branch in the UK. It offers LINK/GBP trading pairs and allows users to buy Chainlink with a debit or credit card, bank transfer, or CryptoPay.
The names heading CoinJar are CEO Asher Tan and COO Ryan Zhou. The platform currently operates legally in the UK and Australia only, but there are plans for expansion. CoinJar supports over 50+ cryptocurrencies, including BTC, ETH, LTC, XRP, and LINK.
Key Features:
- Crypto/fiat trading: The platform offers both crypto-to-crypto and fiat-to-crypto trading pairs.
- CoinJar Bundles: CoinJ Bundles includes portfolios of 5 top-performing cryptocurrencies that are refreshed every week. This is a great way to get started with buying crypto, as it diversifies your risk.
- Customizable interface: Users can customise their dashboard according to their preferences.
- Fast verification: Registering an account with CoinJar is fast and easy, as the verification process takes only a few minutes.
- Mobile app: The CoinJar app is available on both iOS and Android, making it easy to buy, sell, and trade LINK (and other cryptocurrencies) on the go.
Pros
- LINK/GBP trading
- Fast transactions
- Fast performing mobile app
Cons
- Poor customer support
- Not for novices
Fees:
- Trading fees: 1% Crypto to GBP/Crypto to Crypto Fee, 0.1% Maker Fee
- Withdrawal fees: None
Crypto.com
Crypto.com is a popular cryptocurrency exchange that offers a wide range of digital assets, including LINK tokens, and over 20+ fiat currencies. It also features an NFT marketplace.
The platform was established in 2016 and is headquartered in Hong Kong. It is available in over 180 countries. Crypto.com is the most recent platform in the UK to get regulatory approval from the FCA this 2022.
Key Features:
- Staking: Users can earn high rewards on their LINK tokens by staking them on the Crypto.com platform.
- 250+ cryptocurrencies: In addition to LINK, Crypto.com also supports over 250+ other digital assets.
- DeFi Swap: Users can swap their LINK tokens with other digital assets on the Crypto.com DeFi Swap feature and earn interest on their holdings.
- NFT marketplace: The Crypto.com NFT marketplace allows users to buy, sell, or auction off their non-fungible tokens (NFTs).
- Mobile app: Crypto.com has a mobile app that is available on both iOS and Android devices. The app allows users to buy, sell, and track their digital assets on the go.
Pros
- Earn rewards and interest
- Good for beginners and experienced traders
- Wide range of crypto assets available
Cons
- Help centre not easily accessible
- Lacking customer service
Fees:
-
- Trading fees: 0.4% – 0.35% Maker/Taker Fee
- Withdrawal fees: None
Kraken
Kraken is one of the oldest and most well-respected cryptocurrency exchanges in operation today. It is a US-based exchange launched in 2013 and headed by Jesse Powell.
The exchange offers a good selection of over 180+ cryptocurrencies, including LINK, and allows you to buy with GBP using a UK bank transfer.
While it operates legally in the UK, there are a few restrictions for UK traders. XMR trading is not allowed, and futures trading is limited to retail clients. UK traders also cannot use off-chain staking. read the full Kraken review.
Key Features:
- Simple interface: The Kraken platform is known for its simple and pleasant-looking interface.
- Wide range of cryptocurrencies: In addition to LINK, Kraken also supports a wide range of other popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and more.
- Advanced trading features: For more experienced traders, Kraken offers advanced features such as margin trading with up to 5x leverage and OTC trading.
- 24/7 support: Kraken offers 24/7 customer support via live chat, email, and phone.
Pros
- Allows margin trading
- Good customer support
- User-friendly interface
Cons
- History of hacked accounts
- High fees for occasional traders
- Locked features for UK traders
Fees:
- Trading fees: 0% to 0.26%
- Withdrawal Fees: Fees vary based on cryptocurrencies, payment method, etc.
FAQs
1. What is Chainlink?
Chainlink is a decentralised oracle network that connects smart contracts on the Ethereum blockchain to external data sources. It is considered as one of the most revolutionary projects in the blockchain industry, hence its rapid growth and increasing adoption.
2. How does Chainlink work?
Chainlink works by connecting smart contracts on the Ethereum blockchain to external data sources. It does this through a network of nodes, which are run by node operators. These node operators stake LINK tokens to ensure the accuracy of the data they provide.
3. What are LINK tokens?
LINK tokens are the native cryptocurrency of the Chainlink network. They are used to pay node operators for providing data to smart contracts. LINK tokens can also be staked to earn rewards from validating transactions on the network.
4. How to buy LINK tokens?
The most straightforward way to buy LINK tokens is through a cryptocurrency exchange that supports the trading pairs GBP/LINK or ETH/LINK.
5. Where to buy LINK tokens?
We recommend buying LINK tokens through a regulated exchange in the UK. You may choose from our best picks: Coinbase, eToro, CoinJar, Crypto.com, or Kraken. Always remember that there are certain risks involved with buying cryptocurrencies in general. Take the time to research the market in order to prevent or reduce financial losses.
