How to Buy Lisk Tokens (LSK)

In Walkthroughs by CryptoWalkthrough Team

Trade LSK with Lowest Fees

Lisk (LSK) tokens are best bought and sold on Binance

Lisk

Lisk

$2.87

LSK -4.06%

Lisk (LSK) is an open-source blockchain platform started in 2016 with the goal of reaching the tens of thousands of developers that program in Javascript. Similar to Ethereum, Lisk will offer Dapps. Unlike Ethereum, Lisk utilizes Javascript as its programming language, making it much more accessible to developers compared to Ethereum’s custom Solidity language. Lisk apps will also run as sidechains, giving Lisk (theoretically) much more scalability compared to Ethereum. Lisk has a current market cap of  $318,845,764.10. This guide will walk you through how to quickly and safely buy, store or sell Lisk tokens.

How to Buy Lisk Tokens

Lisk tokens are tradable on over a number of exchanges including Binance, Upbit, Bittrex, Poloniex and CoinEgg. Our favorite is Binance, as they have the highest volume, the lowest 0.1% trading fees, fun trading competitions with great prizes, and easy to set up accounts.

To buy Lisk, follow these simple steps:

  1. Open a new account with Binance. It is free and easy to setup. If you like, read our full Binance review.
  2. (OPTIONAL) After opening your account, setup Two-factor Authorization (2FA) to add another layer of security. You can skip this step if you want to buy LSK immediately, but we highly recommend setting it up afterwards to better secure your account.
  3. Ensure that you have some Bitcoin (BTC) or Ethereum (ETH) to use to purchase Lisk. Binance does not accept fiat currency deposits. If you need BTC or ETH, read our quick guide to buying cryptocurrencies with Bitcoin or Ethereum.
  4. After successfully confirming your account via the email you receive from Binance, log in with your account details, and navigate to the Funds > Deposits Withdrawals menu option.
  5. On this page, enter either BTC or ETH on the right and click the Bitcoin or Ethereum link displayed. Next, click the Copy Address button to copy the Deposit Address that is shown. It is very important that you select the correct currency deposit address. Be careful to not send BTC to your ETH deposit address for example. We recommend using ETH currently since confirmation times are much faster (meaning your ETH will be ready to be used to purchase LSK more quickly than a BTC deposit).
  6. Utilizing your wallet or exchange where you hold BTC or ETH, request a withdrawal or transfer to the Binance deposit address you just copied. Double-check the address before sending!
  7. Wait for the deposit to be confirmed. You can monitor the status in the Funds>History menu tab. For ETH deposits, assuming there are no issues with the Ethereum network, they will typically be confirmed in 10-15 minutes. For BTC, the wait can be considerably longer currently!
  8. Once confirmed, navigate to the Exchange>Basic, enter LSK into the search box on the top right and click either the small BTC or ETH button as appropriate. This will display the LSK/BTC or LSK/ETH trading pair. Click the pair you want to trade. If you like, also click the star icon next to the pair to mark it as a Favorite for easy access in the future.
  9. You will now see the trading view for either LSK/BTC or LSK/ETH. Look for the “Buy LSK” box that is below the chart of recent trade activity. The default order type is a “Limit” buy, letting you set the price you would like to pay for LSK. If you prefer a “Market” buy (at the current price), click the Market tab. For a Limit buy, enter in the price you would like to pay, and the number of LSK you would like to purchase and click the green “Buy LSK” button. Your trade will now be placed. Depending on the price you set it may be fulfilled immediately, or it may take some time if you set a price lower than the market.
  10. Once your trade has completed, you can find the details under the Orders>Trade History menu option, showing the exact number of LSK you have purchased and their price in BTC or ETH. Congratulations, you are now the proud owner of Lisk tokens!

How to Safely Store Lisk Tokens

Lisk can be stored in the official Lisk desktop wallet. However, we very strongly recommend that you purchase and utilize a hardware wallet such as the Ledger Nano S to greatly improve your security and reduce the chance that your tokens can be stolen or lost through human error. The Ledger Nano S is easy to set up, supports hundreds of cryptocurrencies including LSK, and makes managing your holdings quite simple while giving you great peace of mind. Be sure to only purchase the Ledger Nano S directly from Ledger. Do not purchase from Amazon, eBay or another reseller, since it is possible the security of the device could be compromised before you even receive it. Purchasing directly from Ledger ensures that nobody has accessed your device other than you.

How to Sell Lisk Tokens

This section assumes you already own some Lisk tokens and have them stored on another exchange or the official wallet. To sell Lisk follow these simple steps:

  1. If you do not already have one, open a new account with Binance. It is free and easy to setup. On Binance, click the Create Account link to get started. If you like, read our full Binance review.
  2. (OPTIONAL) After opening your account, setup Two-factor Authorization (2FA) to add another layer of security. You can skip this step if you want to sell LSK immediately, but we highly recommend setting it up afterwards to better secure your account.
  3. After successfully confirming your account via the email you receive from Binance, log in with your account details, and navigate to the Funds > Deposits Withdrawals menu option.
  4. On this page, click the Deposit link for LSK and copy the Deposit Address that is shown. Note that is very important that you select the correct currency deposit address. Be careful to not send LSK to your BTC deposit address for example.
  5. Utilizing your wallet or exchange where you hold Lisk tokens, request a withdrawal or transfer to the Binance deposit address you just copied. Double-check the address before sending!
  6. Wait for the deposit to be confirmed. You can monitor the status in the Funds>History menu tab.
  7. Once confirmed, navigate to the Exchange>Basic, enter LSK into the search box on the top right and click either the small BTC or ETH button based on what currency you would like to receive. This will display the LSK/BTC or LSK/ETH trading pair. Click the pair. If you like, also click the star icon next to the pair to mark it as a Favorite for easy access in the future.
  8. You will now see the trading view for either LSK/BTC or LSK/ETH. Look for the “Sell LSK” box that is below the chart of recent trade activity. Enter in the price you would like to sell for, and the number of LSK you would like to sell and click the red “Sell LSK” button. Your trade will now be placed. Depending on the price you set it may be fulfilled immediately, or it may take some time if you set a price higher than the market.
  9. Once your trade has completed, you can find the details under the Orders>Trade History menu option, showing the exact number of LSK you have sold and their price in BTC or ETH. Congratulations, you have sold your Lisk tokens!

Share this Article