How To Buy CHAINLINK (LINK) In Nigeria On Remitano

How to Buy Chainlink (LINK) on Remitano

Remitano is a popular peer-to-peer cryptocurrency exchange that allows users to easily buy and sell major cryptocurrencies like Bitcoin, Ethereum, and Chainlink (LINK) using various local payment methods.

In this comprehensive guide, you’ll learn:

What is Chainlink and Why Should You Buy It

  • Chainlink is a decentralized oracle network that provides real-world data to blockchain networks
  • It allows smart contracts on Ethereum and other blockchains to connect with and use off-chain data securely
  • LINK is the native token of the Chainlink network used to pay node operators
  • Buying LINK allows you to invest in the future of decentralized finance and the growth of Chainlink
  • As more products use Chainlink oracles, demand for LINK may increase

Benefits of Buying Chainlink on Remitano

  • Easy to use platform, ideal for beginners
  • Accepts cash, bank transfer, gift cards, and other payment methods
  • Low fees compared to traditional cryptocurrency exchanges
  • Allows you to deal directly with sellers instead of a centralized company
  • High buying limits for verified users
  • Secure cold storage and escrow system to protect your funds

Step-by-Step Guide to Buying LINK on Remitano

Follow this simple step-by-step guide to buy LINK on Remitano:

1. Create an Account

  • Go to Remitano.com and click on “Sign Up”
  • Enter your email, password, and confirm password
  • Verify your email address by clicking the link sent to your inbox
  • Complete the KYC verification process to maximize buying limits

Once your account is activated, you’ll gain access to the full range of Remitano’s services.

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2. Deposit Funds

To buy LINK, you first need to deposit local currency funds. Here’s how:

  • After logging in, click “Balances” and select your desired currency
  • Choose your preferred deposit option – bank transfer or cash deposit
  • For bank transfers, add your bank account details to receive a unique reference code
  • For cash deposits, Remitano will generate a barcode you can take to supported banks or payment centers
  • Complete the deposit using your reference code or barcode
  • Wait for the funds to reflect in your Remitano wallet

With funds in your wallet, you’re all set to buy LINK!

3. Find a Seller

To buy, you need to search for and select an appropriate LINK seller:

  • Click “Buy Cryptocurrency” on the top menu bar and search for Chainlink
  • Review and understand the current price versus the sellers’ offered rate
  • Browse through the listings of various LINK sellers
  • Check factors like prices, limits, location, feedback score, and terms
  • Select the seller that best matches your requirements

Dealing with highly reputed sellers ensures a smooth purchase experience.

4. Start the Trade

Once you pick a seller, here is how you can initiate the purchase:

  • Enter the amount of LINK you wish to buy in USD/NGN/GHS equivalent
  • Carefuly go through seller terms like minimum/maximum limit, payment window etc
  • Click the “Buy” button to proceed and confirm order summary
  • Accept the seller’s trade terms and conditions

As soon as you open the trade, the agreed LINK amount gets locked in Remitano’s secure escrow wallet.

5. Make Payment

With the trade initiated, you need to make payment to the seller by their preferred payment method:

  • Carefully go through seller’s instructions regarding payment
  • Make payment via bank transfer, gift card, cash in person, etc as specified
  • Upload payment receipt/proof of transfer as required by seller
  • Click “I have paid” once payment is completed from your side

Funds will remain locked in escrow until the seller confirms and releases payment.

6. Get Your LINK

Finally, once the seller verifies payment, you’ll receive your LINK purchase!

  • Seller will confirm receiving agreed payment
  • Remitano then releases locked LINK from escrow to your wallet
  • You can now transfer or withdraw LINK from wallet into private storage
  • Leave feedback for the seller regarding your purchase experience

And you’re all set! As easy as that, you have successfully bought LINK via Remitano P2P exchange!

Start Trading or Holding LINK

Once you have LINK in your wallet, you have two options – start trading or hold as an investment:

  • Trade LINK: Take advantage of LINK price volatility by trading for profit on Remitano
  • Hold LINK: If you’re bullish on Chainlink’s future price growth, hold LINK as a long-term investment

Over time, as more partnerships happen, Chainlink adoption increases, which may push LINK valuation higher. But always DYOR!

Securing Your LINK

Since you are now the custodian of your LINK holdings, keep them safe! Some tips:

  • Enable 2FA on your Remitano account using Google Authenticator
  • Withdraw to an external wallet – Metamask, Ledger, or Trezor for optimal safety
  • Store passphrase/seed phrase securely – don’t lose private keys!
  • Keep a small amount in Remitano for trading, withdraw bulk holdings

Following security best practices ensures no one can access your precious crypto assets!

Remitano Fees for Buying and Selling LINK

Remitano charges reasonable fees for buying and selling LINK:

  • Taker fee – charged when completing peer-to-peer trades. Ranges from 0.2% to 0.5% based on 30-day trade volume.
  • Deposit fees – negligible fees for domestic bank transfers, 1%-5% for other gateways
  • Withdrawal fees – depends on the network. Much lower than traditional exchanges.

As your trade volume increases, you can lower fees further via Remitano Loyalty Program perks.

Pros and Cons of Buying LINK on Remitano

Let’s summarize some pros and cons:

Pros

  • Simple user interface and buying process
  • Multiple payment methods to buy from P2P sellers
  • Competitive pricing and low fees
  • Fast account verification and transaction processing
  • High trade volume and liquidity

Cons

  • Manual selection of sellers – higher effort than traditional exchanges
  • Irreversible payments – assess seller reputation before initiating trades
  • Limited payment methods for sellers compared to centralized platforms
  • Does not support margin trading or derivatives

So in summary, Remitano makes it easy to buy LINK but always assess risks before trading!

Conclusion

I hope this detailed guide covered everything you need to know to safely and easily buy LINK on Remitano P2P exchange! With your own crypto trading journey beginning, leverage Remitano’s strengths to acquire LINK and other altcoins.

Monitor Chainlink development activity before investing based on your risk appetite. As the network expands, LINK could prove a lucrative long-term hold!

If you have any other questions, let me know in the comments!

FAQs

What is the minimum amount of LINK I must buy?

There is no fixed minimum. It depends on the specific seller’s terms. Some may allow trades as low as $5 worth of LINK.

Does Remitano work in my country?

Remitano allows crypto trading in over 150+ countries globally. Check their homepage to see if your country is supported.

How long does the LINK purchase process take?

LINK purchase can complete within 5-30 minutes in most cases once initiated. Depends on payment method speed. Bank transfers take longer than instant gift card payments.

Can I sell my LINK back to Remitano later?

Yes, you can easily sell back LINK to other buyers on Remitano itself at the prevailing market rate. The process is similar to buying outlined above.