Cryptocurrency investors that wish to add Lisk to their portfolio face a number of challenges that prospective buyers of mainstream currencies like Bitcoin and Ethereum do not face. A lot of the exchanges don’t allow the direct purchase of Lisk, meaning you might need to first buy either Bitcoin or Ethereum and trade them for Lisk on another platform.
Of course there are also few other things you need to keep in mind when purchasing Lisk and this guide is here to help you with that.
Here we will offer you a simple, step-by-step guide on how to buy Lisk.
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Steps to Buy Lisk ( LSK )
We advise you to store your Lisk in a Lisk Wallet after purchasing it. We will use Lisk Nano in this case as an example.
1 Set up Lisk Nano Wallet
First, you will need to set up at Nano wallet at the following link: https://lisk.io/products
This Nano wallet will be where you store your Lisk. Prior to downloading the Nano wallet you may want to disable your antivirus software as it could potentially flag these downloads as a risk to your system.
After downloading the file for the Nano wallet from the link above you will need to run the installation to put it on your computer. This should take only a few minutes.
2 Create a new account
After completing the installation process, the software for the Nano wallet should open automatically. If it doesn’t you may need to search your system to find it and manually start it yourself. When it does start the program should give you the option to create a new account. You will want to click on this.
3 Generate Passphrase
This is an important part of the security for your Nano wallet so have a pen and paper ready to take down a string of numbers and letters that will act as your wallet’s key. You will generate the passphrase by doing random motions with your mouse which will generate random bytes that you will need to write down. Again, this password is of critical importance and you will want to store it in multiple, safe locations.
4 Enter the missing word
This part will make sure that you have copied down your passphrase correctly as well as making sure you are not a bot by prompting you to fill in the blank on a sentence.
5 Copy your wallet address
You will come to a screen that will have some information you need, particularly your “wallet address.” Copy this down and make sure you have written it down accurately.
6 Buy Lisk
There are multiple exchanges where you can purchase lisk, for example Binance and Changelly. We are using Changelly in this case. Simply input the amount of Lisk you would like to purchase and click "exchange". Paste the Lisk address that you have copied earlier in the next screen and complete the payment. Voila! You have got your Lisk coin!
If you prefer buying them via Binance, kindly continue on step 7.
7 Purchase Ethereum
Using the cryptocurrency exchange of your choice to buy Ethereum, such as Coinbase, ( or even changelly ) or if you already have Ethereum, then you can skip this step.
After completing your purchase of Ethereum using the exchange of your choice you can then proceed to Binance to exchange the Ethereum for Lisk. You can access Binance here
8 Create a Binance Account
If you do not already have a Binance account you will need to complete the registration process in order to proceed.
Once you have completed the registration for your account or if you already have an account with Binance you will then need to log on to the service.
If you haven’t already done so you will want to enable two-factor authentication on your Binance and other accounts just to be safe.
9 Generate an Ethereum (ETH) deposit address
Scroll over to the option that reads “Funds” and access it then “Deposits and Withdrawals.” Search for Ethereum then select deposit which will then generate an Ethereum deposit address that you need to copy down.
Using your Ethereum deposit address, log in to your Coinbase or other cryptocurrency exchange account and select “send” on the Ethereum you purchased.
10 Send Ethereum to Binance
Use the Ethereum deposit address you copied and send your ethereum via Coinbase or other exchanges of your choice. Some may require you to enter your password. Of course you can send some or all of your Ethereum - the choice is up to you.
The transfer process from an exchange to Binance might sometimes takes up to an hour ( normally it is faster than that ) . Binance will update automatically and show the Ethereum received as soon as it gets it. You can check it at your "Balances" page.
11 Purchase Lisk (LSK)
Once your Ethereum has shown up in Binance you are ready to purchase Lisk. You can do so at the following link on Binance: https://www.binance.com/trade.html?symbol=LSK_ETH
You have two options for purchasing Lisk: A limit order and a market buy. A limit order, as the name implies, allows you to set a ceiling for how much you are willing to pay for the Lisk while a market buy lets you buy it at the market price as it currently is. You can select either option but market buy is typically the simpler of the two. Select “Buy LSK” then the “market” option and then indicate the amount you would like to spend. This should all complete automatically.
12 Storing Your Lisk (LSK)
You should now be able to check your Lisk balance on Binance as well as see any remaining Ethereum you have.
Though you can keep your coins on Binance you might want to consider storing the Lisk in an offline digital wallet that you have set up. The process is simple and easy, as well as recommended for people holding large amounts of cryptocurrency. You can withdraw the Lisk to the Nano wallet set up in the beginning by following the withdrawal steps in Binance and providing the information received during the setup process for your Nano wallet.
If you transfer your Lisk to your Nano wallet you should be able to see them in your balance shortly. When you decide to sell your Lisk you simply reverse this process to convert it back into Ethereum and then from there into fiat currency.
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