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The very same wallet would then be used when looking to sell LSK coins, where the coins would be transferred from the wallet to a particular exchange for sale, or to a merchant in the event of a purchase with LSK coins should merchants accept Lisk coins in the future. We do not recommend that you hold your purchased LSK coins on the exchange, as exchanges have faced multiple hacks that have resulted in coin holders losing their investments, in some cases the exchanges unable to cover investor losses.
By market volume, Binance has the largest share of trading volume. Go to the Binance website and go through the registration process. Remember that is recommended to always use strong passwords and to enable the 2FA option when prompted. Withdraw your acquired Bitcoins or Ethereum from the alternative exchange selected and transfer them to the newly opened Binance.
We recommend that you do not leave your LSK coins on the exchange and transfer the coins to your recently downloaded LSK compatible wallet. For existing Bitcoin or Ethereum holders, you will need to open an account on Binance and follow steps above.
Lisk Nano is the official Lisk wallet that allows you to store, send and receive Lisk coins that also connects with the Lisk network, removing the need for blockchain syncing. Run the installation file after downloading the app, after which the Lisk Nano wallet will automatically open.
Create a passphrase with your cursor and then copy the word passphrase somewhere safe and in multiple places. Copy the address in its entirety and go to your wallet of choice. Send the amount you wish to deposit to the address you copied. It is quite common for the transaction to take up to half an hour to complete, so don't expect the funds to be available on your Binance account instantly. Once the small amount reaches your Binance account, you can proceed to deposit the amount you would actually like to use for trading.
Tip 3: Depositing funds from one exchange to another can sometimes be limited by restrictions. We strongly advise you to deposit directly from your wallet. If you would only like to see the coins which have a balance of over 0. If your deposit has already been processed, the coin and amount will appear on the list. If you have multiple coins, you can use the search bar.
Place a buy order for Lisk. For this step, we will assume you deposited BTC. If you deposited ETH, don't worry — the process itself is exactly the same. After clicking on the trading pair, a price chart will appear in the center.
You can place your buy order under the chart. If you want to buy LSK when it reaches a specific price, use the Limit order. Tip 1: If you're planning to trade different cryptocurrencies, purchase some BNB first. Tip 2: If you deposited a large amount of coins, try not to purchase your LSK all at once — instead, consider buying it at different price levels.
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