Learn how to buy Chainlink on Trust Wallet. Also, a clear view of how to use the exchange within Trust Wallet and how to swap LINK with Pancakeswap.
Trust Wallet allows users to buy Chainlink for several reasons. Firstly, Trust Wallet is a popular Web3 wallet that supports multiple cryptocurrencies, including Chainlink. It provides a user-friendly interface and seamless integration with decentralized exchanges (DEXs). It also has a built-in swap feature that allows you to trade cryptocurrencies like ETH or BNB.
Is it possible to trade Chainlink directly on Trust Wallet? This article will give you a detailed answer on all options you have to purchase Chainlink(LINK) on Trust Wallet:
- How to buy Chainlink on Trust Wallet(3 options)
- Install and set up a brand new crypto wallet
- How to swap ETH to LINK with Trust Wallet
Install and Create Trust Wallet
If you are brand new to crypto or web3 wallets, then you have to set up and install Trust Wallet first. Overall, this is a very straightforward process, however, it is important to create a new Trust Wallet the right way. Next, the exact steps to realize this:
Step 1: Download Trust Wallet
Download Trust Wallet from the App Store or Google Play Store for free. If you prefer a desktop, you can download the Google Chrome extension by going to the Trust Wallet website.
Besides, don’t forget to verify first if you are visiting the official Trust Wallet website. Otherwise, you risk downloading a fake wallet.
Step 2: Setup Your Trust Wallet
After downloading Trust Wallet, follow the steps to set it up. It’s actually really easy.
- Click ‘Create a new wallet‘
- Create a secure password
- Secure your secret recovery phrase
- Congrats! Your wallet is created
The most important part of setting up any self-custody wallet like Trust Wallet is recording your 12-word secret recovery phrase and storing it in a safe place.
Your secret recovery phrase is the key to your wallet and the funds within. Whoever has your recovery phrase has control of your funds. So make sure to keep it secure.
In other words, besides a password, you also need to secure the 12-word recovery phrase. The password gives access to your device, where the recovery phrase will allow you to do transactions on the blockchain.
Therefore it is important to write it down and lock it away in a safe place. Preferably in an at-home safe that is both fire and waterproof.
Never store your wallet’s private key online such as in a cloud or any files on your phone or computer.
If you lose your recovery phrase, there is no way to recover it or your wallet.
|❗ TIP – A good option for securing your recovery phrase is to use a stainless steel crypto wallet that can survive about anything, from fire to acids, and lasts more than 20 years.|
At this point, you have created a brand new crypto wallet and are ready to enter the exciting world of DeFi(Decentralized Finance). Next, the options you have to buy LINK on Trust Wallet:
The quickest way to fund your wallet is to buy Chainlink from within the app with a credit card. Below are the steps to buy Chainlink on Trust Wallet with a credit card:
- Login at Trust Wallet, find the LINK symbol, and click on it
- The LINK wallet opens where you have to click on Buy
- A new screen opens to select a third-party provider to buy $150
- Choose a provider, give the amount, and click Next
- To finalize the transaction you will be redirected to the app of the chosen third-party provider(E.g. Moonpay)
Remember that buying Chainlink with a credit card on Trust Wallet is expensive. For instance, at Coinbase you can buy LINK at 0.1% in the order books. Using a credit card will cost you 5% extra.
All in all, using Trust Wallet to Buy Chainlink is the fastest way to acquire new crypto with money.
Maybe you already have some other crypto tokens available in your wallet? Or you are holding some crypto at an external platform(Binance, Coinbase, or other)? Acquire LINK on Trust Wallet can also be done by the built-in swap feature.
For example, you recently transferred Ethereum to Trust Wallet. In addition, you can use these ETH tokens to swap them for Chainlink on Trust Wallet. How does this work?
- Login at Trust Wallet, find the ETH symbol, and click on it
- The ETH wallet opens where you have to click on More
- Click Swap and the Trust Wallet Exchange loads
- Find ETH and LINK and enter the ETH amount for the transaction
- The app will find the actual market price for LINK
- Finalize the transaction
Remember that using this swap feature also involves some hidden fees. Additionally, Trust Wallet isn’t charging or receiving anything for this. In short, the fee structure:
- Network fee(A fee paid to the blockchain validating your transaction)
- Provider fee( Mimic, a third-party provider that handles cross-chain swaps charges 0.7%)
First of all, PancakeSwap is a decentralized application (dApp) built on the Binance Smart Chain. It allows users to trade cryptocurrencies, provide liquidity to earn rewards and participate in yield farming.
Additionally, it operates as an automated market maker (AMM), using a unique mechanism called the Constant Product Market Maker (CPMM) formula to determine prices and execute trades. PancakeSwap has become a popular dApp platform because of the many unknown coins that can be traded there.
To buy Chainlink by using Trust Wallet here, you need to find the dApp explorer in the app and simply connect your wallet to this platform.
How to do this?
- Open your Trust Wallet App and make sure you have some ETH funds here
- Below is the menu bar tap the Browser(square) option
- In the upper search bar type ‘Pancakeswap‘
- Click on the first search result
- Connect your wallet with PancakeSwap
- Make sure to choose Ethereum as Blockchain
- Enter the Swap data(ETH for LINK)
- Finalize the transaction
Take note that if the transaction won’t go(because of high traffic), you have to modify the slippage. The default is this value set to 0,5. Additionally, you can switch to higher levels(for instance 3%) to make transactions go through.
In general, why would you use Pancakeswap to purchase LINK? As I mentioned earlier in this guide, Trust Wallet is a popular wallet used in DeFi. In addition, Pancakeswap is one of the favorite DeFi platforms.
Particularly, you can use these LINK tokens to provide liquidity in staking pools on Pancakeswap. This way, you can earn passive income over these tokens, however, it can be a risky exercise. Besides, providing liquidity on Pancakeswap won’t be covered in this article.
Wrapping it Up
In conclusion, this guide provided a comprehensive overview of how to buy Chainlink (LINK) using Trust Wallet. It outlined three options for purchasing Chainlink:
- buying directly with a credit card
- swapping within Trust Wallet
- using PancakeSwap on the Ethereum network
Moreover, the guide stressed the importance of setting up Trust Wallet securely and recording the secret recovery phrase. It also mentioned the potential fees involved in transactions and the need to modify slippage values in high-traffic situations.
Finally, Trust Wallet’s user-friendly interface, seamless integration with decentralized exchanges, and built-in swap feature make it a convenient choice for acquiring Chainlink. Whether users prefer the speed of credit card purchases, swapping existing tokens, or utilizing PancakeSwap’s features, Trust Wallet offers a versatile and reliable solution for entering the world of DeFi.
This guide is explained how to buy Chainlink directly from within the app. You can do this by using a credit/debit card and connecting to a third-party wallet provider. It’s a very quick and convenient way to purchase Chainlink, however, expensive as you have to pay about 5% of the transaction fee.
You can buy Chainlink at a minimum of $50 on Trust Wallet. It can be done with a credit or debit card and the entire process will last about 5 to 15 minutes.
It’s worth buying or depositing LINK on Trust Wallet if you want to own your crypto. The problem with buying crypto on a centralized exchange is that you don’t actually own it, the exchange does. Using Trust Wallet enables you to own your wallet’s private key and thus your Chainlinks.
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