Chainlink (LINK) is one of the best performing cryptocurrencies since launching in 2017.
From it's ICO price of 11 cents, it has returned over 180x since the time of writing this guide. One of the reasons for this is its real world applications that make it a high utility coin, which we'll look into more below.
If you're also looking to buy Chainlink in NZ with NZD, this guide will show you how.
What is Chainlink?
Chainlink is a decentralized network that helps verify and connect data. It's goal is to create a bridge between data from the real world - say, financial data from the stock market, for example - and connect and verify it so it can be used in a smart contract on the blockchain.
This is known as taking "off chain" data and bringing it "on chain".
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Traditionally, on chain and off chain data have been separated. Chainlink provides a trustworthy way to connect them together.
Chainlink is built on the Ethereum network and uses the native LINK token.
You can read a more detailed explanation of how Chainlink works here and here.
The Best Place To Buy Chainlink in New Zealand
To purchase Chainlink in New Zealand, you will need to use a cryptocurrency broker.
There are many broking services in New Zealand you can use (we list our top choices on this page) but to purchase Chainlink our recommendation would be a service called EasyCrypto.
The reason we like EasyCrypto:
- Fair prices and fees
- Can pay with a simple bank deposit or Poli
- Many cryptocurrencies available (including Bitcoin, Ethereum, Ripple, Litecoin and more).
- Easy verification process
- Registered NZ Financial Services Provider
- NZ owned and operated
How To Buy Chainlink with EasyCrypto - Step by Step Guide
The first thing you will need to do is open a free EasyCrypto account. It's very straightforward and no different to opening an email account or Paypal account.
To do this, head to the EasyCrypto homepage and click Create Account.
EasyCrypto will give you several choices. You can either sign up with a Google profile, your Facebook or Twitter account, or create a fresh account using your email address.
After you've done that, you can start placing your first order.
Creating an order
On the EasyCrypto homepage, you should see a "Quick Buy/Sell" box.
Simply choose LINK (this is the shortcode for Chainlink) from the drop down box of available currencies. Then enter the NZD amount you would like to order.
In this example, I will be purchasing $100 NZD worth of LINK.
Once you've filled out that form, you will get taken to an order page.
This is where they will ask you to enter a Chainlink address to send your coins. If you already have an Ethereum address you can use that, as Chainlink is an Ethereum token so they use the same wallet.
If you don't know what an address or wallet is, or don't have one yet, don't worry!
There should be a link that says "I don't have a Chainlink address" at the bottom of the page. I've circled it in the screenshot below:
Alternatively, you can just set one up yourself on your phone in less than 2 minutes by downloading a wallet app. My recommendation is the Coinbase Wallet. It is available on both Android and iOS, and free for everyone.
If you need help creating your own wallet, I have a step-by-step guide to setting up your Coinbase Wallet below. Just click the green box to expand.
First thing you want to do is download a wallet app.
In this example, we will be using the wallet we recommend to all new users which is the Coinbase Wallet.
You can download it here for iOS, and here for Android.
Once you've downloaded and installed the wallet on your phone or tablet, you should get a screen like this:
Tap Create a New Wallet. You then get asked to create a username:
The username is not that important - choose whatever you like.
You'll then be given an option to protect your wallet with a PIN or fingerprint:
Choose at least one - it's a good layer of protection in case you lose your phone (you still need to back up your wallet, which I'll walk you through as well in just a sec).
Then you'll finally be brought to your wallet.
You can see in my wallet, there are no assets for a total of $0. Let's change that!
Tap the Receive button.
You'll be asked to choose which coin you want to receive. In this case, we want to receive Chainlink, so type that in the search bar:
Make sure you choose the asset Chainlink with the code LINK, as shown in the screenshot above.
Once you select Chainlink, this should bring up your Chainlink address:
You can see below the Chainlink address for my wallet is 0x36dE3D35DC84654CdA8286c19622D502cE4808f1.
Yours should look similar to that.
If it sounds complicated, try to think of it like a regular bank account number from ASB or ANZ. It's the same concept - just a unique set of numbers that represents your account.
Tap on "Copy/share address" and that will copy your address to your clipboard. Then simply paste it into EasyCrypto to complete your order:
Important: Always double and triple check your address!!! Some people ask, do I really need to check every letter? YES! Check every single letter. If you enter the wrong address, your coins will go somewhere else and they will be unrecoverable. Always check your addresses.
The final thing you need to do is backup your wallet. This is the most important step, and ironically, the step most people like to skip. If you skip this step, you are at a very real risk of losing all your coins, so please do it now.
First, click the Settings cogwheel at the bottom of your wallet and then click on Recovery Phrase:
You will then be shown a screen of 12 words, with the option to back them up to Google Drive, or back them up manually.
I highly recommend backing them up manually, as it is best practice to store your backup words offline.
Write these 12 words down on a piece of paper. Make sure you spell them correctly, and write them in the correct order. These words will give anyone who has them full access to your wallet. Keep them in a safe place, preferably in a locked safe or somewhere very secure.
You're now the owner of a safe and secure crypto wallet! You've also probably noticed, you can use this same wallet to receive hundreds of other coins, such as Bitcoin, Ethereum, Litecoin, XRP and so on. Have fun!
This is also one of the reasons EasyCrypto is so highly recommended by us. They teach you the importance of managing your own wallet, rather than leaving your coins in the custody of a broker or exchange.
Why is this good?
As we've seen many times, such as with the Cryptopia hack, people constantly lose their coins when they leave them on exchanges. Exchanges are prime targets for hacks, and if your exchange or broker gets hacked, it's highly unlikely you will get your coins back. With EasyCrypto, they never hold your coins and send them straight to your personal wallet, which is the safest option.
You can learn more about wallets here.
ID Verification
Before your first purchase is finalised, you’ll need to first verify your identity. This is a legal requirement to comply with New Zealand’s anti money laundering laws. It's the same reason you need to provide all your personal ID details when you open a Kiwisaver account or an account with a new bank.
Most people can verify instantly using the OriginID system, otherwise, you simply upload some documents. It should take 5-10 minutes at most.
They will also ask you to disclose your source of funds (although they won't ask for proof). Just choose whichever option best applies to you. It shouldn't affect your ability to trade with them.
Last will be your government issued ID. Drivers license or passport are both accepted.
Now that you're verified, you can finalise your first purchase.
The payment options are either bank transfer, Account2Account or Poli.
If you choose Account2Account or Poli, your order will execute immediately. If you choose bank transfer, it will execute once EasyCrypto receives your funds.
If paying by bank transfer, you’ll be given some bank details and a reference code to include in your payment:
Luckily in the crypto universe, coins move almost instantly, so as soon as your payment is received your crypto will arrive in just a few minutes.
That's all there is to it. Follow the instructions above, and you should be the proud new owner of LINK.
Remember, investing in cryptocurrencies is risky. All investment contains risk. Before you invest anything, do your own research and educate yourself on the cryptocurrency space and understand what you are investing in.
Have fun and good luck!
This is not financial advice. I am not your financial advisor. Always do your own research and consult your own professionals before investing.
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