You can buy Litecoin (LTC) easily through a cryptocurrency exchange. You can buy it by using your fiat currency, PayPal, bank transfer, or a credit card on any leading exchanges such as Coinbase and BitPanda. Before going into further details in this guide, it is important to know what is Litecoin, where you should buy, and all other related information.
What is Litecoin (LTC)?
Litecoin, founded in 2011, is a cryptocurrency that is used for paying people anywhere in the world without needing any intermediary to process the transaction. It is denoted by the symbol “LTC” and was founded by Charlie Lee, a former Google engineer.
In terms of market capitalization, Litecoin is the 10th largest crypto. The whitepaper of Litecoin says that the maximum supply of Litecoin coins in the system is capped at 84 million. As of April 30, 2021, LTC is priced at US$261 and its market cap is $17,374,813,476. In the last 30-days, LTC price has increased by over 34%. In the last 4-months (Jan-Apr 2021), the price has jumped by over 106% YTD.
Where to Buy Litecoin (LTC)?
The ease of buying Litecoin depends on where you are trying to purchase from and the method you are using. This is mainly because different countries, states, and regions have different rules. In fact, there are many places where you can’t use certain Litecoin exchanges for buying LTC.
Besides location of a person trying to buy LTC, there are other factors too such as
- Method Of Payment
- Country Of Origin, and
- Fee Payments
Method of Payment
You can make payment for purchasing Litecoin in 5 ways:
On the basis of the available payment methods, the platforms also change.Credit or Debit Card Platforms
Credit or Debit Card Platforms
- Coinbase: If you want to make payment through your debit or credit card, you can use a US based service provider, Coinbase. It enables you to purchase LTCs with a debit/credit card.
- CoinMama: You can make credit/debit card payment through this platform, available in 188 countries across the globe.
- BitPanda: This European Union based cryptocurrency exchange also offers its users with credit/debit card payment service.
Bank Transfer Platforms
When it comes to bank transfer as a payment option, the below mentioned platforms are the easiest platforms available:
- Coinbase: Bank transfers in this exchange could take 5-to-7-days in the United States. In the European Union, it would take around 3-days. For bank transfers, the average fee at Coinbase is 1.49%.
- BitPanda: Bank transfer facility is available within the European Union only.
Buying Litecoins with Cash
- Bitcoin ATMs: Bitcoin ATM is the best and most secure way of purchasing BTCs with cash and then electronically swap it with LTCs.
- Litecoin ATMs: Multi-crypto ATMs have been created by CoinFlip, which allows you to buy Litecoin by using cash. These ATMs also offer cash out function for Litecoins, which allows selling LTCs for cash.
Both kinds of ATMs are available only in the US. In fact, there are less than 30 such multi-crypto ATMs available in the United States.
Buying Litecoins with PayPal
There are many crypto exchanges that accept PayPal service. Cryptex24 accepts PayPal as a payment mode for crypto buying. You simply have to:
Step #1: Choose a currency
Step #2: Enter the sum needed for transfer.
Step #3: Click “Exchange Now” to transfer the money.
Step #4: Receive Litecoin (LTC) within 0-to-4 hours after the transaction has been approved.
- Buying Litecoin with Cryptocurrency
It is the simplest way through which you can purchase LTC. Binance is one of the most trusted and largest exchanges across the globe. In comparison to other exchanges, its fees are low and one of the most recommended ones for buying LTCs with Bitcoin (BTC) or Ethereum (ETH). LTC/BTC and LTC/ETH are some of the most popular pairs on this exchange.
2. Country of Origin
Certain crypto platforms have territorial locks on them. This is mainly because of the lack of partnerships among countries regarding the payment methods. Territorial locks happen because of the restrictions on local country-by-country partnerships. These partnerships are easier in the developed countries such as the US, UK, Canada, European Union countries, Australia, UAE, and Singapore.
The rules that are slapped on the crypto exchanges are based on the legal rules applicable in specific countries or local territories. That’s why the information sought from a US customer is different from that of a German customer.
No standard global parameters are there because of these country-wise differences. Crypto exchanges have to follow electronic payment laws that are existent in specific countries or territories in which the customers want to trade in.
3. Fee Payments
- The Miner Fee
- Exchange Fee
Fees vary significantly on crypto investments. No matter which exchange you use, the miner fee is there and it is unavoidable. In addition to that, commission/fee for making each trade on a platform is there for every crypto exchange.
Top 3 Best Cryptocurrency Exchange to Buy Litecoin (LTC)
How to Buy Litecoin (LTC)?
Step 1: Open an Online Account with an Exchange
If you want to buy and sell LTC, the best way in which you can do it is through a cryptocurrency broker. It will allow you to convert your fiat currency or any other digital currency into Litecoin online with just a few clicks.
You have to select a broker that will allow you to buy or sell LTC easily and securely.
How to Select Broker/Exchange for Buying/Selling Litecoin (LTC)?
Almost all the crypto brokers offer LTC for purchase. To choose any one of them, you have to look for certain characteristic features such as:
- The range of cryptocurrencies that you are able to buy from the platform. More the better.
- A reliable and easy-to-use platform of the broker is preferred. If you are a beginner, you may want to use a more intuitive broker such as Coinbase. However, if you are an advanced trader/investor, you may want more charts to make the next move. In that case, you may choose Coinbase Pro.
- The assets offered by the broker are another important feature you should look into. While some brokers offer only cryptocurrencies, others provide a combination of both cryptos and stock accounts.
- Fees structure should be looked into. It includes both commissions and maintenance fees.
- Availability of two-factor authentication, encryption, and security features must also be there.
Once you have compared the services offered and fees charged by the different crypto brokers offering LTC trade, you should choose the one that matches your financial goals.
Step 2: Buy a Wallet to Store LTC (Optional)
Once you have opened a brokerage account with a cryptocurrency exchange, it is now time to make arrangements for securely storing the LTC digital coins you have purchased. If you are holding Litecoin for a longer period of time, hardware wallets are preferred. This is because they are offline storage options and a physical device is involved in storing the keys.
You can either go for a cold wallet (including hardware wallet) or a hot wallet (including mobile/desktop wallet). It is not recommended to keep LTC on your exchange because you may lose all your funds in case of a hack.
Wallets safely store your coins with a private set of keys. Cold wallets, especially the hardware ones, are the best because they provide you the highest possible level of security. You can purchase hard wallets from anywhere, even from sites such as Amazon. These wallets work like a flash drive that allows you to connect to a computer or laptop for transferring coins into a securer wallet. The best part is that you can store coins offline, ensuring you’ve access to the coins all the time.
Step 3: Fund Your Account
Once an account is opened, you have to link a funding or payment method so that you can transfer the money from your source of payment to the concerned brokerage account.
Most brokers provide direct bank transfers and credit/debit cards as payment methods. Depending upon the broker or payment method, it may take anywhere from a few hours to few days for linking the payment source with the account.
Step 5: Buy Litecoin
You can place orders for buying Litecoin (LTC) through your account with the exchange. You can place an order of US$2 or EUR 2 worth of Litecoins. Check the current price and place an order. To purchase Litecoin, you can place a wide array of orders such as Market Orders, Limit orders, Recurring orders, Stop-limit orders, and others. These purchasing offers vary from one exchange to another.
Step 6: Transfer LTC to a Wallet
Once an order is fulfilled, the Litecoin is transferred to your account. If you want to hold, you can secure the coins in a wallet by using your private keys. For long-term holding, storing LTC on a hardware wallet is recommended.
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If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: