Buy Litecoin (LTC): A Comprehensive Guide
You can buy Litecoin (LTC) easily through a cryptocurrency exchange. To start trading this crypto, 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 Litecoin is, 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:
- Credit or Debit Card
- Bank Transfer
On the basis of the available payment methods, the platforms also change.
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 a 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 (BATMs): Buy Bitcoins from specialized ATMs for selling BTCs. BATMs are the best and most secure way of purchasing BTCs with cash and then electronically swapping them 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 a 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 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 asset 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 a 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 for brokers 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 Crypto 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.
Litecoin 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 secure 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 digital 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 a 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 App
Once an order is fulfilled, the Litecoin is transferred to your account. If you want to hold it, 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.
Buy Litecoin Tokens Now
If you are ready to invest in Litecoin or buy Bitcoins through online brokerage accounts, you can do so in a legit way by investing through cryptocurrency apps. You have to open an account with such an exchange, verify details (including basic personal information), and then fund your cryptocurrency trading account.
You can start depositing funds to your crypto exchange account to buy cryptocurrencies by connecting your bank account (savings accounts or checking accounts), transferring fiat currency money online through bank transfer, credit cards, debit cards, and other payment options. If you need further assistance, you may consider taking help from the vibrant and helpful Ethereum community. You can trade Litecoin with credit cards, debit cards, or other payment options through reliable crypto trading platforms.
In case you are bullish on the future prospects of Bitcoin BTC, Ethereum ETH, Litecoin LTC and other altcoins, you can buy Monero XMR, Cardano ADA, and other digital currency, Chainlink LINK, Ripple XRP, Binance Coin BNB, Basic Attention Token BAT, Bitcoin Cash BCH, Stellar Lumens XLM, Bitcoin BTC, Tron TRX, Tezor XTZ, Cosmos ATOM, DASH DASH, and Ethereum with USD. Then transfer them to hot wallets (including mobile app wallets and software wallets) or cold wallets (including most secure hardware wallets) and hold them for a longer time period for a significant price appreciation. Keep your XRP safe with Ledger Nano S, Trezor One, other Ledger and Trezor models, or other popular ones.
This will help you get a higher return in the long run, much more than investing in stocks, mutual funds, index funds, real estates, yield savings accounts, real estate investment trusts, fiat currency trading (forex trading), and others. In fact, many retirement funds or IRA accounts such as Roth IRA are allowing investors of purchasing XRP, Bitcoin, Chainlink, and other digital assets of investment in the portfolio so that the prospects of these funds increase due to the higher returns of XRP cryptocurrency, BTC, Ethereum Classic ETC, Chainlink LINK, Binance Coin BNB, Cardano, Polkadot DOT and other cryptos.
Therefore, it can be concluded that holding Bitcoin Ethereum and other cryptos can help you to build real wealth and multiply your net worth. You can learn investing basics to buy crypto currency and other digital assets to make more gains. You can start going through Wall Street Journal and other investing magazines on cryptos to learn more about investing in cryptocurrencies and make better financial decisions. You can learn about valuation calculation to true bitcoin value and assess the overpriced or underpriced situations instantly.
As a beginners guide, you may also check out the trading basics provided by various cryptocurrency exchanges such as Coinbase, Binance, Kraken, and others to buy Ripple with Polygon MATIC, Litecoin, and other cryptocurrencies. Defi tokens and NFTs (Non Fungible Tokens) are the next generation of crypto coins.
These decentralized coins have started to become very popular among traders who trade cryptocurrency. You can buy and sell them through cryptocurrency trading platforms too. Whether you buy Ethereum ETH or buy Dogecoin, you should also invest in Chainlink LINK, Litecoin LTC, Binance Coin, Cardano ADA, Polkadot DOT, Dogecoin DOGE, and trade Litecoin LTC for better diversification of coins. To diversify your portfolio, you may also buy stocks through stock brokers.
Get better guidance on improving your personal finance, retirement planning, management of cash flows or capital gains, and investment ideas from financial advisors and wealth managers, especially the ones who are not averse to Bitcoin and other cryptocurrencies.
While day trading, you should always try to invest only that much which you can afford to lose money. When you do margin trading, be very careful. Financial protection must be there in your mind always while you make cryptocurrency trades. While investing in cryptos, try to buy LTC through centralized or decentralized exchanges and reliable online brokers.
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