How to Buy Litecoin (LTC) in 2023: Step by Step Guide
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While there are a wide variety of different cryptocurrencies available on the market, there are several reasons why one like Litecoin (LTC) could be worth taking a closer look into; especially if you’re hoping to put your money into the best possible crypto asset.
There are always going to be a broad range of factors to keep in mind when choosing an investment asset, and the fact that Litecoin was made to improve upon Bitcoin in terms of speed and overall efficiency only helps to further its potential for success. It’s also available for a much lower price than Bitcoin, which is an attractive feature indeed.
If you’re interested in purchasing some of these particular digital coins for yourself, we’ve got all the information you need right here.
Table of Contents
Where to buy Litecoin
Thanks to the fact that Litecoin is one of the bigger cryptocurrencies on the market, there are plenty of platforms that facilitate this digital asset. Here are just a few of the crypto exchanges that we would encourage you to think about if you want to buy and trade LTC:
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Cryptocurrencies are very volatile and overall a risky investment. 69% of investor accounts lose money when trading CFDs
As one of the most popular cryptocurrency exchanges available, it shouldn’t come as much of a surprise that eToro is the first platform on this list. There are simply so many things that have helped to make eToro one of the best options out there; from its low trading fees to the range of digital coins available for trading on the exchange, including Litecoin.
Choosing an established and trusted exchange is always a good idea when it comes to your investments, so in that respect, eToro is already a great choice. Alongside this, it’s also easy to get signed up to, facilitates crypto-fiat trades, offers several payment methods (from credit card to PayPal), and much more.
It’s also incredibly user-friendly and offers great user support, making it an even better choice for new traders who are hoping to start investing in cryptocurrency.
How to Buy LTC on eToro
Buying Litecoin on eToro can be done in 3 simple steps:
Create an account on the eToro trading platform
Make a deposit
Search for Litecoin or LTC in the trading platform and start trading
Another great exchange that you may want to consider signing up to is Capital.com. Not only is LTC supported on this site, but it also offers 70 crypto trading pairs and access to more than 3000 markets – meaning that trading Litecoin isn’t going to be a problem.
There are plenty of features that help to make Captial.com a good choice; from the fact that there are no commissions or hidden fees, to the 24/7 customer care. Some of the other benefits of using Capital.com include:
You can make use of the free demo trading features to test the capabilities of the exchange before putting your money on the line
A simple and easy to use the mobile app, available for both Android and iOS
Features like negative balance protection, competitive spreads, and educational resources all help to make trading more profitable
Many of those looking for an efficient yet innovative exchange turn to Binance. Several things help to make this particular platform a good choice for new and experienced traders alike, particularly factors like low fees and advanced trading features.
This isn’t all that has helped to make Binance such a great choice though. Many investors have taken an interest because of the 50 different cryptocurrencies that are supported on it, including their own digital token Binance Coin (BNB). Others join for the general simplicity that makes the site so easy to use.
Coinbase is another platform that is well established in the crypto community, being a simple and user-friendly exchange. Many of those who choose to get started in trading use Coinbase for these factors. The fact that they have great fees on ACH and SEPA transfers only helps to make it an even more appealing option.
One of the biggest downsides to this particular exchange is that it isn’t available worldwide, so it’s not accessible to everyone. Even so, it’s still well worth considering everything that’s on offer.
From advanced algorithms to an easy-to-use and convenient mobile app; there are quite a few things that make Gemini worth a second glance. Low minimum order amounts, a wide selection of cryptocurrencies, availability and more have all helped Gemini to become one of the top choices.
Plus, for those who like sign-up incentives, Gemini might just be the best option, offering a $150 bonus in Bitcoin to those who invest $1,000 within 30 days of joining. With all this, it’s not hard to see why Gemini deserves a spot on this list.
As one of the oldest trading platforms in the cryptocurrency industry, and still one of the best, we simply had to include Kraken on our list. Overall, it’s a good choice for experienced investors as well as beginners, thanks to its low fees, wide range of available coins (over 50, including LTC of course), and high liquidity.
Kraken is an established exchange and while there are many platforms that improve on what Kraken has to offer, there are still some benefits to using this app for your trading needs.
How to buy Litecoin
Fortunately for those who are interested in taking advantage of everything that this cryptocurrency has to offer, it isn’t usually too hard for individuals to get started with buying and selling. Here are 3 simple steps to purchasing Litecoin:
Step 1: сhoose a crypto exchange or a trading platform
As you can see from the above info, there are plenty of different exchanges for you to choose from. The only issue that you may run into is finding the right one. After all, you’re going to need to make sure that you’re choosing the best platform for your needs – doing so could be essential to your success in trading moving forward.
Step 2: make a deposit
Once you’ve chosen a platform, you’re going to need to sign up and fund your account. The process of creating an account is generally easy across most exchanges since these platforms will want to make it as simple as possible for new traders to get up and running. Depositing money is usually fairly easy to do for the same reason, so you shouldn’t have to worry too much. Normally you can just use your bank account or a debit card for that.
Step 3: buy or trade Litecoin
Once you’ve got an account and some money available, you’ll be able to make your investments. If you’re interested in Litecoin, you can generally buy a few coins without much trouble (as long as it’s supported on your chosen platform, of course). Many exchanges also offer demo trading, which could be an excellent opportunity for anyone who wants to test out the system before putting forward any real money.
How to choose a platform to buy Litecoin online and what to consider
While we gave you a list of some of the top exchanges, we didn’t tell you how to choose the right one. If you’re not quite sure how to choose between these (and the much larger variety of options out there on the internet), here are a couple of tips that might help you out:
Make sure that you’re choosing a secure exchange with low fees
Taking care of your trading endeavors doesn’t need to be too complex or difficult. In fact, it’s far more beneficial for investors to use platforms that are easy to navigate. At the very least, it can help to make your time trading easier and more productive.
Check out the platform’s security
You can never be too careful when it comes to your investments. This is why reviewing the security that an exchange offers is an essential thing for crypto traders to do before signing up for anything. Consider any security compromises they may have dealt with in the past, or what type of encryption they use to protect their user’s data. Remember that different exchanges will have their own security measures – and some may even have insurance policies, so it really is a good idea to take a closer look into what’s on offer.
Also, it’s a good idea to search for a platform that provides users with a free Litecoin wallet to store the crypto.
The trustworthiness of the crypto broker
Last but not least, we’d like to encourage you to make sure that you’re choosing an exchange you can trust. There are unfortunately far too many scams and frauds in the cryptocurrency market and you’re going to have to navigate around all these if you want to make some genuine investments. You can rely on the six exchanges we mentioned earlier on, as well as a few other popular platforms.
Consider where the platform is available
Not all exchanges are accessible across the globe, which can be a bit of a nuisance for traders in areas where the rules and regulations on cryptocurrency trading are stricter. Before you sign up and put your money into an account, it’s important to first make sure that you’ll have no issues with using the site.
In general, you’ll be able to sell LTC just as easily as you bought it, on any of the exchanges we mentioned earlier. From eToro to Binance; several good exchanges facilitate trading (both when purchasing and selling your digital coins). Just take the time to ensure that you’re making the right decisions before you go ahead and make a trade that isn’t as profitable as you would have hoped.
The history of Litecoin
While we’ve dug a little deeper into how you could potentially get your hands on some of these digital coins, we haven’t yet touched on what Litecoin is or where it all began.
Developed in 2011, Litecoin was made for the purpose of being a more efficient version of Bitcoin. Being faster, more efficient and far less expensive, there are without a doubt quite a few things that have helped this cryptocurrency to grow as much as it has over the last decade. Of course, good marketing has helped to push LTC further, but it wouldn’t be anywhere near as popular as it is today if it hadn’t established itself as a good investment option.
What makes Litecoin different?
Litecoin wouldn’t be such an attractive investment vehicle if it wasn’t for the potential that it has to offer the crypto investment market. But why is LTC proving to be a good choice? Here are some of the factors that have helped Litecoin to become a solid competitor:
Looking into the data, you’ll see that LTC is one of the fastest cryptocurrencies available, with transactions generally taking as little as 2.5 minutes
Out of all the stablecoins, Litecoin is easily one of the most inexpensive options, which has certainly helped to make it more popular among new and experienced investors alike
The algorithm that LTC uses is different from that of other popular coins, which has made it more challenging for individuals to develop custom rigs to mine it
Litecoin offers high liquidity to its traders, which is an important aspect to consider when looking into any of these kinds of digital assets
Even with the significant increase in value, LTC saw in 2017, it’s still an incredibly affordable and relatively stable option
The blockchain Litecoin is based on is capable of dealing with much higher transaction volumes than Bitcoin, allowing for even more trading potential
While there are certainly other aspects to LTC that you may want to consider before buying, these are all some great points that make LTC an overall excellent choice for crypto enthusiasts and investors alike.
Is it worth mining Litecoin?
Most cryptocurrencies are created through the process of mining and if you’re interested in getting into crypto, you may be wondering if mining would be a better way to get some coins. While this can often depend on your personal preferences, most will find that trading is the easiest way to obtain Litecoin – and unless you plan on mining more in the future, buying an expensive rig specifically for mining might not be worthwhile.
That’s not to say that mining doesn’t have its advantages, but if you’re new to the world of crypto and want to get the best start possible, or you just don’t want to invest more time, effort and money than necessary, it’s worth sticking to trading on a trusted exchange for the time being.
What are the benefits of LTC?
Due to its popularity and overall efficiency, Litecoin is generally considered to be a good investment opportunity. Some of the most important factors to think about when deciding whether or not to buy include:
LTC is significantly faster than Bitcoin – Litecoin blockchain is 4 times faster, in fact
More than 3000 merchants accept LTC as payment
LTC is still improving and changing, allowing it to survive in the vastly evolving world of crypto
What kind of information is normally required to set up your trading account?
Most of the online exchanges and trading platforms will require their users to provide the following details as a part of the KYC (Know Your Customer) procedure:
Fist name and the last name
Valid email address
Contact number and address
Dara of birth and a copy of ID, passport, or a driver’s license for identity verification purposes.
All in all, Litecoin is a cryptocurrency that offers excellent potential for the future, as seen in the growth that this coin has enjoyed over the last decade. If you’re hoping to purchase some for yourself, it might be worth keeping the exchanges we listed earlier in mind. From fees to customer service; there are a whole host of aspects to consider when choosing and knowing what you want before signing up can be a good idea. We’re sure you’ll have a good experience with the exchange you choose if you take the time to pick the right one.
There are plenty of ways that you could get your hands on Litecoin, thanks to the fact that this is one of the more popular cryptos on the market. For example you can buy it on eToro and Binance platforms. While there are many benefits to buying via an exchange, especially if you’re planning on trading anyway, there are also other options that could be worth considering, such as buying through a crypto ATM.
Can you buy Litecoin with PayPal?
If you’re buying through an exchange, you’ll only be able to purchase these digital coins if the platform accepts PayPal as a payment option. Fortunately, many big names will offer multiple options to make it as easy as possible for investors to join them, so you can generally rely on the more popular exchanges to facilitate PayPal and other methods.
When should you buy and sell Litecoin?
As the value of cryptocurrencies can fluctuate, it’s important to make sure that you’re buying at the right time. As with any of these digital assets, you should aim to buy when the prices are low – but this isn’t always as easy as it sounds. Be sure to be considerate when investing to avoid making the wrong moves and suffering financially for it.
Is LTC a risky investment?
Just like any other cryptocurrency, or most forms of investment for that matter, there are risks that can come with putting your money into Litecoin. The value of this digital currency rises and drops, meaning that there will be times when the value is lower than what you bought it for. The best thing you can do is be aware of the risks that can come with trading and work around them as much as possible to get a return on your investments.
How to store Litecoin?
Litecoin can be stored using a crypto wallet. It can be hardware wallets that are physical devices you can plug into your PC or a digital wallet that’s a software you can install on your smartphone or computer.