How to Buy Litecoin – Complete Guide
Should you invest in Litecoin? Answering that question isn’t easy. We know it’s a strong crypto that’s been around for longer than most. However, we’re not here to convince you one way or the other. What we’re here to do is show you how to buy Litecoin (LTC) in the best way possible. So, if you’re ready to learn more about the LTC buying process, join us as we talk you through the basics…
Why Buy Litecoin Now?
Why buy Litecoin? Firstly, Litecoin is “lighter” than Bitcoin. When founder Charlie Lee forked away from Bitcoin, he wanted to reduce transaction times and fees. The end result was Litecoin and, today, the blockchain can still process transactions faster and cheaper than Bitcoin. Another reason Litecoin stands on its own as a blockchain is that it’s protected from flooding attacks. Thanks to some clever coding while the network was being built, this is a highly secure crypto.
The final reason you should want to buy Litecoin is that it’s well established. Unlike other altcoins that have been around for a year or two, people have been trading LTC since 2011. This not only means there’s a high degree of liquidity but that coin is stable and unlikely to suddenly disappear.
What is the Best Site to Buy Litecoin?
OK, so we’ve said why, now let’s take a look at where to buy Litecoin. If you check out our recommended exchanges, you’ll see there are plenty of places offering this coin. Naturally, some are better than others. Using our industry experience, we’ve picked out three of the top places to buy LTC coins.
eToro: Instead of looking for the best exchange to buy Litecoin, you can use a broker instead. Using a broker allows you to buy contracts for differences (CFDs) instead of the underlying asset. The benefit of this is that you can speculate on the price increasing or decreasing. Additionally, as we’ve noted in our eToro review, you can copy the trades of experts using the social trading function.
24option: If eToro doesn’t suit, take a look at our guide to 24option. Another online broker, this site allows you to trade a variety of assets, including cryptocurrencies. Heading the list of options alongside BTC and ETH is LTC. Like eToro, 24 Option allows you to buy Litecoin CFDs. What’s more, you’ll have the regulatory oversight of CySEC to ensure you and your money are safe.
Changelly: For a slicker way to buy Litecoin, Changelly is fantastic. Although we break down the finer points of Changelly in our review, this platform offers speedy fiat-to-crypto and crypto-to-crypto transactions. In simple terms, this site allows you to swap one coin for another.
|Coins Offered||BTC, ETH, XRP, ADA||BTC, ETH, XRP, LTC, DASH||Dozens of coins, including: BTC, ETH, LTC, DASH and more.|
Paying for Litecoin
To get the lowdown on the Litecoin buying process, make sure you read through our in-depth step-by-step buying guides. For a quick overview of how to invest, check out the simple steps below;
- Follow this eToro sign-up link and create an account.
- Enter the deposit page and choose Visa, MasterCard or PayPal.
- Make a fee-free deposit of at least $1,000.
- Search for Litecoin/LTC.
- Decide whether you want to “buy” (i.e. the price of LTC will increase) or “sell” (i.e. the price of LTC will decrease).
- Input the amount you’d like to invest and execute the trade.
- To buy Litecoin at 24 Option join and then follow the same process as above.
- Join Changelly.
- Choose your deposit currency and Litecoin from the drop-down menus.
- Input the amount of LTC you want to buy.
- Click exchange.
- Login or create an account if necessary.
- Transfer the necessary funds to Changelly.
- Input your wallet amount and wait for the coins to be sent over.
Our Expert Opinion: Invest in Litecoin for These Reasons
Why buy Litecoin? Well, as we’ve said, it’s an established digital coin that’s proven to be fast and efficient. What’s more, the price of LTC is still affordable and that means you can join the action if you’re a novice investor. While that’s all well and good, we’d encourage you to take a look at what eToro offers. CFDs might sound complicated, but they’re really not. In fact, when you trade CFDs, you have a lot more flexibility. Because you can buy Litecoin CFDs and speculate on the price increasing or decreasing, there’s a lot more scope to make money.
Even if you found the best exchange to buy LTC, you wouldn’t be able to do this. Another reason it’s worth using our eToro sign-up link is that it gives you access to the site’s social trading features. By following experts, you’ll learn more about trading in general. Additionally, the software will apply their trades to your account at a level you can afford. So, even if you don’t know how to buy Litecoin, eToro’s software allows you to essentially fake it before you make it.
Buying Litecoin: Payment Methods
Ready to buy Litecoin? OK, here’s how to do it via eToro’s two most popular methods:
- Join eToro and select the deposit now option.
- Choose “credit/debit card” and input your card details.
- Make a fee-free deposit of at least $1,000.
- Search for LTC and execute a trade.
- Follow steps 1 and 2 above.
- Deposit at least $1,000.
- Log in to PayPal.
- Use your available funds or draw money from your bank.
- Confirm the transaction and wait to be taken back to eToro.
How to Store Your Litecoin in a Wallet
Although many of the latest cryptocurrencies are creating their own wallets, there are still plenty of third-party options available. Indeed, if you check out our wallet hub, you’ll get insights into the leading options as well as the latest innovations. Because Litecoin is well-established, you can store it in almost all of the best crypto wallets. As a general guide, you can use the following online and offline options to hold your LTC balance:
- Ledger Nano S (offline)
- Trezor (offline)
- Litecoin Core Wallet (desktop)
- Exodus (desktop)
- LiteVault (online)
Other Ways to Get Litecoin
If you don’t want to buy Litecoin, you can mine it. In practice, this can be quite technical. You can learn more about the process by checking out our guide to mining. If you’re still interested after that, you’ll need the following:
- A sufficiently fast CPU or a high-quality graphics card (GPU).
- A Litecoin wallet.
- Mining software like EasyMiner.
- Access to a Litecoin mining pool like Coinfoundry.
Now is the Time to Buy Litecoin
Is now the time to buy Litecoin? Well, that’s for you to decide. In this guide, we’ve told you where to buy LTC and how to do it. We’ve also shown you the best exchange to buy Litecoin and highlighted the benefits of using a broker like eToro. In fact, if we’re giving you any sort of direction, we’d suggest taking a look at eToro and the trading features it offers. However, beyond all of this, we can’t tell you whether it’s worth buying LTC. That’s for you to decide. We’re confident it’s a strong crypto, but it’s your job to learn more about what it offers and then use the information in this guide to invest safely and securely.
Extra Litecoin Resources and News
Buying Litecoin FAQs
Featured image source: Flickr