How to Buy Litecoin (LTC)

One of many cryptocurrencies born out of the original Bitcoin open code is Litecoin. It was one of the first coins to find its way into the attention of mainstream traders and has remained amongst the most popular on the exchange to date.

Buying Litecoin online is high on a lot of savvy investors’ lists, especially those who are looking to mix things up and diversify their crypto portfolio. Because of its liquidity and long-standing reputation, it is a common and intelligent choice.

Knowing how to invest in Litecoin, including where to buy it, what to buy it with, and how to keep it safe, is essential to getting the best start to your investment. Our guide talks you through the best ways to buy and store Litecoin and looks at the pros and cons of Bitcoin’s baby brother.

Options for Buying Litecoin Online

There are three main questions to ask when considering your options for buying Litecoin online: where do I find it, how do I pay for it, and where do I keep it once I own it? Luckily, we have the answers to all three.

Where to Buy Litecoin

Bitcoin and Ethereum have certainly gained fame for being immensely popular cryptocurrencies. Nonetheless, if you have been in the crypto world for some time, you know that there are other fantastic options as well, and Litecoin might be one of them.

Litecoin has become one of many people’s favorite crypto, and it’s the primary reason why numerous traders and investors are looking for convenient platforms that allow them to buy this coin. Even though there are some options out there, eToro might be the ideal one for you, especially if you want something straightforward, user-friendly, and safe.

This guide explains the essentials of opening an account with eToro and using it to buy Litecoin. It’s the ideal article to get started with this platform and take advantage of it to acquire this coin!

Step One: Open an Account

Numerous traders would like to enjoy the benefits of owning specific cryptocurrencies. However, that is not possible unless you buy cryptos, and you can’t do that until you open an account with eToro.

This site is a specialized platform where you can trade different cryptos. In this case, it might be the ideal website to rely on when you want to buy Litecoin.

To get started, you have to go to the eToro homepage and fill out information about yourself.

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Before proceeding to the next step, there are some things you should keep in mind. On the one hand, you must reread the information about yourself to guarantee that you don’t have any typos or mistakes.

On the other hand, you should check the Terms & Conditions as well as eToro’s policies. After doing all of this, you can click on ‘Create Account’ and keep going with the process.

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Step Two: Upload ID

Opening your account with eToro also means you must verify your identity. The platform requires you to upload certain documents to do this because you must prove that you are who you say you are.

When you verify your identity on eToro, you have to upload two things: a valid identification picture, and a proof of residence.

Step Three: Make a Deposit

Depositing money on your account is as essential as verifying it because you can’t use it until you fund it. Thus, go to the ‘Deposit’ tab after you log in, choose the amount of money, currency, and payment method, and proceed to the following steps.

Step Four: Search for Litecoin

Your account is set up, so you can start exploring eToro and learning about all the features that it offers you. Search for Litecoin and the alternatives you get to buy it and get started!

Step Five: Buy Litecoin

The last step is to buy Litecoin. If you’ve made it this far, congratulations! You can now use your eToro account to purchase this cryptocurrency and change your trading experience.

Other Methods

As one of the bigger cryptocurrencies, Litecoin is available on most major exchanges and trading platforms. Stick to the exchanges with the best reputations and the largest user bases since they tend to be the most reliable. These include, but are not limited to, Coinbase, Kraken, Binance, and CEX.io.

Ways to Pay

Anyone looking for a fast and easy way to buy Litecoin should consider buying with a credit or debit card. Like most online card transactions, payments and product acquirements are instantaneous. It is convenient not only because of the transaction speed but also because of how widely accepted it is as a payment method.

Almost all the mainstream exchanges that sell Litecoin accept card payments. That said, not all sites operate with similar policies. Before using a card to buy Litecoin, look into the transaction fees, minimum spends, maximum payment limits, and country of origin.

Why does all that matter? Because we want you to get the best deals! US-based exchanges usually have the best prices for buying with US cards but often have lower spending limits. Some of the most famous platforms have great exchange opportunities but high card transaction fees; Coinbase, for example. Coinmama has the highest limits, and Kraken has the lowest costs.

Do your research into card payments for Litecoin. It is by far the easiest method, but easy to lose out on money if you don’t shop around first.

You can now buy Litecoin directly on PayPal! The platform grants easy access to the exciting currency with all the user-friendly ease PayPal is famous for. However, you can’t do anything with it after you buy it.

PayPal only lets you buy and store your Litecoin in your account: you cannot withdraw it into a digital wallet or transfer it to a crypto trading app. You can’t even send it to another PayPal account! All you can do with Litecoin on PayPal (for now) is speculate on the price and sell it back to PayPal whenever you want to cash out.

E-Toro, another famous exchange, also has a PayPal function for buying Litecoin, but it is unfortunately not yet available in the US.

If you are not in a rush and don’t mind waiting for your funds to arrive, you can cut down on fees by buying Litecoin through a bank transfer. US bank account holders can pay directly from their bank more than anyone else can, but fewer platforms are offering this service than cards.

Binance- arguably the largest crypto exchange in the world- is one of the best places to buy Litecoin via bank transfer with low fees, charging as low as $15 per US transfer regardless of the amount. Coinbase is another good choice for using this method, charging just $10 to transfer a deposit. It does, however, charge more to withdraw.

Time is the other factor to consider if transferring directly from a bank. Most transfers take between five and seven days, so it is not the best choice if you want to move quickly. It is, however, easier to send large sums of money this way than with any other payment method.

Last, but certainly not least, you can buy Litecoin with other cryptocurrencies. Litecoin is a very liquid cryptocurrency right now, which makes it appealing to many investors who are already in the market. Using other currencies to buy Litecoin is a very effective way for smart investors to keep things moving and diversify their interests.

Exchanging Bitcoin for Litecoin couldn’t be any easier, as long as you do it on a platform that supports both currencies. Changelly, Poloniex, and BitPanda are three examples of largescale exchanges where almost any currency can be used to buy Litecoin. In most cases, all you need to do is say how much Litecoin you want and what cryptocurrency you want to use to buy it, then the platform gives you an amount to send.

Ways to Store

Ideally, you don’t want to keep any cryptocurrency stored on an exchange platform as it leaves it more open to risk. It is, however, possible. Most digital trading apps allow you to deposit funds and keep them stored directly in your account with them, making it quicker and easier to access when you want to make a trade.

Sure, this is convenient, but it is not a long-term storage solution. It is essentially the equivalent of withdrawing cash and leaving it in a store to pick up and use when you go in: not exactly the wisest or secure practice.

You can deposit some of your Litecoin into your chosen exchange platform and keep it there for trading purposes, but it is left open to a lot more variables while it is there. If you plan to make a lot of trades over a short time, it is smart to transfer some funds over from your wallet when the time comes.

One of the best solutions for storing your Litecoin- or any other cryptocurrency for that matter- is in a verified digital wallet. Just like a bank account, a crypto wallet lets you hold your funds in one safe, secure place that only you have access to and control over.

Depending on what company you choose to set up your wallet with, you may be able to hold multiple currencies at once, which is highly beneficial for anyone looking to keep their eggs in multiple baskets. It is also much easier to exchange between Litecoin and other currencies, Bitcoin, for example, if both are compatible with your current digital wallet.

Every trading platform worth its salt lets you connect to at least one of the most popular online digital wallets (including Coinbase and Exodus), making it easy to withdraw funds almost instantaneously. These wallets are purely digital and held entirely in the cyber realm. Although they use strict security keys to gain entry, there is still an element of risk involved.

Litecoin offers its own desktop app for buyers where they can keep their coins. It is connected to Litecoin technology and software and is a really easy way to keep your currency handy and available on your PC.

There is no method of Litecoin storage more secure than an offline digital wallet. It works the same way as an online wallet, except you can withdraw and download your funds onto a secure drive.

Offline wallet drives come in a few shapes and sizes, but they all do pretty much the same thing. They keep cryptocurrency- Litecoin, for example- stored in files on what looks basically like a USB stick with a twist. When plugged in, the currency uploads like any other file, providing instant access to whoever has the correct passcodes.

Some are more advanced than others, and the prices vary greatly. As long as the currency is secure and password protected and the drive itself is sturdy and reliable, you are onto a winner. Popular brands, including Ledger and TREZOR, offer various models in a few different price ranges, all of which are impressive options.

Benefits of Investing in Litecoin

  • Ranked amongst the top 10 cryptocurrencies in the world.
  • Comparatively low transaction fees to other currencies.
  • Fast-moving transactions
  • Lots of coins available
  • Steady growth in value

Litecoin Limitations

  • Often confused with or overshadowed by Bitcoin, despite many differences
  • Known for being used on the dark web
  • It is not yet accepted openly as a payment method
  • Recent dip in social interest and popularity

Litecoin Price Prediction

Currently, the forecast for Litecoin looks good until the end of the year, with the value expected to peak at the end of the year. However, it is expected to dip a little going into the New Year.

Price predictions are constantly changing, so it is essential to keep up-to-date with whatever currency you are interested in. Overall, Litecoin is a solid choice: not one of the most lucrative or volatile, but steady and easy to track. If you are thinking about investing in Litecoin, at least now you know where to start!

What’s the future of Litecoin (LTC)? Read our article to find out: