Buy Litecoin (LTC)

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Litecoin

Litecoin is amongst the first altcoins to appear following the creation of Bitcoin. The currency, which was officially released in 2011, is not managed by any central authority, and just like Bitcoin, Litecoin is minted through mining.

Buy Litecoin (LTC)

You can invest in Litecoin on the following CFD trading platforms:

Litecoin’s main advantage over the original cryptocurrency is speed. While it takes a Bitcoin block around 10 minutes to process, a Litecoin block only takes 2.5 minutes. However, this ability comes at a price, with mining devices for the currency costing more than those used to mine Bitcoin.

Due to its sizeable market cap and potential for faster transactions, Litecoin is a very popular cryptocurrency, which is often traded across platforms and other means. This page will show you all the different ways to buy Litecoin and benefit from its changing value.

How to Buy Litecoin

If you would like to buy Litecoin, you must first familiarise yourself with its abbreviations, LTC or Ł. Either one of these abbreviations is normally used to represent the coin on trading platforms and exchanges. Today, Litecoin is the 6th largest cryptocurrency, with a market cap of over $3.5 billion.

The process to buy Litecoin varies depending on where you intend to purchase it from. In most online platforms, however, you would normally go through the following steps:

  1. Register or log in to an account with a reputable cryptocurrency exchange which offers Litecoin.
  2. Choose one of the payment methods (such as card, bank transfer or cash) accepted by the platform.
  3. Select the amount of Litecoin or original currency you wish to exchange.
  4. Fund your account or provide the necessary currency to affect the exchange.
  5. The exchange should deposit your new Litecoin coins into your account as soon as the funds are received or shortly afterwards.

As with all other cryptocurrencies, the value of Litecoin varies from one exchange to another. The highest price ever reached by the currency was $375.29 in December 2017, while Bitcoin was approaching $20,000.

The internet provides a large number of cryptocurrency exchanges and trading platforms, not to mention forums and P2P platforms. Choosing which one to use to buy Litecoin depends on a variety of factors, including which payment method you intend to use.

Buy Litecoin via Credit or Debit Card

One of the most popular and widely accepted ways to pay for your Litecoin is with credit or debit cards. By using this payment method, you can get hold of your new coins instantly, and usually, at no extra cost. Paying by card also allows you to pay in your local currency, even if the platform does not directly accept it since card issuers normally offer automatic currency conversion.

CEX.io is amongst the most prominent cryptocurrency exchange platforms which allow you to buy Litecoin with credit or debit cards. The platform accepts three fiat currencies, namely USD, EUR, and GBP, and is licenced to carry out money-based transactions as a registered money service business. CEX.io allows you to buy Litecoin or several other digital currencies, whilst also allowing you to trade on margin, using leverage to maximise potential earnings.

Coinbase is another major cryptocurrency exchange platform that offers you the possibility to buy Litecoin using your credit or debit card. Both CEX.io and Coinbase offer multiple platforms to suit the needs of the trader, with novice traders directed to brokerage services, and more experienced traders using platforms with advanced tools and options.

Other cryptocurrency exchanges and trading platforms which allow you to buy Litecoin with a credit or debit card include:

  • Plus500
  • eToro
  • Coinmama
  • BitPanda
  • AvaTrade
  • Binance

Buy Litecoin Via PayPal

PayPal is a popular payment method, especially in online retail stores and marketplaces. As one of the first eWallet accounts, it allowed users to pay online with confidence, and at no extra charge. Although PayPal offers currency exchange, it tends to be pricey, so you should only use PayPal to buy Litecoin if the platform you are choosing accepts your base currency.

Finding a platform that accepts PayPal is difficult since PayPal’s fees are so high and platform margins are extremely low. If you are looking to buy Litecoin with PayPal, your best option is to use a CFD trading platform. Litecoin Contracts for Difference (CFD) allow you to benefit from the currency’s upward or downward price movements without actually buying the coin itself. Plus500 is amongst the best known and most reputable CFD trading platform, allowing you to trade using leverage and favourable financing fees.

Trading CFDs is an investment strategy that is considered high risk and should only be carried out by experienced traders who understand the risks involved.

Other trading platforms which allow you to buy Litecoin with PayPal include:

  • IQ Option
  • eToro

Buy Litecoin via Bank Transfer

Bank transfers are one of the most widely accepted payment methods for cryptocurrencies since they do not usually entail any fees for the platform. However, for the user, this dated payment method is slow, expensive and often more complicated than paying by card or PayPal. Still, some users prefer to use bank transfers as they can exchange their fiat currency without incurring exorbitant fees.

Coinmama is one of the numerous exchanges which support buying Litecoin with a bank transfer. Considered to be one of the oldest exchanges still in operation today, Coinmama built its reputation on offering a fast and easy way to buy cryptocurrency. Deposits via bank transfers are free, and the exchange accepts EUR or USD payments.

Kraken is another example of an exchange platform that allows you to buy Litecoin, and a variety of other cryptocurrencies, using bank transfers. Rated amongst the safest crypto platforms ever, Kraken offers a variety of features best-suited to experienced traders, such as margin trading and advanced charting tools.

Other platforms which allow you to buy Litecoin using bank transfers include:

  • Plus500
  • eToro
  • IQ Option
  • AvaTrade
  • BitPanda
  • CEX.io
  • Coinbase

Buy Litecoin Anonymously

Although cryptocurrencies have a reputation for being an unregulated sector, the majority of reputable platforms all require a basic form of identification for users to be able to use their services. This is sometimes done due to the platform’s licencing rules, although often, the main reason is to protect the platform and its users from fraudsters. Nevertheless, there remain a few places where you can buy Litecoin anonymously, such as Changelly.

Based in the Czech Republic, Changelly allows users to trade a variety of cryptocurrencies using cards or other cryptocurrencies. The platform is renowned for requiring only minimal registration information, and you can buy Litecoin on Changelly by providing an email and a few other personal details. Most significantly, Changelly does not require you to provide a photo ID, allowing you a certain degree of anonymity, while still using a safe and reputable exchange.

If you would like to be totally anonymous, you can try and locate Litecoin sellers online and negotiate with them directly. Needless to say, this method is highly risky, so it is not recommended that you trade large sums in this way. Litecoin ATMs are also available around the world, and some allow you to remain totally anonymous when buying cryptocurrency with fiat currency. 

Where to Buy Litecoin

As a major cryptocurrency, Litecoin is sold on a variety of platforms and locations, not only online, but also in physical points. The price of the coin varies between one source and another, and sometimes even the method of payment results in a different sale price.

1. Buy it Online

Most cryptocurrency exchanges allow you to buy Litecoin using one or more payment methods. These platforms, very often, act as brokers, so you deal directly with the platform’s owner and not another user. This ensures that trades are secure and that no party can back out once the sale is agreed upon.

Exchange platforms invest a lot of resources in ensuring secure transactions, offering multiple currencies and payment methods, providing ancillary services such as customer care, charting tools, and advanced features. Understandably, they need to factor in these overheads in their fees.

A cheaper alternative would be to find an independent Litecoin broker who can facilitate a transaction and charge lower fees. While similar brokers for Bitcoin can be easily located on P2P platforms, such as LocalBitcoins, for Litecoin, this can be more challenging.

2. Buy it With Cash

Cash remains a popular payment instrument, but in the online world in which Litecoin exists, it can be difficult to find ways to buy digital coins with physical money. The best and safest way to do this is to locate a Litecoin ATM which accepts cash. In this way, you would provide the necessary Litecoin wallet address, deposit your cash and instantly receive Litecoin in your wallet.

An alternative option is to find a Litecoin seller or broker online and negotiate a sale in cash. Such a sale would require you to meet in person, so you need to ensure that the seller is in your general area.

Trading Litecoin

Using fiat currency is one way to get your hands on Litecoin, but there are several others. Like Bitcoin, Litecoin can be mined, and newly-minted Litecoin coins can be traded with other cryptocurrencies. In fact, most cryptocurrency exchanges allow you to trade Litecoin for a variety of other coins, including Bitcoin, Ethereum, Ripple, and Bitcoin Cash.

Geographical Restrictions

In order to buy or trade Litecoin, you need to be aware of geographical restrictions which might limit or ban you from using certain providers. Cryptocurrency trading is permitted in most countries, but is illegal in a few, including Pakistan. Due to these restrictions, several platforms do not allow the onboarding of users from certain countries.

Cryptocurrency exchanges such as Binance, ChangeNOW, and BitMEX do not allow US users from opening an account. Plus500 does not allow US users either, but this stands to reason since CFD trading is not permitted there. eToro, which also offers Litecoin non-CFD trading, accepts US users but with certain restrictions.

Users from other countries also face similar limitations. Australian users, for example, cannot register an account with either the trading platform, IQ Option, or the cryptocurrency exchange, BitPanda. While users from the EU also face certain restrictions, these are substantially lower than most other jurisdictions in the world.

Litecoin CFDs

CFD trading is a preferred financial instrument amongst experienced traders since, through leverage, traders can speculate on an asset’s eventual price movement and magnify potential earnings. Through leverage, losses are also magnified, which is why trading CFDs are considered high risk. Cryptocurrencies are a more recent market addition to CFDs, but they are quickly gaining popularity. Amongst the various cryptos available, you can trade Litecoin CFDs on a number of reputable trading platforms.

Where to Store Litecoin

The best and safest way to store your Litecoin is a cold storage wallet, such as Trezor or Ledger Nano X. These wallets are safe as they are not connected to live networks and cannot be hacked remotely. Cheaper, but less secure wallets also exist, such as desktop or mobile wallets.

If you do not wish to go through the hassle of securely storing your Litecoin you can opt to trade CFDs since with this financial instrument you are not physically buying the coin. In this way, you save yourself the expense and concern of keeping your digital currency safe. But be warned to tread cautiously since as previously mentioned CFDs are high-risk investments.

We also invite you to read our Litecoin vs Bitcoin Cash article Here!