All you need to know about Litecoin ATMs

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All you need to know about Litecoin ATMs

Litecoin has the reputation for being the second cryptocurrency that was created after Bitcoin, so it makes sense that Litecoin ATMs are on the rise. It can be used as a medium for payment anywhere around the world without any interference from a third party. Litecoin has $11 billion and a maximum supply of 84 million. Its technology is also widely used in the crypto and financial sector, making it one of bitcoin’s most aggressive competitors. It serves as a test network for Bitcoin as it has a lot of similarities with Bitcoin. Litecoin is a lucrative cryptocurrency to invest in, both for short-term or long-term investors. Litecoin was priced at $132 in January 2021, it now goes for $169. That’s an indication that Litecoin is a lucrative coin to invest in. Mining Litecoin is also on the rise.

This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.

What Are Litecoin ATMs

Cryptocurrency ATMs are banking terminals where you can complete transactions on the crypto ATM using cash or debit card. This is gradually gaining ground globally.

There are two types of crypto ATMs, unidirectional or bidirectional.

  • Unidirectional ATMs allow you to either buy or sell specific cryptocurrencies;
  • Bidirectional ATM allows you to either buy or sell a specific cryptocurrency on the ATM.

30% of crypto ATMs are bidirectional out of which 23% are located in the USA.

Litecoin ATMs use the internet which means that your transaction is done online. Depending on the machine type, some crypto ATMs issue paper receipts with QR codes to complete your transaction while others move your money to a public key on Blockchain.

Usually, crypto ATMs are not connected to a bank but directly to your crypto wallet or exchange. There are however some bank ATMs that serve as crypto ATMs but with revamped software that does not require a bank account or debit card.

Crypto ATMs are now popping up in some countries across the globe. Litecoin has its designated ATM terminals where you can conduct transactions on Litecoin. In the first half of this year, the number of Litecoin ATMs has doubled. This has put Litecoin in the leading altcoin-supporting cryptocurrency with ATM terminals. There are Litecoin ATMs that allow you to transact Litecoin only or Bitcoin ATMs that allow you to conduct Litecoin transactions. Countries like UK, USA, and Canada have operational Litecoin ATMs scattered across the various countries with a prediction of continuous increase.

ATMs, as was introduced by traditional banks, have made cash transactions easy for users. All a user needs to do is visit an ATM terminal, insert their ATM card, and through electronic reading can conduct their cash transaction.

The same goes for Litecoin ATMs, only that you are not able to withdraw the crypto coin like you withdraw cash at a traditional cash ATM terminal. However, what a Litecoin ATM has in common with a fiat ATM is that it makes Litecoin transactions easier. It serves as an alternative to using crypto exchanges to make Litecoin transactions. All you have to do is go to a Litecoin ATM terminal and use your digital card issued by the Litecoin group.

This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.

Advantages of Using A Litecoin ATM Terminal

  • Easy To Use – Using a Litecoin ATM is just like using a cash ATM. There are on-screen instructions that you’ll follow. They are simple and self-instructive. You do not need to set up an account right there before you can use it. All you need is your QR code with your key and you’re good to go.
  • Fast Transactions – Litecoin ATMs are easy to use thereby making them suitable for fast transactions. Transactions are completed in few minutes.
  • Secure Transactions – One known advantage of cryptocurrency is the decentralized nature which guarantees you a secured transaction. The same goes for Litecoin ATMs. For every transaction at the ATM terminal, the ATMs generate new private and public keys as QR codes printed on paper. This is also called a paper wallet.
  • No Need To Have An Account – Like the traditional bank ATM where you do not need to have an account with the bank before you can use the ATM. The same goes for a Litecoin ATM, you do not need to have an account with the operator before you can use it. What most operators do is that if you want to make transactions beyond their daily limit, you are required to have an account with them. Smaller transactions do not require an account and pass true some KYC procedures.
  • Flexibility – Litecoin ATMs are located across the country. While there are different operators and probably charge varying transaction fees, they still offer you the opportunity to buy or sell Litecoin on the go, with little or no hassle. The QR code printed at the ATM point can serve as an offline hard wallet or you can choose to transfer your Litecoin to an online wallet.

Disadvantages of Using A Litecoin ATM Terminal

  • High Transaction Fees – The transaction fee can be on the high side, depending on the operator and the size of your transaction. Transaction fees are usually a percentage of your total transaction which can range from 5% to 20%.
  • KYC Hassle – While most Litecoin ATM operators allow you to use their ATM without an account, there is a KYC procedure that you must comply with. This may require your government-issued ID, mobile number, and passport photograph. This is common where you want to transact a large amount of Litecoin.
  • Risk of Scam – There have been cases where people received phone calls from a fake government agency asking them to make a crypto transfer via an ATM. The fact that cryptocurrency is non-refundable is quite a disadvantage for those that have fallen victim to the scam.
  • Availability – Litecoin ATM operators have not yet found a way to have their terminals at every nooks and cranny of the country like the traditional bank ATMs. There are still quite a number of areas not yet provided with Litecoin ATMs to cover across the USA.
  • Frequent Technical Problems – Litecoin ATMs are a new technology, therefore the machines develop technical faults often. If you’re unlucky and this happens in the middle of your transaction, it could be a problem. It poses a security risk as your confidential data may be at risk, especially if you don’t complete your transaction before the fault occurs.

How To Use A Litecoin ATM

You can perform different types of transactions at a Litecoin ATM terminal. You can buy Litecoin with cash, sell Litecoin for Cash or transfer Litecoin using the Litecoin ATM. Below are steps to follow when carrying out the different transactions at the Litecoin ATM terminal. These steps vary from machine type.

Man using crypto ATM

How To Buy Litecoin Using Litecoin ATM:

  • The first step to using a Litecoin ATM is to select the buy option on the ATM screen. To successfully complete this transaction, you must have a Litecoin wallet. The QR code on the wallet is what will give you access to transact at the ATM terminal. You can either take the wallet or print the QR code to the ATM terminal. You can try wallets like Blockchain and Bitpay;
  • When you locate a Litecoin ATM, the next step is to scan the QR code of your wallet;
  • To scan your QR code, select Litecoin on the ATM on-screen prompt. Then you open the QR code in your wallet and hold it up to the ATM’s camera. It will scan it and register the information of where to send the Litecoin once you confirm your purchase. You may require further ID verification for larger transactions;
  • After scanning your QR code, the next step is to insert your fiat currency. There will be an on-screen prompt asking you to confirm your payment. There will be a service fee charged based on the Litecoin market price;
  • Once this has been confirmed, the Litecoin will be sent to the QR wallet address that was scanned. It takes from 10 minutes to 2 hours before the transaction is completed.

How To Sell/Withdraw Litecoin Using Litecoin ATM

  • The first step is to choose the sell option on the ATM screen. Then you will be required to perform ID verification. This is usually for only when you want to see via the ATM terminal. The verification process varies from machine type;
  • After verification, you will then select the amount you want to sell and click on the ‘sell’ button on the screen;
  • A receipt will be printed with a QR code on it. The QR code is the address you will send the Litecoin to;
  • You will then scan the QR code to confirm the transaction;
  • After the Litecoin has been transferred, depending on the type of machine, you may get your cash immediately or receive a redeem code (especially in cases of a large amount of cash) and wait for further confirmation before you can get your cash.

Litecoin ATM Charges

Litecoin ATMs allow you to buy or sell Litecoin via an ATM terminal. There are designated Litecoin ATMs or Bitcoin ATMs that allow you to buy or sell Litecoin. Depending on the type of machine, transaction fees are charged when you use the crypto ATM terminal. For Litecoin transactions, an average fee of 10% to 20% is charged on every transaction. You may be charged as low as 7% and as high as 25%.

There is also a buy limit on some Litecoin ATMs. The buy limits are set depending on the operator. The ATM operators in the United States are required to register with the Financial Crimes Enforcement Network (FinCEN) and also comply with the anti-money laundering provisions of the Bank Secrecy Act (BSA). The buy limit range of most operators range from a minimum of $5 to $20 per transaction and a maximum ranging from $3,000 to $9,000 per day.

Litecoin ATMs Locations

There are 2329 Litecoin ATMs across the world. This makes Litecoin the altcoin with the highest number of ATM terminals in the world, second to Bitcoin which has 3969 ATM terminals across the globe.

There are crypto ATMs across America. The majority of it is split between Bitcoin, Ethereum, and Litecoin. However, most of the Bitcoin ATM terminals also allow Litecoin transactions. Many compare Bitcoin Cash to Litecoin, however, Bitcoin Cash ATMs are virtually nonexistent.

This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.
This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.
This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.

In America alone, there are 1,960 Bitcoin/Litecoin ATM terminals. Los Angeles is known to have the most Bitcoin/Litecoin ATM terminals with a total number of 250 spread across the city. Chicago is a close second with 170 Bitcoin/Litecoin ATM terminals. This is followed by New York and Atlanta which have 120 Bitcoin/Litecoin ATM terminals each. The nation’s capital, Washington D.C has 60 Bitcoin/Litecoin ATM terminals. You can check online for the nearest Bitcoin/Litecoin ATM terminals to you.

Anyone can access a Litecoin ATM either to buy or sell. All you need to do is have the requirements that will give you access. For a successful transaction at a Litecoin ATM terminal, you must possess a Litecoin wallet with a QR code which will be scanned before you can buy or sell Litecoin on the ATM.

Top Litecoin ATM Operators

  • Bitcoin Depot – This is a popular Bitcoin ATM in America that offers the option of transacting other cryptocurrencies including Litecoin. You can buy and sell different cryptocurrencies on Bitcoin Depot ATMs spread across 45 states. There is a minimum of $20 and a maximum of $15,000 transaction limit per day when you use Bitcoin Depot.
  • Coin Cloud – This is another cryptocurrency ATM operator that offers you the option to buy and sell Litecoin over the ATM. You can transact Bitcoin, Litecoin, and 30 other cryptocurrencies on Coin Cloud ATM. The transaction limit on Coin Cloud is $15,000.
  • CoinFlip – They offer Litecoin services at their ATM terminals where you can buy or sell Litecoin. They have a very low transaction fee which is what makes them one of the most preferred crypto ATM operators in the US. They charge 6.99% over the spot price for Litecoin purchases which is almost twice as low as the industry standard. While they charge 4.99% for the sale of Litecoin. They are located in 45 states across the country.
  • Rockitcoin – They offer Litecoin ATMs in over 900 locations across the country. They offer affordable transaction rates ranging from 3% to 6 % depending on the transaction quantity and size.
  • Bitcoin Of America – They have over 500 crypto ATM terminals in dozens of cities across the country. Their Bitcoin ATMs support the buying and selling of Litecoin.
  • Byte Federal – This is a multiple crypto ATM operator that offers the opportunity to buy or sell Litecoin over the ATM terminal. They provide a detailed transaction history and paper receipts when you use their terminal. For those with a registered about, you have a transaction limit of $21,000. The ATM accepts both credit cards and debit cards for payment of Litecoin purchases.

Litecoin ATMs are a very good option for buying or selling Litecoin. It has now been made easy just like the traditional banks, with the introduction of cash ATMs made cash transactions easy. However, if you do not have access to Litecoin ATMs or you do not trust them just yet, there is another alternative to using Litecoin ATMs. The alternative is using a reputable crypto exchange to buy or sell you Litecoin conveniently. Some of the reputable crypto exchanges that allow you to buy or sell Litecoin include:

  • Coinbase;
  • Bitpanda;
  • Kraken;
  • Coinmama;
  • eToro; and
  • Cex.io.
5/5

This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.

5/5

All these exchanges offer you the option of buying and selling Litecoin. They have security features that keep your transaction secure and your digital assets safe. They also charge reasonable transaction fees depending on the platform you use. Depending on the exchange platform you choose, they have different KYC procedures and other terms and conditions you need to familiarise yourself with before using. Another major thing to note about crypto exchanges is that the prices of cryptocurrencies vary from platform to platform. What this means is that the price of Litecoin on Coinbase may be different from the price on eToro. However, the difference in value is always minute but could be significant when dealing with a large volume of transactions.

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