How to buy Litecoin (LTC)?

How to buy Litecoin (LTC)?

written by John Murphy | November 16, 2022

Litecoin, famously known as “the silver to Bitcoin’s gold”, hits crypto-investors wallets at any point in their journey. For either new or existing investors, Litecoin is a must-have for your portfolio. Many individuals scratch their heads and want to know how to buy Litecoin ?

Litecoin is one of the oldest cryptocurrencies launched in October 2011 Charlie Lee. Litecoin is well known for its high transaction speed and low costs. Although they were early runners in the crypto market, with continuous improvements, they remain relevant.

Litecoin’s global digital reach makes it one of the most attractive investments in the crypto ecosystem. Many experts tip Litecoin as the best Altcoin.

Well, buying Litecoin is not a difficult task and can be purchased in several ways. However, we will discuss the most common method, that is, through a crypto exchange.

So, let’s start learning – how to buy Litecoin?

Step-by-Step guide 

Please follow the below easy step-by-step guide to add silver of cryptocurrency to your wallet.

Step 1: Selecting a cryptocurrency exchange

The first step to buying Litecoin is to select a cryptocurrency that suits your requirements. Since numerous exchanges offer the sale of Litecoin, choosing the right one is essential. 

Only the right dealer can save you extra cents. In addition, there are essential features to check which will decide which exchange is best for you. Below are a few vital points to consider with a crypto dealer before buying Litecoin.

  • Interface: One of the most crucial features to consider in an exchange is its interface, whether it is user-friendly or not. Because an easy interface can save you time and effort, look for an app which best suits your requirements.
  • Commission: Definitely, you will want to avoid paying extra charges in the form of fees or commissions. Thus, selecting an exchange with nominal fees is the best for buying Litecoin. In addition, check costs for buying and selling, as many platforms also charge for selling Litecoin.
  • Security: Security is the most critical point of consideration in a crypto exchange. Higher security better the deal. You can get insights regarding security levels through customer reviews.
  • Variety: Almost all famous crypto exchanges deal with Litecoin. However, making an initial check is essential. So, check whether your short-listed platforms deal in Litecoin or not. It is also crucial for trading your Litecoin with other cryptocurrencies.

Step 2: Opening an Account

Once you have selected your preferred crypto exchange, the next step is opening an account with that exchange. You can start your registration process by clicking the “Get Started” or “Register” link on the webpage of the app of the platform.

There is no universal requirement, as each exchange has its requirements for account opening. However, a few common queries are mentioned below:

  • Full Name
  • Email Address
  • Phone Number

Most exchanges limited themselves to just the above information. However, to improve control, only some crypto trading platforms need further details to verify your identity. The process is called “Know Your Customers” (KYC).

For the KYC process, you usually are required to provide the following:

  • Date of birth
  • Social security number
  • Address
  • Valid passport, driver’s license or ID card

Step 3: Make the payment

The rule of thumb for buying Litecoin or any other cryptocurrency is only to buy a quantality you can afford to lose. Further, the cryptocurrency market is highly volatile, so making crypto a retirement fund is not recommended.

In addition, we recommend first buying a single Litecoin and checking all charges and transactions before proceeding with the total purchase. The sample purchase will clear doubts, and thus you can easily make the calculation.

Furthermore, the dollar-cost averaging method is better for calculating how much you should invest in cryptocurrency. 

Once you have decided how much you are willing to put into the crypto foray, you can transfer payment to your exchange. 

There are multiple payment options, including:

  • Direct bank transfer
  • Debit card (may result in 
  • Credit card

Step 4: Receive Litecoin

Finally, upon successful payment transfer, you will receive your Litecoin in your wallet. Further, you may wonder where you will keep your Litecoin. 

There are e-wallets available online where you can easily store your coins. However, you must select between two types of wallets – hot or cold.

  • Hot Wallets: The most common type of digital wallet are hot wallet. The exchange itself usually provides these. However, there are more secure ones than these. However, hot wallets are less expensive, as these are always connected to an active internet connection.
  • Cold Wallets: Unlike hot wallets, cold ones are not always connected to the internet, thus, are more secure. They may cost more, but their security level is always top-notch. So, experts recommend storing Litecoin in a private cold wallet to keep them safe from hackers.

Frequently Asked Questions

Where can I store my Litecoin?

You can easily store your Litecoin in any of the below-mentioned wallets:

  • Hardware wallets
  • Paper wallets
  • Desktop/mobile wallets
  • Crypto exchanges

Which exchange sells Litecoin?

Almost all famous crypto exchange platforms trade Litecoin. Here is a list of a few of them:

  • Binance
  • KuCoin
  • Kraken
  • Gemini

Is Litecoin worth buying?

Like other cryptocurrencies, Litecoin is highly volatile. It is a high-risk, high-reward investment. We cannot certainly determine how it will unfold in the future. Therefore, always seek professional advice before investing in cryptocurrencies.

Can I buy Litecoin with a credit card?

Yes, you can buy Litecoin with a credit card. However, check with your exchange whether they accept credit card payments. In addition, you may have to pay extra charges when buying Litecoin through a credit card.

How to sell Litecoin?

Selling Litecoin is similar to buying them; the only change is to select the “Sell” option with your exchange instead of “Buy”. Further, all the steps remain almost the same.

Parting Thoughts

The guide covered all the steps and answered the query – how to buy Litecoin? Litecoin is one of the top crypto coins, attracting new daily investments. Thus, making it an ideal cryptocurrency for both new and existing investors. Litecoin is one of the oldest coins in the cryptocurrency foray.

You can easily purchase Litecoin by opening an account with any crypto exchange platform. Subsequently, you can receive Litecoin in your digital wallet by paying through fiat money.

That concludes our step-by-step guide about how to buy Litecoin. We hope we have covered all the necessary touchpoints. However, please leave your feedback, as we always look forward to hearing from you. 

Good luck with your Litecoin. Cheers!