How To Buy Litecoin
Most people have been faced with the problem of how to buy Litecoin. Buying Litecoin involves taking into consideration specific factors.
Before deciding to buy Litecoin, you must, first of all, choose a reliable and secure wallet to store your LTC tokens.
Where to Store Your Litecoins
First of all, this is important for all first timers seeking to venture into Litecoin. Litecoin Core has proven to be one of the most original Litecoin wallets out there. This wallet can be installed for free on your desktop computer. This wallet will download the entire or full Litecoin blockchain. Thus meaning that you have enough storage space and patience before deciding to install the wallet.
You can also choose from desktop wallets like; Jaxx and Exodus, hardware wallets like Trezor, Nano S Ledger or mobile wallets like Loafwallet. Picking a good wallet will ensure that you don’t lose your coins to either hacks or other fraudulent activities.
Which Currency Do You Seek to Buy Litecoin With?
Litecoin can be bought in various cryptocurrency exchanges that accept fiat and cryptocurrencies. The number of currencies that Litecoin can be bought with has increased over the years. CoinBase, Poloniex, BitStamp, and Bitfinex are some of the secure, fast and reliable cryptocurrency exchanges that Litecoin can be bought on. These exchanges all accept the purchase of Litecoin either through bank transfer or purchase of another cryptocurrency. Some of these exchanges can be accessed in over thirty-three (33) countries. Buying Litecoins through bank transfer or wire can take about 4-5 days before it reflects on your personal wallet. Due to the volatile nature of cryptocurrencies, the price may soar or fall drastically during the four days period.
Litecoin can be bought with Ethereum and Bitcoin.
To buy Litecoin with Ethereum, there are some exchanges that must be used. Some of them include:
- Changelly: over the years, Changelly has proven to be one of the best cryptocurrency exchanges out there. It is also one of the fastest exchanges that can convert Ethereum to Litecoin. Changelly does not support the storage of funds on the platform, this means that the probability of users losing their funds is low. With this exchange, all you have to do is to mention the amount of LTC tokens you want and the address that these tokens should be sent to. In less than 40 minutes, Changelly will inform you of the total number of Ethers you need to send and if it is confirmed your LTC tokens will be received immediately.
- Shapeshift is the first exchange that came up with the idea of not storing funds. Just like Changelly, you have to only mention the amount of Litecoins you want, send the required amount of Ethers, and in less than no time your purchase is Confirmed.
Buy Litecoin with eToro
Another platform that can be used to buy LTC tokens is “eToro.” This platform does not grant you access to your coins, all it does is allow you directly buy Litecoin with fiat currencies like Dollars and Euros. Users who buy Litecoins with eToro do not necessarily need a wallet. This is because eToro does not directly give them the coins purchased.
Also, Litecoins can also be bought with your credit cards as well, and BitPanda exchange will assist you to buy with your credit cards. Although it is generally known that buying with credit cards attracts higher transaction fees compared to other methods. Some of the exchanges where Litecoin could be bought with credit cards include:
1. CoinBase: this cryptocurrency exchange supports the buying of about $500 worth of Litecoins with your credit card.
2. BitPanda is another good cryptocurrency exchange that allows you buy Litecoin not only with credit cards but also with your Skrill account, SOFORT, and SEPA transfers. It is important to note that they buying limit on this platform is low compared to others.
3. BitStamp being one of the oldest cryptocurrency exchanges also supports the buying of Litecoins with credit cards. It also supports direct bank transfers.
It is important to note that most LTC tokens are bought with Bitcoins. Shapeshift, Bitfinex, Poloniex, and BitStamp are among the few liquid cryptocurrency exchanges that can handle BTC/LTC transaction.
Buy and Withdraw Litecoin
After you must have decided on the best cryptocurrency wallet to store your coins and also an exchange to buy Litecoin from, all you have to do now is create an account and buy Litecoins. It is advised that you withdraw your Litecoins into your already chosen wallet. The reason is that, if coins are left on exchanges, you stand a chance of losing them if the exchange gets hacked or shuts down permanently. The countless number of cryptocurrency exchange hacks is one reason why it is advised not to store your Litecoins on any exchange.
Who Can Buy Litecoin?
Anyone can buy Litecoin. All you have to do is to find an exchange that supports your country. Since most of the web wallets do not require identification to sign up, you can quickly sign up for one and get your Litecoins sent directly to your wallet address. One thing all Litecoin users should know is that Litecoin cannot be bought with the British Pounds. So you have to first convert your Pounds to either the American Dollar or Euros.
Among all these payment methods mentioned above, the credit card method is the fastest. For users who want to purchase large amounts of Litecoin, bank transfers are recommended (but it takes about 4 to 5 days before the purchased coins will be sent to your wallet address). For users who want privacy, buy Bitcoin with cash then exchanging for Litecoins on Changelly of Shapeshift is advised.
Buying Litecoin is an easy task, all you have to do is carry out an intensive research on the various wallets and exchanges that you can choose from. This is advised to ensure that you choose a secure, reliable and fast wallet and exchange.