How to Buy Litecoin (LTC)
Litecoin is a really popular cryptocurrency. Hence you can buy Litecoin from a number of different places which are all listed on this page.
We will go through all the different methods you can buy Litecoin first. After that you will find the process of how you can buy Litecoin.We will also go through some payment methods, how you can save money on fees and more.
Firstly, the easiest method to buy Litecoin is using a cryptocurrency exchange.
Best Exchanges Where to Buy Litecoin
Best Trading Platforms to Buy Litecoin
Trading platforms are very much like crypto exchanges. You can access them online and the sign up process is exactly the same. Like anything, trading platforms have their pros and cons.
One negative is that they tend to be a lot less user friendly. In fact we suggest that anyone that has not used one or knows how to use one to stay away. Between one trading platform and another they are similar. So if you know how to use one you can figure out others.
However there are some that have less options which makes things a little easier to start. The main problem is that beginners are usually overwhelmed by what they see. The trading areas have quite a lot going on. Especially when you see them in full view on a desktop screen.
On the other hand trading platforms are good because you can save money on fees. Some exchanges also have a trading platform area. So Kraken, CEX and Coinbase all have a trading platform area.
The maker and taker fees are much lower than using a regular crypto exchange area. But what are maker and taker fees? Hence this is why if you use a trading platform to buy Litecoin that you do some research. You need to learn how to use one beforehand.
Otherwise you could make mistakes. Most importantly you want to avoid trading derivates and using leverage. Leverage can be dangerous. If you want to learn how to use a trading platform there are instructions further down.
Buy Litecoin With Cash
If you would like to buy Litecoin with cash there are two ways you can do this. Firstly you can find someone that owns Litecoin and would like to sell it. If they are fine with selling their Litecoin to you directly that would be great. As a result both of you can save money on exchange fees.
The other party would need to agree to accept your cash for an agreed upon value and exchange. Alternatively you can buy Litecoin using a crypto ATM.
Crypto ATMs are getting quite popular and are being placed in a number of different locations. You can find a crypto ATM here on CoinATMRadar.
You can click on the Litecoin icon in the ‘Maps by cryptocurrency’ section to find ATMs that support Litecoin. Otherwise you can click on Litecoin and the other options you want on the map itself.
Note that crypto ATMs are expensive. In fact we list them to give you more options on where to buy Litecoin. However as things stand right now they are not the most cost effective. Additionally you may have to go out of your way to get to one.
On average they usually charge an 8.4% fee, but it could be as much at 25%. It would largely depend on which brand of ATM you use. Unfortunately crypto ATMs are not transparent with their fees.
On the other hand CoinFlip ATMs charge a 6.99% fee plus a network mining fee. Usually the mining fee is a very small minimum amount. Usually of around $1. However it can go up or down in price depending on the demand on the network.
If you would like to see how to use a crypto ATM you can have a look at the video below. You can start the video at 4:20.
KYC for ATMs
One thing to keep in mind is that if you buy Litecoin with an ATM you will need identification. Similarly to most exchanges, crypto ATMs ask for identification for you to buy Litecoin or any crypto. So if you were thinking to use cash to avoid KYC then using an ATM is not the solution. In that case you will need to use an exchange that does not have any KYC.
The exchanges recommended on this page are KYC exchanges. However a couple of non-KYC exchanges are Polarity and TradeOgre.
Non-KYC exchanges are usually less easy to use than regular exchanges. This is because they are usually crypto trading platforms. Additionally they do not support fiat deposits and withdrawals, only crypto.
They also may not have as much liquidity as regular exchanges. So if you want to buy small amounts of crypto it is fine. However we are not sure about larger amounts mostly when it comes to Polarity.
Buy Litecoin With Crypto Cards
One other option for you to buy Litecoin is to use crypto cards. These cards are supported by Visa and Mastercard and are usually debit cards. They come with an application you can download on desktop and mobile.
You can hold both fiat currency and cryptocurrency and manage them directly from the app. Additionally you will have the ability to exchange to buy Litecoin, other crypto or fiat as you go.
The nice thing about crypto cards is that you can hold cryptos and also spend using the card. You can spend money online or in brick and mortar stores. Essentially any retailer worldwide that accepts debit or credit cards.
As a result you can use your card at over 40 million retailers around the world. This is because they get paid in fiat.
The process for you to make a payment will depend on how the card works. You will either need to make sure you have fiat in your account before you spend. This is because the card will draw money from the fiat account.
Or else the card will take funds from your crypto account and automatically make the exchange into fiat. It makes it very handy to use cards because they are great for usability. Firstly because they offer everything an exchange does. Additionally they make spending your funds easy.
Note that signing up for a crypto card is like signing up to an exchange. So you will have a similar process.
How to buy Litecoin Using An Exchange
If you would like to have instructions on how to buy Litecoin we have a guide for you. You can find it here on how to buy cryptocurrency. In the guide you will find general information on how to buy any cryptocurrency from an exchange. Although it is a general guide the tips and best practices outlined are valid for any cryptocurrency including Litecoin.
How to Buy Litecoin From a Trading Platform
Trading platforms are somewhat more complex. However if you know what you are doing they are fine to use. Here is a video on how to buy crypto using the Kraken trading area.
How to Safely Store Your Litecoin
After you buy Litecoin the most important thing you can do is store it safely. Exchanges are prone to get hacked and many people have had their crypto stolen. To clarify this happens even on regulated exchanges like the ones we recommend above.
For example 6,000 Coinbase customers got hacked in 2021. Coinbase takes beaches seriously and compensated the victims of the hack. Kraken has the best reputation for security in the crypto industry. They have had no recorded security breaches. However you never know what the future holds.
As a result a lot of people in crypto take their crypto off exchanges or trading platforms. They store their crypto using a hardware wallet. Hardware wallets are the strongest form of security you can get for your coins.
They have been around since the beginning of cryptocurrency. Additionally they have had no recorded security breaches. It is very hard to hack a crypto wallet. This is because unlike complicated electronic fancy gadgets, hardware wallets are basic devices. This means there are less loopholes for hackers to exploit.
Hardware wallets are a form of cold storage because they do not connect to the internet. They need a bridge and that bridge is either a mobile or desktop computer. The only function they can do is keep your seed phrase (24 word wallet password), send and receive.
However they come with applications you can download on your mobile and desktop computer. You can manage your funds directly from the app together with the hardware wallets. Instructions on how to use them are on the Ledger review or Trezor review.
Buy Litecoin With Credit Card
All or almost all crypto exchanges support credit card payments. Credit cards are one of the easiest payment methods people tend to use to buy Litecoin. Credit cards are great because they are instant.
However we need to mention that credit cards are not the most cost effective. Precisely because they are instant you get charged extra for convenience.
The fee could be as much as 5%. In other words it is much better to save on the fees and put your money to buy more Litecoin. Bank transfer is a lot more cost effective. So if you are able to use bank transfer it would be better for you.
You can also use a crypto ATM to buy Litecoin with a credit card.
Bank transfers can take a while to happen. Generally between 3-5days. On the other hand some bank transfers make instant payments like credit cards. The speed of the transfer depends on the location of the bank your card is issued from. Particular countries have facilities and agreements where they support instant bank transfers.
Regardless of which country your card is issued, the first time you make a bank transfer will take some time. Banks usually take around 3-5days to process the transaction the first time. However in some countries successive transfers are instant.
As a result by saving the details of the exchange and bank on both platforms it makes things much easier. Bank transfers in this case are just as convenient as credit cards.
Why Buy Litecoin?
A lot of people wonder whether Litecoin is really a good cryptocurrency to buy. Especially for those that want to diversify their crypto portfolio. Litecoin like other cryptocurrencies has both good points and not so good points. This is covered in our article on Litecoin vs Ethereum.
Litecoin is an established cryptocurrency that is over 10 years old. To clarify that is a significant milestone for any cryptocurrency. It is a sign that it has not faded out of favour.
In fact Litecoin still has one of the largest market caps of all the cryptocurrencies around. You can check this out on CoinMarketCap. Here you can see live and up to date information on Litecoin’s performance.
Litecoin is usually considered the silver equivalent to Bitcoin which is the gold standard. Additionally the Litecoin network processes transactions 4 times fast than Bitcoin’s network.
Similarly to the Bitcoin team the Litecoin team are constantly trying to figure out how to innovate and improve Litecoin. However not all projects works out well. The implementation of Mimblewimble to include privacy on the network did not work out.
On the other hand Litecoin’s founder Charlie Lee decided to sell his Litecoin. This because he did not want a conflict of interest. He did it with the best possible intentions. He wanted to make sure Litecoin does well in the long run. Which was the best thing he could have done.
Regarding price action Litecoin sometime is muted. However it has its ups and downs. It has not performed as well as Bitcoin, but it has times when the price pops to the upside.
Frequently Asked Questions
Where should I buy Litecoin?
How do I buy Litecoin instantly?
How do I buy Litecoin from an exchange?
1. Choose and exchange
2. Sign up
3. Verify your account
5. Buy Litecoin