Litecoin is among the top 5 listed currency based on market capitalization if you want to invest in Litecoin than a query to answer How to Buy Litecoin and what best exchanges to trade will be explained here in this guide.
Well, there are numerous ways to get Litecoin. it is is one of the old cryptocurrency and have already good community running behind it.
But what matters is the best price collection and if exchanging for the cryptocurrency than what best minimum trading fees you would pay for.
To solve all your queries this guide is a perfect suit for you, if you are a daily trader or willing to buy Litecoin so could add in your investment portfolio.
I assume that if you are looking for How to buy Litecoin (LTC), means you already know What is Litecoin.
If not then take a look for Brief history of Litecoin and how it was created.
What is Litecoin?
Litecoin was created in the year 2011 by the ex-Google Employee Charlie Lee, the aim was to solve the basic problems associated with Bitcoin.
Bitcoin was the only cryptocurrency created in the year 2009 and was getting popularity among the people.
But was having some serious issues such as scalability means the ability to clear transactions per second and Mining difficulties.
Bitcoin was able to clear only 7 transactions per seconds and its block size was of around 10 minutes each.
Bitcoin was running on Proof of Work mechanism to validate any transactions called mining, which required ASIC hardware to solve mathematical problems associated with it.
Hence there was a requirement to solve both of the above problems or to create the lighter version of Bitcoin.
Using the same Bitcoin blockchain network there was a separate blockchain has been created which was having some major improvements than the traditional Bitcoin.
The Blocksize of Litecoin has been reduced 4 times than Bitcoin which is now average 2.5 minutes each block as compare to 10 Minute block of Bitcoin.
The transaction speed of Bitcoin was approx 7 TPS however Litecoin is having 56 TPS which is 8 times higher than Bitcoin.
Mining difficulties have been reduced and Litecoin is easy to mine using GPU or CPU instead of required special ASIC hardware.
To learn how Proof of Work mining works checks our detailed guide on POS vs POW.
In summary, Litecoin is the lightning network of Bitcoin which has only use as digital cryptocurrency to trade.
I consider that now you got an idea of what is Litecoin and how it works. To learn more in detail check the ultimate guide on what is Litecoin.
Before focusing on how to buy Litecoin lets highlight should I buy Litecoin?
Should I Buy Litecoin?
Cryptocurrency is the most volatile industry where no one can guarantee the price of the coin and not even the future.
It is a digital decentralized technology platform where more than 2000+ projects are competing with each other and we don’t know who will win the race.
Well, Litecoin was introduced to replace bitcoin drawbacks only to make a cheaper and quicker network.
But that was 2011 when most of the people were not aware of this trend but now many more advanced projects have been involved.
These Projects are not only working as a cryptocurrency but also providing the facility to build a smart contract upon it.
Such as Ethereum in 2014 introduced first and currently standing at #2 in total market capitalization.
EOS in 2018 which is now debated as Ethereum killer and current positioning around Litecoin at number #5/#6.
Cardano is another great project in the development phase and many more may come in the future.
So what I would advise is to focus on short term investment in Litecoin and check how the trend is going on with Crypto world.
It is obvious that while tracing the price of Litecoin in coin market cap, it rises from its first ever transaction 4$ to 358$ when it listed in CoinMarketCap.
Imagine this was almost 90 times of initial investment if you have invested 100 $ that become 9000$ in Jan 2018 and currently it is trading around 72$ in this bearish market.
Now, this is all up to you to decide whether you want to buy Litecoin or not if yes then for how long duration.
Now I will drop all list of best places where you can make your purchase for Litecoin.
How to buy Litecoin?
To purchase Litecoin there are multiple platforms but few of them are expensive and few have certain conditions to fulfills.
Well, to buy Litecoin you would need to below two possible Asset.
- Cryptocurrency to exchange for Litecoin
- Fiat to buy Litecoin
In both cases, you would need a Crypto platform which allows you to buy or exchange with low transaction fees or low trading fees.
Below are highlighted a few ways.
Binance CryptoCurrency Exchange
Litecoin(LTC) is one of the older cryptocurrency that means it is already registered with almost all the Cryptocurrency exchanges with other altcoins.
But the issue with all other exchanges is their trading fees or transaction fees, so I found the best deal on Binance.
Binance is the only exchange which has a low trading fee of only 0.01% if you are exchanging your existing Cryptocurrency with Litecoin.
Let say, you have Bitcoin in some Cryptocurrency wallet like CoinBase, so first need to transfer that Bitcoin to Binance Bitcoin wallet.
Now you would need to buy Litecoin using your existing Bitcoin wallet balance, to do so go to the Bitcoin market and search for coin LTC.
That will show a trading pair of LTC/BTC, click to that will display the complete trading market in between Litecoin and BTC.
In buy box, place your order that for how much price of Bitcoin you want to pay for each Litecoin.
Set price, set the total amount of Litecoin you want to buy, the exchange will auto calculate total BTC you would have to pay.
The specific BTC amount will be deducted from your wallet and in exchange Litecoin (LTC) will be added to Binance Litecoin wallet.
To understand how exactly this whole trading process works on Binance, I have already drafted a detailed guide which is worth reading before you start trading with Binance.
But what, if you want to buy using Credit or Debit card or using Fiat. If so than Binance is the only exchange which allows you to buy crypto using Credit/Debit card.
Not all Crypto but Litecoin is listed to buy directly as you can see in above screenshot using credit and debit card and once you complete the buying process.
Litecoin will be added to your LTC wallet of Binance, to learn all use of Binance, I would you to not miss above-suggested guide in detail.
Make sure, while buying using fiat will cost you an additional cost of 3.5% or minimum 10$ as transaction or processing fees.
If you still want to choose the other Cryptocurrency exchanges than below is the few supporting lists.
Now I hope you got the idea of how to buy Litecoin using Cryptocurrency exchanges lite Binance. Up to 2BTC daily withdrawal, it won’t ask you to do KYC.
Now let focus on another way, which is even most useful
Buy Litecoin using CoinBase
If you are in crypto than you definitely aware about CoinBase, one of the most famous Cryptocurrency exchange cum wallet.
Which is listed with only limited cryptocurrency and in which you would also have Litecoin to buy or sell.
It allows buy-sell or exchange crypto with one another and also with Fiat currency like USD, GBP, EUR, etc.
First, sign up Coinbase using this link and complete your profile verification first. Without KYC you won’t able to use CoinBase.
While you have verified, the dashboard will look like below where it has Litecoin listed.
To buy using FIat first go to Account and click the GBP or EUR or USD whatever fiat wallet available there and click to Deposit Icon.
It will provide you a reference number and bank account detail send your payment to that Account number by providing that reference number.
Your fiat will be deposited to Coinbase wallet, which you could exchange for buying Litecoin
Click to Buy and Sell option, this will display your available balance which will be allowing you to buy Litecoin.
simple and easy, if you have an existing Cryptocurrency like Bitcoin than click to Deposit and get Deposit address and send your BTC to that address.
Now you have Bitcoin which you can use to buy Litecoin, make sure in both cases the transaction fees will apply based on country rules.
If you still looking for other Alternatives of Coinbase than check our detailed guide to buy Litecoin.
I have seen many people waste almost 1/10th of initial fiat investment to buy Litecoin in transaction fees.
To save that money we have explained the best method or platform which will help you to buy any cryptocurrency with 0$ transaction fees, check our detailed guide on that.
Now focusing on the third method using Changelly.
How to buy Litecoin using Changelly?
Changelly is like conversion platform which won’t hold your money and will give you the best exchange rates.
In a crypto world based on trading volumes, every exchanges and platform may have a slight change in trading prices, on some Litecoin price may up and on other may less.
Hence Changelly helps you to get the best available price on live trading exchanges, the process will be simple.
This will take input of either Cryptocurrency or fiat to one end and will do an instant exchange of that with Litecoin and will send back to your specified CryptoCurrency wallet.
Well, it allows purchasing both using Cryptocurrency and Fiat, if cryptocurrency than initial will ask currencies you would like to exchange for Litecoin.
Once you provide, will give you an idea of how much Litecoin you will get in exchange and then later ask you to enter Litecoin wallet address to which finally after exchange they will send LTC.
In the end, this will give you address to which you have to send your cryptocurrency which you want to exchange with LTC, in above case Bitcoin need to send to specified wallet.
Make sure Changelly will charge you 5% and additional Simplex 5% Fees for your credit and debit card purchase.
This is just an overview of Changelly, to learn more in detail check our detailed guide on how to buy Ethereum in Changelly the process will be the same as Litecoin.
Above three are the most trusted way to answer how to buy Litecoin, in both cases if you have Cryptocurrency or want to buy using Fiat.
My View on Litecoin Buy
Litecoin is among the top traded cryptocurrency and currently, it has a very huge community behind it.
Before placing buying order decide the duration of your holding and what profit you want to make in that time.
As it is an older coin which has the advantage of price stability but the disadvantages of not having that much what new Crypto is offering.
If you have already invested in any CryptoCurrency and now struggling to convert back to USD or any fiat currency or cash out than we have a separate exclusive guide for your reference.
Crypto is a very volatile market which can touch the sky or crash to ground any time any moment, it is sort of gambling some point as it is not regulated.
Then in exchange Binance is the best and if you still want to hold in the wallet than Coinbase is best as it works like wallet cum exchanges, so you can sell any point of time.
Changelly is another best way but be cautious about the transaction fees, this is all the end of the ultimate guide on how to buy Litecoin(LTC).
Let me know your comment on what do you think about Litecoin future, is it bullish or bearish?