How to Buy Litecoin (LTC): Steps to Take in 2024

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Intro

Are you ready to learn how to buy Litecoin?

After going through this guide, you'll be well-informed about the process of buying or selling Litecoin. LTC stands as one of the top contenders in terms of market capitalization. With its high scalability, swift transactions, and minimal fees, Litecoin holds a strong position in the crypto market.

The adaptable nature of the Litecoin network has paved the way for numerous enhancements, bolstering its long-term potential. If you're considering investing in Litecoin, this concise guide is a crucial read. It covers:
 

  • An overview of what Litecoin entails.
  • The initial steps to kickstart your journey.
  • The critical importance of securely storing your coins.

Best Sites

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Kraken

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Description: 

Kraken is one of the oldest exchanges out there, having been around since 2011. They offer many trading interfaces and are extremely trustworthy.

General Information

Year founded: 
2011
Coins Available: 
Litecoin
Ethereum
Tether
Polkadot
Chainlink
Cardano
Bitcoin Cash
Bitcoin
Uniswap
USD Coin
XRP
Aave
Stellar
Tezos
Curve DAO Token
Algorand
Monero
Synthetix
Dai
Filecoin
Compound
EOS
The Graph
Cosmos
Keep Network
ICON
yearn.finance
TRON
Qtum
Dash
Basic Attention Token
Zcash
Kusama
OMG Network
Waves
Nano
Dogecoin
Enzyme
Decentraland
Kava.io
Ethereum Classic
Orchid
Kyber Network
Storj
Siacoin
Lisk
Aragon
PAX Gold
Gnosis
Balancer
tBTC
Augur

Anonymity

Kraken is a registered US exchange, so they must follow strict KYC & AML laws. These laws prohibit anonymous accounts from being generated.

Reputation

Kraken has one of the best reputations in the crypto industry. They are the only crypto company in the world to secure an SPDI banking license. 

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Disclaimer: The information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.
 

 

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We understand that trust is valuable, especially in the crypto industry, which lacks proper regulations.

Our reputation speaks for itself. Many readers trust our crypto exchange reviews as the best.

Our approach is straightforward. We don't pretend or rely on others' opinions. Our reviewers do the hard work by registering on every exchange they review.

They buy, sell, and exchange cryptocurrencies, analyzing important factors like trading choices, transaction speed, and company reputation.

Nothing is left to chance. Our goal is to provide you with the most thorough reviews by covering every aspect.

 

Key Takeaways

 

  • LTC excels with scalability, quick transactions, and low fees, securing a strong market position
  • Litecoin's adaptable network undergoes continuous enhancements
  • Binance, Kraken, eToro, Huobi Global, and KuCoin are recommended exchanges for Litecoin transactions
  • Litecoin offers high liquidity, and fast confirmations, but faces market dependency and regulatory risks
  • Factors like registration, security, fees, limits, support, and reputation guide the selection of a suitable exchange
  • The guide outlines steps for platform selection, funding, completing transactions, ownership, and secure storage, emphasizing safety in managing holdings

 

Pros and Cons of Buying Litecoin (LTC)

 

Check out the key pros and cons of investing in LTC:

 

Pros and Cons of Buying Litecoin (LTC)
Pros Cons
One of the earliest cryptocurrencies with a long-standing reputation Market dependency, with Litecoin's value subject to potential price volatility
High liquidity with widespread trading on various exchanges Limited smart contract functionality compared to some newer cryptocurrencies
Fast transaction confirmation due to a shorter block generation time Facing competition from other cryptocurrencies offering similar functionalities
Active development and continuous improvements to the Litecoin network Regulatory risks that may impact its use and acceptance in certain jurisdictions
Integration in payment systems, enhancing its use for transactions Dependency on the founder's vision, raising concerns for some users
Scalability through implementations like the Lightning Network  
 

Choosing The Best Place To Buy Litecoin 

If you’ve already decided to buy Litecoin, but don't know where, we’ll guide you through the process. Below you will find the most important aspects to consider when purchasing this popular crypto.
 

Registration

Pick an exchange that's registered by a reputable organization. This way, it's more likely to accept your preferred payment methods, saving you from foreign exchange fees. Also, US-based exchanges are registered with FinCEN, ensuring compliance with local laws.
 

Security

Look for features like two-factor authentication and encrypted emails (PGP). Industry-standard security includes cold storage of user funds. Insurance funds are a bonus and show good security practices.
 

Fees

Explore the exchange to find out the exact cost of your transaction. This might include spreads, trading fees, and deposit/withdrawal charges, depending on the platform.

 
Exchange Withdrawal Fees
Binance $0.27
0.0039 LTC
KuCoin $0.35
0.005 LTC
Kraken $0.14
0.002 LTC
Gemini $0.0697800
0.001LTC
OKCoin Free (upon using a bank account)
Bitstamp $0.07
0.001 LTC
Crypto.com $0.0697800
0.001LTC

Withdrawal fees

 

Transaction limits

Check if there are minimum or maximum limits for purchasing Litecoin. Does the exchange have restrictions on how much you can withdraw in one go or within 24 hours?
 

Additional features

See if the platform offers features that match your investment or trading goals. Some exchanges allow you to earn interest on your holdings. Some platforms will also offer crypto debit cards for spending.
 

Customer support

Consider if it's easy to reach the customer support team in case of any transaction issues. Find out what contact methods they offer and how quickly they respond to inquiries. Read user reviews to see what others complained about and whether the support team was helpful.
 

Insurance fund

A few exchanges now insure user funds, but policies vary. If insurance matters to you, research the exchange thoroughly to understand the coverage.
 

Reputation

Reputation matters in this young industry. Look into who founded the exchange, and if there have been any controversies. Also check if its business practices are transparent. If you can't find this information, it could be a warning sign and you should probably stay away from that exchange
 

Coin variety

If you plan to explore other types of crypto in the future, check which other coins you can buy through the platform.
 

Read reviews

Consider reading user feedback in crypto exchange reviews. It gives you insights into how user-friendly the exchange is for beginners like you.
 

How to Buy LTC in Simple Steps

Before you start purchasing Litecoin, make sure you familiarize yourself with the following steps:
 

  • Choose a platform to buy Litecoin: Popular options include payment apps like Venmo, PayPal, or Litecoin-specific wallets like Litewallet.
  • Buying LTC for payments: If you're into all-digital transactions, consider using a payment app or a dedicated Litecoin app for buying and selling.
  • Investing in Litecoin: If you want to treat Litecoin as an investment, it's best to open an account at a crypto exchange. Ensure the exchange offers Litecoin and compare factors like fees, security, and ease of use.
  • Funding your purchase: Link a bank account or debit card to fund your chosen app or exchange for buying Litecoin.
  • Completing the purchase: Execute the buy transaction, which can be as simple as a click or inputting LTC and desired amount.
  • Ownership of Litecoin: After purchase, you'll own full Litecoins or a portion, depending on the amount you buy.
  • Storing your Litecoin: Popular crypto exchanges have built-in wallets for storing Litecoin. Consider offline options like hardware wallets (e.g., Ledger, Trezor) or paper wallets for added security. Mobile and desktop wallets (e.g., Edge, Mobi, Exodus) are convenient but be cautious of online security risks. Cryptocurrency exchanges like Coinbase and Uphold also allow you to store your LTC.

Remember, safety is crucial when managing your Litecoin holdings.
 

What Do I Need to Buy Litecoin?

To buy Litecoin, you'll need:
 

  • An email address or mobile number: This is used to create an account on a crypto platform. It allows you to deposit cryptocurrency, though not USD.
  • KYC Check for USD Purchase: If you want to buy Litecoin with US dollars, you'll go through a Know Your Customer (KYC) check. This is a standard security process on most US exchanges. You'll need to upload a photo ID, and sometimes a selfie with today's date.

 

Best Ways to Buy Litecoin

 
  • Buy with a bank account: Many exchanges support free and instant bank transfers. Some may offer additional options like wire transfers, but check for any deposit fees.
  • Buy with a debit card: The process varies depending on the platform. Some let you directly transfer funds from your debit card, while others allow instant purchases, often with higher fees.
  • Buy with a credit card: While many exchanges accept credit cards for instant purchases, be cautious. Credit card fees are higher than bank transfers, and some card issuers may block crypto transactions.
  • Buy with cash: While less common in practice, it's still possible to use cash for such transactions. You can use Litecoin ATMs (requires photo ID and KYC check) or engage in peer-to-peer (P2P) transactions. For P2P, use a reputable platform with escrow services to mitigate fraud risks.
  • Swap with another crypto: Some platforms offer a "swap" or "convert" service. This allows you to exchange a cryptocurrency you already own for Litecoin, even if there's no direct trading pair.

Remember, each method has its own considerations. Choose one that suits your preferences and circumstances.
 

What's the Cheapest Way to Buy Litecoin?

Most exchanges let you get as little as $5 worth of LTC. You enter the amount you want to spend, and the exchange will handle the rest.

When you're buying Litecoin, you'll likely come across two main methods: "instant buy" and the "spot market."
 

Instant buy

This is the quickest way, especially if you're new to buying Litecoin. Look for a "Buy now" section on the platform you're using. It's user-friendly, letting you enter how much Litecoin you want or how much you want to spend in US dollars. Keep in mind, it might be a bit pricier than other methods.
 

Spot market

If you see colorful charts with different prices and trading pairs, you're in the spot market. This is where buyers and sellers trade Litecoin. It's often the most affordable way to buy because you get to set your own price. Look for a "Trade" or "Spot" section on the platform you're using. There are two types of orders you can make:
 

Market order

This gets you Litecoin at the best available price. It's like an instant buy but with lower fees.
 

Limit order

This is the most common type. You buy Litecoin at the specific price you choose. Traders often use this to time the market and take advantage of price changes.
 

What Is Litecoin?

Litecoin, often abbreviated as LTC, is a prominent cryptocurrency. It operates on a decentralized and open-source blockchain network. It was created by Charlie Lee, a former Google engineer, and was launched in October 2011 as a fork of the Bitcoin protocol. 

Like Bitcoin, Litecoin is a digital currency designed for peer-to-peer transactions. This means no banks or government authorities are involved.

One of the key distinguishing features of Litecoin is its underlying technology. It utilizes a different hashing algorithm known as Scrypt, as opposed to Bitcoin's SHA-256. This gives Litecoin advantages in terms of transaction speed and efficiency. 

In fact, Litecoin transactions are processed approximately four times faster than those of Bitcoin, with an average block time of 2.5 minutes. This makes it a highly efficient cryptocurrency for day-to-day transactions.

Additionally, Litecoin has a larger total supply compared to Bitcoin. While Bitcoin has a maximum supply cap of 21 million coins, Litecoin's maximum supply is set at 84 million coins. 

This higher supply limit means that Litecoin may be better suited for micro-transactions. It allows for more granularity in the transaction amounts.

Over the years, Litecoin has gained a reputation as a reliable and established cryptocurrency. It is widely accepted by various merchants and online platforms. It is a practical choice for users looking to make purchases with digital currency. 

Its founder, Charlie Lee, remains an active figure in the cryptocurrency community. He has played a significant role in guiding the development and adoption of Litecoin. 
 

Conclusion

In summary, if you're looking to buy Litecoin, start by comparing various crypto brokers and exchanges available. Evaluate their features, fees, security, and overall reputation to find the best fit for your needs. Choosing an exchange registered with FinCEN can provide extra peace of mind.

Keep in mind that investing in and using Litecoin carries its own set of risks. It's advisable to view LTC as part of a broader investment strategy, and consider consulting a financial advisor if you have any uncertainties.

After acquiring LTC, think about your short and long-term goals. This will help you decide whether to leave it on the exchange or transfer it to your personal crypto wallet.

Frequently Asked Questions

What's the easiest way to buy Litecoin?

For most beginners, using a centralized crypto trading platform, like the ones listed in our table, is the simplest method. If you already have a personal non-custodial wallet, you might be able to purchase LTC directly through an integrated exchange.
 

Where's the best place to buy Litecoin?

The ideal platform to buy Litecoin depends on your specific needs. You can start your research with our top picks. If you're aiming for short-term speculation on LTC's price, consider platforms that hold the asset for you, allowing you to sell it whenever you like. 

For long-term holding, buy on an exchange and then transfer to a hardware wallet for secure offline storage.

How do I buy Litecoin?

To invest in Litecoin and purchase this cryptocurrency using your credit or debit card, you'll need to set up an account on an exchange or trading platform. The process involves creating an account, verifying your identity, specifying the amount of LTC coins you wish to buy, and entering your card information. 

Can I buy Litecoin with a credit card?

Yes, buying Litecoin with a credit card is convenient in 2023. Ensure you have an account on a reliable exchange supporting Litecoin transactions. 

In the exchange platform's "Buy" or "Trade" section, select Litecoin, opt for the credit card purchase option, input details, such as credit card information and desired Litecoin amount, and confirm the transaction. Once completed, the purchased Litecoin will be credited to your wallet on the exchange platform.

What are the fees associated with buying Litecoin?

Buying Litecoin involves three main fees in [current:year]. Firstly, the trading fee, a small percentage charged by the exchange platform. Secondly, the network fee, paid to miners for transaction processing on the Litecoin network, ensuring timely confirmation. 

Some platforms may also impose a withdrawal fee if you transfer Litecoins to an external wallet. Research various exchanges and wallets to identify the most competitive fees for your Litecoin transactions.

Can I use a mobile app to buy Litecoin?

Yes, using a mobile app is a convenient way to buy Litecoin. Download reputable cryptocurrency exchange apps available on iOS and Android platforms. 

Create an account, link your bank account or credit card, and enjoy the ease of purchasing Litecoin with a few taps on your smartphone. These apps provide secure transactions, real-time market data, and a user-friendly interface

Written by

Tamara T.

Tamara is an entrepreneur and content specialist. She is passionate about gambling and cryptocurrency world, having worked on different casino and crypto writing projects. Tamara is also interested in legislation, investments, and DeFi.

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