Best Ways To Buy Litecoin - 2020 Ultimate Guide, Dos and Don'ts
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Best Ways To Buy Litecoin – 2020 Ultimate Guide

Litecoin (LTC) is one of the most popular bitcoin alternatives that has managed to stay relevant over the years. In this review, we will look at how to buy litecoin with different payment methods anywhere in the world.

Quick Summary – How To Buy Litecoin

  1. Get a litecoin wallet: Exodus, Ledger, Trust.
  2. Select a litecoin exchange: Binance, KuCoin, Kraken.
  3. Make your deposit and trade.
  4. Withdraw your litecoin from exchange to the wallet.

Buying litecoin can get complicated for new users. If you want an in-depth review on how to buy litecoin, check out the full article below.

What is Litecoin?

Litecoin (LTC) is a bitcoin alternative created in October 2011 by Charles Lee, a former employee at Google. Further, litecoin was built similar to bitcoin with tweaks to ensure faster transactions and more efficiency.

Bitcoin and litecoin have some differences. For instance, the total supply of litecoin is scheduled to be 84 million LTC, while only 21 million BTC will be mined.

Also, litecoin transactions take 2.5 minutes to confirm while bitcoin transactions take 10 minutes, and litecoin uses the Scrypt mining algorithm, different from Bitcoin’s SHA-256.

How To Buy Litecoin

Before you buy litecoin, you will need to have a litecoin wallet to store your litecoin after the purchase. It is good practice for users not to keep their coins on exchanges due to the risk of potential hacks.

There are many litecoin wallets to select from, which are grouped under software wallets or hardware wallets. Software wallets like Exodus wallet, Trust, and Jaxx are downloadable applications for any device.

On the other hand, hardware wallets are secure devices built for safe storage of cryptocurrencies. Top litecoin hardware wallets include the Ledger Nano X and Trezor T.

Also, you can read our best litecoin wallets review, for more wallet options.

After selecting a wallet, it is time to find an exchange.

Top Exchanges To Buy Litecoin

Buying Litecoin on Binance

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Binance is one of the leading cryptocurrency exchanges globally. The exchange caters to both new and advanced users who want to buy litecoin.

You can buy litecoin on binance by depositing your local currency via bank transfer or make payments via credit cards. You can use an instant interface to purchase your litecoin or place an order on the exchange.

Binance is a great place to get started if you are new and want to purchase litecoin. It offers some of the lowest trading fees and has an intuitive interface.

Supported regions – Global.

Buying Litecoin on Coinbase

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Coinbase is another popular cryptocurrency exchange. You can buy litecoin on Coinbase through bank transfer and bank cards. 

The platform works seamlessly for people in North America and Europe. However, Coinbase fees are expensive compared to other exchanges.

Credit card deposits on the platform attract a 3.99 percent fee while bank purchases come with a 1.49 percent fee.

Although Coinbase has high fees, the platform is a preferred choice for many due to the ease of use and speed.

Supported regions – North America and Europe (South America – Chile only).

Buying Litecoin on KuCoin

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KuCoin is another global digital currency trading platform with a significant amount of liquidity. The exchange supports the buying and selling of several cryptocurrencies, including litecoin.

You can buy litecoin on KuCoin using credit cards. KuCoin charges 4% for credit card purchases done on the platform.

Supported regions – North America, Asia, and Europe.

Buying Litecoin on Kraken

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Kraken is a San Fransisco based exchange that is one of the largest cryptocurrency exchanges in Euro volume. You can buy Litecoin on Kraken with SWIF, wire transfer, SEPA, and domestic transfers.

Fees you pay on Kraken depend on your trading volume from the last 30 days. The initial spot trading fee for new users is between 0.26 percent – 0.06 percent.

Supported regions – North America, Asia, and Europe.

Buying Litecoin on Changelly

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Changelly is a quick and relatively anonymous cryptocurrency exchange. The platform is known for its swift crypto to crypto exchange service.

Recently, Changelly has added the option to purchase cryptocurrencies like litecoin directly with a credit card.

According to the site, trades in dollar and euro come with a 0.5 percent fee. However, the fees vary depending on the method of payment and currency.

Supported regions – North America, Asia, and Europe.

Litecoin ATMs

Cryptocurrency ATMs are just like the traditional ATM, instead of dispensing cash, they dispense cryptocurrencies. 

Litecoin ATMs are cryptocurrency ATMs that let you buy litecoin with cash. Users mostly prefer ATMs because transactions are anonymous and convenient, especially when traveling.

You can find various Litecoin ATMs near you at CoinATMRadar.

Frequently Asked Questions About Buying Litecoin

Can I Buy Litecoin With PayPal?

There are no options that are available for buying Litecoin with PayPal directly.

You can buy bitcoin with Pay Pal and exchange it for Litecoin on platforms like Binance and KuCoin.

Buying cryptocurrencies with PayPal is not cheap. It usually involves a lot of fees and complicated processes.

Can I Buy Litecoin With Credit Card?

Yes, you can buy Litecoin with a credit card. Several exchanges allow you to use credit or debit cards as your method of payment when purchasing litecoin.

You can try Binance, KuCoin, or Kraken if you want to buy LTC with a credit card.

Can I Buy Litecoin With Bitcoin?

Yes, you can buy litecoin with bitcoin. Most cryptocurrency exchanges have bitcoin and litecoin (BTC/LTC) trading pairs allowing you to buy litecoin with bitcoin.

Will the Litecoin Price Go Up?

Just like other cryptocurrencies, the Litecoin price is volatile. Whether or not the price will go up is not definite.

However, the litecoin price is controlled by a free market that reacts to market sentiments. Also, the supply and demand of litecoin affect the price.

You should conduct your research on the potential price action of Litecoin instead of following others.

How Can I Earn Litecoin?

You can earn litecoin by mining litecoin or using platforms that pay you in litecoin (LTC). Litecoin Faucets pay you small amounts of litecoin every day for viewing ads.

The Bottom Line – Should I Buy Litecoin?

Litecoin continues to stay relevant as a cryptocurrency. At the time of written Litecoin is part of the top 10 cryptocurrencies in the world based on market capitalization.

Whether or not you should purchase litecoin is up to your preferences and financial intentions. You should conduct your research and invest wisely.

If you have used any other method to buy litecoin recently, let us know in the comments section below.

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Elisha (GHCryptoGuy)

Elisha has been spreading cryptocurrency since 2016 and is working to bring in more adoption and people from Africa. He is with us at BlockNewsAfrica as our Chief Editor. Elisha has contributed to other cryptocurrency and financial sites including bitcoingarden.org, bitcoinafrica.io, financemagnets.com and many more.

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