Litecoin is designed for payments. Although it is based on Bitcoin, Litecoin transactions are faster and cheaper, making it ideal as a global, peer-to-peer currency, especially for smaller transactions.
This guide will show you where and how to buy Litecoin online and why it is so popular.
If you’re looking for a simple way to buy Litecoin, all you need to do is sign up with a crypto exchange. You can access it online with a computer, smartphone, or tablet to quickly buy and sell Litecoin and a range of other cryptocurrencies. The best platforms are listed below as well as a quick step-by-step guide on purchasing Litecoin.
Start by selecting one of the many platforms that support LTC. It is useful to consider aspects such as fees and how easy it is to navigate the platform when making your choice. The best platforms are compared further down this page, or simply sign up right now with our top recommended platforms in the list below.
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Fill in your personal information on the registration form in order to create an account. Regulated platforms often have a KYC process, which could mean you will need to supply a photo ID before your account can be verified. Then you can head to the deposit page and choose a payment method with which to fund your account. Options can include bank transfers as well as credit or debit cards.
Now that your account is funded, you can search the platform for the relevant trading pair (this will be LTC/GBP if you just deposited British pounds, for example). Enter how much you want in a buy order and submit it. A market order will execute straight away, while a limit order will execute once LTC reaches your chosen price.
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eToro has positioned itself as the best place for beginners to enter the world of trading and investing in stocks and cryptocurrencies. In addition, it has also made itself supremely attractive to accomplished investors keen to build a following of social traders.
In practice, this means that those without any crypto knowledge or trading experience can find trending investors who are doing well and automatically copy their trades. In simplest terms, this means that, as a beginner, you can use your funds to buy and hold Litecoin (LTC) on the eToro platform, or pick someone with a proven track record of success trading LTC, and copy them.
eToro is also regulated around the world by the following organisations:
With 50 cryptocurrencies to choose from, including Litecoin (LTC), eToro’s set-and-forget method and social platform is ideal for people who are new to the crypto space and want to gain exposure without high risk. It is also one of the few crypto platforms where users can dabble in other assets such as stocks.
Coinbase was the first cryptocurrency exchange in the world to gain a full listing on the New York Stock Exchange. This marked a milestone, not only for Coinbase but for the crypto industry as a whole through the exchange’s high-level exposure helping to pave the way toward mass adoption.
As such, United States Coinbase Inc is licensed in most US states, with just a few exceptions where additional stipulations relating to virtual currencies, and how they are legally recognised, come into play. This still makes Coinbase the most well-regulated cryptocurrency exchange in the US meaning greater security and safety for its users.
We chose Coinbase because, by dint of it being listed on the NYSE, it has had to meet a higher number of regulatory benchmarks than almost all other cryptocurrency exchanges. It was also the first crypto exchange to operate using the United Kingdom’s Faster Payments Scheme. And while other exchanges were, and still are, grappling with the Financial Service Authority (FCA) and its stringent requirements, Coinbase was granted its e-money licence by the organisation unhindered.
Nexo has positioned itself uniquely as an ideal alternative to traditional banking. It is also one of few exchanges to be built on a fully regulated blockchain. Based in Switzerland, Nexo allows companies and individuals to both borrow and lend fiat and cryptocurrencies without having to use the services of a traditional bank.
The main attraction for people who hold and lend Litecoin (LTC), for example, is that they get rewarded with excellent APY and APR interest rate returns. With up to 17% APR on some cryptos paid out daily, and therefore benefiting from compound growth, Nexo has quickly grown to become one of the most popular borrowing and lending crypto exchanges in the world.
We chose Nexo because of its innovation and unique proposition in the crypto space. Users can even borrow money against their staked crypto without creating a taxable event—ideal for accounting. In addition, Nexo has its own debit card allowing holders of crypto to automatically convert their coins and spend them in the high street. Fully insured and audited, there is also peace of mind for those with large accounts. And when certain conditions are met, users can borrow at a 0% interest rate!
Handling billions of dollars in transactions every day, Binance is the largest cryptocurrency exchange in the world by trading volume.
With a prolific and highly vocal founder, Changpeng Zhao, commonly known as CZ, Binance is arguably the Tesla of the crypto world.
Boasting the largest number of cryptocurrencies of any exchange, Binance is the first choice for traders and investors looking for variety and the opportunity to speculate on exciting new projects. In addition, Binance offers users the ability to earn by staking their coins and offers some of the fastest and cheapest conversion and transaction fees in the crypto industry.
We chose Binance because it has been tried and tested by crypto enthusiasts for many years. With its own blockchain, the Binance Smart Chain, and native token (BNB), it has also served its community well by implementing systems that have dramatically reduced on-chain transaction fees. With simple-to-use crypto conversion capabilities, excellent charting and dozens of other features, Binance remains one of the best places to buy and sell Litecoin (LTC) and other cryptocurrencies.
There are a number of ways to buy your Litecoin from an exchange or broker. Below are the most commonly used methods of payment with a brief outline of each one and how to use it.
Debit card: This is usually the preferred method of payment for both individuals and exchanges. Quick and easy with minimal costs, making a fiat deposit on an exchange to buy crypto is as easy as buying a product on Amazon. Simply plug in all of the relevant details including long card number, card expiry date and CVC, choose how much you want to deposit in your crypto account and you’re ready to convert your USD, GBP, EUR etc into Litcoin (LTC).
Credit card: This is also a popular way for traders and investors to fund their cryptocurrency accounts. However, there are some considerations. The first is that this method is often classed as a cash advance and, as such, usually incurs much higher fees than a debit card payment or bank transfer. The second is that, as regulations increase, more banks are preventing people from using credit cards to buy crypto.
Bank transfer: Another popular method, this is usually quick and easy. This is also one of the most secure methods for making deposits into crypto accounts. The only downside is that the transaction may take a few days to complete. So, if the markets are running hot, and time is of the essence, use one of the other suggested methods if you can.
PayPal: One of the most popular and efficient ways of securely sending and receiving money, PayPal is widely used by cryptocurrency traders and investors today as a quick and easy way to fund their fiat and spot wallet accounts. If your exchange supports PayPal, this will appear as an option, alongside other payment methods, on the deposit page.
Crypto wallet swap and convert: If you already have cryptocurrencies stored on an exchange or in a non-custodial wallet such as Metamask, you can usually buy Litecoin (LTC) through a simple conversion process. Let’s say you have some BTC, if your exchange or wallet allows swapping, simply find the convert or swap facility listed on the exchange or wallet, enter BTC in the ‘swap from’ or ‘convert from’ field and put the Litecoin (LTC) symbol in the ‘to’ field and press the ‘swap’ or ‘convert’ button to complete the process.
Litecoin is a global payment network that enables payments to be made instantaneously to anyone in the world at a cost of almost nothing, through the medium of the peer-to-peer internet currency LTC. Litecoin was one of the first forks of Bitcoin and created in 2011 by computer engineer Charlie Lee
Other cryptocurrencies, such as Bitcoin and Ethereum, can be slow and expensive to send, especially when the network is busy, meaning they’re not well suited to making payments. Litecoin, however, is ideal for this purpose and is accepted by over 2,000 merchants around the world, making it one of the most widely accepted cryptocurrencies.
Litecoin was based on the Bitcoin protocol and intended to be a “lite” version of Bitcoin, but there are a number of differences between the two. They have different maximum supplies and although both are secured by a Proof of Work consensus mechanism, Litecoin uses a different mining algorithm with a faster block time.
There are different ways of investing in Litecoin, depending on your goals and preferences. The cryptocurrency can be bought for either the long term or the short term and we shall explore what each option has to offer below.
The buy and hold strategy has a pretty self-explanatory name and can be undertaken by anyone, regardless of skills and previous experience. You don’t have to spend lots of time watching and analysing the market to make a profit with this strategy, and can read our Litecoin forecast.
Litecoin can’t be staked while you hold it as it is a Proof of Work network secured by mining.
If you've decided on buying Litecoin or any cryptocurrency investments you'll need a crypto wallet to put it in. Those holding LTC for the long term may prefer to store their coins in a private wallet, as this provides true ownership of your assets and can be more secure. Private wallets tend to be either software or hardware.
Software crypto wallets can be downloaded onto a mobile or desktop computer and are generally free and easy to use. Hardware wallets can be expensive and less user intuitive but provide the best security. Popular hardware brands include Trezor, BitBox, and Ledger.
Like most cryptocurrencies, LTC can be pretty volatile. This is something that can be to the benefit of traders, who generate more frequent returns by buying and selling LTC over shorter timeframes.
Traders may find private wallets inconvenient as they would have to transfer their coins between their wallets and exchange regularly. Exchanges tend to provide free web wallets which may be better suited to traders.
This is ultimately up to you, although we can supply you with information about the fundamentals and potential of Litecoin. As with Bitcoin, Litecoin has a hard supply cap and this in-built scarcity could make it a good long-term store of value.
Unlike Bitcoin, Litecoin’s speed and low cost make it convenient for point-of-sale payments and microtransactions. This could drive demand for the coin from people wanting an efficient way to make peer-to-peer and global payments.
Litecoin development is ongoing and the future introduction of confidential transactions could see it attract even more users. With the number of merchants accepting LTC growing, it appears to be one of the most useful and enduring cryptocurrencies around.
The easiest way to store your LTC tokens is in the custodial crypto wallet on your exchange either for staking or rapid access. For added safety, you can also store them in a non-custodial wallet such as Metamask or Trustwallet. For the highest level of security, however, you're best to keep your coins in cold storage. Cold storage simply means holding your coins off-chain so that they aren't vulnerable to attacks launched via the internet. Below are the most popular hardware wallets available to crypto traders and investors today.
For anyone looking for a cryptocurrency with longevity, Litecoin stands head and shoulders above the thousands of other cryptocurrencies available. Following hot on the heels of Bitcoin, Litecoin was one of the first Proof of Work, peer-to-peer digital currencies to capitalise on the whitepaper by Satoshi Nakamoto. As one of the forefathers of what is, today, a trillion-dollar industry, Litecoin has weathered several crypto bear markets and remains intact with its initial founder still at the helm. For these reasons, and more, it is arguably one of the safest cryptocurrency investment opportunities available today.
Yes, Litecoin aims to be quicker than BTC, and is kind of a modified version of Bitcoin. Blocks are generated every 2.5 minutes on the Litecoin network, compared with 10 minutes for Bitcoin. This enables Litecoin to handle a higher transaction volume and means that merchants get faster confirmation times.
Litecoin has had some ups and downs. Famously, Charlie Lee, Litecoin’s founder, sold all of his Litecoin tokens, leading some to speculate that time was up for the cryptocurrency. Lee went on to assure the Litecoin Foundation that his intention was to divest himself of any bias within the decentralised blockchain network.
As one of the first cryptocurrencies after the advent of Bitcoin, Litecoin has the advantage of being one of the most talked-about cryptos in the blockchain space. As a store of value, many holders of Bitcoin and Ethereum also hold Litecoin. Its longevity, large community, and dedicated team mean that Litecoin is and continues to be one of crypto’s great survivors.
Yes, Litecoin is completely legal to buy and own. However, in some countries, like China or Russia, it cannot be used as a payment method for goods and services.