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How to Buy Litecoin: Step-by-Step Guide

Henning Taeger
Henning Taeger
Henning is a writer and editor here at Dollargeek who is passionate about personal finance, pets and cryptocurrency. He enjoys sharing his knowledge about financial management with readers, helping them make informed decisions about their money. In his spare time, Henning can be found playing the latest video games or jamming on his guitar. He is constantly on the lookout for new ways to improve his financial literacy and stay up-to-date on the latest trends in the world of finance.

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How to buy Litecoin
Table of Contents

Cryptocurrencies growing popularity has everything to do with their growing use case in the mainstream financial sector. Moreover, their ability to enable superfast and low-cost transactions has affirmed their use case amid the digital revolution. Litecoin (LTC) is well positioned to revolutionize the global digital payment sector.

Where to Buy Litecoin

Litecoin is readily available on several platforms as a potential long-term investment. One can buy the coin through:

  • Cryptocurrency exchanges
  • Crypto ATMs
  • Direct Purchase

Buying Litecoin through Crypto exchanges

Step 1: Choose a Cryptocurrency Exchange

Cryptocurrency exchanges offer the easiest and most cost-effective way of buying digital currencies, including Litecoin. While dozens of crypto exchanges offer platforms for buying and selling cryptocurrencies, there are essential factors to consider.

Security: While selecting a crypto exchange, it is vital to settle on one that leverages advanced security features to protect people’s Holdings and data. It is essential to review the security measure taken in response to hacks or stolen funds in the past. Most of these platforms are susceptible to hack attacks, thus vital to be highly cautious.

Fees: The act of buying and selling cryptocurrencies on such platforms incurs various charges. Therefore, it is vital to be sure of the fees levied from the word go to avoid surprises in the future. The best cryptocurrency exchanges offer competitive prices compared to top crypto exchanges.

Ease of Use: The cryptocurrency exchange should have an easy-to-use platform that simplifies buying Litecoin. It is vital to settle on one that is convenient to use to take advantage of the best prices while looking to buy Litecoin.

Regulation: Likewise, it is essential to only deal with a regulated cryptocurrency exchange as one of the protective measures. It is one, the only way of ensuring one is dealing with a reputable platform that strives to protect clients’ interests all the time.

Step 2: Set up an Account

Once you have settled on a regulated cryptocurrency exchange that offers competitive fees and an easy-to-use platform and leverages advanced security measures, the next step is setting up an account.

Creating an account with a cryptocurrency exchange is straightforward, as you only need to share personal details and show proof of residence. The registration is part of the Know Your Customer policy adhered to by most crypto exchanges. However, buying Litecoin in regulated exchanges might be challenging before you share all the personal information.

Some of the information you will have to share, a sport of the account opening process in most crypto exchanges include

  • Full name
  • Date of birth
  • Social Security Number for U.S. clients
  • Address
  • A scan of a valid Passport, driving licence, or ID card
  • Utility Address for proof of residence

Step 3: Add Payment Option

Once all the information checks out, the crypto exchange will open an account. The next step as part of the buy Litecoin process entails setting up a payment option. Depositing some money into the cryptocurrency exchange account is a must to buy Litecoin.

Several options for funding the account are usually available depending on the platform. One can fund the account via wire transfers and credit and debit cards. Additionally, crypto exchanges accept electronic payments, including PayPal and Skrill.

Bank transfer is one of the best options as it does not come with additional fees, as is the case with debit and credit cards. However, bank transfers take several days to go through, which might not be suitable for anyone looking to take advantage of a given price at a given time.

The option to deposit cash into the cryptocurrency exchange will always depend on the location and preference.

Step 4: Set up a cryptocurrency wallet

While it is possible to buy Litecoin in cryptocurrency exchange and live them there, it is not advisable. Furthermore, many platforms have experienced security breaches that have significantly lost clients’ tokens. Therefore, it is best practice to open up a cryptocurrency wallet that will offer total security to private keys for the Litecoin bought.

However, crypto wallets don’t necessarily store cryptocurrencies. Instead, they house the private keys that offer access to the crypto holdings. While the digital keys are a must to sign transactions, it becomes impossible to access the tokens if lost as there is usually no retrieval process.

Currently, there are four types of wallets.

Desktop wallets: The wallet offer users complete control of their holdings by downloading the related blockchain in its entirety

Mobile wallets: Available on mobile devices such as smartphones and tablets, they offer users total control of their cryptocurrencies everywhere. In addition, some leverage the near-field communication feature, thus allowing users to access their cryptocurrencies by simply tapping their phones.

Online Wallets: they are web-based cryptocurrency wallets suited for active cryptocurrency traders. Such wallets store the private keys in an online server controlled by someone. They also allow people to access their cryptocurrencies from anywhere. However, there is always the risk of the server coming under attack, which could result in one losing their private keys.

Hardware Wallets: The opposite of online wallets, designed to store private keys offline. A paper wallet is a perfect example of a hardware wallet, whereby a user can download the private keys and store them in a safe deposit box offline. While such wallets offer full security proof from hackers, given the offline aspect, it can be challenging to access holdings timely, as is the case with online wallets.

Step 5: Buy Litecoin

Once you have settled on a cryptocurrency exchange and opened a digital wallet, it becomes easy to purchase some Litecoin. Most crypto exchanges come with a trading platform with a buy and sell portal.

If you wish to purchase, type the amount of LTC you want to buy, and you will be allocated a specific amount of LTC coins depending on the prevailing price. The purchased LTC coins should reflect in the crypto exchange account once the broker approves.

Step 6: Where to Store LTC

Once the broker processes the buy order, you can determine where to store the LTC tokens. While it is possible to leave the tokens in the crypto exchange, securing them in a cryptocurrency wallet is advisable. The crypto wallet will not only offer ample security but also offer an easy way of spending the Litecoin bought.

While mobile and web-based wallets are ideal for people looking to engage in frequent Litecoin transactions, hardware wallets would always stand out for secure long-term storage. Furthermore, in the cryptocurrency exchange, there will always be an option to transfer the crypto holdings to the preferred crypto wallet.

Direct Purchase

While cryptocurrency exchanges are popular platforms for buying Litecoin, it is also possible to make direct transactions. So, for example, if your friend or relative wishes to dispose of some of their Litecoin holdings, they can do so.

The seller only has to transfer Litecoin to the buyer’s wallet per the agreed terms for direct purchases. Direct purchase is one of the best ways, as it acts as a peer-to-peer transaction, thus averting the risk of incurring additional fees.

Crypto ATMs

Litecoin is one of the oldest and most popular cryptocurrencies. Consequently, there are crypto ATMs that offer support to the “Bitcoin silver.” While crypto ATMs also provide a channel for purchasing LTC, the rates might be slightly higher than buying through a crypto exchange. Additionally, there is usually no guarantee of finding a counterpart to trade with.

Moreover, a purchase via an ATM can only go through one opening an account with the ATM provider online. In this case, you must follow all the know-your-customer policies, which involve scanning an ID and sharing personal details.

Once all the details are checked out, and the provider approves the registration, you can insert some money into the ATM to make a purchase. In return, you will receive a paper receipt with the codes and instructions on transferring the latch coins to your crypto wallet.

Buying Litecoin with a Credit Card

While buying LTC using a credit card is possible, the transaction can only occur in a cryptocurrency exchange. Consequently, you will have to deposit some money from the card. Then, with the amount in the crypto exchange account, you can place a buy order to purchase the preferred amount of the LTC coins.

Nevertheless, it is essential to note that there are transaction fees involved with making purchases via a credit card, which tend to be slightly higher than making deposits via bank transfers.

Why should you Buy Litecoin?

Litecoin is one of the oldest and most established cryptocurrencies. Often referred to as the silver to Bitcoin’s gold, it came into being in 2011. The cryptocurrency has endured tremendous popularity, sharing many similarities to the flagship Bitcoin cryptocurrency. Consequently, most people turn to it to track Bitcoin’s price growth.

Litecoin has distinguished itself as a faster and more efficient version of Bitcoin. While it trades at a much lower price, it has consistently ranked as one of the top digital currencies with tremendous potential.

Litecoin’s primary goal is to enable a global digital payment network to allow daily transactions at the lowest costs. Many people are increasingly investing in cryptocurrency amid its growing use case as a decentralized peer-to-peer payment. As a result, there is growing optimism that merchants will accept it as a mode of charge in the future.

Bottom Line

Litecoin is one of the coins on the cusp of going mainstream by offering a reliable network for peer-to-peer transactions. In addition, it stands out as one of the first cryptocurrencies to copy and modify Bitcoin’s source code to enable low-cost and superfast transactions.

It is also one of the biggest cryptocurrencies in creating a faster and more efficient version of bitcoin. Likewise, it is one of the most speculated cryptocurrencies in the market. Most people believe it will play a pivotal role in the digital age amid the cryptocurrency revolution.

Cryptocurrency exchanges offer an ideal and easier way of buying LTC as a long-term investment or for speculative purposes. Additionally, one can gain access to digital currency via direct purchases or cryptocurrency ATMs. Litecoin can be a good investment opportunity for any trader.

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