How to Buy Litecoin (LTC)

Litecoin has often been referred to as Bitcoin’s younger brother, the silver to Bitcoin’s gold, and rightfully so. If you are looking for an alternative asset to Bitcoin, chances are you might want to buy Litecoin.

There are many platforms where you can buy Litecoin. This guide explores some of the best brokers that allow you to buy the asset.

How to Buy Litecoin – Quick Guide to the Best Brokers for Buying Litecoin in March 2023

If you want to buy Litecoin right now, then this quickfire guide should come in handy. Follow these quick steps to invest in Litecoin.

1. Open an account: You’ll first need to open an account with a trusted cryptocurrency broker. We recommend eToro, as the platform is heavily regulated, supports multiple deposit options with super-low fees.
2. Upload ID: As a regulated brokerage site, eToro will ask you to upload a copy of your government-issued ID.
3. Deposit: You can now deposit funds with a debit/credit card, Paypal, Neteller, Skrill, or a bank wire.
4. Buy Litecoin: Search for ‘LTC’ and click on the ‘Trade’ button. Enter the amount of Litecoin you wish to buy ($50 minimum) and confirm the order.

Best Litecoin Exchange

How to Buy Litecoin – eToro Tutorial

If you are searching for a more comprehensive process of how to buy Litecoin online? This section would break down the steps it takes to invest in Litecoin safely and cost-effectively.

Step 1: Open an Account

Opening an account on eToro.com can be completed in just a few minutes. This is because the platform uses automated technology to verify your personal details.

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The first step is to visit the eToro website and click on the ‘Join Now’ icon. You’ll be asked to fill in your personal details, including name, phone, username, address, and others.

Step 2: Upload ID

eToro will need you to have your identity verified. Although you can complete this step, later on, it would have to be done before you can deposit more than $2,250 or make a withdrawal.

This requires a copy of your:

• Passport, driver’s license, or national ID card
• Utility bill or bank account statement issued within the last 3 months

Step 3: Make a Deposit

eToro doesn’t offer direct Litecoin purchases. This means that you will first need to deposit some funds. There are numerous deposit methods to choose from, including the following:

• Debit/credit card (Visa, MasterCard, Maestro)
• Paypal
• Skrill
• Neteller
• Local bank transfer (country-specific)
• International bank wire

In terms of fees, eToro charges just 0.5% on deposits – irrespective of the payment method.

Step 4: Search for Litecoin

At this stage of our step-by-step guide, you should now have an eToro account that is funded. Now it’s time to buy Litecoin. The easiest way of doing this is to enter LTC into the search box at the top of the page.

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Then, you’ll need to click on the ‘Trade’ button to open up an order box.

Step 5: Buy Litecoin

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You can now buy Litecoin by entering the size of your stake into the ‘Amount’ box ($25 minimum). Finally, click on the ‘Open Trade’ button to complete your investment.

What is Litecoin?

If you are new to the crypto scene, you may be wondering what Litecoin is and what it aims to achieve. This section will give you a full breakdown of the crypto asset and its role in the blockchain.

So what is Litecoin?

• The simplest way of defining it is that Litecoin is a digital currency that enables you to transfer and receive value digitally.
• As a digital currency, Litecoin is in a virtual form and cannot be physically held like fiat currency.
• Like Bitcoin, Litecoin uses distributed ledger technology (DLT) or ‘blockchain’ that enables transactions to be carried out in a decentralized manner.
• This makes it hard for a single authority to have a majority stake in the network.
• Litecoin uses a more improved proof-of-work (PoW) algorithm called Scrypt that gives it higher block time finality than Bitcoin.

When transactions occur on the Litecoin network, funds are transferred from one wallet to another. This takes about two and half minutes to validate the transaction – not minding where both transacting parties are.Litecoin’s history is closely tied to that of Bitcoin. When the premier digital asset was introduced in a whitepaper by the pseudonymous Satoshi Nakamoto, the idea of digital currencies was still a fantasy.

However, when the Bitcoin network launched in 2009, it picked several cryptographic and blockchain experts’ interest who felt that the benchmark crypto-asset would rewrite the history of finance. Twelve years later, it has changed the way people spend and earn money.

One of such blockchain enthusiasts was Google engineer Charlie Lee who felt that the underlying weaknesses of the first digital currency could be improved on. This led to the birth of Litecoin in 2011. Although based on a similar PoW consensus mechanism, Litecoin uses a more novel and lighter algorithm named Scrypt.

Lee said that the idea behind the project is that Litecoin is the “silver” to Bitcoin’s “gold.” Meaning Litecoin is a lighter version of the Bitcoin network. This new algorithm enables the Litecoin network to process transactions faster. Bitcoin has a block finality countdown of 10 minutes. Litecoin can validate and add users’ transactions to the blockchain in 2.5 minutes, shaving off more than ¾ of the time it takes Bitcoin to confirm one transaction on its network.

Another uniqueness of Litecoin is its hard-cap limit. The Bitcoin network will only ever mine 21 million coins, and this event is expected to occur in 2140. Litecoin, on the other hand, has four times that figure, and only 84 million LTCs will ever be mined. This has seen Litecoin enthusiasts point to the network’s perceived advantage over the more established digital currency brand.

Litecoin is also more retail-driven in its mining approach. Digital currencies are created by users who allocate a particular amount of their computing resources to solve complex mathematical puzzles to be the first to validate these transactions. Miners (as they are called) are given block rewards in the network’s currency for validating transactions. So a Litecoin miner gets LTC as block rewards.

Bitcoin has seen large mining corporations seize the mining business from individuals. This has been due to the use of sophistical mining hardware called Application-Specific Integrated Circuits (ASICs). Miners use these sophisticated mining rigs due to the Bitcoin difficulty level, which is updated often.

Litecoin, on the other hand, is more individualistic as miners can still utilize their system’s CPU or GPU to validate transactions on the network. Not barring this, some miners also use special mining rigs to increase efficiency.

Litecoin is not as big of a brand as Bitcoin, but the silver digital currency is one of the top twenty most valuable cryptocurrencies with a market cap of over $11 billion. And like Bitcoin, Litecoin is highly liquid, and you can trade against major pairs like the US dollars and stablecoins like USDT on various crypto exchanges globally.

Best Places to Buy Litecoin in March 2023

Here’s a quick summary of the best platforms to buy Litecoin this year. We recommend the following brokers:

• eToro
• Capital
• Libertex
• Plus500
• Coinbase
• Binance
• AvaTrade
• Revolut
• CryptoRocket
• Changelly

These platforms have been carefully selected and reviewed as the best brokers to buy Litecoin. They were selected based on several factors. These factors include a healthy mix of fees, user-friendliness, payment methods, and others. Our list of the best platforms to buy Litecoin also offers traders cutting-edge trading tools and a wide selection of tokens.

Where to Buy Litecoin

To buy Litecoin, you’ll need a reliable cryptocurrency exchange. The right Litecoin exchange is not only trustworthy, but they’re also easy to use in terms of onboarding, payment, and trading. In this section, we would be examining the best platforms to buy Litecoin.

1. eToro – Overall Best Place to Buy Litecoin

eToro is undoubtedly our overall favorite cryptocurrency exchange for buying popular tokens like Bitcoin, Ethereum, and the rest.

This broker offers a variety of assets apart from cryptocurrencies. For many reasons, eToro is also a favorite among investors. The platform has grown its client base tremendously to over 20 million investors.

Firstly, eToro offers super low commissions, so you can buy Litecoin without being charged hefty fees. The broker provides withdrawal and deposit options for several top channels – including PayPal, Neteller, debit, and credit cards.

Secondly, the platform is beginner-friendly and really easy to use. eToro has first-time buyers of Litecoin covered. It’s also user-friendly and offers comprehensive technical charts with dozens of technical indicators and drawing tools. eToro has a CopyTrader feature which allows new traders to copy the trades of other professional traders on the platform automatically, with no hidden fees.

Additionally, eToro is heavily regulated by the UK Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). It is also registered with the U.S Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC).

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2. Capital.com – Trade Litecoin CFDs Commission-Free

Capital.com is another credible platform where you can buy Litecoin. The broker offers several assets ranging from cryptocurrencies to currency pairs, stock indices, and ETFs.

Capital.com offers a zero commission structure as well. This means that you do not have to pay any additional fees when placing a trade.

The broker offers mainly CFD trading options that allow you to speculate on the price of an asset without having to own it. This could be beneficial because you don’t need to worry about storage, wallets, or private keys. When trading stock CFDs, Capital.com offers leverage of up to 1:20. However, it is important to trade carefully as even though leverage can significantly increase your potential profits, it can also increase potential losses.

This broker is also heavily regulated by the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC), ensuring users trade safely and securely.

Capital.com also ensures they cater to beginner traders by offering a wide array of educational materials on their website. They also provide articles, glossaries, and various courses which help get you up to speed in the markets. They also offer a demo account you can use before trading for real, which provides a risk-free way of gaining exposure to the trading platform.

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3. Binance – Top-Rated Crypto Exchange to Buy Litecoin

Binance is the world’s largest crypto exchange by daily trading volume. It is a top-tier platform that offers trading on more than 500 digital currencies.

Binance provides access to several cryptocurrencies. It also gives users multiple ways to trade the assets. You can buy or sell digital currency instantly by paying using a debit card, credit card, or bank account transfer. The exchange also offers leveraged trading and access to crypto futures, thereby allowing traders to buy cryptos bigger than their wallet balances.

Additionally, Binance has a highly detailed web and mobile trading platform where you can analyze price movements and changes in momentum. In terms of commissions, Binance charges start from 0.1% per transaction, and this is among the lowest fees in the industry.

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4. Coinbase – Largest Crypto Exchange in the United States

Coinbase is one of the leading mainstream cryptocurrency exchanges in the world. The exchange has a solid number of cryptocurrencies for users to invest and trade-in. It was launched in San Francisco in 2012.

Coinbase has a unique interface that is geared towards beginners or newbies. Therefore, making trading on the exchange very easy. Experienced traders can also make use of Coinbase’s professional platform called Coinbase Pro.

Coinbase Pro has advanced charting functions and allows users to make crypto-to-crypto transactions, as well as place market, limit, and stop orders.

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5. Libertex – Industry-Leader Broker for Stocks and CFDs

Libertex is the trading subsidiary of Libertex Group. The platform’s uniqueness comes from its zero spreads price structure.

Libertex charges commissions on trades and not spreads. The broker offers two web trading platforms for traders. This includes the MT4 and the Libertex Web Trader.

Libertex is a fully regulated online broker with over 20 years in the industry. It covers about 213 markets and gives users access to stocks, ETFs, forex, and cryptocurrencies, among others. On Libertex, traders have access to over 50 cryptocurrencies. It also offers traders access to margin trading with leverage as high as 1:30 for retailers and up to 1:600 for professional clients.

Libertex has an easy-to-use mobile app and desktop trading interface that provides users with flexibility and a seamless trading experience.

Several deposit channels are supported by Libertex, such as Skrill, Neteller, credit and debit cards, bank transfers, Multibanco, Sofort, Trustly, and others. Like many other brokers, Libertex also offers a demo account you can use before real trading. This provides a risk-free way of gaining exposure to the trading platform.

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6. Plus500 – Regulated Platform Offering Different Asset Classes

Plus500 is a CFD broker that offers over 2,000 financial instruments that include forex, commodity, cryptocurrency, and index trading.

The trading service was founded in 2008 in Israel and is under the Plus500UK Ltd brand. It is an easy and simple-to-use platform that offers a seamless trading experience.

Plus500 interface is integrated with WebTrader 4, a user-friendly layout built especially for advanced traders. Plus500 is very secure; it offers a two-step log-in authentication for security purposes. The platform is based in London and regulated by several international financial authorities, including UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

7. AvaTrade – Legacy Crypto Trading Platform for Investors

AvaTrade is one of the oldest online brokerage platforms. It was founded in 2006 and it is part of the AVA Group of Companies.

The online broker supports a wide array of currencies such as cryptocurrencies, indices, CFDs, options, bonds, and much more.

One of the unique qualities of Ava Trade is the availability of different trading platforms. It offers MetaTrader 4 and 5 as well as the proprietary AvaTradeAct platform. With the MT4 or MT5 account on AvaTrade, you can buy and sell currency pairs without paying commission.

The broker will only charge you a variable spread instead. AvaTrade also offers users access to various forex trading tools such as advanced order types, technical indicators, and chart drawing tools. It also has a demo account option where no deposit is required to start trading. The broker supports both credit and debit cards.

AvaTrade is regulated by the Financial Services Regulatory Authority Abu Dhabi.

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8. Revolut – Personal Finance Service With Crypto Support

Revolut is a FinTech firm based in London that offers banking services to customers. The service provides a quick and easy interface for users to receive, send, and exchange currencies wherever they are.

Although Revolut’s focus is on simple transactions, the platform also provides cryptocurrency services. Users can convert crypto to fiat currency in only a matter of seconds.

Revolut does not allow you to trade crypto directly on the platform; you can only buy, transfer or withdraw crypto here. There are other benefits of Revolut. The platform provides access to loans as well as both phone and travel insurance.

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9. CryptoRocket – Newbie Crypto Trading and Exchange Platform

Launched in 2018, CryptoRocket is an online broker that offers trading services to various assets. This includes cryptocurrencies, indices, stocks, and so on. However, the broker is more focused on cryptocurrencies.

CryptoRocket charges low deposits with a minimum deposit of only $10. However, deposit methods on CryptoRocket are limited, unlike other services. Here, you can only deposit with wire transfers, Bitcoin, and cards.

One of the many features that make CryptoRocket unique is the same-day withdrawal service for credit card transactions. The broker enables traders to get access to advanced charting and analysis tools, and the latest news to help with their strategies and trades. For advanced traders, leverage of up to 1:500 is available.

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10. Changelly – Simple Exchange for Instant Litecoin Purchases

Changelly is a cryptocurrency exchange that was established in 2016. It has a very fast and easy interface for buying and selling cryptocurrencies. It is different from other exchanges because of how it converts cryptos quickly to fiat currency.

It is known for its privacy features. Changelly does not require your personal information or any form of proof of address before you can buy crypto on the platform.

At Changelly, you get a flat rate for crypto-to-crypto trades on Changelly, which stands at 0.25 percent. There are no specific deposit fees on the platform, but you will need to factor in transaction fees when making an exchange. Changelly is a safe and legitimate service that you can use. It also provides trading through its Changelly Pro arm, where you can put your money to work for you. Changelly is registered in Hong Kong.

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