If you are new to the cryptocurrency world, the idea of purchasing your first tokens may sound scary. Do not worry – it is very easy to buy Litecoin. Here are at least six ways how beginner investors can purchase digital currency with little effort. Let’s first discuss the quickest and simplest way to buy Litecoin (LTC) for fiat.
1. The Easiest Way to Buy Litecoin Online For Fiat
We know, for a newbie crypto investor, it may be fiendishly difficult to get off the ground and start trading crypto. To take the sting out of the process, the Crypterium team created innovative mobile software, allowing you to buy, sell, and manage your virtual assets with extreme easiness.
The Crypterium App combines features of both a highly secure multi-currency wallet and a global cryptocurrency exchange. More than that, after purchasing Litecoin (LTC), you can immediately set your assets to work.
You can exchange your LTC for another crypto, gift your tokens to other users (even if they do not have the Crypterium wallet), load your LTC tokens to Crypterium VISA to use crypto as fiat anywhere in the world, take loans against your Litecoin holdings, invest your assets into expertly managed crypto portfolios, and even open a high-yielding savings account and grow your electronic capital – all within one wallet. Therefore, Crypterium is the ultimate solution designed to fit all your crypto needs. Literally.
So, let’s assume you have no crypto experience and do not know how to get started. Your plan of action will look like this:
- Download the Crypterium App for your Android or Apple mobile device through the official marketplace.
- Create an account by entering your phone number.
- Sign in to your Crypterium account and go to the “Buy Crypto” Section.
- Pick the desired asset from the list of supported cryptocurrencies. It can be Litecoin or any other altcoin or stablecoin like Bitcoin or Ethereum.
- Specify the amount of fiat money you want to spend on LTC. Or, you can input the amount of tokens you want to obtain. All arithmetic will be calculated automatically and at a smart rate. Crypterium features a robust AI-powered bid-offer matching engine that integrates with the world’s TOP 10 cryptocurrency exchanges, allowing you to purchase coins at a fair price.
- If the input data is correct, proceed with entering the details of your debit card, including card number, cardholder’s name, expiration date, a CVV code.
- Confirm the transaction, and Litecoins will instantly be credited to your Crypterium balance.
Crypterium supports the 19 most popular coins and generates the appropriate wallet when you first purchase new crypto. This saves you from the headache of finding the best crypto wallet to store your assets, as Crypterium is, perhaps, the only crypto wallet out there where users’ accounts are fully insured by the company’s strategic partners.
The best thing about Crypterium is that it does not have any waiting periods – just download the app, confirm your phone number, and buy Litecoin (or any other trendy crypto) with the fiat of your debit card.
Your first crypto purchase can be as small as 2 EUR – this is the smallest entry threshold currently available in the cryptocurrency space. Purchases below 250 EUR come with a 2% commission, but that commission will be reduced to 1% if you spend more than 250 EUR. As a welcome bonus, Crypterium charges zero fees for your very first fiat-to-crypto purchase.
2. How to Buy Litecoin with a Credit Card
A handful of brokers allows for purchasing Litecoin with credit cards, including Binance, CEX.io, Kraken, and Coinbase – international crypto exchanges.
Note that these operators require users to undergo complicated Know-Your-Customer and identity verification procedures before they will let you buy LTC or other coins like BTC or ETH with your credit plastic. You will have to provide a bunch of different papers, including a photo of your valid ID document, a selfie with that document, paid utility bills.
If you intend to invest much in Litecoin, get prepared to prove the source of your income and do other paperwork before a cryptocurrency exchange lets you trade LTC in significant volumes.
The compliance check may take several weeks or even months, depending on your location, source of income, and other factors.
It is also in your best interests to obtain a secure crypto wallet before you start trading with Coinbase or any other similar platform – crypto exchanges are infamous for being constantly attacked by hackers.
Coinbase, for instance, is available in the USA, Europe, Canada, UK, and a couple of other countries. Americans can use this service to buy Litecoin with USD. However, get ready to pay an elevated fee for such transactions. Crypto-for-USD purchases come out to nearly 4% fees per transfer. And the commission will dramatically ramp up if you purchase above certain limits.
3. How to Buy Litecoin with Bank Transfer
Another method to buy Litecoin online is through a wire transfer. As a rule, if the broker supports credit card payments, it will also willingly accept bank wires. Coinbase, BitPanda, CEX.io, Binance are your options to consider when you want to trade USD, GBP, or other national currencies for digital coins.
Keep in mind that purchasing LTC Coin with a bank account can drive you mad with its slowness. This is because the traditional banking system is very slow, especially when it comes to processing fiat-to-crypto transactions.
4. How to Buy Litecoin with Cash
Generally, purchasing tokens for real money can turn into a hard quest, but, fortunately, Litecoin belongs to the league of the major altcoins, so you can easily buy it for cash through ATMs. Coinatmradar maps the location of Bitcoin ATMs around the planet. The good news is that you can buy LTC for cash virtually in every city in the USA, as there are throngs of such machines scattered across the country. Cryptocurrency ATMs also allow you to convert your tokens to cash.
Before you buy LTC via Bitcoin ATM, make sure you have a secure crypto wallet to store your funds. Crypterium may generate a full-fledged LTC wallet for you for free in a matter of seconds.
The process of purchasing Litecoin with cash through an ATM will vary, depending on the machine’s type, the operator’s compliance requirements, and other aspects. But, in outline, it will look like this:
- Clicking “Buy Crypto” on the ATM’s screen
- Picking the desired coin (e.g. Litecoin)
- Choosing “Scan QR”
- Scanning QR of the wallet
- Inserting cash bills in the slot
- Pressing “Confirm”
- Getting a printed receipt
- Receiving an immediate LTC deposit on your wallet
Sometimes, the machine will require you to undergo some verification, such as scanning your fingertip or entering the validation code received via SMS. Usually, the more tokens you want to buy, the more verification checks you will have to complete.
5. How to Buy Litecoin with PayPal
US residents (except those living in Hawaii) can access crypto trading right from PayPal. Users can buy, sell, hold, track market prices, and manage a range of coins through their Personal or Premier accounts (but the option is not available for Business accounts). The platform currently can support trading with Litecoin, Bitcoin, Ethereum, and Bitcoin Cash. All trading operations must be done in USD, transfers in other fiat currencies are impossible. During your first crypto purchase, the system will ask you to provide some account and personal information, so keep your wits.
6. How to Buy Litecoin (LTC) with another cryptocurrency
If you already own some popular coins like Bitcoin or Ethereum, you can easily convert them to Litecoin. BTC/LTC and ETH/LTC are extremely popular trading pairs, and nearly every cryptocurrency exchange supports such markets, including Crypterium.
Alternative methods to buy LTC
Those who search for non-traditional methods to buy LTC, make resort to Neteller. It is an electronic payment system that allows you to make and receive money transfers online all over the world. The electronic wallet in the system is tied to the user’s e-mail address. You can buy and sell LTC, Bitcoin, BCH, ETH, and a host of other cryptos through this system. The service also allows you to send tokens to other NETELLER members using their email or mobile number. It is possible to use your Neteller fiat balance to buy/sell crypto. If you hold Bitcoin on the platform, you can also exchange it for any of the other available assets.
A very few crypto brokers support deposits in Skrill, including eToro, BitPanda, and PayBis. Although purchasing Litecoin with Skrill can be quite straightforward with these dealers, expect to pay double and even triple fees: to the broker, the payment system, and the Litecoin blockchain. This can make your investment in Litecoin not so worthwhile.
What is Litecoin?
Litecoin is a fork of Bitcoin, a peer-to-peer electronic payment network with LTC being its native token and the medium of exchange.
The Litecoin project was created by Charles Lee (a former Google developer and one of the founders of the Coinbase Company). Litecoin was meant to become a better version of Bitcoin, the program code of which was taken as a basis. The project was launched on October 12, 2011. Litecoin is an open-source project, and its code is published on GitHub.
How Litecoin Differs from Bitcoin?
Although it is basically a clone of Bitcoin program code, Litecoin has many remarkable differences, including the hashing algorithm, hard cap, block transaction times to name a few. Litecoin’s block time is just 2.5 minutes (which is 4 times faster than Bitcoin) and it also has very low transaction fees, making LTC suitable for small transactions and point-of-sale payments.
What is Litecoin Value?
Like all cryptocurrencies, the value of Litecoin is ever-changing. According to Coinmarketcap, today’s Litecoin price today is 325,76 USD with a 24-hour trading volume exceeding 8 billion USD. The current market cap of LTC is 21 745 509 666 USD. It has a circulating supply of nearly 67 million LTC coins and a maximum supply will be 84 million LTC coins.
Currently, Litecoin is divisible to eight decimal points. It means if you find it hard to invest over 300 dollars in purchasing one LTC token, you can easily buy 0.01 LTC or even 0.00000001 LTC.
Is Litecoin Mineable?
Like Bitcoin, it is also possible to mine Litecoin. If you have access to affordable electricity (for instance, you use solar energy or your employer helps you to cover your utility bills), or you want to mine in small quantities, it may be profitable for you to mine Litecoin tokens. Otherwise, it may not worth the trouble. Electricity prices are constantly increasing, while Litecoin price is subject to great fluctuations, so you may end up spending more money than gaining.
As you see, there are plenty of opportunities to purchase Litecoin (LTC), both on the Internet and offline, with various payment methods. If you search for ways to take full advantage of your electronic funds, your best bet is to opt for Crypterium.
Crypterium is one of the most sophisticated multi-currency wallets currently available in the market. Designed to fulfill all your cryptocurrency needs, this powerful software comes with a host of essential features allowing you to capture the full benefits of owning coins. It is not only a mobile app where you can store, buy and sell your virtual capital at a great price. Indeed, it is your reliable partner on your path to efficient crypto trading, investment, and management.