Where You Can Buy Litecoin – Exchanges
There are a variety of exchanges that handle different types of transactions; cash, PayPal, credit card, and so on. Before you purchase any LTC, make sure you have a Litecoin wallet so that you don’t store your LTC on an exchange. Storing Litecoin on an exchange can put you at risk for losing your LTC to theft.
How to Buy Litecoin on Bitstamp
Bitstamp has recently added Litecoin to their exchange and has made it super easy. When you create your account, you must transfer funds to your account. They offer wire transfers and debit or credit card use. There are fees associated with transfers that vary. Debit card imposes a flat fee of $10 for up to $1000 or 2% over $1000. Credit cards impose a fee of 5% no matter the amount and your credit card could charge you an additional fee on their end. Depositing by wire transfer will impose a fee of .05% on their side. The minimum will be $7.50 and a maximum of $300. The wiring company you use could impose their own fee on top of that.
How to Buy Litecoin on Binance
Binance does not actually allow you to buy LTC or any other cryptocurrency. It is designed for the folks who already own cryptocurrency and want to trade for a different coin. Most often, you must trade Litecoin for Bitcoin and then trade for a different coin. However, the company is growing fast and changes are frequent. It is very possible that you can exchange Litecoin for another cryptocurrency in the near future.
How to Buy Litecoin on Bithumb
Bithumb is South Korea’s largest cryptocurrency exchange and is one of the most affordable around, even for it’s international customers. That is one of the key things to come to terms with, you are dealing with international trading which can be a little overwhelming for someone has not done any international investing. You can use a debit or credit card to purchase LTC and the fees equate to $1,000 KRW (South Korean Won) which translates to $.94 USD at this time. Because currency values change often, you will see the USD charge fluctuate. Additionally, your bank or credit card company could charge you an additional fee for conversion. This will still be relatively low in comparison to other exchanges. It’s wise to contact your bank or credit card company to inquire about the possible conversion fee.
How to Buy Litecoin on Coinbase
Coinbase is one of the easiest of all the exchanges and offers the opportunity to use their online wallet for storing your Litecoin. Although we highly recommend not storing your LTC on an exchange wallet, some people may choose to for the simplicity of it all. Before doing that, check in to see if there have been any recent hacks and a history of hacks so that you can be reassured that it’s a good move. Coinbase allows you to purchase Litecoin with your bank account, credit card, or debit card. Depositing money through ACH transfer with your bank account is free. If you choose to transfer through a wire, you will be faced with a $10 flat deposit fee. To purchase LTC with a bank account you will see a charge of 1.49% ( a minimum of 15 cents) fee. If you purchase Litecoin with a Coinbase wallet, the fee is 1.49%. Using a credit/debit card to make the purchase has a 3.99% fee.
How to Buy Litecoin on Gemini
Gemini does not currently offer Litecoin as it is limited to Bitcoin and Ethereum only. One of the unique reasons for this is that Gemini is regulated by the New York State Department of Financial Services. One of the appeals of cryptocurrencies are that they are not usually regulated by any government department and rather a self-regulated system.
Get Started Investing in Bitcoin and Ethereum
What is Crypto?
Cryptocurrency is digital/virtual currency. It has value but is not a tangible object like traditional paper/coin currency that we are used to using. While some people feel it is odd, it really is a lot like the person who always uses their debit card. That person has their money direct deposited into their bank account and they use a card to spend it. We don’t use tangible currency as much as we once did. Bitcoin was the first cryptocurrency and has now led the way to many other types being developed.
What is Bitcoin? Where Do I Buy Bitcoins?
Bitcoin (BTC) is the first of the cryptocurrency and is the most widely known. They are so popular that every exchange we have already mentioned, and plenty more, will allow you to purchase BTC. Most recently, Bitcoin has now grown into something called Bitcoin futures contracts. These contracts are attracting big investors who have typically shied away from cryptocurrencies. CME and CBOE have now launched Bitcoin futures markets for the investor that caters only to Bitcoin futures contracts. What happens with the contract is that the holder creates the contract based of if they think the BTC will drop or raise in value by a certain date. The buyer will then buy the contract and either receive the BTC or cash at the expiration of the contract. If the BTC drops in value, then the buyer will receive less BTC or cash. If the BTC raises in value, the buyer receives more BTC or cash.
What is the Market Cap of Litecoin?
Market capitalization of a cryptocurrency is essentially the ranking of the crypto out of all the cryptos. It is calculated by multiplying the price by the circulating supply (how much cryptocurrency is circulating in the market). At the time of this writing, the market cap of LTC is calculated at $17.3 billion.
What is a Blockchain?
A blockchain is a digital public ledger of every transaction of cryptocurrency. Everything is kept in chronological order and market participants can track it all without a formal recordkeeping. Is it trustworthy? Absolutely! Blockchain uses distributed ledger technology (DLT) that digitizes and codes every movement of cryptocurrency. Nothing can be altered or changed in the system. Even if a way to alter information could happen, the participants would still be able to verify the authenticity.
What is Litecoin’s Ticker Symbol?
Litecoin has the ticker symbol of LTC. On exchanges catering to non-US markets, you will see LTCUSD to indicate that it’s American Litecoin. Other countries will add their own currency code to the LTC ticker symbol to indicate where the Litecoin originates. For instance; LTCCNY is Litecoin from China and LTCEURO is Litecoin that originates in Europe.
How Do I Verify My Account at Each Exchange?
In order to battle against money laundering, many exchanges require that you prove your identity. This is especially true for when you want to withdraw funds. Many exchanges won’t ask for verification of your account just to purchase but you have to verify in order to receive your investment earnings. Across the board, this involves releasing your social security number and/or sending a copy of your photo identification.
Do I Need to Buy Bitcoin (BTC) or Ethereum (ETH) First?
The short answer is, it depends on the exchange. With the growth of cryptocurrencies, many exchanges will now allow you to purchase LTC directly. Binance is one of the few exchanges that require you to purchase BTC first and then exchange it for LTC. The biggest downside to this is you often pay fees to purchase the Bitcoin and then pay more fees to exchange it for another cryptocurrency.
What is a Cryptocurrency Wallet? Where Can I Buy a Crypto Wallet?
A cryptocurrency wallet is a software program that is connected to the blockchains and stores all private and public keys. You cannot purchase cryptocurrency without a crypto wallet to store it in. There are so many options in finding a crypto wallet, we couldn’t possibly list them all here. Instead, check out the next listing to find the best options!
Best Cryptocurrency Wallets 2018
- Blockchain.info is considered one of the best wallets available. Not only can you get a free wallet, you will be getting some of the best protections available. They have host over 15 million wallets and have handled over 100 million transactions. Most of their clientele have been with them for years, showing that they are well trusted.
- Electrum is another highly recommended wallet to download. Much like Blockchain, their security is on top and they keep your wallet functional at all times. Unlike Blockchain, you can also download Electrum to a hardware wallet (a physical device you carry that holds your cryptocurrency).
- Coinpayments where many online wallets are limited to storing a few cryptocurrencies, Coinpayments allows up to 100 different crypto’s giving you more investing freedom. Another major reason to use Coinpayment is that they work with plenty of online retailers and companies to allow you to use your cryptocurrency to purchase items or pay bills (this one is slowly growing).
Can I Buy Litecoin with a Credit Card?
Yes. All exchanges that offer LTC will allow you purchase the crypto with your credit card. The only exception to that rule is when an exchange requires you to purchase Bitcoin and then exchange it for Litecoin.
Can I Buy Litecoin with PayPal?
No. PayPal is widely not accepted for use to purchase cryptocurrency due to the high-risk of you requesting a chargeback. In the few instances where PayPal is accepted, you will be required to purchase Bitcoin first and then exchange for LTC because the few exchanges that do accept PayPal don’t offer Litecoin purchases directly.
Where Can I Buy Litecoin Instantly?
You can’t. While we would like to say that all purchases are instantaneous, they aren’t. The transaction is complete when it goes to the blockchain. If the exchange is slowed down due to high-traffic in transactions, you will experience a delay in your transaction. If there is no high-traffic when you are making your purchase, you will more than likely see the confirmation within a matter of minutes. Most exchanges will inform users of high-traffic instances, to expect a delay, and how long they anticipate that delay.
Is Litecoin (LTC) Going to Crash?
Litcoin has recently seen a spike in value and is being re-valued to reflect the true value of the currency. As with all investments, there is some risk that there will be a crash. Rarely does an investment not drop in value at some point. Always take caution and watch the behavior of the crypto before investing.
When Was the Litecoin ICO?
Litecoin was launched in 2011 with a limit of 84 million.
Buying LTC in Other Countries than the U.S.
Where Can I Buy Litecoin in Australia?
You can use the exchanges we highlighted previously as they are considered international exchanges. There may be some conversion fees by your bank and credit card. However, there is an exchange that caters to Australia where you can avoid additional fees. Coinspot is Australia’s answer to a cryptocurrency market and exchange. Fees range from 1-3%.
Where Can I Buy Litecoin in Nigeria?
Purchasing Litecoin can be quite a bit more difficult than purchasing Bitcoin because the cryptocurrency scene has not quite gained the steam like we have seen in the US and other countries. We do know that requirements for verification of identity can be a bit more strict. Fortunately, we did find an exchange that allows you to purchase LTC and helps make investing in cryptocurrency easier for Nigerians. NGExchanger requires a minimum of $20 to fund your account, purchase LTC, or to withdraw. Your account has to be verified before you can fund, purchase, or withdraw.
Where Can I Buy Litecoin in Canada?
Quickbit is Canada’s answer to crypto-investing. It’s a relatively easy and fast way to get started and you could start purchasing within just a few minutes. Interestingly enough, Quickbit has an unsual limit of $200 in transactions per day. This is due to the fact that you are verified through your mobile phone number and they are working against money-launderers.
Where Can I Buy Litecoin in Japan?
Bitbank is one of the largest exchanges in Japan that has recently expanded their market to include Litecoin. LTC has been harder to find in Japan but is slowly making their way to the country. Bitbank is an exchange open only to the Japanese and information regarding fees is unavailable to us at this time. If you are not Japanese and wish to purchase Japanese LTC, it is best to try one of the international exchanges we highlighted above.
Where Can I Buy Litecoin in Ghana?
Coinforest is Ghana’s largest cryptocurrency exchange. They specialize in LTC as well as Bitcoin and Ethereum. There is a transfer fee based on the priority you choose ($2 USD is considered low-priority) and there is a minimum purchase of $20 USD. What is truly unique about Coinforest is the fact that it’s not only an exchange but a social network amongst participants to discuss investing, learn from each other, and trade cryptocurrency with one another. You don’t see that in too many other exchanges!