How to Buy Litecoin?
Litecoin (LTC) inventor Charlie Lee once said that the cryptocurrency is the silver to Bitcoin’s gold. Lee was a Google engineer when he released Litecoin in 2011 as a source code fork of the Bitcoin Core client. It implemented some important differences, including a faster block time, striving to address some of Bitcoin’s weak spots. Whether or not they were successful in this attempt is best left to the experts—but this shouldn’t keep you from finding out how to buy LTC.
If you want to find out how to invest in Litecoin, this guide is for you. Here, we’ll take a look at the best LTC markets across different exchanges, as well as the perks on each of them. Read on to learn more!
How to Buy Litecoin in 2021
The vast majority of established cryptocurrency exchanges have listed Litecoin. Of course, some of them have better conditions than others. The process of buying LTC will depend on the exchange you have chosen, but as a rule, you will have to create an account. Then, depending on the exchange, it is likely that you will have to complete a KYC process and wait for your account to be verified. This can take anywhere between a few minutes and a few days—this is extremely exchange-specific, but if you intend to trade high volumes of LTC, you may not have an alternative on centralized exchanges.
Here are some of the best exchanges where you can buy LTC:
Crypto.com. More than just a cryptocurrency exchange, Crypto.com also includes a wallet, an app, staking, and crypto lending services, along with numerous other features and benefits. It has some of the lowest fees in the industry—none at all for crypto to crypto trading on the app and very low ones if you decide to stake their native token, CRO. LTC can be traded against fiat currencies USD, GBP, EUR, SGD, cryptocurrencies BTC, ETH, and CRO. Additionally, you can order the Crypto.com VISA card (for which you will need to undergo additional verifications) if you want to spend your cryptocurrencies in the real world.
Binance. Currently the biggest exchange by 24-hour trading volume, Binance is an immensely popular choice across the industry. You can register and trade without account verification (although to do anything beyond that, you will have to go through the process sooner or later). This is another exchange with meager fees, multi-platform support, and excellent customer service if you need help with pretty much anything. The exchange itself is filled to the brim with information, so navigating it may seem a little confusing, but there are detailed instructions available. You can trade LTC for more than 150 cryptocurrencies on Binance.
Gate.io. If you’re looking to trade LTC against a huge number of different coins, this is the place for you. With an ever-growing roster of altcoins, Gate.io is one of the most popular exchanges for people who take their portfolio diversification seriously. However, it does not deal with fiat, which means you will have to purchase your coins elsewhere if you don’t have any crypto. You can buy it with USDT or BTC, though, which are easy enough to obtain independently. As for fees, while they’re relatively low, they may not be the lowest in the market—but you can get various discounts, depending on the monthly trading volume on your account.
Bitfinex. When it comes to geographical availability, Bitfinex is one of the friendliest cryptocurrency exchanges currently available. However, it is also oriented towards trading professionals, so there might be a steep learning curve for newcomers. There is also a 6-8 week verification window as part of their KYC process. This means that it may not be the best choice for traders that are currently in a hurry. Fees are relatively low—nonexistent for sums equal to or greater than USD 1,000 in fiat and cryptocurrencies. Here, you can trade LTC for USD, BTC, USDT, along with some futures markets.
Coinbase. A simple, easy-to-use exchange that is very friendly towards beginners, Coinbase is a regulated and trustworthy exchange. You can buy cryptocurrencies quickly and easily, for example, via your credit or debit card, a wire or bank transfer, or even local payment providers. However, these conveniences come at a price: this exchange’s fees are considered higher in the market. For transactions under USD 200, it charges a flat fee that depends on the amount, but for higher amounts, the fee becomes variable and depends on your location. When you want to buy LTC through this exchange, you can do so with any of the aforementioned payment options, which means any supported fiat currency.
These are the best places to buy Litecoin (LTC) in 2021, depending on your trading skills, fee expectations, and fiat/crypto accessibility needs. Although LTC seems like a veteran in the cryptocurrency space, you should keep in mind that crypto markets are still highly volatile. Price corrections of 25% are not unheard of. When you decide to trade, remember that you should never invest more than you would be willing to lose.
Good luck with trading, and remember to check back in with Cryptonews for all your information about all things crypto and blockchain!