The cryptocurrency Litecoin (LTC) is confusingly similar to Bitcoin: Litecoin also wants to establish itself as a means of payment, manages all transactions via a peer-to-peer network and uses blockchain technology. Like Bitcoin, Litecoin can be exchanged for real money on a number of crypto exchanges.
In return, the Litecoin blockchain generates new blocks not every 10 minutes, but every 2.5 minutes, which means it generates four times as many coins as Bitcoin. Reason enough to invest in Litecoin.
Since Litecoin has some differences to Ethereum or Bitcoin, there are also differences when buying. Above all, you should pay attention to the following factors:
Now we will show you how to get Litecoin into your portfolio. We use the broker eToro for this, as it offers the unique advantage that you can buy both real cryptocurrencies and CFDs – in other words, it combines the advantages of a broker and an exchange. We will discuss the difference between a broker and an exchange below.
First, you register with a broker or crypto exchange.For our example, we have chosen eToro, as here we can hold Litcoin as well as buy Litecoin derivatives to speculate. First, we click the link to register with eToro:In the form we enter user name, e-mail and password and accept the terms and conditions:We then receive a verification email where we click on the link to confirm the account.u003cimg style=width: 100px; src=https://goldreward.io/wp-content/uploads/2021/06/atm-4.png alt=u003e
In the next step, we need to fund our account with money in order to be able to buy LTC. To do this, we click on the Deposit money button at eToro: We then select the amount and the payment method we want to deposit with and then click on the Send button to deposit the amount.u003cimg style=width: 100px; src=https://goldreward.io/wp-content/uploads/2021/06/savings.png alt=u003e
Now that we have topped up our account, we can start with the actual purchase of LTC. To do this, we click in the search box at the top and enter IOTA there.Then we click on the Trade button: The purchase window then opens. Here we have the following options: 1. Buy or sell: In our case, we have to set it to buy.2. Trade or order: Here we can choose whether we want to execute the trade immediately (trade) or delayed (order). Amount: How much LTC Coins we would like to buy. Stop Loss and Take Profit: At which loss or profit our position should be sold automatically.5. Leverage: With which leverage we want to buy Litecoin. With leverage X1 we buy real Litcoin, with leverage X2 we buy leveraged Litcoin CFDs. After we have configured all options, we click on the Open Trade button to complete the purchase.Subsequently, we have LTC in our portfolio, the purchase is completed!u003cimg style=width: 100px; src=https://goldreward.io/wp-content/uploads/2021/06/exchange-1.png alt=u003e
In our example we show the purchase with credit card. eToro also offers other ways to deposit:
|Buy Litecoin with credit card|
|Buy Litecoin with PayPal|
|Buy Litecoin with SOFORT bank transfer|
|Buy Litecoin with Rapid Transfer|
|Buy Litecoin with Skrill|
|Buy Litecoin with bank transfer|
|Buy Litecoin with Neteller|
|Buy Litecocin with UnionPay|
Another distinction between Litecoin and Bitcoin is the measures Litecoin takes to prevent the centralisation of mining.
For this purpose, the altcoin (for the meaning, see Buy Altcoins) relies on a function that is supposed to favour mining with commercially available hardware (especially GPUs). Nevertheless, ASIC-based miners that achieve comparable hashrates to GPUs – but at a fraction of the power consumption – have been around for some time.
Litecoin was released in October 2011 by developer and former Google employee Charlie Lee. In terms of market capitalisation, Litecoin is the eighth largest cryptocurrency on the market as of December 2018, with around USD 1.8 billion.
In May 2017, Litecoin was the first cryptocurrency to implement the update Segregated Witness (SegWit for short), which was originally developed to fix vulnerabilities in the Bitcoin source code. SegWit also increases the scalability of blocks in the Bitcoin or Litecoin blockchain.
Shortly afterwards, the first crypto transaction was carried out with Litecoin via the Lightening Network: 0.00000001 LTC was transferred from Zurich to San Francisco – in less than a second.
Buy Litecoin UK: If you want to start trading Litecoin, you have to choose between a large number of exchanges.
What you want to pay with plays a role here: Do you want to pay for Litecoin with Bitcoin, or would you rather pay in euros via an instant bank transfer? We will introduce you to two of our recommended exchanges below: One for the first payment option, one for the other. We will guide you through the entire process.
Instead of buying Litecoin, you can also bet on price fluctuations. This works via derivatives that certain crypto brokers offer.
To do this, we advise you to look at the market on a regular basis. You should only ever invest as much money as you are prepared to lose.
Our instructions are expressly not a recommendation to buy and are intended solely for your orientation.
Getting started trading Litecoin is particularly quick via Binance. Unlike most crypto exchanges, Binance does not require any verification from you. Do you have some Bitcoin ready in the meantime?
Very good: Then just read on to get your first Litecoin especially quickly.
Buying Litecoin with Binance first requires you to register with Binance: Create your account via this link. After you have entered your data, you will receive an email with an activation link.
Follow the link in the mail to activate your Binance account.
If you like, you can now set up two-factor authentication to better protect your Binance account. Two-factor authentication significantly increases the security of your Binance account. You can also wait and activate 2FA later via your account settings.
Buying Litecoin without verification is possible at Binance.
Now transfer an amount of BTC from your Bitcoin wallet or another exchange account to Binance. To transfer your Bitcoin, click on Means > Deposit in the header of Binance and select Bitcoin. You will then be shown a public key address to which you can deposit your coins. Send the Bitcoins you want to exchange for Litecoin to this address. Waiting times of 30 minutes and more are not uncommon at this point at Binance. You can track the progress of your transfer under Order Management > Order History.
Tip: We advise you to only transfer a test amount before sending large sums to Binance. This way you can make sure that everything works as it should.
After your transfer has been received by Binance, you can now exchange your Bitcoin for Litecoin. To do so, click on Exchange > Basic in the header.
Then click on BTC at the top right and select the currency pair BTC/LTC from the list to exchange your Bitcoin for Litecoin. If you have done everything correctly, Litecoin (LTC) will now appear at the bottom above the “Buy – Sell” box.
To buy Litecoin, you need to pay with BTC. Enter the desired Litecoin amount (LTC) in the purchase screen.
If you wish, you can now specify the price at which you want to buy your Litecoin. To do so, select “Limit” above the input mask and enter your desired price. Then click on the green “Buy” field. As soon as the market value you have set is reached, your Bitcoin (BTC) will automatically be exchanged for Litecoin.
You can also use the current market price instead of your own. Instead of clicking on “Limit”, click on “Market” next to it and then on the green “Buy” field. Your Litecoin should then appear in your balance as soon as possible.
Tip 1: Buying Litecoin at Binance is particularly cheap: Binance charges a small fee for trading between different cryptocurrencies. If you purchase a small amount of Binance’s own currency BNB and activate the field “Pay transaction fees in BNB” in your profile, Binance will grant you a 25% discount on these fees.
Tip 2: To exchange your Litecoin back into Bitcoin, simply follow steps 1-3 again and this time use the “Sell” input screen instead of the “Buy” box.
Buy Litecoin with Euros on AnycoinDirect: The Dutch exchange AnycoinDirect makes it quick and easy to get started trading cryptocurrencies like Litecoin (LTC).
Here you can get your first Litecoin in just 15 minutes. Follow our step-by-step instructions on how to buy Litecoin with Sofortüberweisung or SEPA.
You can buy many different cryptocurrencies on AnycoinDirect – including Litecoin. A special feature of the Dutch crypto exchange is that it sends your coins directly to your wallet after receipt of payment instead of storing them in your profile.
So before you can get started, you first need a wallet for Litecoin, for example the LTC wallet Electrum.
Buying Litecoin at AnycoinDirect is easy. We show you how it works:
Of course, the first step is to register on the platform.
The required information includes your full name, place of residence, email address and a password of your choice.
Buying Litecoin without verification is unfortunately not possible on AnycoinDirect. AnycoinDirect also regulates how much money you can spend.
It uses a level system with five levels. After signing up, you are on level 1. Although you can already buy your first coins, your trading is subject to weekly buying and selling limits. For example, at the lowest level you can buy crypto coins via instant transfer for a maximum of €250 per week. At the highest level (level 5), the buy limit via instant transfer is €25,000 per week.
To raise the limits, it is advisable to start directly with the verification.
The limits on AnycoinDirect can protect you from spending too much money in a hurry. Because of the tier system, you have to regularly check your investment. Of course, this can be annoying, but it can also prevent you from losing a lot of money.
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To initiate the step-by-step verification, click on your profile at the top right and select “Account”. On your account page you will find the option “Upgrade” on the left under the green “Level 1” badge. Click here and follow the instructions.
Buy & Sell Litecoin
For now, we assume that you have not yet fully verified yourself and that you have a level 1 account. Click Buy at the top of the page header and select Litecoin.
You can now use various payment methods to buy Litecoin with AnycoinDirect, but the most convenient is probably instant bank transfer. Depending on your financial institution, it may take 1-2 working days for the payment to be processed.
In addition to the instant bank transfer, you can also use the SEPA bank transfer. In order to be able to use this, however, you must first upload an identity document to the site.
By the way, this also works if your account only has level 1. To do this, go to your account page as described above and click on “Upgrade”.
Now enter your desired amount while (inevitably) sticking to your level-based buy limit. Click on “Select your bank account”, select “New bank account” and follow the simple instructions to verify your bank account.
In the following, we look for possible alternatives that are suitable for trading Litecoin. The platform Changelly, for example, offers the option to buy Bitcoin with a credit card, and buying Litecoin with a credit card is also possible here.
Alternatively, you could easily buy your first Bitcoins here and then transfer them to your Binance or AnycoinDirect account to exchange them for Litecoin.
You can also buy Bitcoin with a credit card on CEX.
Litecoin is unfortunately not listed on this crypto exchange.
CEX is therefore suitable as an entry point for your first investment in Bitcoin: In order to buy Litecoin, you will have to transfer your coins to a platform that offers Litecoin.
We recommend eToro for this.
Litecoin is a cryptocurrency of the first hour.
As such, it is well integrated into the market: for years, Litecoin has ranked among the 10 largest cryptocurrencies in terms of market capitalisation. Litecoin is also technically capable, as evidenced, for example, by the early integration of the lightening network, which enables particularly fast transactions.
According to Marketcap, Litecoin ranks 8th in December 2018. For the current ranking, visit CMC.
With its better scalability and less centralised mining, Litecoin is a serious Bitcoin competitor and therefore a good option in any portfolio.
So there is little to be said against investing in Litecoin – apart from the general volatility of the cryptocurrency market. The favourable prices in December 2018 are an invitation to invest. However, it is also conceivable that prices will fall even further and that a renewed hype will not emerge.
In general, buying Litecoin with a credit card on eToro is easy.
We are happy to point out alternative ways of buying Litecoin, for example on Changelly or cex.io.
On both crypto exchanges you can buy Bitcoin with a credit card and then transfer it to Binance or AnycoinDirect.
This way you can buy Litecoin with your credit card. Buying Litecoin directly with a credit card is also possible on Changelly.
Unfortunately, we cannot name a reputable exchange where you can currently buy Litecoin with Paypal.
To invest in cryptocurrencies via Paypal, however, you can use the crypto broker eToro, which is recommended by the editorial team.
So-called CFDs are traded here. Trading CFDs involves high risks but even greater opportunities if you know how to read the market.
A guide to getting started with your first Litecoin investment with eToro can be found at the top of this page.
The instant bank transfer of the Swedish company Klarna is a widespread payment option on the Internet and you are probably already familiar with it.
Here the name says it all: the merchant or service provider receives your payment immediately, so that purchases can be processed particularly quickly and easily using this method.
To use them, you must have access to online banking at your bank. Also have your individual account information ready.
Follow the simple instructions and enter your account number or username and your PIN for online banking in the prompt.
To complete the transaction, you need a TAN. This prevents phishing and other misuse of your account information.
Buying Litecoin with instant bank transfer is possible, for example, on the crypto exchange eToro, which we presented above. Many other crypto exchanges now also offer the instant bank transfer option on their platforms.
Litecoin can also be bought on LiteBit.eu via instant bank transfer, but also via SEPA bank transfer.
To do this, you first need an account here, which you must verify step by step, as on other platforms.
Once this is done, you can specify how many Litecoin (LTC) you want to buy, similar to AnycoinDirect, and then complete the trade quickly and easily using the payment method of your choice.
A Litecoin wallet is also mandatory for this way of buying Litecoin. Enter your wallet address in the field provided and complete the transaction.
Is a wallet required for trading Litecoin? Theoretically, you can just leave your LTC on eToro, Binance and many other crypto exchanges (like Kraken).
With other exchanges such as AnycoinDirect, you can only purchase Litecoin if you have a Litecoin wallet. Basically, it is always a good idea to get a matching wallet for your investment.
If you rely on the exchanges, you accept a certain risk: if an exchange unexpectedly goes bankrupt, you may lose your cryptocurrency.
Investors who decide to invest with a CFD broker such as our test winner Skilling can do without a wallet: Because you do not acquire the cryptocurrency directly when trading CFDs, a wallet is not necessary here.
A wallet is therefore mandatory when buying Litecoin with Sofortüberweisung or SEPA on AnycoinDirect!
But not when buying Litecoin with Bitcoin on eToro or, for example, when buying Litecoin with Kraken. Even when trading with our test winner, you can manage without a wallet.
A particularly secure wallet is the Electrum Litecoin Wallet.
The Electrum Litecoin Wallet comes from a German provider based in Berlin, is easy to use and offers German-language support in an emergency (e.g. on Twitter).
To invest in LTC, it is best to use the services of the test winner eToro. The low minimum deposit and the particularly uncomplicated menu navigation make the broker the ideal platform for beginners.
Trading with CFDs enables large profit potentials via leverage. Even those who really want to buy LTC as a coin are in good hands on eToro with or without their own Litecoin wallet.
You can buy Litecoin with real money via instant bank transfer, SEPA and other payment methods on the AnycoinDirect platform described above. Alternatively, if you already have Bitcoin, you can exchange LTC for Bitcoin instead. Buying Litecoin with Bitcoin is particularly quick, for example on Binance. You can also buy other cryptocurrencies such as Ethereum on most crypto exchanges.u003cimg src=https://goldreward.io/wp-content/uploads/2021/06/income-3.png alt= style=width: 100px;u003e
Buying Litecoin with a credit card is possible on Challengy, for example. You can also take a roundabout way to buy Litecoin with a credit card by first buying Bitcoin and then exchanging it for LTC. Both ways are described in our instructions at the top of this page, see for example the sections on Challengy and on CEX.u003cimg src=https://goldreward.io/wp-content/uploads/2021/06/cvv-1.png alt= style=width: 100px;u003e
Yes, but only at eToro. eToro is the only financial service provider we know of that accepts Paypal as a payment method.u003cimg src=https://goldreward.io/wp-content/uploads/2021/06/transfer.png alt= style=width: 100px;u003e
Litecoin is expected to benefit when the market as a whole starts to grow againu003cimg src=https://goldreward.io/wp-content/uploads/2021/06/profit.png alt= style=width: 100px;u003e
Not mandatory, but we recommend it. However, some crypto exchanges also require it.For example, if you use AnycoinDirect, which we recommend, you have to create a wallet beforehand. A wallet also protects you from eventualities such as the unexpected insolvency of your exchange platform. Without a wallet, you can hold Litecoin on Kraken, for example.u003cimg src=https://goldreward.io/wp-content/uploads/2021/06/wallet-1.png alt= style=width: 100px;u003e
That depends on whether your wallet also supports the cryptocurrency Litecoin. In our experience, this is usually the case for Litecoin. If in doubt, it is advisable to ask the provider directly.Most wallets now support multiple coins.u003cimg src=https://goldreward.io/wp-content/uploads/2021/06/cryptocurrency-3.png alt= style=width: 100px;u003e
We recommend Binance for buying Litecoin. Here you can only exchange Litecoin for Bitcoin and not buy it for real money, but you don't have to go through the hassle of verification. If you want to buy Litecoin with real money, we recommend the crypto exchange AnycoinDirect. And for Litecoin trading with derivatives, the editors recommend their test winner.u003cimg src=https://goldreward.io/wp-content/uploads/2021/06/millionaire.png alt= style=width: 100px;u003e