Should You Invest in Litecoin Beginners Guide

By: Flaka Ismaili    December 28, 2020

how to buy litecoin

You will then need to verify your identity and address, which is part of a process called know your customer , which is a legal requirement by exchanges in the UK. Cryptocurrency exchanges based in the UK must comply with local laws and regulations, and you will find some exchanges are unavailable in certain states. Be wary of exchanges located in foreign tax-havens with weak consumer laws.

how to buy litecoin

In fact, Litecoin was once the second-largest cryptocurrency in terms of market capitalization. It’s very popular among people searching for a low-cost alternative to BTC tokens, probably because of its similarities with Bitcoin. This peer-to-peer cryptocurrency was first launched in 2011 by former Google developer Charlie Lee. With the help of Bitcoin’s source code, Litecoin was initially created to make the completion of crypto transactions smoother, cheaper, and faster. You should bear in mind that the commission fee is 1.49% for every cryptocurrency position you open or close on Coinbase. And unlike the previously mentioned eToro, Coinbase doesn’t offer copy trading or smart portfolios. It’s free to download and it supports storage for more than 150 digital currencies.

It’s never too late to get started

Like most cryptocurrency, it experienced a rapid growth in popularity that has seen it increase in value substantially. As of the end of 2017, Litecoins market capitalisation was worth USD $4.6 billion. Litecoin is designed for everyday payment transactions and is commonly selected because it’s a helpful token available through most exchanges. Fusion Mediawould like to remind you that the data contained in this website buy litecoin is not necessarily real-time nor accurate. How to mine LitecoinLitecoin uses specialised mining hardware rigs called application-specific integrated circuits to improve the efficiency of the validation process. The success of your mining venture largely depends on your mining setup. With the growing popularity of cryptocurrencies, attention has inevitably shifted towards the exchanges that they trade on.

  • Be wary of exchanges located in foreign tax-havens with weak consumer laws.
  • Just like other cryptocurrencies Litecoin isn’t issued by a Central Bank or a Government.
  • And if the situation remains the same, Litecoin’s value is likely to rise in the long run, at least according to some analysts.
  • The exchange will instantly transfer your Litecoins to your Coinmama account.
  • Now that we’ve covered the basic framework of how to buy Litecoin – it’s time to look at some other options.
  • As you know by now, you buy Litecoin with the anticipation of timing the market.

Almost every crypto exchange accepts payments through debit and credit cards. It is one of the fastest payment methods to buy Litecoin because transaction processing is almost instantaneous. You can, for instance, buy Litecoin with a credit card or a debit cards on eToro eToro. Here, the minimum trade amount is $25 but the minimum initial deposit is $200.

Getting Started with Litecoin on Luno

And we just showed you how easy it is to complete a crypto purchase. We will also tell you all about the best crypto exchanges in the UK and explain the key benefits of investing in Litecoin today. We will provide you with all the information you need to make a safe and informed decision. Litecoin is one of the world’s biggest cryptocurrencies, ranked 20th with a total market cap of £3.6 billion.

  • Of their platforms, you can buy a high number of LTCs at relatively lower fees.
  • When I’ve checked recently, I’ve found that it’s near-enough the real exchange rate.
  • Due to the potential volatility of the cryptoasset markets, the value of your investments may fall significantly and lead to total loss.
  • Another way to buy Litecoin is to exchange another cryptocurrency for us.
  • Great – but there are a few things you need to consider first.

As you already know, investing in cryptocurrency always comes with risk. Therefore, it’s essential to learn a lot about the asset you’re interested in. In terms of fees, Litecoin is a more convenient and cost-effective solution than some of the other popular assets on the market. Also, since many big crypto networks experience difficulties during peak hours, a smaller and more flexible solution like Litecoin is likely to stay in the spotlight. After all, relying on a cryptocurrency with such a track record is significantly less risky than investing in a brand new project. Therefore, as a well-established cryptocurrency, Litecoin is a rather safe choice, at least compared to some other options.

Litecoin Explained

Seperate your funds with multiple coinpass accounts to suit your business and tax needs. Trade Bitcoin, Ethereum, Solana and many other cryptocurrencies. Litecoin was created by Charlie Lee, a former Google employee, who intended Litecoin to be the “silver crypto” of “bitcoin’s gold”. Needs to review the security of your connection before proceeding.

Find out how major crypto exchanges and brokers fared in our latest crypto trading platform awards. While some people choose to store their Litecoin in their exchange account, this is not recommended. It’s a much safer option to move Litecoin or other assets into a wallet which allows you to retain full control of your private keys. There are hardware and software wallets for desktop and web browser available to store cryptocurrencies.

How to Buy Litecoin UK -Beginner’s Guide

This will help prevent you from waiting for Litecoin’s order to execute when volatility could set in anytime. If you ever get a chance to meet victims of identity theft or those swindled out of their hard-earned money, you will know the importance of choosing a secure platform. It would be in your interest to find exchanges that offer two-factor authentication and other security features that can safely hold your coins. Some exchanges are user-friendly but may not be beginner-friendly. ❌ The platform is not user-friendly for beginners because of its advancement in the cryptocurrency exchange space.

how to buy litecoin

Keep in mind that to prevent fraud, you cannot buy LTC with your relative’s card. Moreover, certain exchanges charge fees for depositing with cards. Know the fees before deciding on investing in Litecoin with credit/debit cards. Buying Litecoin is a relatively simple process to follow. You just need some photo ID to create an account on a platform that sells it, then link a payment method to buy it with, like a bank account or debit card. Credit cards are another common way to buy LTC, and Finder has created a separate guide for buying LTC with a credit card. One the biggest benefits of trading Litecoin or any of the cryptocurrencies easyMarkets offers is security.

Coinbase – Beginner-Friendly Crypto Exchange to Buy Litecoin

Further, the platform provides traders with deposits of up to 25% on fees when you pay for the transaction charge using BNB tokens. After buying Litecoin from your favorite exchange, you would want to store them safely. Usually, your preferred crypto exchange will present you with an in-exchange wallet to store your cryptos.

What is the best crypto to invest in 2022?

  • Algorand (ALGO) – one of the rising competitors of the Ethereum network.
  • Avalanche (AVX) – highly secure token.
  • Solana (SOL) – Great asset for future investments.
  • Curve (CRV) – one of the best DeFi projects.

Click on the crypto button and select your preferred payment method. Available options include card payments, bank transfers, P2P transactions, and payments through third-party channels such as Simplex. Coinbase is a popular cryptocurrency exchange founded in 2012. The crypto exchange’s trading interface makes it highly suitable for novice traders. While the company is based in the United States, it offers its services in 100+ countries across the world.

Author: Tom Farren

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