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How to Buy Litecoin (LTC) | The Beginner’s Guide

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Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Litecoin (LTC) is one of the most popular cryptocurrencies in the market for making transactions and processing payments. Not only for individuals, but also for larger companies that need to process fast and cheap transactions. There are hundreds of shops and merchants around the world already accepting this digital asset as a means of payment. 

There have been several developments on Litecoin that have attracted many users and individuals to start using the digital asset or investing in it. If you arrived at this article to learn how to purchase Litecoin you will have all the information related to it. 

How To Buy Litecoin?

The first thing we need to know is that there are many platforms in the market that allow users and investors to purchase Litecoin. Each of these platforms has different features that would fit different traders and investors according to their needs. 

Binance 

Binance, one of the largest and recognized cryptocurrency exchanges in the world, is one of the best cryptocurrency exchanges to purchase Litecoin. The exchange is located in Malta after being founded in China in 2017 by Changpeng Zhao, the current CEO of the firm. 

To purchase Litecoin, you will be able to do it in two different ways. The first and most simple way of doing so is by using a credit card. A few months ago, the crypto exchange announced they added support to credit card purchases of virtual currencies. 

Once you make the purchase through credit card, you will receive the funds in your account as soon as the transaction is processed. The platform offers two different interfaces, one for beginners and another one for more advanced users. This is very important for those entering the crypto space for the first time and that do now know how to buy cryptocurrencies. 

The second way to purchase Litecoin through Binance is by sending virtual currencies such as Bitcoin (BTC) or Ethereum (ETH) to the platform and exchange them for LTC. 

Binance allows users to withdraw up to 2 BTC in digital currencies every 24 hours. That means that if you want to purchase a large amount of LTC, the best thing to do is to verify your account on the exchange. In this way, your withdrawal limit goes up to 100 BTC every 24 hours. 

To Buy Bitcoin

Coinbase

Another recognized platform that allows individuals to purchase Litecoin is Coinbase. Located in the United States and offering services to individuals in different jurisdictions around the world, Coinbase added support to USD, GBP and EUR purchases for digital currencies. 

Using a bank account, PayPal, or credit cards, it is possible to fund your account with the respective currency according to your location and purchase Litecoin. Coinbase has a very intuitive platform that is very useful for newcomers. Although there are fees for these purchases, the best way to deal with virtual currencies is by using Coinbase Pro, a crypto exchange designed for more advanced users. 

Once the transaction is processed by the system, the funds will appear on the user Coinbase wallet. It is also possible to withdraw these funds to a Litecoin wallet to protect them against third-party attacks or eventual hacks or problems with the exchange. 

This exchange has very high liquidity for Litecoin, which is very positive for those users that want to purchase larger amounts of this digital currency. At the moment, the country is available in 55 different countries around the world, including the European Union, the United States and many others. 

Kraken

Kraken is another recognized platform located in the United States that was founded back in 2011. The platform remains as one of the most prestigious in the space and it allows individuals to purchase Litecoin and other virtual currencies. 

The exchange’s UI looks very simple, which is good for newcomers to the industry. Is not easy to make the first steps in the cryptocurrency market, and exchanges that provide simple interfaces are welcomed. 

To purchase Litecoin, users would have to send funds through a wire transfer or a SEPA credit transfer. Transactions tend to take between 1 and 5 business days. The firm allows users to deposit EUR, US dollars or even CAD. 

The exchange became one of the most popular in the market by offering low trading fees and also acceptable customer support. According to CoinMarketCap, the cryptocurrency exchange is the 52nd largest in the world with a traded volume of $172 million in the last 24 hours.

kraken exchange logo

OKCoin 

This is another virtual currency exchange that would allow you to purchase Litecoin. OKCoin was founded in China and it is a digital currency platform that offers services in different countries rather than in just a few places. 

Litecoin investors would only have to open an account here to invest in this site and deposit some funds. The exchange has 33 different trading pairs and supports both U.S. dollars and also Euro to operate. 

The cryptocurrency exchange has a lower trading volume than those previously mentioned. In the last 24 hours, the exchange handled $12,054,932 million in trading volume, as reported by CoinMarketCap. 

As other crypto platforms, OKCoin takes care of users’ security by implementing bank-level SSL security encryption, cold storage for most of the cryptocurrencies the exchange offers, and many other features. Despite that, the best way to hold Litecoin is through a hardware wallet. 

OKCoin

Conclusion

After purchasing Litecoin, the best thing to do is to withdraw the funds to a dedicated crypto wallet. If you want to know more about this topic, we wrote a guide about the best Litecoin wallets available in the market. Some of the best wallets include Ledger Nano S and Trezor. 

There are different exchanges that allow you to buy Litecoin and each of them has its pros and cons. Binance and Coinbase are the most recognized platforms, while the other mentioned have lower liquidity and could experience some shortages in times of high trading volume. 

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