Buying Litecoin can either be really easy or really difficult - it all depends on where you live and how you want to pay for Litecoin. Rest assured though, if you want to know how to buy Litecoin, you've come to the right place!
This guide will show you exactly how to buy Litecoin from several leading platforms - including Coinbase and BitPanda. It will show you how to buy Litecoin with fiat currency, buy Litecoin with PayPal, bank transfer or credit card.
Before we go into the detail of buying Litecoin, you should know that cryptocurrency investments are volatile. You need to make sure that you only use money that you can afford to lose - this means that you should not use important savings like retirement money!
By the end of this guide, you'll know where to buy Litecoin and can find out which is the best place to buy Litecoin specifically for you.
Fast fact: "LTC" refers to Litecoin, and the "Lite" bit in "Litecoin" represents how fast it is compared to Bitcoin.
Let's get started!
How to Buy Litecoin:
This depends entirely on where you want to buy Litecoin. This is because different "territories" (countries and states) have different rules and some countries cannot use certain Litecoin exchanges.
However, location is not the only factor in deciding where to buy Litecoin. There are three main factors (including location/country of origin):
- Payment method
- Country of origin
- Fee payment
Let's first see how your payment method plays a role in your decision....
Credit or debit card platforms
Buying Litecoin is easy, but it can also be difficult for some people because they pay for their Litecoin. If you have a credit or debit card, you can buy Litecoins with a credit card using Coinbase, a US-based service.
Other platforms that accept credit cards include CoinMama-which is accessible from 188 countries. Another provider is BitPanda, an EU-based crypto service.
Bank Transfer Platforms
BitPanda and Coinbase are two of the easiest platforms to buy Litecoins via bank transfer.
Coinbase transfers can take five to seven business days in the U.S. and about one to three days in the EU. The average fee for Coinbase in 1.49% for bank transfers.
However, BitPanda only allows you to make bank transfers within the EU.
So if you are a US citizen who wants to buy Litecoin with bank transfer, I recommend you take a look at Coinbase!
Security Note: Before we talk about how you can buy Litecoins with cash or PayPal, we need to talk about security.
Never hold your Litecoin on an exchange (like Coinbase, Binance, etc.). Always withdraw Litecoin immediately from your exchange to an offline wallet - this can be a hardware-based wallet (like Trezor).
Buying Litecoins with cash
There used to be no direct way to buy Litecoin for cash - unless you met a guy at the bar who had Litecoin and he then agreed to exchange his Litecoin for cash, but that doesn't really sound too trustworthy....
There are Bitcoin ATMs, but they do not support Litecoin. Like many other options, you can buy Bitcoin for cash and then exchange it electronically for Litecoin.
However, CoinFlip has developed a multi-crypto ATM system that allows cash purchases for Litecoin! There is even cash-out feature for LTC so you can sell your LTC for cash.
The problem is, they are only available in the US and even then there are less than thirty in the entire United States.
Where to Buy Litecoin:
Coinbase and BitPanda, are two examples of broker exchanges (places where you can buy crypto with fiat). Let's take a look at their pros and cons:
Coinbase is both a trading platform and a broker. It has a top notch reputation and offers full exchange services. It is very user friendly!
Payment methods used by Coinbase include bank transfer and credit / debit card payments.
Coinbase is only available in 33 countries unlike other platforms that cover more than 100 countries. Coinbase is not worldwide.
Also, Coinbase is incredibly strict with verification checks! Your account limits are based on which ID checks you complete.
It is one of the top brokerage crypto exchanges in the Eurozone as it complies with EU money transfer laws.
Accepting Skrill, debit and credit cards, bank giro payments, SEPA and other various payment platforms makes it very easy to buy Litecoin!
It is only available in the Eurozone.
It has a strict verification process that must be followed before trading and exchanges are allowed. It has a very complex fee structure that also makes the experience difficult.