Litecoin is a peer-to-peer cryptocurrency created in 2011 with similar characteristics as Bitcoin being a soft fork of bitcoin. It is a faster alternative to bitcoin that can transfer funds between businesses or individuals without the need for any financial intermediary like a bank or any other payment processing service. Litecoin can either be mined or can be bought in exchange. But before buying Litecoin, users must possess a reliable Litecoin wallet as it is not always safe to store crypto assets on an exchange.
Where to buy LTC?
Many broker exchanges allow users to buy Litecoin. However, there are rules and bars specific to each country that restricts the use of certain Litecoin exchanges. Therefore, before registering on any exchange, traders must make sure that they are permitted to do so.
How to buy Litecoin on exchange
There are two ways to buy Litecoin on an exchange- the first way is to purchase Litecoin by exchanging with other leading cryptocurrencies like Bitcoin or Ethereum. The second one is to buy Litecoin with fiat currencies like EUR, USD, etc. Here is a step-by-step guide to buying Litecoin on an exchange.
1) Get a Litecoin Wallet
Getting a LiteCoin wallet to store the purchased Litecoin is the prerequisite of cryptocurrency trading. Most exchanges allow traders to download a Litecoin wallet from the website itself just after completing the registration process. Otherwise, users can also get a Litecoin wallet by logging on to litecoin.org, enabling them to download a wallet to store their Litecoin.
2) Find a Reliable Exchange
Several crypto exchanges allow crypto trading on their platform but finding a reliable one is an ultimate challenge for users. Unless users are registered on an authentic exchange, the chances of losing their crypto holdings cannot be ignored. Therefore, it is imperative to check the license of the exchange before registering into one.
Once users find a trustworthy exchange that supports Litecoin, they can create their account, verify their details, and start purchasing or selling Litecoins.
3) Buy Litecoin
This is the final stage where users can start buying Litecoin and store them in their Litecoin wallet. Different exchanges support buying of Litecoins by fiat currencies or by exchanging with other cryptocurrencies. However, even if the users do not own any other cryptocurrencies, they can also purchase Litecoin on some exchanges like Coinbase. Litecoin can be purchased either by bank transfers via wiring money from the user’s account to the providers or directly by credit cards on the exchanges that allow the purchase of Litecoins via credit cards.
Another way to trade Litecoin is through a CFD or Contract for Difference. When a trader sells through a CFD broker, he does not agree to possess the coin but can only speculate on the price fluctuations of Litecoin. Read more to know about LTC Price Prediction from an expert point of view for further price speculations.
Cryptocurrencies like Litecoin tend to gain momentum when leading players of the crypto market like Bitcoin or Ethereum enter the stagnant phase. Litecoin was created to address Bitcoin’s gaping flaws, and gradually, Litecoin started gaining recognition as an altcoin in 2017. Since then, Litecoin has occupied a prominent position in the cryptocurrency market.