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How to Buy Litecoin

Whether you’re new to Litecoin or well-versed in the Litecoin currency, there is no better time to learn how to buy Litecoin. Litecoin is commonly referred to as “the silver” of Bitcoin, although it couldn’t be further from that.

If you’d like to know how to buy Litecoin, we’ve got you covered. Read our beginner guide on the best way to buy Litecoin without any hassle.

Buying Litecoin is a relatively straightforward process. You need some form of identification to create an account on cryptocurrency exchange platforms like Bitbuy or Coinberry. Cryptocurrency exchange platforms are the most convenient and, in some cases, the safest way to buy Litecoin. After successfully creating your account, link your payment method, such as a debit card.

Initially made by Charlie Lee in 2011, Litecoin was launched shortly after Bitcoin. Litecoin aims to be one of the top global digital currencies suitable for everyday payments with low transaction fees and faster speed.

Cryptocurrency exchanges are one of the only ways how to buy Litecoin. Our guide will provide you with all the steps to buy Litecoin. Plus, you get a choice to buy as much or as little of Litecoin as you want.

How to Buy Litecoin

In this section, we’ll walk you through the steps of buying Litecoin. So, if you’re wondering how to buy Litecoin, here’s a quick rundown:

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1.  Choose Where to Buy

If you want to buy Litecoin, you should probably consider using a cryptocurrency exchange platform. Cryptocurrency exchange platforms let you buy and sell cryptocurrency, such as Litecoin. It operates similar to a stock exchange but for cryptocurrency.

Cryptocurrency exchange platforms are different in fees, security, payment methods and processes. Almost all platforms offer market and limit orders, and some even provide stop-loss orders. They also provide several ways how to buy Litecoin.

Some cryptocurrency exchange platforms include Coinberry, VirgoCX, Shakepay, Netcoins and ndax.io for Canadians. All of these are beginner-friendly and offer various payment methods.

Aside from various payment methods, these platforms also offer different ways to set recurring purchases. For example, Coinbase lets you set up recurring daily, weekly and monthly purchases.

If you’re a beginner, there are several things you need to look out for when choosing a cryptocurrency platform. Here are a few factors to look out for:

Availability

This might sound obvious, but it’s worth mentioning. It’s essential to ensure that the cryptocurrency exchange platform you choose has Litecoin. Although it is a popular cryptocurrency, checking is always a good idea.

Fees

Aside from that, you should compare the fees. Fees are incurred on each transaction and can add up over time. The cost vary based on the payment method you choose. Credit card payments are often subject to higher fees.

 In addition, using a credit card to make payment is not a good option because cryptocurrency price fluctuation may boost the overall cost of buying Litecoin. Instead, choose bank transfer as a payment method.

It’s essential to research the fees associated with each payment option to help you choose the best method for you.

Compliance with Regulations

Check if the cryptocurrency exchange platform is based in Canada and complies with Canadian regulations and laws. Be wary of platforms with poor consumer laws and do not comply with regulations.  

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2.  Create an account

Once you’ve chosen the cryptocurrency you prefer, you must sign up by clicking the “Go to Site” button. You need to enter your details on the account creation page, including your name and email address.

Ensure you verify your email address because it is a legal requirement under the cryptocurrency exchange laws in Canada. You’ll need to provide proof of identification either in your ID photo or a recent copy of your bank statement that has your address listed.

It takes less than 2 hours to receive approval by KYC (Know your Customer). Although, sometimes, it might take longer.  

Once the approval process is complete, you can link your payment method. This will allow you to deposit funds into your account.

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3.  Fund your account

You’ll need to decide how to fund your account. You can fund your account by connecting your debit or credit card if you’re using a payment method. You can use your bank account to avoid paying higher fees. After you link your account, you can deposit funds into your account.

This is a requirement if you want to buy Litecoin. Fortunately, there are several options. Each has varying wait times before the funds reflect in your account. Waiting periods can range from instant to 2 to 3 business days.

Cryptocurrency exchange platforms accept several forms of payment for deposits. These funding options include bank transfers, e-transfer, ACH, SEPA, Debit cards, Wire transfers and Credit cards. Each option is tailored to specific regions.

4.  Buy Litecoin

Depending on the platform, the buying process can be straightforward. However, sometimes you might need to enter your ticker (LTC) and enter the amount you want to purchase.

Go to the market section of your chosen cryptocurrency exchange platform. Select your desired Litecoin pairing. Enter how much you would like to buy.

Make sure you review your purchase information carefully. And check the total cost of the purchase before confirming the transaction.

Most cryptocurrency exchange platforms offer more than one way how to buy Litecoin. Here are a few to mention:

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Instant Buy

Most cryptocurrency exchange platforms provide the option to instantly buy a high amount of Litecoin. All you’ll need to do is enter the amount of Litecoin you would like to buy in CAD. The platform will automatically calculate the amount equivalent to Litecoin based on the market rate.

Unfortunately, buying Litecoin through instant buy is more expensive than other options such as the spot market. This is because it usually has additional fees on top of the market price. But even with the extra fees, it’s an easy way to buy Litecoin, especially for beginners.

Spot Market

A spot market is a popular option offered by most cryptocurrency exchange platforms. Spot market provides different methods when exploring how to buy Litecoin. But it has limited orders and market buys.

A market buy is similar to an instant buy, but it does not include extra fees. There is, however, a trading fee, but it is still considerably less than instant buy. A limited order is the amount of Litecoin orders you can place at a fixed price.

The order is placed as soon as traders sell their assets at a set selling limit. Trading fees for a limit order are typically lower than market buy and instant buy.

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5.  Safe Storage

You can store your Litecoin investments in safe storage known as cryptocurrency wallets. Having your Litecoin outside a cryptocurrency exchange platform and in your wallet ensures that only you have access to it.

Although most cryptocurrency exchange platforms offer wallets for their clients, security is not their principal focus. Using an outside wallet to store your funds is a good idea, especially if you wish to store a significant amount of coins. When choosing a cryptocurrency wallet, there are features you should look for.

Focus on security. It would be best to ensure the wallet could securely store your Litecoin. Check if the wallet has two-factor authentication to lessen the chance of hackers gaining access to your coins. 

Next, make sure it’s easy to use, has a user-friendly interface, and is compatible with other cryptocurrencies. Some wallets have more features than others. Hardware wallets, for example, include advanced features. Here are our top three wallets, which include hardware, and a mobile option with exceptional features:

1)   Ledger Nano X

Ledgers Nano X is a hardware wallet that offers Litecoin support, among other cryptocurrencies. Ledger has Nano S and other options, supporting multiple cryptocurrencies.

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Pros of Ledger Nano X

Ledger Nano X’s top priority is security. After installing the necessary software, you can integrate this wallet with your computer. From there, you can store your Litecoin.

Because the Ledger Nano X also provides offline storage, hackers will find it difficult to access your account. When you use it online, it also includes two-factor authentication.

Cons Ledger Nano X

Hardware Wallets are typically expensive. The interface is overly complicated, and the setup process is overly complicated.

It is not a good option for fast trading because the hardware wallets are slow. It can take a considerable amount of time to connect the device, access your funds and start the transfer.

In addition, if you happen to lose your Ledger device and forget your recovery password, you will be unable to access your coins.

2)   Trezor Model T

Trezor Model T is an example of a hardware wallet. It offers secure offline storage for your coins using a USB flash drive.

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Pros of Trezor Model T

The Trezor Model T wallet provides superior security features by holding your Litecoin in offline cold storage. One of the notable features of the Trezor wallet is it supports several cryptocurrencies.

Compared to offline paper wallets, this wallet allows you to connect coins directly from your computer. While this model might be pricey, Trezor also has affordable options.

Cons of Trezor Model T

This wallet is not ideal for quick trading on cryptocurrency exchange platforms because it takes time to access and transfer coins. You cannot use Trezor Model T to purchase physical products and services. The interface is difficult to use.

3)   Trust Wallet

Trust Wallet is a versatile mobile wallet that offers storage for over 160 cryptocurrencies. The wallets also support credit card and bank accounts.

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Pros of Trust Wallet

It supports more than 1 million cryptocurrencies. In addition, it includes cryptocurrency trading through a connected exchange platform.

Binance Trust wallet also advanced security features to protect your coins from hackers. Plus, one of the most outstanding features is the easy setup process and ease of use on your smartphone device.

Cons of Trust Wallet

Unfortunately, if you lose your coins, you will be unable to reclaim them through customer support. You will only be able to get them back with a 12-word secret phrase. It also does not integrate with a mobile browser, so you can only use it through a decentralized app using an installed web browser.

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Pros and Cons of Buying Litecoin

There are several pros to buying Litecoin. You should be aware of some of its cons. Here are the main pros and cons of buying Litecoin.

Pros of Buying Litecoin

The following are pros of buying Litecoin:

Liquidity

Liquidity is vital in the crypto industry because of the unpredictability of cryptocurrencies. Without liquidity, a trader may cause affect the value of a cryptocurrency.

The good news, when you buy Litecoin, you never have to worry about that. For starters, Litecoin is currently one of the most lucrative cryptocurrencies. That means it has exceptionally high liquidity, with an average market cap of more than 2 million coins.

Reliability

When it comes to Litecoin’s reliability, you can rest assured that it has gained a strong reputation. Furthermore, it is open-source, allowing for global payment options.

Fast

Litecoin has various advantages. The most notable of these is its faster verification speed. A Bitcoin transaction takes nearly ten minutes to verify. Litecoin, on the other hand, may be mined in as little as 2.5 minutes. Keep in mind as Litecoin gains more market share, this may change.

Enhanced Security

Because of faster transaction processing, Litecoin is less susceptible to cybersecurity threats. Attackers have a relatively short window in which to attack the system.

Low Transaction Fees

Another pro of buying Litecoin is the low transaction fees. As a result, you will make more money when you mine Litecoin.

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The Cons of Buying Litecoin

Buying Litecoin, like many other cryptocurrencies, has its drawbacks. So, before you buy, make sure you’re aware of any potential downsides. That being stated, here are a few cons of buying Litecoin:

Declining Market Share

One main disadvantage of buying Litecoin is the plummeting markets share. Litecoin was seventh in market share during the previous cryptocurrency crash in 2017. In terms of market size, it is now placed 21st.

Less Creditability

Although Litecoin has a highly trustworthy team and system, it has lost part of its credibility in recent years. Many people questioned the credibility of Litecoin after Charlie Lee sold his stakes in the company in 2017. In addition, the withdrawal of LitePay was a further blow to Litecoin’s credibility

Patchy Upgrades

When Litecoin upgrades its system, it is often included as an add-on rather than built into Litecoin. For example, the Lightning Network was a Litecoin update designed to speed up transactions.

Instead of being developed in-house, the feature was a third-party integration. This begs the question of how Litecoin intends to compete with the rest of the market in the future.

How Much Does It Cost to Buy Litecoin

The cost of buying Litecoin has changed in recent times. Though the cost of buying Litecoin remains unpredictable, it has a low barrier to entry for customers looking to build their cryptocurrency investment portfolios.

2020 to 2021 proved to be generally uneventful for Litecoin, but 2022 saw the cost climb. According to Coindesk, the cost of buying 1 Litecoin is roughly 105.41 CAD ($81.01).

The price of Litecoin, like other cryptocurrencies, fluctuates over time due to a variety of factors. Because Litecoin is not regulated by any central bank or government agency, monetary factors such as inflation and economic growth do not affect its price.

Litecoin is a commodity that can be used to store value. Hence, the factors below affect the cost of buying Litecoin.

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Supply

Supply is a crucial factor in deciding the cost of Litecoin. When the supply of Litecoin begins to deplete, demand rises. This raises the price of buying Litecoin.

Costs of Production

As with most assets, the cost of production is an essential factor that influences the price of Litecoin. Production costs of Litecoin include the sum of direct costs such as hardware and energy required to mine Litecoin.

Indirect costs are also included, such as the Litecoin algorithm. All of these factors influence the price of Litecoin.

Competition

New cryptocurrencies are being created. As a result, the price is directly affected.

How to Buy Litecoin on an App

There are plenty of apps where you can buy Litecoin. When deciding, consider Bitbuy, Coinsmart, Coinberry, and Newton. These four are probably the best apps to buy Litecoin. Bitbuy is best suited for advanced traders as it provides more trading functionality.

Coinsmart is a rapidly expanding cryptocurrency exchange app that has garnered an outstanding reputation and a more extensive selection of cryptocurrencies.

When using these apps, it’s critical to follow safe internet practices. This includes enabling two-factor authentication. And using a long, strong password that consists of various characters, numbers and a mix of lowercase and uppercase letters.

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Although each app allows you to buy Litecoin, the processes are entirely different. Remember to conduct your research, particularly regarding the fees, and choose the best option for yourself.

Buying Litecoin on an app should take less than 10 minutes from the initial step of creating the account to buying Litecoin. Also, before you get started, gather your documents.

Depending on the app, these may include a photo of your ID or driver’s license and sources of funds. The information you need will also depend on your location and its regulations. However, the requirements are essentially the same.

So if you are entirely new to how to buy Litecoin on an app, this section will walk you through each step.

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How to Buy Litecoin on Bitbuy

Buying Litecoin on Bitbuy can seem complicated, but it’s easier when we break down every step. Here are the steps involved in how to buy Litecoin on Bitbuy:

1.   Sign Up

On the Buy Litecoin page, click the “Sign up and Get Started.” Enter your email address and create a username with a password of your choice.

2.   Fund Your Account

You can deposit funds into your Bitbuy account using an Interac e-Transfer. However, the minimum deposit is $100. Alternatively, you can use a bank transfer.

3.   Buy Litecoin

Once your deposit is confirmed, you can proceed to buy your Litecoin. You can buy from starting from $50. Go to the Express Trade page and select Litecoin. Enter how much Litecoin you would like to buy, then click “Buy Litecoin” to complete the transaction.

CoinSmart

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How to Buy Litecoin on CoinSmart

If you’re wondering where to buy Litecoin in the easiest way possible, CoinSmart is top-rated. It has a user-friendly interface and allows you to create an account quickly. Here is how to buy Litecoin on CoinSmart:

1.   Create an Account

Navigate to the CoinSmart homepage and register. Enter your details, such as your name, date of birth, contact details, etc.

CoinSmart provides a speedy verification method using Equifax. If your account is not instantly verified, you can re-upload your documents to have them manually verified.

2.   Fund Your Account

You can deposit funds into your account using Interac e-Transfer, or bank transfer. In addition, you have the option of using electronic funds transfer. Your funds will reflect in your account the same day.

3.   Buy Litecoin

Finally, you can buy Litecoin. Enter the amount of Litecoin you want to purchase and click “confirm” to confirm your purchase.

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How to Buy Litecoin on Coinberry

Coinberry is generally one of the best apps that allow users to easily withdraw their coins into their wallets for safekeeping. To buy Litecoin on Coinberry, follow the steps below:

1.   Create an Account

The first step is to visit the Coinberry website and sign up. Fill out all the required information, such as your name, email address, etc.

2.   Get Verified

The verification procedure is fully automated. After you’ve entered all the required information, they will verify your account. If your account is not automatically verified, you will need to provide additional documents for manual verification, such as your ID.

3.   Fund Your Account

You can fund your account through Interac e-Transfer. In addition, you have a credit card and wire transfer as a payment option.

4.   Buy Litecoin

To buy Litecoin, go to the buy or sell page. Choose Litecoin and special buy, then input the amount you want to buy. Finally, before you confirm your purchase, you should double-check the amount.

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How to Buy Litecoin on Newton

Newton is one of the best cryptocurrency apps because it has minimal fees and advanced security measures made possible by PLAID integration. It’s a reliable app for buying Litecoin. Here’s how to buy Litecoin on Newton:

1.   Create an Account

Navigate to the “Buy Litecoin” page and click create an account button. Enter your details, including your contact details, email and others,

2.   Verification

Newton offers quick verification, making it easy to create an account in less than 5 minutes. As long as you meet all the requirements and your information is accurate, your account should be approved within minutes.

3.   Fund Your Account

Once your account is verified, you can fund your Newton account via Interact e-transfer or wire transfer. You can find more information on each method on the FAQ page.

4.   Buy Litecoin

Newton offers a simple way to buy Litecoin. You can buy directly on the website by entering the amount you want. Make sure to confirm your purchase to complete the transaction.

How to Buy Litecoin with a Credit Card

This is by far the most convenient payment method for funding your account. However, it is not good to buy Litecoin using a credit card. This is due to several factors.

First, not all cryptocurrency platforms allow Litecoin purchases using a credit card because of the additional fees and significant risk of fraudulent activities. Buying Litecoin using a credit card comes with additional costs for each transaction. Thus, you will be charged processing fees by the platform on top of paying transaction fees.

The other reason is that purchases made using a credit card are pricey. Credit card companies consider Litecoin to purchase cash advances and charge exorbitant interest rates and fees for each cash advance. Keep in mind that some credit cards also have hefty annual fees and extra fees for currency conversions.

That said, the process of buying Litecoin with a credit card is similar to the process of buying it with a bank transfer. You will need to enter your credit card details on the cryptocurrency exchange platform. Here is how to buy Litecoin with a credit card:

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1.  Check Credit Card Litecoin Compatibility

Ensure your credit card allows for Litecoin purchases and what fees you can incur.

2.  Choose a Cryptocurrency Exchange Platform

Research cryptocurrency exchange platforms that allow you to buy Litecoin using a credit card. Also, check the transaction fees of each platform or app.

3.  Fund your Account

After successfully creating an account on the platform, you can fund your account using a credit card by selecting it from the payment options. Enter your credit card details and link your card to your cryptocurrency exchange account.

4.  Buy Litecoin

Finally, once you’ve funded your account, you can buy your Litecoin. You will need to enter the amount of Litecoin you want to buy. Keep in mind that the transaction fees may differ, so also double-check.

How to Buy Litecoin with PayPal

Litecoin is a popular cryptocurrency to invest in, so buying Litecoin using different payment methods such as PayPal is possible.

Buying Litecoin on a cryptocurrency exchange platform using PayPal is relatively new. If you purchase Litecoin with PayPal, you will be unable to move it outside the cryptocurrency trading site. Therefore, you will be unable to transfer the Litecoin assets you purchased from your PayPal wallet to an external wallet of your choosing.

Instead, you’ll only be able to buy Litecoin by depositing funds from PayPal directly into your account on the platform. Here is an overview of how to buy Litecoin with PayPal on a cryptocurrency exchange platform:

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1.   Choose a Platform

The most popular cryptocurrency exchange platform for buying Litecoin using PayPal is Coinbase. You’ll love Coinbase because of its user-friendly interface and quick account creation process.

It’s important to note when choosing a platform to buy Litecoin using PayPal, keep in mind that most platforms have not yet integrated PayPal into their payment processors. So you can only use platforms such as Coinbase to buy Litecoin.

2.   Create an Account

As with any process of buying Litecoin, you need first to create an account. Creating an account on Coinbase usually takes less than 2 minutes. Enter your information, including your name, email address, physical address, date of birth, etc.

3.   Connect Your PayPal Account and Make a Deposit

Once your account has been verified, you can connect your PayPal account to your cryptocurrency account. After successfully connecting your account to PayPal, you can deposit your desired amount into your account.

  • Buy Litecoin

Select the amount you want to buy. Once you confirm the payment, your Litecoin assets will be added to your account. Once you’ve added funds into your account, the only thing left to do is to buy your Litecoin.

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How to Buy Litecion Conclusion

Buying Litecoin is slightly more complicated than the process of purchasing stock. This is because cryptocurrency is not well developed compared to mainstream assets.

However, there are various ways how to buy Litecoin. You can mine on your own or join a cryptocurrency platform. Before you buy, you have to decide which method is best for you based on the risks and profitability. Regardless of which way you use, you’ll need money in your account to buy Litecoin.

The process of how to buy Litecoin consists of five steps: Choosing where to buy, creating an account, funding your account, buying your Litecoin and finally, safely storing your purchased Litecoin. Each step requires careful consideration. You can also buy Litecoin using PayPal and through apps.

You may also like…

  1. How to Buy Bitcoin
  2. How to Buy Ethereum
  3. How to Buy Solana

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FAQs about How to Buy Litecoin

Where Can I Buy Litecoin?

You can buy Litecoin on a couple of different cryptocurrency exchange platforms. For Example, Coinbase, Bitbuy, Coinsmart, Newton and more. With Bitbuy, you can pair Litecoin with other currencies, not just the Canadian dollar. You can exchange Litecoin with Euros, the British Pound, and U.S dollars, to name a few. They all have a user-friendly interface and an easy sign-up process.

What are Trading Pairs?

Trading pairs are also known as cryptocurrency pairs. These are cryptocurrencies that can be traded on a cryptocurrency platform. The term trading pairs are commonly used in the cryptocurrency market. An example of a trading pair is Bitcoin/Litecoin or Bitcoin/Ethereum.

Does Litecoin Have a Future?

The future of Litecoin is dependent on consumer demand and investment interest. New government legislation, economic conditions, and other factors can all impact the future value of Litecoin. Technological advances may make cryptocurrencies irrelevant.

Why Is Litecoin So Cheap?

Litecoin has a lower LTC/CAD exchange rate. It also has a lower buying power because it has more supply and lower demand. This is because of consumer and investor interests. If a cryptocurrency can purchase more goods, it will be worth more. In addition, if an asset has more value for people, they will be willing to buy it at a higher price. In this case, Litecoin is viewed as less valuable, so it’s worthless.

Is Litecoin Better Than Bitcoin?

With Bitcoin, you can get a lot of coins but at a higher price. While, for Litecoin, you can buy many coins at a lower price. Litecoin is generated faster than Bitcoin, which makes it more convenient. Litecoin is also exceptionally better based on technology but has a lower value than Bitcoin.

Is Litecoin a Good Investment?

It all boils down to the pros and cons of buying Litecoin. Litecoin undoubtedly has more advantages. It includes proven security features to safeguard your investment and high liquidity. Furthermore, the current prices represent a low barrier to entry for anyone interested in investing in cryptocurrencies. So the question is whether the cons outweigh the benefits.

How Long Does It Take to Mine One Litecoin?

The rate it takes to mine one Litecoin depends on several factors. For starters, it is affected by the software and hardware. In addition, the availability of energy resources. That said, it takes about two minutes and 20 seconds to mine one Litecoin.

What Blockchain Does Litecoin Use?

Scrypt is the hashing algorithm used by Litecoin. It requires more memory and is slower compared to SHA-256. However, it gained popularity in the cryptocurrency world. After the 2011 Tenebrix project update, Litecoin can now be mined on ordinary CPUs using Script.

How Can I Fund My Litecoin Wallet?

It is simple to fund your Litecoin wallet. All you have to do is transfer your Litecoin to your wallet or purchase Litecoin through a cryptocurrency exchange platform. Depending on the platform, you can fund your wallet with a bank transfer, credit card, wire transfer, and other payment methods.

What is a Litecoin address?

A Litecoin address is software that contains the information necessary to access your Litecoin investment. The address has types of information. For starters, it comprises the “public key,” a group of characters representing an account number. The “private key” is a combination of characters that make up a password. Litecoin addresses are saved in various wallets, including hardware, mobile, desktop, and web wallets.

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