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Learning how to sell Litecoin allows you to reap several benefits from one of the top cryptocurrencies in the market. Litecoin (LTC) is one of the first altcoins. It’s been around since 2011.
Today, the Litecoin blockchain is one of the largest global crypto-based networks after Bitcoin. Are you wondering how to sell Litecoin? Read about selling Litecoin through your wallet & a crypto exchange. Learn about market orders & more.
Selling Litecoin is easy. You can execute sales transactions on crypto exchanges, which are marketplaces for selling and buying cryptocurrencies. When choosing a crypto exchange, consider the fees charged, security, and whether it’s available in your country. You can also sell Litecoin directly from a crypto wallet. Litecoin can be sold for another cryptocurrency like Bitcoin or a fiat currency like CAD.
Litecoin has earned a favourable reputation since its formation. Many crypto enthusiasts even prefer it to the more expensive Bitcoin. In this article, we’ll walk you through how to sell Litecoin.
When considering how to sell Litecoin, there are several advantages and disadvantages to keep in mind. They can guide you when deciding if LTC is the correct cryptocurrency to sell. The pros and cons of selling Litecoin include:
|Pros of Selling Litecoin||Cons of Selling Litecoin|
|– Reasonable transaction fees|
– Highly liquid market
– Simple to sell
– Can be sold 24/7
|– Second Rate Crypto|
– Possibility of Losses
– Subject to taxes
Here’s some of the pros you can consider before you sell your Litecoin.
Most cryptocurrency exchanges make selling Litecoin affordable. Most charge reasonable account trading fees, while others don’t charge any trading fees.
When liquidity for a crypto asset is low, it shows the market is unstable. However, when a market is highly liquid, it means the market is steady, and the price won’t fluctuate as much.
Litecoin markets are renowned for their high liquidity. This means that when you want to sell the crypto asset on any exchange, you can easily find a buyer. Therefore, the ability to exchange Litecoin quickly for cash or other coins makes this cryptocurrency ideal.
Litecoin is one of the easiest cryptocurrencies to sell. You don’t need a certification. All you have to do is choose a cryptocurrency exchange like Bitbuy, Shakepay, or KuCoin. Then create an account and undertake a simple process to verify your identity. Once your identity is verified, you can start selling Litecoin.
There’s more flexibility with selling Litecoin compared to stocks and commodities. Crypto markets operate 24 hours a day, seven days a week. The market will also always be active around the globe because of differing time zones.
Therefore, you can sell the crypto asset at any time of the day. And with automated trading software, you can automate the sale of Litecoin.
Here’s some of the cons you can think about before you let go of your Litecoin.
Litecoin may always be a follower of Bitcoin in cryptocurrency markets. The crypto asset creates innovations that outshine Bitcoin. However, it may fall back to a follower once those changes are implemented with Bitcoin.
This might make supporters of Litecoin flock to Bitcoin, causing liquidity to decrease. Also, Litecoin is dubbed the ‘silver’ to Bitcoin’s ‘gold’. Therefore, it’s often framed negatively compared to the leading cryptocurrency.
If you haphazardly sell your Litecoin, you may not recoup your initial investment. Therefore, take your time when selling Litecoin. Watch the crypto asset’s price and be sure to execute a trade only when you’re likely to make a profit.
Cryptocurrencies are taxable in Canada because the CRA treats them as commodities. As with every other capital investment, you won’t be charged taxes when you hold Litecoin. However, you’ll have to report income or gains on your annual tax return when you sell the crypto asset.
You’ll only have to make a record in the year that you cash out or sell your Litecoin. Also, transfers from one crypto wallet to another that you own are not taxable.
While researching how to sell Litecoin, you may encounter specific fees charged by a cryptocurrency exchange. These fees are worth considering because they’ll help you choose a suitable crypto exchange for your needs. They include:
Some crypto exchanges charge account trading fees when you sell Litecoin. This fee can be a flat percentage. Or the crypto exchange can set a rate based on whether you’re a maker or a taker.
A maker is someone who adds liquidity to the exchange by placing an order that hasn’t been executed before. Maker fees are charged when you execute a limit order for a different price from Litecoin’s current market price. These transactions typically have lower fees.
Takers are those that reduce the liquidity of an exchange. This means they place an order on the exchange that’s been executed before. Taker fees are charged for market orders, but a crypto exchange can also charge the fee on limited orders. This will be the case if you set a price equal to the market price.
Several crypto exchanges will also charge a fee when you withdraw coins from their platform. These fees can rack up if you transfer your crypto to another exchange or a secure third-party wallet often. Therefore, consider an exchange that allows you to make a specific amount of fee-free withdrawals.
Also, some crypto exchanges may claim that they have zero trading fees. However, they charge a spread. So keep an eye out for that fee.
Learning how to sell Litecoin on an app is easy. Most apps (or crypto exchanges) make it simple for you to execute trades. You’ll have to make sure you have Litecoin on the exchange.
If you already have the cryptocurrency on an exchange, you can skip steps one to four. Head over to step five to learn how to sell Litecoin.
The first step when looking to sell Litecoin is to choose an app. Much like stocks, cryptocurrencies can be sold and bought on exchanges. These marketplaces provide you with an account to execute different orders, like selling Litecoin. Some crypto exchanges go as far as giving users access to futures trading and margin accounts.
Here are some of the best apps we recommend (some even give you a bonus when you join!):
Several exchanges (or apps) are available to Litecoin traders, including Bitbuy, Coinsmart, Coinberry, and Newton. Each app is unique in its own way, so these are factors to consider when choosing one:
Shopping around for a suitable crypto exchange can take time. Therefore, consider the following exchanges.
Get a $50 Bitbuy Welcome Bonus now when you sign up - Claim this offer
Bitbuy is a Canadian cryptocurrency exchange. It boasts low fees, a simple user interface, and superior customer support. And Bitbuy supports several cryptocurrencies, including Litecoin, Bitcoin, Dogecoin, and Ethereum.
You can fund your account and withdraw your coins with a wire transfer or Interac e-Transfer. As for the account fees, they charge a flat fee of 0.20% for all buys and sells. To learn more about the exchange, check out our Bitbuy review.
Coinsmart is another Canadian crypto exchange worth considering. It’s great for beginners, and it has several unique features. This includes SmartTrade, which allows you to execute cryptocurrency trades with the click of a button.
The platform offers various ways to fund your account, including wire transfer, Interac e-Transfer, and SEPA. Coinsmart provides instant account verification, 24/7 customer service, and the ability to trade the same day your deposit reflects.
They charge a Litecoin withdrawal fee of 0.001. And a trading fee of 0.20% for a single trade and 0.30% for a double trade.
Coinberry is also worth checking out when considering how to sell Litecoin. The platform is available to all Canadians, and it’s registered with FINTRAC, meaning users are protected from illegal activities.
They don’t charge withdrawal or deposit fees. However, they charge a spread between 0% and 2.5%. Also, they support Interac e-Transfer and wire transfer to fund your account.
Get a $25 bonus when you sign up and trade $100 - Claim this offer
Newton is another top choice for Canadians. You can buy and sell various cryptocurrencies, including Litecoin, Bitcoin, and Ethereum. The platform boasts instant account verification.
In addition, they cover the first $5 in network fees for every trade executed on the platform. Newton also doesn’t charge a fee to fund your account or to make withdrawals. For more information about the platform, read our Newton review.
Once you’ve chosen a crypto exchange, you’ll need to create an account. Most cryptocurrency exchanges require a valid email address or phone number and a secure password. You’ll then have to verify your email or phone number with the verification code sent to your device.
Upon verifying your details, you’ll have to agree to the terms and conditions. Then tap the ‘sign up’ or ‘register’ button to create your account.
Before you can sell Litecoin on an app, you’ll need to verify your identity through the Know-Your-Customer (KYC) process. This process is necessary to prevent fraud, tax evasion, and other illegal activities on centralized crypto exchanges. It involves submitting the following information and documentation:
If you prefer to remain anonymous, you can skip the KYC process by signing up for a decentralized exchange. This can be either a peer-to-peer marketplace or Automated Market Makers (AMM). Bear in mind that it’ll be more complicated to buy and sell Litecoin on these platforms. It can also be riskier than using a crypto exchange that adheres to KYC protocols.
Once your account is verified, you can sell Litecoin. Before you do so, make sure you turn on 2-factor authentication. It’ll make your account more secure.
You can easily send LTC to a crypto exchange from an existing Litecoin wallet or a broker. The crypto exchange will generate a unique deposit address for you. You’ll then enter the deposit address into your external Litecoin wallet.
Before confirming the transaction, make sure the address is correct. You can also send a test amount instead of a lump sum to the exchange if you prefer to be cautious. Once you’re ready to execute the transaction, choose a network fee. If you select a higher fee, your deposit will be processed faster.
The crypto exchange will confirm your deposit. This process can take anywhere between a few minutes and an hour. Upon confirmation of your deposit, you can look into how to sell Litecoin on the crypto exchange.
Most crypto exchanges will require you to fill out an order form to sell Litecoin. Before you do so, you should determine if it’s the right time to sell. After all, you want to make a profit from the sale.
Check out Litecoin’s selling price on the app. Once you’re comfortable with the price, choose a selling method. Each crypto exchange offers various ways to sell Litecoin. The most common are market orders and limit orders.
Market orders involve selling Litecoin at the market price. Using this method, you may incur higher fees than executing a limit order.
Limit orders entail selling your Litecoin once it reaches your chosen price. This method carries lower fees than a market order. It’s the ideal method for selling Litecoin if you want to set the price yourself.
Note that you can sell Litecoin for another cryptocurrency, like Bitcoin or Ethereum. Alternatively, you can sell Litecoin for a fiat currency like USD or GBP.
Choose the amount of Litecoin you wish to sell with your preferred method. If you opt for a market order, you only need to select how much you want to sell, then confirm. However, if you use a limit order, select the amount of Litecoin you want to sell and set the price.
Selling Litecoin with a wallet is similar to selling the crypto asset through an app. You’ll need to have a wallet with a crypto exchange. If you don’t know where to start searching for an excellent cryptocurrency wallet, look into Coinbase, Trezor, and Zengo. These crypto exchanges typically have an app that makes selling and buying Litecoin with a wallet easier.
Before executing a sale, you’ll need to fund your wallet with Litecoin. You can do so by creating an account with a crypto exchange wallet. Complete the necessary verification procedures, then purchase LTC.
If you already hold a Litecoin wallet with a crypto exchange, selling Litecoin is much more straightforward. All you have to do is:
Note that each Litecoin exchange wallet has unique terms. For instance, ZenGo allows you to sell one cryptocurrency for another cryptocurrency. Whereas with Trezor, you can sell LTC for a fiat currency like CAD.
Figuring out how to sell Litecoin is relatively straightforward. For this reason and many others, people prefer this cryptocurrency to others available in the market.
You can sell Litecoin through an app (or a crypto exchange) or directly from your wallet. Before selling Litecoin, ensure you consider the transaction fees involved with selling. Thanks for checking out how to sell Litecoin.
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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.
Deciding on whether a cryptocurrency is worth selling comes down to thorough research. Monitor the trends related to Litecoin in the market. You can look at the price of LTC to BTC. This will help you understand traders’ behaviour and tendencies in the market.
To determine if LTC is a lucrative cryptocurrency to sell, you can also keep a trading journal. Take note of any insights related to LTC. The ultimate decision to sell Litecoin must be a strategic one. Otherwise, you may lose thousands of dollars.
Absolutely! All you have to do is find a crypto exchange. These are marketplaces where individuals buy and sell cryptocurrencies. After creating an account and verifying your identity, you can sell Litecoin. If you have an account with a crypto exchange already, it’s even simpler.
Bear in mind that there are two common ways to sell Litecoin. You can execute a market order or a limit order. The former is ideal for selling Litecoin fast, but it carries higher fees.
Limit orders are great if you want to save on fees. However, the processing time may be slower.
Yes, you sell Litecoin for Canadian Dollars. You can use a crypto exchange app like KuCoin or Binance.
The best time to sell Litecoin varies from person to person. For some, it may be ideal to sell LTC to capitalize on gains or avoid losses when the price is highly volatile. Others may consider the best time to sell Litecoin when they want to have another cryptocurrency in their portfolio. It’s also best to sell Litecoin when you want cash for everyday purchases.
Check out the price predictions for LTC before selling the crypto asset. You can find this information on your crypto exchange. Make sure you’ve also accounted for transaction fees before selling LTC.
Several factors influence the price of Litecoin. These are often similar to the factors that influence Bitcoin’s price. This includes:
Litecoin’s ticker symbol is LTC.
When it comes to selling your cryptocurrency, you have a few different options. The most common method is to simply withdraw the funds to your bank account. However, some exchanges may offer alternatives, such as PayPal or direct deposit. Each method has its own advantages and disadvantages, so it’s important to compare your options before making a decision.