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how to buy litecoin

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How to Buy Litecoin (LTC)?

Binance is the best exchange for buying Litecoin (LTC). Before purchasing Litecoin, you are required to finish the account verification procedure and transfer funds into your Binance account.

Litecoin is a cryptocurrency that was created as a fast and cheap alternative to Bitcoin. Litecoin has been one of the most popular cryptos to invest in the past ten years. Ledger Nano X is the safest option for storing Litecoin.

How to Buy Litecoin (LTC): A Quick Guide

Binance is the best exchange for buying Litecoin (LTC). You can buy Litecoin from Binance with USDT, BUSD, BTC, EUR, and BNB currency pairs, as an example. Binance also has the best liquidity in the market, which means that large orders are not a problem.

How to buy Litecoin (LTC), a step-by-step guide.

  1. Register a Binance account
  2. Go through the KYC process and verify your identity
  3. Fund your account via bank transfer or credit card
  4. Buy Litecoin (LTC)
  5. Hold LTC at Binance or transfer the coins to your own wallet

This guide explains the purchasing process using euros as the fiat currency, but the process remains the same for other fiat currencies such as USD, GBP, and others.

Below is an image of the homepage of the Binance.com exchange.

binance.com

Litecoin is listed on practically every popular crypto exchange. We can also recommend American exchanges Coinbase and Kraken. They are very popular, safe, and easy-to-use options.

You will find user guides to popular crypto exchanges on our website. These guides include more detailed instructions on how to make a deposit and how to purchase cryptocurrency. Just click the reviews link from the main menu.

How to Buy Litecoin (LTC): A Detailed Guide

Before purchasing Litecoin, you are required to finish the identity verification procedure and transfer funds into your Binance account. Detailed guidelines for account verification and depositing money can be found in our Binance review. For those who are new to Binance and have not used the platform before, we highly suggest checking out the article.

Following that, we will offer step-by-step directions for buying Litecoin through the Binance mobile app. The app can be downloaded from the Apple Store (iOS devices) and from the Google Play Store (Android devices).

This tutorial is structured around the Lite mode of the Binance app, which is the default view upon installation.

Access the trading menu

Locate the yellow trading symbol in the primary menu of the mobile app (see the image below for visual assistance).  By tapping on this icon, you will open the cryptocurrency trading menu.

binance trading mobile app

Choose the Buy option from the pop-up menu that appears.

Search for Litecoin

Following that, a list of cryptocurrencies will appear on your display. To locate Litecoin, you have the option of manually browsing the list or simply typing LTC into the designated search box, as shown in the image provided.

search ltc binance

Choose Litecoin from the presented options, which will lead you to the Buy Crypto form.

Buy Litecoin

You have now the Buy Crypto page open on your screen. Enter the desired amount in euros or click on the LTC icon as pointed in the picture below. If you click the LTC icon, the unit will change from EUR to LTC. This is useful if you want to buy a precise amount of Litecoin, for example, 5 LTC.

buy litecoin binance

Complete the purchase by clicking the Buy button.

Choose the payment method

The final step for buying Litecoin (LTC) is to select your preferred payment method. If you have previously made a fiat deposit, you can use your cash balance for this purchase. You can also explore alternative payment options.

litecoin payment method

Bear in mind that the price quote for LTC remains valid for less than a minute. If you need more time for deciding your payment options, you have to go back to the Buy Crypto form and get a new quote. Finalize the Litecoin purchase by clicking the Confirm button.

What is Litecoin?

Litecoin is a cryptocurrency that was created as a fast and cheap alternative to Bitcoin. Litecoin was launched in October 2011 by Charlie Lee, a former Google engineer. It is one of the oldest cryptocurrencies in the market.

Litecoin is an open-source blockchain protocol and very similar to Bitcoin. They are both Proof of Work -based cryptocurrencies, which means the blockchain is maintained by physical miners. However, there are some technical differences that set it apart.

One of Litecoin’s primary goals is to provide faster transaction times compared to Bitcoin. While Bitcoin’s block time is around 10 minutes, Litecoin boasts a 2.5-minute block time. This faster block generation time enables quicker transaction confirmations, making Litecoin more suitable for everyday transactions.

Another distinction is the maximum supply of coins. Bitcoin has a capped supply of 21 million coins, whereas Litecoin has a maximum supply of 84 million coins. This means Litecoin is exactly four times faster than Bitcoin, and it has a four times larger supply as well.

Below is a screenshot from litecoin.org, which is the official website of Litecoin.

litecoin

Prior to 2017, Litecoin enjoyed significant popularity and recognition within the cryptocurrency community. It was often seen as a prominent alternative to Bitcoin. While Bitcoin was called digital gold, Litecoin was often titled digital silver.

However, with the subsequent explosion of the cryptocurrency market and the emergence of numerous new cryptocurrencies, Litecoin has faced increased competition.

Most new cryptocurrencies offer faster and cheaper transaction speeds than Litecoin. As a result, Litecoin has faced challenges in maintaining its position as one of the most popular cryptos. Learn more about this project from our Litecoin beginner’s guide.

Litecoin as an investment

Litecoin has been one of the most popular cryptos to invest in the past ten years. However, the competition has become much tougher since the crypto boom of 2017. Litecoin has lost ground in the crypto rankings, and it is not mentioned on social media like it used to be.

If you are interested in Litecoin as an investment, there are several factors you should consider. Here are the three most important ones.

  1. Adoption and acceptance
  2. Technological advances
  3. Increased competition

One of the key drivers of Litecoin’s price is its adoption and acceptance by merchants, businesses, and the public. As Litecoin gains wider acceptance as a means of payment, its utility and demand increase. This potentially leads to price appreciation as well. Increased adoption can be influenced by partnerships, integration into payment platforms, and the development of user-friendly applications.

Technological advancements can play a crucial role in driving the value of Litecoin. Enhancements in scalability, security, and transaction speed can impact investor sentiment and attract more users. Upgrades to the Litecoin network, such as the implementation of the Lightning Network or privacy features, may further bolster its investment potential.

Litecoin faces considerably tougher competition now than during its early years. The cryptocurrency market has witnessed the emergence of numerous alternative cryptocurrencies, often offering unique features and benefits. This increased competition has led to a more diversified investment landscape, where investors have a broader range of options to choose from. As a result, Litecoin must differentiate itself and showcase its value proposition to retain and attract investors.

You can follow the price of Litecoin from our dedicated page: Litecoin’s price.

How to store Litecoin safely?

Ledger Nano X is the safest option for storing Litecoin. Ledger Nano X is the most popular cold wallet. It is trusted by small investors and billionaires alike. You can also store Bitcoin, Ethereum, and thousands of other cryptos in Nano X.

Click here to buy Ledger Nano X from the manufacturer’s website.

Ledger Nano X costs about 150 euros. If you are looking for a free alternative, there are several of those as well. Though, they don’t provide quite the same level of security as a hardware wallet like Ledger.

Trust Wallet is a popular mobile wallet. Exodus and Coinomi are popular desktop wallets that also have a mobile version. All these wallets are free to use.

Antti Hyppänen

Antti Hyppänen is the founder and editor-in-chief of AboutBitcoin.io. Antti has written articles about cryptos since 2017. He follows the crypto market every day of the year and is responsible for the daily operations of AboutBitcoin. Antti is not a maximalist regarding any cryptocurrency but looks at the industry objectively. Antti’s investment profile is “buy & hold,” i.e., he does not trade or use leverage. His crypto portfolio consists of mainly Bitcoin and Ethereum. Antti also follows macroeconomic events. In addition to cryptos, his interests include gold, silver, and the US stock market.