Litecoin is one of the first projects in the cryptosphere. Its source code is inspired by Bitcoin, and they’re very similar, but Litecoin’s vision is to become a faster and cheaper version of Bitcoin. Litecoin remains one of the most useful alternatives to Bitcoin, with thousands of vendors and retailers accepting Litecoin as money all around the world. Find out how to buy Litecoin with our comprehensive tutorial and get the most out of this popular crypto coin.
Quick Step-by-Step to Buy Litecoin
- Make an eToro account
- Choose a payment method like Paypal, credit/debit card, Skrill, Neteller, wire transfer
- Deposit a minimum £200 – eToro is CysEC & FCA regulated so you can do so with confidence
- Buy Litecoin using the simple interface
- (Hopefully) see your investment grow and grow!
Register here to buy Litecoin
What is Litecoin LTC?
Litecoin LTC is the 5th most valuable cryptocurrency in the world in terms of Litecoin market cap. LTC was created by Charlie Lee in 2011, using Bitcoin’s software. Litecoin underwent numerous alterations from the original Bitcoin since then. Some of the most important are:
- Litecoin was one of the first cryptos to adopt Segregated Witness, long before Bitcoin.
- This coin greatly increased its coin supply above and beyond Bitcoin’s.
- Litecoin processes blocks faster, potentially giving the network more throughput than Bitcoin
- It has bigger blocks than Bitcoin (8 MB to 1 MB).
- Litecoin can’t be mined by the ASIC machines used to mine Bitcoin.
There are other differences, but you the investor can learn about all that on your own. For the purpose of this guide, we’re going to learn in detail how to buy Litecoin. When we’re through, we hope you’re ready to invest in Litecoin for the very first time.
How to Buy Litecoin LTC
It’s getting easier to buy cryptocurrency every day, especially the large popular coins like Litecoin. We’re going to show you three ways to buy Litecoin, starting with the easiest and moving to the most advanced. Many experienced crypto traders employ all of these methods at different times for different purposes.
Buy Litecoin on Etoro
First, let’s talk Etoro and CFDs. CFDs are an alternative to traditional cryptocurrency ownership. With CFDs, you won’t need to wrangle a series of digital wallets (with the ever-present chance of losing your coins by mistake). You won’t have to learn difficult, complex exchange systems. You won’t even have the same tax implications of an investor who buys and sells cryptocurrencies through conventional means.
“CFD” stands for “Contract For Difference”. With a CFD, an investor locks money into a contract. This money gives them access to the profit potential of a certain amount of Litecoin. You don’t actually own this Litecoin, but if your theoretical Litecoin increases in value, you get profits just like it’s the real thing. CFDs can also be leveraged, so you can “buy” much more Litecoin than you would be able to on a traditional exchange.
For cryptocurrency CFDs, Etoro is the place to be. Here’s how to use Etoro to buy Litecoin. Start by going to Etoro.com and take a couple of minutes to create an account. Use a unique ID and password, and a working email address.
After signing up, you’ll need to complete a verification process to confirm your identity. It’s not difficult, but the forms take some time to complete. Once you’re done, you’re set to fund your account. One of eToro advantages, is the variety of payment methods to deposit. That way, you’ll be able to buy litecoin with credit card, debit card, PayPal, and much more. Please bear in mind that the minimum deposit is 250 $ (it might change depending on your region.
Investing in Litecoin with eToro
Once you’ve completed and funded your account, search for Litecoin in the search bar of the main menu, as seen below.
Click the link, this will give you a pop-up window like the one you see below. This is also your (super simple) trading interface. There’s only a couple of decisions you have to make, and there are even placeholder values already set if you don’t want to bother with it!
Place an order to buy Litecoin!
First, you’ll choose the amount of Litecoin you wish to “buy”. Remember, you’re not buying any Litecoin; instead, you’re buying the right to receive profit from a specific amount of Litecoin. Next, choose your “Stop Loss” value. A Stop Loss value is a low price at which Etoro will automatically sell your position, just in case Litecoin crashes. This way, you won’t lose everything you have locked into the contract. “Take Profit” is the same, except it’s a high value at which Etoro will automatically sell your position if the value of Litecoin goes to the moon. This way you won’t miss out on big profits.
The last consideration is “Leverage”. This allows you to access a greater amount of Litecoin profits than you would have access to with traditional ownership. You can multiply your position, increasing your risk and potential reward. Leverage isn’t for everyone, especially brand new traders, but it is a method by which you can make much bigger money if you’re interested.
That’s about it. Etoro is the most convenient and intuitive way to buy Litecoin, and we think you’ll like it, especially if you have no experience in cryptocurrency at all.
Buy Litecoin With Coinbase
Why Use Coinbase to Invest in Litecoin?
Because Litecoin is one of the world’s biggest cryptocurrencies, it’s available on the world’s most well-known exchange: Coinbase. If you want to use this method, go to Coinbase.com now and register a new account, using a working email and a unique password. Once inside, link your bank using the simple prompts given to you as you complete your account. Once you have a payment method linked (like a bank account/debit card), you’ll be able to buy Litecoin directly. It’s so easy to buy Litecoin on Coinbase, we’re sure you could figure it out yourself, but we’ll show you anyway just in case you have issues.
Here on the homepage, you’ll be able to look at the recent price history of all four coins Coinbase sells: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. To buy, click “Buy/Sell” seen at the top left of the image below.
Litecoin available on Coinbase
Click on the Litecoin block, just like you see in the next image.
Buying Litecoin at Coinbase
Now select how much Litecoin you wish to buy. As a new account holder, you won’t be able to buy as much Litecoin at one time as the user from the image below, but your daily buy limit will be increased in time. Notice on the right side of the screen 1) the date on which your Litecoin order will clear (it always takes a week or so) and 2) the Coinbase fee charged along with your order. Notice that the fee doesn’t add to your total. Instead, it is deducted from the money you’re spending on Litecoin, so if you were to spend $25,000 on Litecoin like in the image below, you would actually get just over $24,600. When you’re ready, click the blue “Buy Litecoin – $XX” button.
Manage your LTC
You’ll get a confirmation popup window. Confirm the transaction. Then just wait. Like we said, it’ll take a few days for your Litecoin to arrive, but the amount you receive is set in stone. If the Litecoin price goes up in the time it takes to get to your Coinbase Litecoin wallet, you’ll see all of those profits.
Fast forward. It’s the future, and your Litecoin has arrived in your Coinbase Litecoin wallet! Now, you should never keep your coins on an exchange like Coinbase, because there are hackers all over the world constantly trying to break into Coinbase to steal everybody’s cryptocurrencies. Don’t let that happen to you, if and when the next hack is successful. Instead, send your Litecoin to the Exodus Wallet we made in the previous section.
Click “Accounts” at the top menu on the homepage. This will take you to a screen that contains the wallets seen below. Click “Send” beside the Litecoin wallet. This will create a popup that will ask you what address you want to send your Litecoin to. Paste your Exodus Litecoin wallet address here (again, you can see all of this info in the previous section). Then choose to send all of your Litecoin. Then confirm the transaction. In just a few minutes your Litecoin will be in your Exodus Litecoin wallet!
Buy Litecoin at Coinbase
What’s the best place to store your Litecoins
There are tons of wallets which will store Litecoin, and we’re choosing Exodus wallet for this purpose. It’s nice looking, easy to use, and supports many currencies other than Litecoin. It’s also free and secure. Start by going to Exodus.io.
Click on “Download” in the upper right hand corner and then choose the Exodus wallet version for the operating system you use. Once you’ve downloaded it, set it up. Carefully write down the private key/pass phrases. They’ll only show you these once, and they’re all you can do to recreate your Exodus wallet if it ever gets destroyed, or you get locked out.
Now that your Exodus wallet is up and running, let’s take a look around inside. Right away you’ll see Litecoin as one of the coin options on the lefthand column of the wallet interface. Click it.
Now click “Receive”. The following window will pop up, and this will display your Exodus Litecoin wallet address. Anyone who wants to send you Litecoin will need this address.
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More about Litecoin
Buying Litecoin in the UK
As stated above, there are many places to buy Litecoin, and all the procedures above are available in the UK. However, for beginning investors, the sheer selection of brokerage sources can be overwhelming. Of all the options, we’ve found Coinbull to be the most convenient for new users in the United Kingdom. Experienced Litecoin traders will find much to like as well, as Coinbull provides users with a remarkably easy alternative to traditional ownership based investment.
Coinbull sells CFDs. A CFD is a “Contract For Difference”. This futures contract allows users to bet on their predictions about the future value of Litecoin. When a user chooses a CFD, they select whether they think an asset’s price is going to rise or fall, by a specific point in the future. Until that time, the user’s funds are locked in the contract, and the user waits for the time to elapse to see if their prediction will come true. The price of the contract is determined by the price of Litecoin (or whatever another asset is under consideration).
The only difference is that no coins would be credited to your account. CFD brokers like Coinbull simply agree to distribute profits according to real market price changes. If you think that Litecoin is going up in value, and it really does at the end of your contract, you’ll get all of your money back plus the difference in price between the start of your contract and its resolution. Losses are incurred in the same way. In 2019, Litecoin isn’t any harder to buy in the UK than in the US. Besides Coinbull and the alternatives above, you can go ahead and use another popular choice: Binance.
Final Thoughts on Litecoin LTC
Litecoin is one of the most well known and trusted cryptocurrencies in the world. The Litecoin value has sprung up from next to nothing until it reached its place as the 5th most valuable crypto market cap. Litecoin used Bitcoin’s amazing technology to begin, then made important changes to make itself unique. Litecoin helped get Bitcoin through its difficult 2017 and is one of the big reasons why Bitcoin is still on top today. Even though there are many methods to buy Litecoin, we have concluded that to buy Litecoin with eToro is one of the easiest and most reliable options. You invest in Litecoin as a derivative, but in the end, you can exchange this “contracts” for real LTC using the brand new eToro Wallet.
On its own, it is a widely used currency, even in some mainstream payment situations. It’s fast and reliable and affordable. We see no reason why Litecoin won’t continue its upward climb into new all-time high Litecoin prices. Investors who get in now may have missed the days when a single Litecoin cost less than a Big Mac, but they are likely to enjoy it continued upward trajectory as the world continues to learn about and integrate digital currencies.
Buy Litecoin FAQ
Why Use Litecoin Over Bitcoin?
What Does Litecoin Do That Bitcoin Doesn’t?
Recommended places to buy Litecoin
What’s the minimum amount to buy Litecoin?
Can I buy Litecoin with Credit Card?