How to Buy Litecoin LTC: 3 Methods
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.
Method 1: 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.
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!
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.