Litecoins is a smaller unit of bitcoin and has many similar properties, it even followed its growth in 2017! Today we are discussing the ways you can use to buy litecoin with USD.
Litecoins are kept in e-wallets. An e-wallet is an online place that uses encryption to protect and store cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple. To own a cryptocurrency, you will need to open a wallet prior to buying the cryptocurrency.
Buy Litecoin with USD as a CFD
You can decide to buy Litecoin through a regulated broker, this method you do not need to go through the hassle of opening a wallet. Most brokers now accept USD when depositing into their accounts. This makes life very easy for those who are just getting to grip with cryptocurrencies.
The sign up and account opening process is simple as well.
- Once you have created an account, to buy ethereum you will need to deposit your dollars into your account. Click ‘Deposit funds’.
- You will then find a drop down menu under ‘PAYMENT METHOD’, decide which one but make sure you choose USD if you are depositing with dollars.
- Decide the amount of dollars you want to deposit and click ‘Submit’.
- You have now funded your account.
As you can see, depositing into eToro is a piece of cake. But if you are set on owning the actual currency then you will need to follow the step-by-step outlined below.
Buy Litecoin with USD via an Exchange
Step 1 – Open Your Litecoin wallet account
As mentioned above, you need to open an e-wallet account to hold your litecoins. Companies such as Coinbase, Jaxx, CoinMama, Exodus, VirWox offer you free e-wallet accounts. If you’re concerned about the security of your cryptocurrency, you can use a hardware wallet such as ledger or TREZOR to hold your litecoins. These are not connected to any network and the only risk is from physical damage rather than malicious software.
Step 2 – Locate an Exchange that host Litecoin
Once you have opened your e-wallet, you then need to locate a reliable exchange where you can buy litecoin with USD. Finding a reliable source to buy Litecoin with USD can be difficult at times, as most exchanges tend to trade litecoins against bitcoins or ethereum and not with dollars.
As an alternative method, you can consider buying bitcoins first and then getting them exchanged with litecoins. You can do so on exchanges such as BTC-E, Shapeshift, and Poloniex.
Some well-reputed exchanges like Coinbase, CoinMama, BitStamp, and BitPanda however, allow you to buy litecoin with USD.
Step 3 – Purchase Litecoins and Get Them Transferred to Your E-wallet Account
Once you’ve decided the exchange, you are going to buy your litecoin with USD from. You can then follow steps mentioned below.
- Go to the exchange’s official website.
- Register yourself by filling in your details on the registration form.
- Upload supporting documents (if required).
- Select the amount and type of currency you wish to buy.
- Select your preferred payment method to buy litecoin with USD.
- Enter your payment details.
- Click ‘Next’ to proceed with payments.
- Review payment summary.
- Press ‘Pay’ to authorize the payment.
- Collect your litecoins and transfer them to your e-wallet.
We have enlisted some frequently asked questions for your information, below. You may find some relevant answers to your query after reading them.