How to buy Litecoin (LTC) – Beginners Guide (2020)
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Are you thinking about buying some LTC? This cryptocurrency has been around for a long time. It has lasted many tough bear markets. But also shone during many bull markets.
It is a cryptocurrency in the shadows of Bitcoin that still stands tall and strong. So it’s no wonder that it still attracts a lot of attention from investors.
It is currently on the 7th place according to cryptocurrency market caps, by all the cryptos in the world.
So if investing in Litecoin sounds attractive to you, then this guide on how to buy Litecoin will give you all the information that you need!
So that you can purchase using a range of different payment methods!
Summary of buying Litecoin guide:
This is what you will learn in the guide to buying LTC.
- Find a good wallet to store your Litecoins
- Buy Litecoin with a bank transfer
- Buy Litecoin with your card
- Buy Litecoin with PayPal
- Buy Litecoin at a cryptocurrency exchange
What is Litecoin?
Before we jump into the steps of finding a good and secure LTC wallet and walk you through some of the best options for buying Litecoin we thought it would make sense to talk a bit more about what Litecoin is. Which might be useful for the people reading this being a bit new to LTC!
So Litecoin has from time to time been considered silver to Bitcoin’s gold! It was launched back in October 2011. It was a fork of Bitcoin with a few small tweaks.
- Decreased block time generation
- Increased maximum of coins
- And a different hashing algorithm (scrypt instead of SHA-256)
But all in all, it is a cryptocurrency that is meant to be peer-to-peer crypto. It aims to be a bit faster than Bitcoin. But it is not the fastest P2P cryptos around. It still does its job for being sent between users around the world fairly quickly, and easily!
Litecoin was created by Charlie Lee, a former Google and Coinbase employee. Who launched Litecoin while working at Google (follow Charlie on Twitter).
Find a good wallet to store your Litecoin
It is good to have an idea about where to store them before you buy them. If you are new to cryptocurrencies then it is good for you to know that in the world of crypto you are your own bank!
Or at least that’s how the saying goes! That means you should be the one that controls the wallet where your Litecoin coins are stored. You could potentially store your LTC at a crypto exchange because they can create your own wallet at their site.
But some crypto broker sites don’t allow for this, so it is necessary for you to have your own LTC wallet before you buy cryptos at their sites!
But don’t worry about finding a good LTC wallet. We have written a fairly extensive guide exploring some of the top options for LTC wallets! You can find the full guide here. But we will also add a few of the wallet options in this guide right here!
Litecoin wallet option #1 – Ledger Nano X (Hardware)
First out on this list of wallets for storing your Litecoins is a hardware wallet from the Ledger team, the Ledger Nano X.
The Ledger Nano X is the latest version of the Nano wallets. And it is an upgraded version from the S model.
The Ledger Litecoin option is a highly recommended way to go for storing your LTCs. We ourselves use a Ledger Nano X for storing many of our cryptocurrencies. And I personally like to you a secure hardware wallet for securing my cryptos, when I plan to hold it for the long-term.
With the keys, you can access your cryptocurrencies from any device. And in the case of your device getting stolen, lost or broken those keys will help you access your cryptos again.
With the Ledger Live app, you can send and receive cryptos, as well as checking the balance of your portfolio.
Learn more about storing your Litecoins on a Ledger device here.
You can buy the Ledger Nano X here.
Litecoin wallet option #2 – Trezor One (Hardware)
The Trezor One which is another very popular hardware wallet amongst crypto holders, and it is another very good choice for storing your LTCs at.
The Trezor One is also the first-ever hardware wallet, launched in 2014 by the team at SatoshiLabs.
The Trezor One which is the slightly cheaper model from the Trezor team comes with all the security features wanted in a good hardware device. It has support for more than 1000+ cryptos, and Litecoin being one of those.
The difference between the One and Model T is that you do more of accessing the interface and coins via your computer and mobile after connecting it to your device. It also has slightly smaller storage and fewer coins and tokens supported.
The Trezor One costs about $59 and that is a decent price for a good quality hardware wallet.
You can buy the Trezor Model One here
Litecoin wallet option #3 – Litecoin Core wallet (Desktop)
The Litecoin Core wallet is the official wallet from the Litecoin team.
And Litecoin Core is actually a downloadable client of the blockchain network. You can download Litecoin Core for both Mac and Windows.
With the Litecoin Core software, you would be able to create a new wallet, access it and use it to send and receive transactions. You would also be the only able to access your private keys. And it is important that you make sure to keep a safe backup of your private keys at all times.
You can download the Litecoin Core blockchain with a wallet here.
Litecoin wallet option #4 – LoafWallet (Mobile)
The LoafWallet is a mobile wallet from the Litecoin foundation itself. And it is available for download for iOS and Android.
The LoafWallet is an open-source lightweight wallet connected to the Litecoin network. It can be accessed from anywhere in the world and used in offline mode. It is a fairly new wallet so it looks good and is easy to use.
As it is maintained and created by the Litecoin foundation it gives it all a bit of extra validation. So when it comes to the best Litecoin wallets it should be high up on any list.
Found out more about the Litecoin foundation here.
You can download LoafWallet for storing your Litecoins here
Where to buy Litecoin options
Ok, it is time for us to explore some of the current popular options for buying Litecoin. Remember that these are not all of the options available. But we have listed here below some of the most popular and most used sites and exchanges to buy Litecoin at.
We have added a few different options for buying LTC using different payment methods. So that you can more easily pick one that suits your needs the most!
Buy Litecoin with a bank transfer
One of our favourite payment method to use when buying cryptos is to use a bank transfer.
This way we can save on fees. As long as we are not in a hurry it works great for me!
Buy Litecoin with a bank transfer at Coinbase
One of the most popular cryptocurrency exchanges in the world is Coinbase. And it is a very good place to buy your LTCs at using a bank transfer (wire transfer).
Coinbase is a U.S based crypto exchange, founded in 2012 by Brian Armstrong and Fred Ehrsam.
And it is today one of the most used sites to buy and sell cryptos at. They have focused on the start of creating a platform that is easy to use for beginners. With an intuitive design and many payment options.
Buying Litecoin with a bank transfer is very easy to do at Coinbase, simply follow these steps here below:
- First, you go to www.coinbase.com and create a new account (if you sign up with that link you will get $10 worth of BTC for free when buying for a minimum of $100)
- When you have completed the sign-up process and you are logged in – click on Settings and Linked accounts to add your bank account
- When that has been added to Coinbase you can proceed to buy some LTC – click on Litecoin in the dashboard or Trade and then Buy and then click on Deposit funds
- Proceed through the bank transfer – enter your bank account, name, amount to deposit and copy the reference number.
- Wait 1-2 days for the transfer to arrive in your Coinbase account and then you can proceed to the final step which is to buy LTC! Click on Litecoin in the dashboard or via Trade and Buy again and simply buy LTC for the amount you want
Done! That is how you buy Litecoin at Coinbase using your bank account! Make sure you check it out!
Buy Litecoin with a bank transfer at Kraken
Another U.S based crypto exchange that lets you deposit funds from your bank account is Kraken. It is also a very reputable and popular exchange that we thought deserved to be on this list as well.
The process of buying LTC with a bank transfer at Kraken is similar to the one at Coinbase. But for your ease, we have also detailed the steps for using Kraken to buy with a bank transfer here below.
Follow these steps to use Kraken to buy LTC with your bank:
- Go to www.kraken.com and create your own account
- When that is done and you are logged in click on Funding and then find the Fiat currency you want to deposit (USD, GBP or EUR) and then click on Deposit (you need to have verified your account and ID first to complete this process)
- When you have completed the bank transfer and the funds are in your Kraken account you can move on to the next step of buying Litecoin – click on Kraken Pro to proceed
- Now in Kraken Pro, you can either buy LTC directly with LTC/EUR or LTC/USD trading pairs (if you deposited with either USD or EUR Fiat currencies) or trade your GBP for BTC and then buy LTC with LTC/BTC trading pairs
That is it. That’s how you buy Litecoin at Kraken using a bank transfer!
Buy Litecoin with your credit card or debit card
Another popular option for buying cryptos, or pretty much anything in life is, of course, to buy Litecoin with a credit card or debit card! It is easy, quick and common, it is something most of us do daily.
So buying Litecoin with a card should also be available on a list like this. As it is often demanded by crypto investors these days.
Buying crypto with your card as mentioned is quicker (often instant) compared to buying cryptos with a bank transfer. But it might have higher fees than using a bank transfer.
So that is something to be aware of. But we will in this guide tell you the fees to buy LTC with a credit card at the different options we have listed. So it is open and transparent for you!
Buy Litecoin with a debit card or credit card at Coinbase
You can also use Coinbase to buy cryptocurrencies with your card (credit card or debit card). This makes it really easy to buy Litecoin and other cryptos quickly!
To proceed to buy Litecoin with your card at Coinbase follow this guide:
- Head to www.coinbase.com and create an account/log in
- When you have created an account and you are logged in click on Settings and Linked accounts
- Like with the bank account you first need to add your credit card or debit card to Coinbase before you can buy LTC – add your card details (Link your card)
- When that has been linked all that remains to do is buy LTC – click on Litecoin in the dashboard or Trade and Buy – select your amount and buy it!
That is how you buy Litecoin with a card at Coinbase!
Buy Litecoin with a card at Changelly
Another option to buy Litecoin with a credit card or debit card is to use the crypto broker site Changelly!
Changelly like its name is a similar site to Shapeshift where you can easily swap (or change) one cryptocurrency for another without using any complex crypto exchanges!
But it also lets its users buy cryptos like Litecoin instantly using their cards!
Follow this guide to buy Litecoin with a card at Changelly:
- First, go to www.changelly.com and then click on Buy crypto VISA and then select Litecoin and the amount you want to buy for and in which Fiat currency (USD, GBP or EUR)
- Next, you need to enter your Litecoin wallet address – where you will send your Litecoins after the purchase
- Then you can go on ahead to complete the purchase by entering your card details, and any personal information required by Changelly!
Buy Litecoin with a card at Bitpanda
If you haven’t checked out Bitpanda yet then we recommend you do it. Bitpanda was launched in 2014 by a team based in Vienna, Austria. And they have so far reached over 1 million users.
With a team of more than 120 team members serving them. Working hard to create a super-easy way for people to easily buy cryptocurrencies, like Bitcoin, Ether and of course Litecoin!
Bitpanda is only available for Europeans for now!
Follow this guide to buy Litecoin at Bitpanda with your card:
- Go to www.bitpanda.com and create a new account
- When that’s done and you’re are logged in verify your account and identity to proceed buying LTC with a card
- Proceed on buying Litecoin and select either VISA or Mastercard to proceed and buy LTC instantly
- Enter your card details and complete the purchase
That is how you buy Litecoin with a card at Bitpanda!
Buy Litecoin with PayPal
Now when it comes to buying Litecoin with PayPal you are unfortunately not blessed with options. There are no direct options of buying LTC with PayPal. But there are workarounds which aren’t that complicated.
Instead, you could buy Litecoin with PayPal by first buying either Bitcoin or Ether at for example LocalBitcoins or Localcryptos.com and then send those BTC/ETH to another exchange that trades Litecoin. For example:
- KuCoin, etc
Buy Litecoin at a crypto exchange
The last option in this guide to buying Litecoin will be a very common method used by many buyers and sellers around the world daily. Which is to buy Litecoin at a cryptocurrency exchange.
Now there are hundreds of online crypto exchanges – and to tell you the truth not all are serious or trustworthy. We wanted to make that clear to you. Unfortunately, there are some less serious actors in this space.
So it is important to do your research into finding out the better ones!
We have done this ourselves and we are happy to share our recommendations with you.
The process of buying Litecoin using a cryptocurrency exchange works in a similar way at pretty much all of them. You have your basic trading pair cryptos like Bitcoin and Ether. And then you trade those for the cryptos that you want. For example Litcoin.
Here are a sample of popular cryptocurrency exchanges where you can buy Litecoin at:
1 ) Buy Litecoin at Binance
Binance is one of the leading cryptocurrency exchanges in the world right now! And that is based on popularity, trading volume, security and the number of different cryptocurrencies available for trading on their platform!
So you could use either one (based on where you live) to buy Litecoin.
They all work in a similar fashion. For a guide to buying and selling cryptos at Binance click here!
Summary of buying LTC at Binance steps:
- Create an account at Binance
- Find your BTC or ETH wallet address at Binance
- Transfer BTC/ETH to Binance
- Find the exchange part of Binance
- Find LTC/ETH or LTC/BTC trading pairs
- Enter the sum you want to buy for
2 ) Buy Litecoin at KuCoin
Another option that you could use is KuCoin. Which is an Asian cryptocurrency exchange that is fairly similar to the original Binance!
It is known for its quick adoption of new exciting altcoins. But lately also for its development with staking cryptos directly from their exchange. And their own cryptocurrency – KuCoin Shares which is a revenue-sharing cryptocurrency!
Learn more about the latter here!
The process to buying Litecoin at KuCoin is the same as with Binance:
- Create an account at KuCoin
- Find your BTC or ETH wallet address at KuCoin
- Transfer BTC/ETH to KuCoin
- Find the exchange part of KuCoin
- Find LTC/ETH or LTC/BTC trading pairs
- Enter the sum you want to buy for
3 ) Buy Litecoin at Bittrex
Lastly, we wanted to share the popular U.S based cryptocurrency exchange Bittrex as another option. It is an exchange that has been around since 2013. And it is still today one of the more popular crypto exchanges in the world.
You can easily use Bittrex to buy Litecoin and many other cryptocurrencies. Bittrex also has Fiat deposits and withdrawals!
The process to buying Litecoin at KuCoin is the same as with Binance and KuCoin:
- Create an account at Bittrex
- Find your BTC or ETH wallet address at Bittrex
- Transfer BTC/ETH to KuCoin
- Find the exchange part of Bittrex
- Find LTC/ETH or LTC/BTC trading pairs
- Enter the sum you want to buy for
More about Litecoin
Learn more about Litecoin by visiting some of the selected sources here below!
- Learn more about Litecoin by visiting their website
- Chat with other LTC fans at Litecoin.talk forum
- Engage with the Litecoin Reddit community here
- You can use this site (Go CryptoMarket) to find real-time prices for LTC/USD so that you can trade it knowing you got the best deal possible!
We hope that this guide on how to buy Litecoin was helpful! We wanted to cover as many different options to buy LTC with. From buying LTC with your card, with a bank transfer, PayPal or at a reputable cryptocurrency exchange.
We have included many types of payment methods to make this guide work for everyone! Make sure you check out these recommended options!
So that you can decide for yourself which one to choose from depending on your situation and needs.
There are more options for buying Litecoin but in this guide, we have recommended some of the crypto community and our favourites!
If there is anything that you are still not clear about, or that you’d like to ask or suggest to us in regards to this article then please feel free to leave a comment below!
And if you liked this article then please share it!
Find other popular guides:
- Best options to buy Bitcoin
- 8 great Binance alternatives
- 9 of the leading Masternode coins
- The cheapest way to buy Bitcoin
- How to buy Bitcoin with cash
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier