How to Buy Litecoin LTC A Step-by-Step Guide

how to buy litecoin

NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Created by Charlie Lee in October 2011, Litecoin was one of the first cryptocurrencies to launch after Bitcoin. In summary, Litecoin’s inclusion in Fidelity’s digital asset offering will potentially fuel demand for LTC taking into consideration Fidelity’s vast popularity.

  • An analysis of the potential Litecoin rally shows a high probability of reaching $100 a few weeks.
  • Litecoin became the third cryptocurrency after Bitcoin and Ethereum to be accorded legendary support, exposing it to a large pool of institutional investors.
  • Moreover, crypto holders do not benefit from the same regulatory protections applicable to registered securities, and the future regulatory environment for crypto is currently uncertain.
  • This provides a risk-free way of gaining exposure to the trading platform.
  • Litecoin is one of the world’s most well-known cryptocurrencies.
  • If you’re all-digital at heart and want to use Litecoin for payments, you can likely get by with a Litecoin-specific app that lets you buy and sell Litecoin.

Where to Buy Litecoin: Comparing Exchanges

This feature is ideal in situations where you speculate that the price of the assets may fall to a lower level, thereby allowing you to buy it more cheaply. To reduce these risks, you can opt for more established and trustworthy how to buy litecoin exchanges. In this guide, we have chosen Uphold as one of the few fully-regulated brokerage and exchange platforms to buy Litecoin. Like Bitcoin, Litecoin uses a proof-of-work system for mining and securing its network.

What are the fees to buy Litecoin?

how to buy litecoin

The platform is worldwide — you can access it from every country! Also, verification is less of a problem than it is with other providers. There are Bitcoin ATMs available, but they don’t support Litecoin.

  • Many exchanges offer far more than bitcoin, with some of these marketplaces offering trading of hundreds of cryptocurrencies.
  • Litecoin can validate and add users’ transactions to the blockchain in 2.5 minutes, shaving off more than ¾ of the time it takes Bitcoin to confirm one transaction on its network.
  • Keep reading to learn more about Litecoin and how to buy it while keeping yourself and your money safe.
  • The article then explores buying Litecoin on centralized exchanges such as Coinbase, OKX, and Binance.
  • The platform offers vast flexibility in investing in both conventional and digital assets.
  • If you do not have any balances within Uphold, you will specify which external source you will use to facilitate a purchase.

Different ways to buy crypto

how to buy litecoin

Uphold is a multi-asset trading platform with support for stocks, precious metals, national currencies, and cryptocurrencies. More than 80 cryptocurrencies are available on this platform, including Litecoin, which can be bought, sold, and exchanged for gold, Bitcoin, stocks, and fiat currency, among others. In the U.S., the IRS requires taxpayers to report cryptocurrency transactions as they would for other property transactions. This includes reporting capital gains or losses on the disposal of Litecoin, whether it’s sold for fiat, used to purchase goods or services, or exchanged for other cryptocurrencies. Income from mining or receiving Litecoin in exchange for services should also be reported at its fair market value. Taxation on cryptocurrency transactions can vary significantly across different jurisdictions, reflecting the diverse regulatory environments worldwide.

Best Wallet for Litecoin: Exodus

Once these steps have been completed, you can then buy (and sell) Litecoin. DisadvantagesFees are higher than other providers and CoinMama doesn’t sell Litecoin. However, CoinMama’s biggest issue is that it doesn’t accept bank transfers. BitPanda and Coinbase are two of the easiest platforms to use to buy Litecoins through bank transfer. When everyone is happy, your new Litecoin will be sent straight to your chosen wallet. By most metrics, Bitcoin is likely a better long term store of value.

Now, let’s go through the process step-by-step, so we understand exactly how to buy Litecoin on some of the most popular platforms. It has a strict verification process that must be met before being allowed to trade and exchange. It has a very complex fee structure that also makes the experience difficult. You need to be aware of the different fees involved and how they impact your Litecoin investments. There isn’t a global standard and so exchanges have to follow whatever electronic payment laws exist in the territories they wish to trade in.

  • If you want to only buy at a set price, you can in some cases place a “limit” order instead, which allows you to specify a value.
  • You can also utilize leverage to increase your possible returns.
  • This site does not include all companies or products available within the market.
  • This allows you to accumulate more Litecoin, which you can cash out when you decide to take profits.
  • The most important step is to make sure the exchange supports Litecoin.
  • Cardano is also in the same fold as Ethereum and is set to change the entire DeFi and blockchain ecosystem.

Each exchange has its own rules when it comes to the buying, selling, and trading of cryptocurrency. Past that, digital currencies are a very new asset class, at least compared to other more established asset classes like stocks and real estate. The first units of bitcoin came into existence in 2009, which would mean that this digital asset has been around for 15 years at the time of this writing. Every bitcoin transaction that has taken place in the more than 15 years since the digital currency network has existed has been logged on the network’s blockchain. Cryptocurrencies are digital currencies (digital representations of value) that are secured using cryptography.

Traditional brokers

how to buy litecoin

This development also elevates the maturity of the cryptocurrency industry. This keeps your personal details and funds secure from bad actors. One of the most popular brokers is the Capital.com which offers top-notch security and low fees when you buy Litecoin. Cryptocurrencies have been called a bubble waiting to explode, and that has been for a good reason.