How to Buy Litecoin – Step by Step Guide

Anyone trying to buy LTC must have done a bit of research before deciding to go for it. You must spend time researching whether Litecoin is a worthy investment. You need to answer important questions, such as – “do I plan to trade or hold?” “will the digital asset be a short-term or long-term investment?” “does it match my financial goals?”

If you’ve answered these questions, you can check out the price online to see if it will be a good time to buy. Resource materials and charts online will point you in the right direction on whether to buy – or, better still, if it is the right choice. Several cryptocurrencies are competing, and the smart decision for any investor is to put money into one with the highest potential or value.

The next step is to decide how you would like to buy an amount’s worth of LTC. Usually, there are different methods to buy this asset. However, two of them are;

• Crypto Exchange Platforms: The most common method to get Litecoin is to visit crypto exchanges like Coinbase, Binance, etc. They are reliable and even offer additional services to investors or traders.

• P2P Trading Platforms: Peer-to-peer trading is the next commonest method. It is a framework where people are connected on a platform to buy and sell digital assets online. You can buy LTC with cash or another digital asset on P2P Trading platforms. Unfortunately, it isn’t the most reliable method because cases of scam users or platforms have been reported.

If you’ve decided how to buy an LTC asset, the next part is to start the trade. There is no other way to do that than to register/create an account or sign in to an exchange or P2P trading platform. If you are new to crypto, signing up to Coinbase, for instance, will be a good idea.

You will be asked to provide basic information, including your email address. A verification procedure comes next to confirm your identity. Eventually, you’d get an account on the exchange platform.

Once you are signed in, search for Litecoin or LTC. Tap on the crypto and click the (+) or “Buy” button.

After tapping the “Buy” button, you will be asked to enter the amount of LTC you want to buy. With your previous knowledge of Litecoin price, you can determine how many values’ worth you want. Enter the amount and choose a payment method.

Ideally, deciding how you want to pay before getting this asset would be best. There are two ways to go about it: pay with cash (or card) or another cryptocurrency.

For the former, you can pay via bank transfer or credit/debit card. You will be charged fees for this transaction.

For the latter, if you have another cryptocurrency in your wallet, you can exchange it for an amount of Litecoin.

The final part is submitting your order and waiting for the exchange platform to confirm payments. Most times, the exchange platform holds the digital asset. However, that only allows you to share control with the exchange platform. You may have to store Litecoin in a reliable crypto or digital wallet to have full control.

Generally, two types of wallets exist:

• The hot wallet holds cryptocurrencies that can only be accessed through an internet connection. Unfortunately, it poses more risk.
• The cold wallet holds cryptocurrencies that can be accessed offline. It is a low-risk wallet but, unfortunately, expensive.