First get a LTC wallet such as Ledger, Trezor, Jaxx, Exodus, Coinbase or a popular one of your choice. Sign up in an exchange of your choice to make the purchase. When you have gotten the amount you like, you can now transfer it to your wallet. For example, what is cryptocurrency Binance offers LTC/USDT, LTC/USD. HitBTC – LTC/ETH, etc. As the original peer-to-peer digital currency, bitcoin has become a proxy for the market as a whole. It is the best-recognised crypto and the longest-lasting, mostly because it has never been hacked.
However, many centralised exchanges and centralised finance platforms now offer interest on Litecoin that you deposit in a custodial wallet. But while this is a potential way to earn passive income on your LTC holdings, it can be extremely risky. Litecoin is the native cryptocurrency for the open-source Litecoin network. It was originally developed using the same framework that powers the Bitcoin network – but has a few changes that make transactions faster and cheaper. Hardware wallets are popular and well-recommended across the crypto-community. I’ve reviewed nearly every cryptocurrency wallet that’s available and ranked the best hardware wallet options.
Reduced Ltc Trading Fees
Since the company employs a 5% transactional fee on deposits via credit cards, it might not suit high-volume traders. However, there are no charges on payments through SEPA or Bank transfers. Click on the crypto button and select your preferred payment method. Available options include card payments, bank transfers, P2P transactions, and payments through third-party channels such as Simplex. #Litecoin is an open-source payment network created in 2011 by Charles Lee – a computer scientist and former director of engineering at Coinbase. It is a peer-to-peer digital currency that enables people to send and receive funds without needing third-party intervention.
Instead, by using an unregulated exchange, there is every chance that you will get scammed. Even if the exchange does have good intentions, time and time again we hear about platforms getting hacked and users losing their funds. Then, you simply need to head over to the LTC/BTC trading page. Here, you’ll be exchanging Litecoin for Bitcoin by paying a small commission. At Binance, this is just 0.1% – meaning a £1,000 exchange would cost you just £1 in fees! After you’ve made the exchange, you can then withdraw your newly acquired Litecoin to a private wallet. At the time of writing in late 2020, 1 Litecoin will cost $76 – which is about £56.
You could use your computer, but consider using a Litecoin mining pool. Faucets are websites that reward contributors with Litecoins. In most cases, you will be required to complete different micro-tasks to get this reward. These tasks range from referring others to the website, playing video games online, participating in marketing surveys, or watching marketing videos. Click on the sign-up button on the homepage of the crypto exchange. Litecoin supported wallets are essential to buy Litecoins at ATMs.
This also increases mass awareness, which again, can result in demand for cryptocurrency rising. In comparison to its initial exchange listing price, this translates into returns of over 11,000%. In other words, had you invested just £500 into Litecoin just a decade ago, your money would have been over £55,000 when it peaked in 2018. However, we should note that Litecoin has since dropped in value.
How To Buy Litecoin Uk
Some are for the desktop while some work on mobile devices. If you are using a mobile device, you can use Loafwallet. Ledger Nano and Trezor are hardware version which can be used to store multiple coins including LTC. Overall, buying a litecoin depends on where you are and the source of payment.
As we said though, you shouldn’t struggle to find your preferred payment method nowadays. Crypto platform eToro is compatible with credit and debit cards, as well as PayPal, Skrill, and Neteller.
- Enter the amount of Litecoin you wish to buy and then click the buy button.
- But also consider such factors as trading cost, deposit and withdrawal charges, liquidity, and available leverage when choosing a brokerage.
- While some crypto enthusiasts anticipate Litecoin to become one of the leading digital assets in the crypto regime, other investors categorize it to be silver to gold.
- Once the address is confirmed, your purchased Litecoins will be sent to your wallet instantly or within a few minutes depending on network congestion.
- Litecoin is one of the most popular cryptocurrencies today based on a peer-to-peer payment network designed for ultra-secure transactions.
When signing up for an exchange, check to see if they trade a range of digital currencies to make investing more seamless. Even though thousands of merchants accept Litecoin worldwide, crypto experts believe Litecoin adoption would increase even further in the coming years. Once you are done with account verification and have deposited some funds into your account, you can start buying Litecoin immediately. Depending on your selected platform and country of residence, you can either buy Litecoin or trade Litecoin CFDs. Some brokerage firms offer you both types of investments, such as eToro. First is a direct purchase with fiat money on trading platforms.
Transactions are usually instantaneous, however, ATM rates can be exorbitant. The machine will display how many LTC coins you will get for your money. When confirmed, you will receive a printed receipt containing the details of your transaction. You then need to claim the Litecoin via a private wallet transfer. Cashing out your Litecoin at eToro is a completely different experience than the aforementioned crypto exchanges. Sign in to your account and once in your personal portfolio screen, click ‘Sell’ by Litecoin. In the early days, wire transfer via an unregulated third-party crypto exchange was often the only option to buy Litecoin.
To lay hands on Litecoin , one will need to engage in Litecoin mining. Litecoin mining is basically a computational problem-solving process where the first miner to successfully verify a block is rewarded with 50 Litecoin s. Though a ‘currency’ , Litecoin is not primarily used as a medium how to buy litecoin of exchange but rather as an online payment system. Not many Australian crypto exchanges support debit and credit cards, but Swyftx does. You must be satisfied that this crypto offering is suitable for you in light of your financial circumstances and attitude towards risk before starting.
Consider Regular Investments
Litecoin was created in 2011 by former Google employee Charlie Lee as a ‘lite’ version of Bitcoin, implementing several changes to the Bitcoin source code. These include the hashing algorithm, the block transaction times, and the overall amount of Litecoin that can be mined into existence. These changes were intended to allow for faster and cheaper transactions than Bitcoin.
- It was created to enable lower-cost transactions, therefore making it possible to be used in everyday life.
- TRASTRA provides an infrastructure for the purchase of Litecoin in a fast and easy way.
- Another means of acquiring Bitcoin is to engage in the mining of BTC either by investing in a mining company or beginning your own .
- However, we should note that Litecoin has since dropped in value.
- Mining litecoin without special hardware in the form of ASIC chips is almost certainly unprofitable for individuals today.
The company is headquartered in the UK with offices in Prague and Kiev. Sign in with your verified TRASTRA account, select a wallet to accept your purchase, and then select LTC. Cryptocurrencies are known for being secure and providing a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees. Their decentralised nature means they are available to everyone, although they can be complicated to set up and few stores accept them for spending. Investors have made huge sums by throwing their cash behind new digital currencies, but their volatile nature means savers can just as easily lose their money. In the past, people used silver as a commodity to buy things they needed on a daily basis, whereas gold was put aside for bigger purchases and trades.
Swap Cryptocoins For Litecoin
All of the aforementioned payment types are secure, convenient, and instantly processed. Note that a cash payment or transfer from ATM is not yet available for LTC. Cryptocurrency exchanges usually offer the litecoin at low fees and costs compared to broker services. There are fees involved in the cryptocurrency investment and therefore, you need to be aware of them and how they might affect your trading. You can buy Litecoin with debit card, credit card, or bank transfer. Use wire transfers or SEPA transfers to make the purchase.
For British residents, transactions are fast and hassle-free. All you need to do is enter cryptocurrency your email address and crypto wallet details and you can buy Litecoin within seconds.
Et Cie, S.C.A.. PayPal’s cryptocurrency service is not regulated by the UK Financial Conduct Authority or the Luxembourg Commission de Surveillance Du Secteur Financier. The value of cryptocurrency can rise or fall suddenly so you can lose money just as easily as you can make it.
Up till March 14, 2020, Litecoin was being traded for around $34.4. However, it underwent a bullish momentum and started climbing new heights, and hit an all-time high of $386.4 on May 09, 2021, setting an all-time high record.
Author: Tomi Kilgore