Home Guides How to Buy Litecoin in 2023

How to Buy Litecoin in 2023

Kyle Simmons
Last Updated August 24, 2023 2:24 PM

By the time you’ve finished reading, you should know everything about how to buy or sell Litecoin.

Although Bitcoin remains the #1 crypto, LTC is one of the top-ranked options in market cap terms. It is a highly scalable coin with fast transactions and low fees.

The flexibility of the Litecoin network means it has taken on many improvements. This means that the long-term outlook for this coin is better than most.

So, if you’re looking to invest in Litecoin, this brief guide is an essential read.

Key Takeaways
  • What Litecoin is
  • How to get started
  • The importance of storing your coins safely

Disclaimer: Nothing on this page should be considered investment advice. Although LTC has a solid track record, it has experienced major downturns. Always seek professional advice before you decide to make any kind of investment.

Best Litecoin Exchanges in 2023

Here are the best Litecoin exchanges for your consideration.

  1. Coinbase  – best for beginners and convenience
  2. Binance  – best for buying Litecoin with a credit or debit card
  3. Kraken  – best for security.
  4. Gate.io  –  best for trading
  5. OKX  – best for advanced traders

Review of Our Top 5 Litecoin Exchanges

Read these short, sharp reviews before you look for a Litecoin exchange. They provide a high-level overview of a selection of the platforms on this page.

1. Coinbase Exchange Review

Coinbase review

  • Overview: Coinbase was founded in 2012 and is headquartered in San Francisco, California. It is a regulated crypto exchange with deep liquidity for institutions and sophisticated investors.
  • Tradable coins: Coinbase supports the trading of Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
  • Fees: Coinbase has a fee structure that varies depending on the transaction type and region. It offers competitive fees compared to other exchanges.
  • Pros:
    • Easy-to-use interface and user-friendly experience.
    • Extensive educational resources for beginners.
    • Strong reputation and trustworthiness
  • Cons:
    • Limited selection of cryptocurrencies compared to some other exchanges.
    • Customer support can be slow at times

2. Binance.US Exchange Review

Binance.US homepage

  • Overview: Binance is a global cryptocurrency exchange that offers a wide range of trading options. It was founded in 2017 and has become one of the largest exchanges in terms of trading volume.
  • Tradable coins: Binance supports a vast number of cryptocurrencies, including Litecoin.
  • Fees: Binance has a tiered fee structure based on trading volume. The fees are competitive and can be further reduced by using the Binance Coin (BNB) for trading fees.
  • Pros:
    • Wide selection of cryptocurrencies available for trading.
    • Advanced trading features and tools.
    • Global exchange with a large user base
  • Cons:
    • The interface may be overwhelming for beginners.
    • Some users have reported issues with customer support

3. Kraken Exchange Review

Kraken homepage

  • Overview: Kraken is a well-established cryptocurrency exchange founded in 2011. It is known for its strong reputation in security and compliance.
  • Tradable coins: Kraken has a tiered fee structure based on trading volume. The fees are competitive and vary depending on the type of trade.
  • Fees: Kraken has a tiered fee structure that ranges from 0.16% to 0.00% maker fee and 0.26% to 0.10% taker fee, depending on the trading volume. Kraken is known for its low fees, especially for high-volume traders
  • Pros:
    • Strong focus on security and compliance.
    • Advanced trading features and tools.
    • High liquidity and trading volume
  • Cons:
    • The user interface may not be as intuitive for beginners.
    • Customer support response times can be slow during peak periods

4. Gate.io Exchange Review

Gate.io review

  • Overview: Gate.io is a cryptocurrency exchange known for its user-friendly interface and easy purchase process. It was founded in 2017 and has gained popularity among traders.
  • Tradable coins: Gate.io supports a wide range of cryptocurrencies, including Litecoin.
  • Fees: Gate.io has a tiered fee structure based on trading volume. The fees are competitive and can be further reduced by using the GateToken.
  • Pros:
    • User-friendly interface and easy purchase process.
    • Wide selection of cryptocurrencies available for trading.
    • Strong focus on security and privacy
  • Cons:
    • Limited fiat currency support.
    • Some users have reported occasional issues with withdrawals

5. OKX Exchange Review

  • Overview: OKX is a cryptocurrency exchange that caters to advanced traders. It offers a wide range of trading tools and features to meet the needs of experienced users.
  • Tradable coins: OKX supports a variety of cryptocurrencies, including Litecoin.
  • Fees: OKX has a tiered fee structure based on trading volume. The fees are competitive and vary depending on the type of trade.
  • Pros:
    • Advanced trading tools and features.
    • High liquidity and trading volume.
    • Global exchange with a large user base
  • Cons:
    • The interface may be overwhelming for beginners.
    • Limited fiat currency support

What Is Litecoin?

Litecoin is a type of digital currency similar to Bitcoin. Buyers can use it for online transactions. It was created in 2011 by a programmer named Charlie Lee.

Lee introduced LTC as a “lighter” version of Bitcoin, aiming to improve upon some of its aspects. It uses blockchain technology to keep track of transactions, just like Bitcoin.

However, some technical differences make it faster and cheaper to use for transactions.

Benefits of LTC for investors

Litecoin remains one of the most popular cryptocurrencies for buying and trading. Here are a few of its strong points from an investment perspective.

  • Faster transactions: One major advantage of Litecoin is its faster transaction processing time than Bitcoin. This can be attractive to investors looking for quicker transfers.
  • Lower fees: Sending Litecoin usually comes with lower transaction fees than Bitcoin. This is beneficial for investors who want to avoid high fees.
  • Active development: Litecoin has an active development community that works on improving its features and security. This can instill confidence in investors about the coin’s future.

Downsides of LTC for investors

Of course, no investment is perfect. Litecoin has a few flaws that may cause you to think twice about buying it.

  • Market volatility: Just like other cryptocurrencies, the value of Litecoin can be highly volatile. This means its price can change dramatically over short periods, which is risky for investors.
  • Regulatory uncertainty: The regulations surrounding cryptocurrencies are still evolving. This uncertainty can impact the legality and use of Litecoin.
  • Competition: LTC was one of the earliest alternative cryptocurrencies. But many other similar coins are now available. This competition could affect its long-term value and popularity.

A Quick Guide to Buying LTC

Are you interested in owning Litecoin? Buying LTC is a straightforward process that even beginners can manage easily.

To get started, you must choose a trusted cryptocurrency exchange. Then you need to create an account. Next, you must deposit funds and place an order to purchase Litecoin.

Once you’ve purchased LTC, you might consider transferring it to a personal wallet for added security. Let’s outline how to buy Litecoin in a step-by-step fashion.

1. Choose a trusted exchange

Research and select a reliable cryptocurrency exchange where you can buy Litecoin. Popular options include Coinbase, Binance, and Kraken.

Overall, look for cryptocurrency exchanges with a good reputation, user-friendly interface, and strong security measures.

2. Register on the exchange

Visit the exchange’s website and sign up for an account. You must provide your email and create a password.

You’re also required to verify your identity according to the exchange’s requirements. This usually involves submitting some identification documents.

3. Deposit funds

After verifying your account, you can deposit funds. Many crypto exchanges allow you to use several payment methods.

For instance, you can select the fiat currency of your choice. This means using bank transfers, a credit card or a debit card. There is also the option to try an eWallet such as PayPal.

Of course, you can also pick a crypto you already own. Popular coins include Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

Choose the method that suits you and follow the instructions to deposit the desired amount of money.

4. Place an order to buy LTC

Navigate to the trading section once the funds are in your exchange account. Choose the Litecoin trading pair you want. Examples include LTC/USD or LTC/BTC.

Decide whether to place a market order (buy at the current market price) or a limit order (set your own price).

Enter the amount of Litecoin you want and review the order details. Confirm the order, and it will be executed once the conditions are met.

5. Withdraw your funds

After buying Litecoin, you might want to move it to a personal cryptocurrency wallet for added security. To do this, go to your exchange’s withdrawal section.

Enter your Litecoin wallet address (from a wallet you control) and the amount you want to withdraw. Confirm the withdrawal and follow any additional security steps required by the exchange.

6. Store your Litecoin

Once the Litecoin is in your wallet, it’s safer from potential exchange hacks. There are different types of wallets. They include software wallets (apps), hardware wallets (physical devices), and paper wallets (printed codes).

Choose a crypto wallet based on your security preferences. Follow the setup instructions provided by the wallet provider.

Make sure to keep your wallet’s private keys or recovery seed in a secure place. These are crucial for accessing your Litecoin in case you lose access to your wallet.

Remember, buying cryptocurrencies involves risks, so it’s important to research, use secure practices, and only invest what you can afford to lose. If you’re new to this, consider starting with a small investment and gradually learning more as you gain experience.

It’s Time to Join the Crypto Revolution!

Now that you know how to buy LTC on a crypto exchange, it’s time to cast aside the yolk of fiat. With Litecoin, you have a trusted coin with immense long-term potential.

Buying it online is easy if you use a reputable exchange. Don’t part with your money until you thoroughly review the company in question. Otherwise, you could lose everything you deposit.

how to buy Litecoin