Crypto Pricesby Coinlib

How To Buy Litecoin – Everything You Need to Know – GET THE FACTS

The cryptocurrency market is now over a decade old, as Bitcoin was launched into the financial space into 2009. Over the years, thousands of other cryptocurrency projects have surfaced, most of them providing different services to users across the globe. To date, the primary function of most cryptocurrencies is to serve as an alternative currency for transactions, as well as a store of value.

Satoshi Nakamoto was said to have developed Bitcoin to be a decentralized currency that makes it easier for people to carry out transactions across the world. However, Bitcoin had some failings, such as scalability and efficiency. It is in this light that other cryptocurrencies started to spring up. One of these cryptocurrencies is Litecoin. It is one of the earliest cryptocurrencies to be created after Bitcoin was introduced. Litecoin is often referred to as the ‘Bitcoin Sister’ due to the glaring similarities between the two.

Charlie Lee created Litecoin to correct some of the shortcomings of Bitcoin. It has a faster transaction speed compared to Bitcoin and also has a more abundant coin supply. All these corrections and more, are designed to make Litecoin more suited for day-to-day transactions amongst people. Litecoin seeks to be the primary cryptocurrency for B2B and B2C transactions across the world.

As a result, the Litecoin Foundation continues to work to ensure the massive adoption of Litecoin in all spheres of our global economy. Litecoin has always maintained its position amongst the top ten cryptocurrencies in terms of market cap. Thus, it is highly liquid and can be found on several cryptocurrency exchanges, CFD brokerage platforms, and P2P exchange platforms.

As more companies realize the transactional value of Litecoin, the cryptocurrency continues to gain more adoption and is used by a vast number of people to carry out everyday transactions. With all this in mind, it is clearly evident that Litecoin has the potential to see its price and market cap surge over the coming years.

For investors looking to buy Litecoin in 2020, we will discuss everything you should know about the cryptocurrency and why you should buy it.

Should I Buy Litecoin?

Although Litecoin remains one of the most popular cryptocurrencies and one of the most significant by market capitalization, investors still want to know why they should buy this digital coin. This is because there are some conditions to look out for before purchasing any asset. Keep in mind, when trading actual cryptocurrencies, it is best to buy a cryptocurrency during a bearish trend so you can make massive profits when the bull run begins.

Here are a few reasons why you should consider buying Litecoin at the moment.

Scalability

One crucial topic in the crypto space right now is scalability. That is, the ability of a blockchain network to process and confirm a vast number of transactions at a time, thus, making it suitable for large scale transactions. Litecoin, which is committed to becoming the leading payment cryptocurrency, has a faster transaction and confirmation speed compared to Bitcoin and a host of other cryptocurrencies. This means that Litecoin transactions are more effective and incur lower fees. As a result, this makes it suitable for small and everyday transactions. Litecoin has become a favorable cryptocurrency amongst merchants and this has helped boost its adoption around the world.

Efficient Processing Power

The complaint by several governments across the world about cryptocurrencies is that they consume too much power. Mining cryptocurrencies requires a substantial amount of electricity, which sometimes comes at the detriment of other people. Litecoin uses the Scrypt algorithm, which is safer and more efficient than the other hashing algorithms. Litecoin being more power-friendly makes it a significant cryptocurrency and could be favorable in the eyes of governments around the world compared to others who use the SHA-256 algorithm.

Larger Coin Supply

While Litecoin has similar attributes to Bitcoin, it has a more abundant coin supply. The 84 million total coin supply of Litecoin means that there is more LTC available for transactions and other activities. This makes sense as Litecoin is primarily focused on becoming the leading payment cryptocurrency in the world. As more merchants adopt Litecoin, more people would use the cryptocurrency to pay for goods and services, thus, having a large coin supply is an added advantage for Litecoin in the long run.

These features make Litecoin an interesting cryptocurrency. It evidently has the potential to become the primary payment cryptocurrency, thus, making it a worthwhile investment for anyone interested in this digital coin.

Is it the Tight Time to Buy Litecoin Today?

This is an excellent time to buy Litecoin. Here are a few reasons why you should consider buying this cryptocurrency:

• Low Price

At the moment, the cryptocurrency market is still way below the 2017 bull run, which means that prices could rise higher over the next few months and years. As investors, we know that the best practice is to buy low and sell high. Litecoin is currently trading above the $40 mark, which is far below its all-time high of $366. Based on this, it is a great time to buy Litecoin now as you would gain substantial profits when the bull market returns.

• More Adoption

Litecoin is steadily becoming a preferred cryptocurrency by merchants. As it gains more adoption, Litecoin will be used by more people to pay for goods and services. The wide adoption of Litecoin could lead to further growth in its price and market value, thus, making it a great time to buy Litecoin.

Is it Safe to Buy Litecoin?

Yes, it is safe for you to buy Litecoin. As one of the top cryptos, you can easily purchase Litecoin from the tons of cryptocurrency exchanges currently available. You can also buy Litecoin from peer-to-peer crypto platforms. As a decentralized cryptocurrency, you can get Litecoin from any crypto exchange in the world. The Litecoin you buy can be easily stored on any of the cold wallets or online wallets available.

Litecoin can be stored on Ledger, Trezor, and a host of the other cold wallets available to investors. If you don’t wish to hold your Litecoin physically, then you can turn to CFD trading instead. CFD trading allows you to trade Litecoin without going through the stress of holding it in your wallet.

Furthermore, you stand to gain more when you trade with CFD brokers as the leverage they offer can multiply your earnings when the price moves in your predicted direction. Generally, CFD trading presents a better option for investors compared to just buying Litecoin and holding it in your wallet. The reduced expenses and higher profit potential make it even more worthwhile to consider.

Below is a list of our recommended CFD brokers that will provide you with direct access to a powerful trading platform, a wealth of educational resources, secure banking options, professional customer support and more.

Is Litecoin Safe and Legal?

Yes, Litecoin is a safe and legal cryptocurrency. It is widely accepted by merchants in all parts of the world as it is a payment-focused digital currency. To date, Litecoin has not encountered any problems with regulatory agencies.

The Litecoin Foundation is committed to making the cryptocurrency the primary payment crypto in the world. Thus, their developments are focused on ensuring more people use Litecoin to pay for goods and services. In general, Litecoin is a safe and legal to use, buy, and invest, and trade.

Where to Buy Litecoin?

Litecoin is currently one of the top ten cryptocurrencies in terms of market cap, thus, making it easily available for people to buy it. You can purchase Litecoin on several platforms. Here are the places you can get Litecoin.

The Litecoin Foundation is committed to making the cryptocurrency the primary payment crypto in the world. Thus, their developments are focused on ensuring more people use Litecoin to pay for goods and services. In general, Litecoin is a safe and legal to use, buy, and invest, and trade.

• Crypto Exchanges

The first and most popular place to buy Litecoin is on cryptocurrency exchanges. These platforms are home to hundreds of cryptocurrencies, and they buy and sell cryptocurrencies to their users. In addition to buying Litecoin here, you can also sell your LTC stash. The most popular cryptocurrency exchanges are more liquid and make it easier for people to buy and sell LTC at all times.

• CFD Brokers

If you are one of those who desire to invest or trade Litecoin without holding it, then you should consider CFD brokerage platforms. The advantage of buying with CFD brokers is that you don’t have to worry about the security of the coins since you won’t be holding them with you. You will be investing in the directional movements of the cryptocurrency. Thanks to the leverage of CFD trading, you get to earn more from trades when your prediction pans out.

• P2P Platforms

Aside from crypto exchanges, peer-to-peer exchanges are excellent platforms for buying Litecoin. In the case of P2P exchanges, they connect the buyers and sellers who now deal with each other directly. Buying on P2P exchanges is convenient for several people as they get to buy Litecoin at different rates, depending on the seller.

What are the Pros and Cons of Buying Litecoin?

Pros of Buying Litecoin

  • Easy Access: Litecoin has always been one of the top ten cryptocurrencies, thus, making it easily accessible to traders and investors. You can buy and trade Litecoin on several CFD brokerage platforms. Similarly, you can get it on virtually every crypto exchange and P2P exchange around the world.
  • High Liquidity: As one of the top ten cryptocurrencies, Litecoin has a substantial market cap. The high market value means that it has vast activities, thus, making it highly liquid. For this reason, buying and selling Litecoin at any time doesn’t present users with any challenges.
  • Highly Volatile: Litecoin has been trading around the $40 mark for a while now. The high volatility of cryptocurrencies makes them attractive to investors. Due to the high volatility, traders can earn massive gains within a short period. Those trading on CFD brokers can enjoy more profits as the leverage offered by some brokers on Litecoin makes the profits higher compared to the regular exchanges.
  • Security: CFD brokerage platforms are highly regulated and adopt active security measures to protect investor funds. As a result, trading Litecoin on CFD brokerage platforms means that you don’t have to worry much about the security of your funds and your personal information.

Cons of Buying Litecoin

  • Limited Cryptocurrency Assets: Some global CFD brokerages don’t offer as many crypto assets to investors as the regular cryptocurrency exchanges. You can buy and sell hundreds of cryptos on exchanges, but CFD brokers only support a few cryptocurrencies at the moment.
  • High Trading Fees: Some CFD brokerages charge higher trading fees for cryptocurrencies compared to stocks and FX pairs. The trading fees can also be higher for those who wish to hold LTC for a while on CFD brokerage platforms.
  • Unstable Price: Litecoin, similar to other cryptocurrencies, is highly volatile. The volatility increases when you trade Litecoin on CFD brokerages and the leverage could make the loss more significant for traders if the prediction is not accurate.

Is There a Difference Between Buying and Trading Litecoin?

Despite Litecoin’s status as one of the leading and oldest cryptocurrencies, investors still have some questions regarding its activities. One such dilemma is whether to purchase Litecoin for long-term investment or to trade it. Here is the difference between the two.

Leverage

One of the most attractive features of CFD trading is leverage. It enables traders to have a high position in a market without physically holding the cryptocurrency. Using CFD brokers, you can have leverage as high as 1000:1, thus, making it possible for traders to open a $100,000 trade with trading capital of just $1,000. Thanks to the use of leverage, a slight movement in a positive direction could see you earn massive profits. It is better than the meager profits you will gain when you trade on regular exchanges. However, you should know that when you lose at CFD trading, your losses are also magnified. Regardless, it is best to trade Litecoin on CFD brokerage platforms instead of using the regular crypto exchanges.

Liquidity

Liquidity is one of the most important things when it comes to trading and investing. Litecoin is highly liquid, making it easier for people to convert it to cash when needed. Thanks to Litecoin’s liquidity, you can buy and sell it at will whenever you wish. Although Litecoin is a volatile asset, its high liquidity means that you can easily buy, sell, and trade it on CFD brokerages and cryptocurrency exchanges. However, when you want to sell on P2P platforms, it could take time for someone to buy at your set price. With CFDs, you get to sell at a favorable price whenever you wish to.

Litecoin Ownership and Safety

For those who wish to hold Litecoin either for a short or long-term, it is best to buy it from a cryptocurrency exchange or a P2P platform. When you purchase Litecoin from any of these sources, you will own the coins and will have to store them on a cold wallet or an online wallet. As the owner, you are obliged to secure the LTCs in your possessions so that you don’t lose them to hackers. Thus, you will have to keep your private keys safe and adequately save your offline wallet. Leaving your Litecoin stash on a crypto exchange or an insecure wallet could see you lose them as a result of hacks.

However, if you wish to avoid all these processes, then you should buy or trade via CFD brokers. With CFD brokerages, you will not be purchasing the physical Litecoin. Instead, you will be investing or trading in the price movement of the cryptocurrency. You will not be concerned with the security of the Litecoin as you don’t own them. In addition, you can make a profit even when the price of Litecoin moves lower. You can also rest assured that your deposited funds will be safe as the CFD brokerages employ strict security measures to help protect user funds and personal information.

Trading Platform

When you purchase Litecoin, you will have to trade it against a basket of other cryptocurrencies available on exchanges. Since the crypto space is just a decade old, the number of reputable crypto exchanges are few. Thus, this implies that only a few of them provide traders with the proper services they need to succeed at trading Litecoin.

When you choose to trade Litecoin with CFD brokers, you will be doing so with companies that have been offering excellent services to traders for decades. Their trading resources are vast, and they have advanced trading charts, auto trading features, and more. All these resources are available to ensure that you become successful at cryptocurrency traders. With CFD trading, you also gain access to other financial markets, including stocks, indices, commodities and forex.

Profits

Trading Litecoin on CFD brokerage platforms brings in far higher profits for investors compared to the regular crypto exchanges. CFD brokers offer leverage to traders that boost their Litecoin earnings, thus, enabling them to make massive profits trading Litecoin whenever the price moves in the right direction. CFD trading brings in far more proceeds than what you can get when you go with the conventional method of buying and selling on crypto exchanges.

How Do I Buy Litecoin Anonymously?

In the cryptocurrency world, anonymity and privacy are kings. They are some of the best features of cryptocurrencies that continue to attract people as they wish to conduct transactions online without revealing their confidential information. Despite this, it is important to note that cryptocurrency trading is not entirely anonymous.

How to Buy Litecoin Anonymously Online

Buying Litecoin on peer-to-peer exchanges is the best way to purchase the cryptocurrency anonymously online. Most crypto exchanges now abide by the KYC (know your customer) and AML (anti money laundering) policies put in place by regulatory agencies around the world. Thus, you can no longer purchase Litecoin anonymously on those platforms. However, you can do so on peer-to-peer exchanges without having to reveal your information.

Similarly, CFD brokerages follow the AML and KYC regulations. However, they ensure that user information remains confidential and secure at all times.

How to Buy Litecoin Without ID

Peer-to-peer exchanges allow people to carry out transactions without revealing their identities. Thus, they are the perfect places to purchase Litecoin without an ID. You register using your name and password only. Afterward, you meet with sellers and transact with them directly.

Which Payment Methods Can I Use to Deposit Funds?

To deposit money into your CFD accounts, there are several payment methods you can deploy. Similarly, crypto exchanges accept various payment methods. However, you get far more options when you use CFD platforms compared to the regular exchanges.

Payment Methods Online

CFD brokerage platforms accept various means of online payment. You can use your credit or debit cards such as MasterCard and Visa. This method is the most popular amongst traders. However, CFD platforms also accept electronic wallets such as Skrill, Neteller, Payoneer, PayU, RazorPay, and more. Deposits via these methods are usually instant, and you can start trading right away.

Offline Payment Method

Cryptocurrency exchanges don’t usually support offline payments, thus, the reason why CFD trading is better for traders. You can deposit money into your CFD trading account using the bank transfer (wire transfer) method. This method is useful for those who have difficulty buying Litecoin via credit cards or e-wallets.

Does it Matter Where I Live to Buy Litecoin?

As a universal digital currency, it doesn’t matter where you live before you can purchase Litecoin. The cryptocurrency is available on a wide range of exchanges, peer-to-peer platforms, and CFD trading platforms. Since there is no centralization with Litecoin, you can easily buy it from any of the sources listed above.

Which Places Accept Litecoin Payments?

Litecoin is a universal payment cryptocurrency, which means that several online merchants accept it as a means of payment. Litecoin is used in several industries, including shops and markets, internet service providers, crypto services, B2B services, gaming platforms, gambling networks, and more. Some of the famous places that accept Litecoin include; NOWPayments, SMMKings, Snel.com, Playhub Casino, CoinPayments, I49 Seed Bank, and hundreds of others.

Places that Accept Litecoin Near Me

Litecoin is accepted by a wide range of online stores. Similarly, some physical stores also accept Litecoin. To find out those that accept Litecoin close to you, you can check out their websites and see the supported cryptocurrencies. You can view a list of Litecoin accepted merchants and understand if any of them is close to you. You can also check online sources which provide detailed lists of where Litecoin is accepted.

5 Best Ways To Buy Litecoin

The price of Litecoin is currently at a low, which means that investors and traders can make a vast fortune by banking on the price volatility of this digital currency. However, to make attractive profits trading Litecoin, you will need to partner with a reliable and quality broker.

Below, we have outlined a few features to look out for in a reputable broker:

Regulation

Regulated CFD brokers are the trustworthy ones. As an investor, you should work with regulated CFD brokerage platforms. This is because regulatory agencies have implemented some guidelines for them to follow to ensure the safety of customer funds and to boost transparency in the markets.

Below, we have outlined a few features to look out for in a reputable broker:

Trading Platform

As a cryptocurrency, you will need a reliable and robust trading platform to trade Litecoin properly. The volatile nature of Litecoin means that the price fluctuates regularly and you need a robust trading platform to provide you with relevant trading tools and resources. Furthermore, you should partner with a broker that has both desktop and mobile trading platforms to ensure convenience and flexibility.

Below, we have outlined a few features to look out for in a reputable broker:

Banking

Your primary goal is to trade Litecoin to make money. Thus, you need to ensure that you choose a broker that has a robust and secure banking system. That way, you can easily fund your brokerage account and withdraw your Litecoin earnings when the time comes.

Below, we have outlined a few features to look out for in a reputable broker:

Customer Support

There is no denying the fact that excellent customer service is key to success in the CFD trading world. You should choose a broker that has a friendly, professional, and responsive customer support team as it will help enhance your trading experience.

Based on the above criteria, we have chosen the best CFD brokers we believe will provide you with excellent environments to trade Litecoin and the other crypto assets.

Below, we have outlined a few features to look out for in a reputable broker:

FAQs

UK investors and traders can easily buy Litecoin from any of the leading crypto exchanges that accept UK clients. Furthermore, they can buy Litecoin from P2P platforms directly from the sellers. For those interested in CFD trading, there are several brokers available that provide Litecoin trading services to UK residents.

Litecoin can be purchased using several payment methods. The most popular methods include credit cards and electronic wallets. However, you can also use the bank transfer method to buy Litecoin on CFD trading platforms.

Litecoin is one of the top cryptos, which makes it easy to sell. You can sell your LTC quickly on any cryptocurrency exchange that supports it. At the moment, hundreds of exchanges support Litecoin. Also, you can sell LTC on P2P platforms. The easiest way to do it is via CFD brokers. You can quickly enter and exit positions on CFD brokers when trading Litecoin.

If you desire to buy Litecoin instantly, then you can register on any of the CFD brokers we recommended on this post. Proceed to deposit your funds and use it to purchase LTC. CFD trading features are immediately made available to you on those platforms. However, you can also buy LTC on crypto exchanges and P2P platforms if you wish.

Litecoin is currently available on all the recommended CFD brokerage platforms in this post. You can purchase and trade LTC against the basket of assets available on those platforms.

Purchasing Litecoin with your credit or debit card on any of the CFD brokerages we recommended is easy to do. After opening a brokerage account, you can deposit funds using a credit or debit card. Once you have done this, you can buy Litecoin and start trading the asset. Also, you can use your credit card to buy Litecoin on exchanges that accept the payment method.