With more people interested in cryptocurrency and blockchain technology now than ever before, it is wise to get a solid understanding of the different options available to you. In this guide, we will focus on Litecoin, a cryptocurrency that has been around since 2011. We will take you through the process of buying, storing, exchanging, and withdrawing your cryptocurrency so that you get the best value every time.
Litecoin has become more well-known in recent years. It has even been referred to as the younger sibling of Bitcoin. But it is still worth taking the time to consider whether you want to invest your money in it, convert your current cryptocurrency, like XRP to LTC, or trade it to increase your current crypto balance.
Buy Litecoin In 3 Easy Steps
The first step to buying Litecoin requires you to get a Litecoin wallet. You cannot store your Litecoin without it, and will need one ready to withdraw the coins from a cryptocurrency exchange once purchased.
Next, you will need to find a Litecoin exchange where you can purchase the amount of LTC you are keen to buy. The good news is that this currency is quite popular, so there’s a wide range of exchange options available to you.
The final step is withdrawing your cryptocurrency. It is important because once you have made your purchase, it would be dangerous to leave it in an online exchange where it can be hacked.
Get A Litecoin Wallet
Getting a Litecoin wallet is not as hard as you may think. There are a lot for you to choose from. Take a look at our top 3 wallet recommendations below:
Ledger Hardware Wallet
This wallet is our top choice because you can use it on your desktop or mobile device. It stores the key to your Litecoin offline so that the coins are always safe and secure.
Trezor Hardware Wallet
This hardware wallet is second on our list. Although it offers excellent features, it is only accessible from your desktop. It means that you cannot exchange on the go unless you have your computer with you.
Exodus Hot Wallet
Our third choice is the Exodus hot wallet. It is an excellent option if you only start exploring Litecoin and are not sure whether you want to pay for a hardware wallet.
Find The Right LTC Exchange
When you are ready to get hold of Litecoin, then you need to look for an exchange service that works well for your needs. For example, XRP to LTC exchange services are now growing in popularity. And since Litecoin becomes more well-known, you will be able to expect even more exchanges to pop up.
Here are our top five services.
Godex is our top pick because their service is anonymous and simple to use. It is quick to process transactions, so you can be sure that you are getting the best deal every time.
With the option to choose from 200+ different coins, you can exchange as much as you want whenever you want. So, it allows you to not only convert XRP to LTC, but to also exchange less popular altcoins. What’s more, you don’t have to register or share any personal data. This is an exchange that makes the life of a crypto enthusiast easy.
eToro is our second choice because it is simple to use, and offers a wide range of payment methods — from card payments to PayPal, and more. So, you can enjoy a smooth transaction every time you want to buy some Litecoin. Besides, it supports social trading, which is a rare option among exchanges. But if you are a crypto newbie, this might be a bit overwhelming for you.
If you are looking to invest, you will not need to set up a wallet before purchasing, which makes it quicker to get started.
Coinmama offers a straightforward process for buying any cryptocurrency. However, you will need to expect to pay higher fees for this service — Coinmama’s commission fee + payment provider’s fee.
Coinmama started operating back in 2013 and is one of the strongest companies for cryptocurrency purchasing. You cannot store your coins with this company, and need to have a wallet ready for any purchases before you make them. The coins are sent as soon as you finalize your purchase.
CEX.io also offers lots of different payment methods on their platform, and imposes low trading fees. The only real downside to using CEX.io is that they charge you a lot if you use their broker option.
When it comes to making a purchase, you can either use the site as a broker to buy your Litecoin directly, or as a trading platform where you can trade with other buyers across the world. You can feel confident when using this exchange because they have been around since 2013, and offer a trustworthy service for all their clients.
If you want to purchase your Litecoin using a debit card or a bank account, Coinbase may be the best choice. Many people opt to use this company for their initial purchases as they have reasonable transfer fees. Besides, all crypto funds managed by Coinbase are insured.
The one massive downside to using Coinbase is that their support service is slow to respond. You have to use their service knowing that you are highly unlikely to get the help instantly if you encounter any problems.
Withdraw Your Litecoin
When the time comes to withdraw your Litecoin, you need to send the coins to your wallet. Remember, no matter how simple it is, you should never leave your Litecoin in your exchange account as this is not secure. Your coins may be taken if there is a hacking issue or if the exchange you use gets closed down.