Why buy Litecoin today?
Following the 7,291% growth of Litecoin in 2017, what are the prospects of Litecoin’s price continuing to rise? That’s certainly something people asking “should I buy Litecoin now?” need to know. There’s no doubt that its solid foundations on the Blockchain have cemented its value at around £90 per Litecoin. Numerous crypto experts have suggested it has the potential to reach up to £400 per Litecoin. That’s because Bitcoin’s success seemingly has a trickle effect on its younger sibling, which is powered by the same decentralised technology.
Better still, Litecoin processes transactions four times quicker than Bitcoin. These transactions are carried out at a fraction of the cost of Bitcoin transactions, and various industries are already acknowledging Litecoin’s potential to scale to even greater heights than Bitcoin.
Where is the best place to buy Litecoins?
Of all the platforms, exchanges and cryptocurrency wallets we’ve analysed, eToro consistently outranks the competition as the safest and easiest place to buy Litecoin online and other leading altcoins, as evidenced in our review of eToro. As a contracts for difference (CFD) broker, eToro is slightly different to your typical crypto exchange. Instead of physically buying Litecoin and storing it, users place CFD trades based on whether the price of Litecoin will rise (buy) or fall (sell). If you are wondering where to buy Litecoin, eToro is ideal for novice and experienced cryptocurrency investors alike as users can follow and mimic investment portfolios of highly profitable traders within the eToro community. As it's a CySEC and FCA regulated platform, you can deposit funds into your eToro account safe in the knowledge that your money is set aside and never touched by the company itself.
eToro also offers some of the lowest commissions in the cryptocurrency marketplace - and with no need to open a new crypto wallet to store your Litecoin, it’s a fast, easy portal to help you buy Litecoin online. There are more than six million users already within the eToro community. That alone suggests that it is a social trading environment that’s committed to educating and helping investors.
How to buy Litecoin with eToro
The eToro platform is one of the best places to buy Litecoin online. With a market cap that’s four times the size of Bitcoin, the Litecoin marketplace boasts more supply and improved efficiency. Nevertheless, the Litecoin community limits the number of coins that are in circulation, ensuring the altcoin remains inflation-proof.
eToro’s Litecoin market page demonstrates just how social its trading community is. Investors in Litecoin can discuss price moves on the page’s social feed and keep track of the live market value of Litecoin and the percentage of eToro members currently investing in the altcoin.
Step 1: Open account with eToro
- Follow our secure link to the eToro website - To start buying Litecoin online, hit the ‘Join Now’ button on the homepage to begin the application process for a live eToro trading account - Fill out the account application form, including your username, password, email address and contact phone number - You can also complete the eToro sign-up process with just one click using your Facebook or Google account, if you prefer
Step 2: Deposit funds
- Click ‘Deposit Funds’ on the left-hand navigation bar - Set the amount you wish to fund your account, followed by the currency and payment method
Step 3: Buy Litecoin
- Click on the blue ‘Trade’ button in the top right corner - Select the amount of Litecoin you wish to buy or sell - Set optional stop loss and take profit orders to limit your risk - Click ‘Open Trade’ to buy Litecoin’s price or sell it
How to buy Litecoin through exchanges
Most major cryptocurrency exchanges now also allow you to buy Litecoin and sell it on. If you would prefer to buy Litecoin online through an exchange, here are two of the best places to buy Litecoin online via the exchange route.
Widely regarded as the world's largest Bitcoin broker, Coinbase also allows users to buy Litecoin on its platform. With high liquidity and buying limits, it's attractive to those wishing to make substantial investments in Litecoin. Instant-buy functionality also makes it possible to buy Litecoin fast, with credit card facilities used as backup.
Coinbase pros: Wide variety of deposit methods, 2FA security for your account
Coinbase cons: Support unreliable, lack of anonymity, few cryptocurrencies supported, delays in fund transfers reported
Step 1: Open account with Coinbase
Step 2: Deposit funds
- Select whether you want an ‘Individual’ or ‘Business’ account - Enter your local phone number for 2-step verification and transactions - Upload a form of identity to verify your account - passport, driver’s license or photo ID - Select your preferred payment method to buy Litecoin online - debit/credit card or bank transfer
Step 3: Buy Litecoin
- Click the ‘Buy/Sell’ button in the top left-hand corner of your Coinbase dashboard - Choose Litecoin in the list and the desired amount you wish to buy or sell - Click ‘Confirm Buy’ or ‘Confirm Sell'
What's truly revolutionary about Changelly is the ability to buy Litecoin without having to register at a cryptocurrency exchange or undergo verification. This service uses automated trading robots to find the best possible rates on trading pairs, allowing you to lock in the best possible price for you to buy Litecoin online. With over 80 altcoins and crypto tokens available to buy and trade, it's easy to see why almost 750,000 customers have already got on board. Read our three-step guide on how to buy Litecoin online with Changelly:
Changelly pros: 2FA security, accepts credit cards
Changelly cons: Rates are higher than other options, community sceptical about brand, no demo account
Step 1: Open account with Changelly
- Click the green ‘Sign Up’ button in the top right-hand corner of the homepage - Fill in your email address and click ‘Continuing Signing Up' - Alternatively, you can create your account using Google, Facebook or Twitter profiles
Step 2: Deposit funds
- Provide your cryptocurrency wallet address where you wish to send and receive your exchanged currency - Select your preferred payment method to buy Litecoin online - debit/credit card or bank transfer
Step 3: Buy Litecoin
- Select the cryptocurrency you wish to buy or sell and click the ‘Exchange!’ button - Set the amount you wish to buy or sell and click the ‘Next’ button - Specify your wallet address - Double check all aspects of your transaction and click ‘Next’ - The transaction is complete, and you can view its status in your ‘Transaction History’
Despite these two available options to buy Litecoin via exchanges, in our opinion, eToro remains head and shoulders above these in terms of the ease and security of investing in Litecoin.
eToro Vs Cryptocurrency Exchanges
As we’ve already discussed, eToro is not a cryptocurrency exchange. It is officially considered a social trading community where investors can buy and sell cryptocurrencies, as well as stocks and shares. Cryptocurrency exchanges do offer some benefits in that they allow users to make deposits and withdrawals in Bitcoin and other cryptocurrencies. They also offer a myriad of crypto coins and altcoins to trade, unlike eToro, which only focuses on the leading digital currencies of the moment.
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If you are wondering where to buy Litecoin, eToro is certainly a more compelling place to purchase and sell Litecoin. Click here to sign up to eToro and start your crypto trading journey.
Buying Litecoin: Payment methods
It has never been easier to buy Litecoin and various other altcoins within the cryptocurrency marketplace. Litecoin in particular has enjoyed tremendous growth in recent years having been priced at just £1 in 2015 and now you can purchase your own Litecoins using five different payment methods:
Credit card & debit card
Most cryptocurrency exchanges and platforms have allowed investors to buy Litecoin online using debit cards for some time now. However, credit card payments are only now beginning to become widespread throughout the cryptocurrency sector. They are both quicker than traditional wire bank transfers which can take up to seven working days to complete. This is not ideal, particularly if you are looking to take advantage of short-term price moves.
There are cryptocurrency portals and exchanges that now accept the world’s leading digital wallet, PayPal. Nevertheless, PayPal doesn’t endorse the use of its wallets to pay for cryptocurrencies such as Litecoin due to the infamous chargeback cases that online scammers have caused in the past.
Neteller is another fast and easy online wallet to transfer and pay for cryptocurrencies such as Litecoin. It is highly secure and does not charge fees for funds transferred between users. It’s also increasingly accepted by cryptocurrency exchanges and portals. Neteller also allows you to convert your cryptocurrency into fiat currency using SpectroCoin.
There are very few and far between cryptocurrency exchanges and portals that currently accept payments from Skrill accounts for Litecoin. BitPanda is one such exchange that does accept Skrill transactions, although transaction fees vary and are included in the overall purchase price.
Historically, it has not been possible to buy Litecoin directly with cash. There have been Bitcoin ATMs that allow you to buy Bitcoin at the cash machine, but they still don’t support Litecoin. The best way to use cash to buy Litecoin is through CoinFlip’s multi-crypto cash point that allows you to buy Litecoin and sell Litecoin in exchange for fiat cash.
How to store Litecoin in a wallet
Some cryptocurrency exchanges will not have the functionality to store and protect the Litecoin that you buy. In this scenario, you will need to find a suitable crypto wallet to secure your Litecoin post-acquisition.
There is an excellent range of web, mobile and desktop crypto wallets available, as well as multi-signature wallets for those seeking extra levels of security for their cryptocurrency. Check out our full breakdown of the best wallets suitable for your Litecoin investments.
Note: Although crypto wallets are a good idea and a necessity for purchasing with exchanges that don’t offer storage facilities themselves, eToro’s social trading platform does not require its members to set up wallets and is therefore an easier option to keep your investments all under one account.
Other ways to get Litecoin
The alternative to buying and trading Litecoin is to mine Litecoin yourself. The newest altcoins such as Litecoin opted for Scrypt as their proof-of-work hashing algorithm instead of SHA-256, which the traditional cryptocurrencies utilise. Scrypt is memory intensive but even home computers with powerful graphics cards should be able to mine Litecoin to good effect if you’re prepared to put the work in.
Winning Litecoin for free
Of course, there may be opportunities to win Litecoin through other means online, perhaps by entering a competition or completing surveys, receiving Litecoin as a form of payment rather than fiat currency or discount codes.
On the whole, it’s difficult to see why new and experienced cryptocurrency investors wouldn’t use eToro to buy Litecoin online. With the chance to discuss investment angles with fellow traders, generate additional revenue based on your own successful Litecoin investment strategies, and buy and sell Litecoin without the need for a crypto wallet, it’s the ideal place to work on your digital asset portfolio. Follow our secure link to eToro today to get started.