Litecoin (LTC) is a valuable cryptocurrency born out of necessity. Its history dates back to 2011 when Charlie Lee, a former Google engineer, set out to create an improved version of Bitcoin.
His primary goals were to make the new coin faster and more accessible. Given its inception and the need it addressed, Litecoin quickly became one of the leading altcoins in the market. It continues to hold this position today.
In this article, we will detail how to buy and store Litecoin, as well as provide our final verdict on the best place to buy LTC.
What is Litecoin (LTC)?
Litecoin (LTC) is an open-source cryptocurrency that emerged in 2011. From a technical standpoint, it is similar to Bitcoin (BTC), as its creation and transfer are based on a cryptographic protocol that is not controlled by any authority and is supported by a peer-to-peer network of holders.
The difference between the two is that LTC was designed for smaller-value transactions. For this reason, it offers faster confirmations and a larger total supply of coins. Each LTC can be divided into 100,000,000 units.
Why buy Litecoin?
From what we have seen so far, we can spot several reasons to consider buying Litecoin. These can be summarized as follows:
- Long history: Litecoin is one of the earliest altcoins, ensuring its stability and reliability. It is not a new cryptocurrency with an unknown project.
- A known developer: Unlike many cryptocurrencies, Litecoin has a well-known creator, Charlie Lee, a former Google engineer. However, neither he nor other developers earn direct profits from Litecoin trading.
- Security: Being based on blockchain technology, Litecoin is virtually impossible to hack, making it a reliable option in terms of cybersecurity.
- Wide Acceptance: Litecoin is widely accepted, with 2,000 points of sale and stores accepting LTC worldwide.
- Block reduction system: Litecoin features a block reduction mechanism to prevent depreciation over time, similar to Bitcoin’s halving effect.
What you can do after buying Litecoins
Before you learn how to acquire Litecoin safely and where to buy Litecoin crypto, you must have a plan on what to do with these tokens. Here’s a list of possibilities.
Hold
Litecoin was once considered the “silver” of cryptocurrencies, with Bitcoin being the “gold.” Although it may not be having its best days in 2024, this could be a good buying opportunity. As we’ll see later in the conclusions, its Relative Strength Index (RSI) is currently 44, indicating that it is far from overbought levels.
The LTC project features a mechanism where the generation of new tokens decreases every four years, a strategy borrowed from Bitcoin. This means the asset has a value preservation mechanism.
Loans and purchases
Some platforms allow cryptocurrency loans, providing extra rewards through holding this cryptocurrency. Additionally, Litecoin is accepted on over 2,000 sites, making it an ideal asset for online purchases, whether for products or services.
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How to buy Litecoin?
If you are looking for Litecoin buying tips, this is the perfect solution. In the following lines, we will go through the information on how to buy Litecoin crypto.
First, it’s important to clarify that purchasing LTC will mainly depend on the method you choose for the transaction. In this guide to buying Litecoin, we will detail the usual steps required to open an account on an exchange, which is the fastest and simplest way to acquire cryptocurrencies.
Step 1: Open an account
The first step to buying cryptocurrencies, including Litecoin, on an exchange or online broker is to open an account. Later in this article, we will review the three platforms recommended by Tokize, but for now, keep in mind this idea: You need to have an account under your name.
Step 2: Follow KYC guides
The most reliable and serious platforms are registered. This means they have to comply with local authorities’ guidelines to provide the financial services they promise. This involves following anti-money laundering measures, including KYC.
Know Your Customer (KYC) is a protocol that involves a brief investigation into the client before allowing them to open an account. The goal is to verify that the source of the deposited funds is not illicit. Therefore, if you access a reputable site, it’s likely that you will be asked questions related to your address and income.
Step 3: Make a deposit through credit card or digital banks
The next step is to access the purchase buttons to make your initial deposit. This includes payments through various banks and even electronic wallets like Neteller, Skrill, PayPal, and more.
Consider using an exchange that accepts your preferred payment method. Visit our list of exchanges to get a clearer idea of the available options in each country and the fiat currencies (EUR, GBP, USD) accepted by each.
Step 4: Buy Litecoin
When making the purchase, it’s likely that the exchange has converted your fiat currency into a stablecoin, which is a cryptocurrency pegged to the dollar or euro. Once you have your stablecoins, you can exchange them for Litecoins at the price indicated in the daily quote.
Peer-to-peer exchange
Another option for acquiring LTC coins is through peer-to-peer (P2P) exchanges, which allow transactions through direct agreements between the buyer and the seller. For brevity, we won’t go into details about this method, but more advanced users can use this approach to avoid middlemen (banks, brokers, and exchange platforms).
What is the best place to buy Litecoins?
If you are wondering “Where can I buy Litecoin crypto?” you should know that there are multiple platforms that accept this cryptocurrency, as it is one of the oldest on the market—truly a veteran. In this guide, we summarize the top platforms to buy Litecoin.
Uphold
Uphold is a cryptocurrency platform that offers a variety of financial services for people interested in trading in Europe and the United States. Through it, you can buy and sell Litecoin tokens with ease. It’s the best place to buy LTC online.
- Wide range of assets, with hundreds of cryptocurrencies available
- Intuitive and easy-to-use platform
- Full transparency regarding fees
- Genuine concern for the security of funds and data
- High fees
- Mandatory KYC
- Customer service can sometimes be slow in responding
Uphold
- High-level security
- Easy, intuitive operations
- Excellent customer support
Uphold
Bybit
Bybit is the third-largest exchange in the world in terms of volume. It allows users to buy and sell cryptocurrencies and NFTs. Additionally, it offers a copy trading platform and derivatives transactions. For all these reasons, it’s the best place to buy Litecoin online.
- Wide range of products for trading.
- Transparent, tiered fees based on customer level.
- Its fast customer service is available in several languages.
- Bybit is a secure broker.
- Bybit is not recognized by any international financial authority.
- Canadian and Brazilian financial regulators have investigated Bybit.
OKX
OKX (formerly Ok Coin) is a Chinese-origin platform that offers a wide selection of cryptocurrencies, competitive fees, and support for more than 190 countries. Among the listed coins on this exchange is Litecoin (LTC), making it a reliable place where to buy Litecoin crypto.
- Regulated platform in Europe.
- Numerous trading tools and charts.
- Reasonable trading fees.
- Wide selection of cryptocurrencies.
- The app and the website are available in multiple languages.
- Customer service can be difficult to contact.
- Many features are reserved for experienced traders.
Ways to buy Litecoin
Obtaining this cryptocurrency is not difficult since it is one of the most common in the market. Although it currently ranks 21st in the list of market capitalization, it is one of the first altcoins and is therefore widely accepted by exchanges and even as a payment method in online stores. Here are some secure ways to buy Litecoin.
Buy Litecoin with credit card
Centralized exchanges (CEX) convert fiat money into cryptocurrencies, require account verification, and are regulated. They are the most common and are widely used by both experienced users and newcomers to the crypto world. Examples of these include Binance, Coinbase, Uphold, and Bybit. You can also buy Litecoin with debit card on some of these websites. A CEX is certainly the best place to buy Litecoin online.
In contrast, decentralized exchanges (DEX) conduct transactions based on exchange liquidity and use native tokens for staking. DEXs are preferred for their enhanced security, as they operate without a central custodian, reducing the risk of hacks.
Buy Litecoin through brokerage platforms
Online brokers allow you to speculate on cryptocurrencies without owning them directly, offering price contracts that track market values through derivatives like CFDs and ETFs.
While these products reflect market fluctuations, users do not acquire the underlying cryptocurrencies. Brokers like PrimeXBT, Vantage FX, and Avatrade are recommended options, operating in a regulated and reliable manner to facilitate cryptocurrency trading.
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Investing in CFDs carries high risks.
Buy Litecoin through ATMs
Bitcoin ATMs are a reliable alternative for buying cryptocurrencies without the need for accounts or identification, though a digital wallet is required to receive funds. In 2023, there were approximately 69,000 Bitcoin ATMs in the U.S. The countries with the most ATMs are the United States (67,962), Canada (2,657), Spain (215), Poland (114), and El Salvador (212).
Where to store your Litecoins
At this point, you have seen how to buy LTC cryptocurrency and you have learned about Litecoin purchase options. After purchasing your tokens, you’ll need a secure place to keep them. This is known as a cryptocurrency wallet, and there are two main types: hot and cold wallets.
Cold wallets
Cold wallets are disconnected from the internet, and access to the data is done through a USB key locked with a code. Externally, they look like a small USB drive, a piece of hardware capable of storing cryptocurrencies. Among the most recommended options are Trezor and Ledger.
Hot wallets
Hot wallets are used for making online purchases with cryptocurrencies. Transactions made through the blockchain require some type of wallet address. A hot wallet provides a standard set of public and private keys for use. This data allows other wallets to transact with yours. Companies like Metamask, Guarda, and Trust Wallet offer this service.
XTB
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CFDs are complex instruments and have a significant risk of losing money quickly due to leverage. 76%-83% of retail investor accounts lose money due to CFD trading with this provider. Consider whether or not you understand how CFDs work and whether you can afford to take this high risk of losing your money.
Our recommendations before you buy Litecoins
Litecoin is a veteran cryptocurrency with a strong track record, thanks to its known creators. This means it is a reliable project. However, before investing, it’s essential to assess its recent history. In 2024, more than 45,000 small LTC holders liquidated their positions, causing market uncertainty.
While this might suggest a potential loss of confidence, it’s crucial to consider the overall market sentiment and the specific reasons behind these liquidations. Analyzing factors like broader economic conditions, technological developments, and regulatory changes can provide a more comprehensive understanding of Litecoin’s current situation.
However, throughout the history of cryptocurrencies, we’ve seen various projects enter a downward spiral only to later recover. Litecoin is currently far from being oversold, with a Relative Strength Index (RSI) close to 44. This could be promising for those who believe in a rebound for LTC.
Beyond the specific data, there are several recommendations to consider:
- It’s important to conduct your own research to move forward confidently in the crypto market. Find secure Litecoin acquisition methods and stick to them.
- Remember to limit risk as much as possible and diversify your portfolios.
- Finally, only invest what you’re willing to lose, as the crypto market is highly volatile and unpredictable.
Conclusion
In conclusion, while Litecoin has a solid history as a veteran cryptocurrency, recent market signals, such as the liquidation by smallholders, suggest a potential loss of confidence. While Litecoin’s Relative Strength Index (RSI) of 44 suggests it’s not yet oversold, indicating the possibility of further price decreases, it also presents an opportunity for those who believe in its long-term recovery.
Investors may see this as a chance to accumulate Litecoin at a potentially discounted price, especially if they anticipate a rebound based on factors such as increased adoption or network upgrades.
As with any investment in the volatile crypto market, Tokize wants to remind you that it’s crucial to conduct thorough research, diversify your portfolio, and only invest what you can afford to lose.
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