What is Litecoin (LTC)?
Litecoin (LTC) is a cryptocurrency that was designed to provide fast and low-cost transactions without the need for intermediaries. Litecoin is known as one of the first altcoins in the crypto market. The Litecoin network went live in October 2011.
Litecoin has many similarities with Bitcoin since it is also one of the first Bitcoin forks. Like Bitcoin, Litecoin cryptocurrency is predominantly used as a means of payment to conduct international transactions. However, Litecoin differs from Bitcoin in several major aspects. For example, Litecoin uses another hashing algorithm for mining to reduce the effectiveness of specialized mining equipment. Litecoin’s average block time is 2.5 minutes, while Bitcoin has 10 minutes. In addition, Litecoin has a four times bigger max supply compared with Bitcoin cryptocurrency.
Litecoin pioneered such technologies as Lightning Network and Segregated Witness that were then adopted in the Bitcoin network.
What could be the best way to buy Litecoin?
Litecoin can be purchased in multiple ways — centralized crypto exchanges (CEXs), decentralized crypto exchanges (DEXs), peer-to-peer (P2P) platforms, ATMs. Each way has its own pros and cons but centralized crypto exchanges established themselves as one of the most popular and convenient options to purchase cryptocurrency. The main reason is the support of fiat currencies. On centralized crypto exchanges, you can buy bitcoin with a credit card or use other fiat payment methods.
Centralized crypto exchanges can be local or global. In addition, each crypto exchange has its own set of supported digital assets, fiat currencies, and payment options. That is why if you consider using the centralized crypto exchange to purchase cryptocurrency, make sure that your country and preferable asset is supported on the crypto exchange.
For example, CEX.IO is a regulated crypto exchange that is available in 99% of countries and provides numerous crypto services such as staking, savings, and loans. CEX.IO supports credit and debit cards for crypto purchases and offers users to pay for crypto using several fiat payment methods. In addition to card transactions, CEX.IO users may deposit and withdraw fiat funds using international (SWIFT) and domestic (ACH, SEPA, Faster Payments) bank transfers, as well as online wallets (Skrill, Epay). Learn more about payment options supported on CEX.IO on our Limits and Commissions page.
Where to get Litecoin cryptocurrency in the USA?
Selecting the best place to buy LTC online in the USA largely depends on the preferred payment option and supported services. So if you want to use the crypto exchange to buy crypto with a debit card, you could discover the platform provides such services to U.S. customers.
For instance, CEX.IO serves U.S. residents in 49 states and Washington DC (New York is not supported). U.S. customers have access to dozens of cryptocurrencies, including Litecoin, and can purchase crypto with U.S. Dollars using several payment options. In addition to trading, U.S. customers could benefit from the CEX.IO Staking service that allows users to earn staking rewards just by holding crypto on the balance.
How to buy Litecoin with a credit card on CEX.IO?
CEX.IO features three different ways to purchase cryptocurrency on the platform:
- Instant Buy service
- Trade orders
- Exchange option in the mobile app
You can add funds to your CEX.IO account using a credit card and then use one of these options to purchase Litecoin. However, the Instant Buy service also has a unique feature that allows users to pay with a credit card and purchase crypto in a single transaction. It makes the Instant Buy service one of the most convenient and fastest ways to buy Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and many other cryptocurrencies. The whole process of purchasing crypto using this service usually takes less than five minutes.
Here is a short guide on how to purchase Litecoin with USD using the Instant Buy service:
- Choose Litecoin in the dropdown list of supported cryptocurrencies
- Select U.S. Dollar in the list of fiat currencies supported to purchase cryptocurrency
- Enter the amount of crypto you want to buy or use one of the pre-calculated packs
- Add a new payment card or use a verified card for the transaction (if you have already deposited funds, you can select CEX.IO balance to purchase crypto via the Instant Buy service)
- Double-check the transaction details before transaction confirmation
How to buy Litecoin with a debit card in your local currency?
With CEX.IO, you can buy BNB, LTC, BTC, and 100+ other cryptocurrencies using your bank card issued in your local currency. For that, you first need to select the primary currency for the transaction from the list of supported fiat currencies on CEX.IO. There are three supported fiat currencies at the moment — the U.S. Dollar, Euro, and Pound sterling.
After that, enter the amount in the selected primary currency and confirm the transaction. Your local currency will be converted based on your bank conversion rates and the purchased amount of crypto will appear in your CEX.IO balance.
When you use Instant Buy to buy litecoins with your local currency, you select primary fiat currency in the dropdown list next to the list of supported cryptocurrencies. You can use this method not only for purchasing Litecoin instantly with a card issued in your local currency but for purchasing other cryptocurrencies as well. For example, you can buy Dogecoin with a credit card in your local currency, making a single transaction via the Instant Buy service.
Should I buy LTC coins?
Litecoin is one of the oldest cryptocurrencies, it has gained significant support from the crypto community, and has one of the highest adoption rates among merchants. Litecoin is usually described as one of the most popular Bitcoin forks ever. Litecoin pioneered such technologies as Lightning Network and Segregated Witness which were then adopted by Bitcoin.
If you consider purchasing LTC, make sure to do your own research towards current market conditions and further Litecoin potential. Like many other cryptocurrencies, Litecoin is a volatile asset, so entry points and time of purchase remain important for short and long-term investors.
Where to keep LTC?
If you want to store litecoins for the short or long term, you need a secure wallet. CEX.IO is a regulated crypto platform that established itself as a reliable platform to store and trade cryptocurrencies. CEX.IO complies with international AML/KYC rules and follows best practices to keep users’ data safe. We use advanced security technologies to provide users with a safe place to trade and store cryptocurrencies. For example, we use cold wallets to keep customers’ holdings while keeping company funds on hot wallets to support constant transactions flow. Find out more about the security of clients’ funds on CEX.IO in our article.
How to invest in Litecoin and what to do after I buy it?
All you need to do to invest in Litecoin is to buy cryptocurrency. After that, you can choose what to do:
- Store LTC — some users choose to hold Litecoin cryptocurrency on CEX.IO balance for a certain period of time, expecting its value to increase over time.
Trade LTC — you can use CEX.IO for crypto trading to benefit from the LTC price volatility.
- Transfer LTC — after purchasing LTC on CEX.IO, you can send crypto to your external crypto wallet in a secure and reasonably-priced way.
- Pay with LTC — a lot of merchants accept Litecoin as a payment option, meaning you can use purchased crypto to pay for different goods and services.
How to check LTC prices?
CEX.IO offers you a few options on how you can monitor LTC prices. Visit the Prices page to see the current prices of all available crypto assets on CEX.IO. You can find information about the current market capitalization of cryptocurrencies as well as their 24-hour performance.
On the Trade page, find multiple crypto-to-fiat and crypto-to-crypto markets available for Litecoin. There you can select one of the LTC markets and see the price indicated in quoted currency. Additionally to the market price, you will also check the price chart, market depth chart, order book, and other useful information to analyze current market conditions.
If you want to receive notifications when the LTC price reaches specified levels, you can use the CEX.IO mobile app.
How to trade LTC on CEX.IO?
If you want to trade on spot Litecoin markets, you can do it on the Trade page on the CEX.IO website or by selecting the Trade Pro section in the CEX.IO mobile app. Visit the Trade page to see the BTC to USD market by default. However, you will easily find all available LTC markets using a search field or filters.
You can trade Litecoin on spot markets via market and limit orders. Market orders allow you to buy and sell crypto at the best available price in the order book with instant execution. Limit orders allow you to set up the price you want to buy or sell with but this order fills only when the market price reaches a specified level or the opposite limit order appears in the order book.
If you want to trade Litecoin on margin and get access to advanced order types, then you can try CEX.IO Broker.
How to deposit and withdraw LTC?
For depositing LTC, go to the Finance page on the CEX.IO website and click “Deposit” next to your LTC balance. From there your Litecoin wallet address on CEX.IO appear and you can deposit LTC to this address.
If you want to withdraw LTC via the CEX.IO website, visit the Finance page. Click “Withdrawal” next to LTC, set the amount, and destination wallet address. If you use the CEX.IO mobile app, then you can use guides about crypto deposits and withdrawals.
Why should I try the CEX.IO mobile app to buy LTC?
With CEX.IO mobile app, you can monitor your crypto portfolio anytime and buy cryptocurrency on the go. Using CEX.IO mobile app you will get access to some exclusive services that could expand your crypto experience.
For example, CEX.IO mobile app features the Instant Sell service, allowing you to sell bitcoin or any other crypto and withdraw fiat funds to your payment card instantly. In the CEX.IO mobile app, you can also find the Exchange option. This service is useful when you need to switch between fiat currencies and cryptocurrencies even when there is no direct market available for trading.