After the boom of Bitcoin, a lot of people have not started migrating towards altcoins. There are various altcoins but some crypto like Ethereum, Litecoin and Ripple has already captured a huge market share.
As Litecoin has a bright future ahead, I thought to invest some of my money into it.
I researched about the ways for purchasing Litecoin(LTC) and tried a few of them. So, I thought why not share the same with our Coinscage Community.
But let’s have a quick look at Litecoin first.
What is Litecoin in brief?
Litecoin is a younger brother of Bitcoin with a few major advancements.
Litecoin was created by Charlie Lee in 2011 as a peer to peer currency for faster and cheaper transactions than Bitcoin.
Some of the key advancements were:
- The Block time is 2.5 minutes, while 10 minutes for Bitcoin
- The number of Litecoin is 84 million while Bitcoin is only 21 million
- Uses of other mining hardware unlike only ASIC in Bitcoin
Moreover, Within the last few months, the price of Litecoin has price increased from $4 to $40. At the time of writing this article, it is trading around $38 and its increasing steadily.
I hope you have understood the basic of Litecoin. Now let’s move forward to the main part but before you Buy Litecoin, make sure to read our article about Best Litecoin Wallet.
How To Buy Litecoin
Most of the exchanges trade Litecoin for Bitcoin but we had figured out a few ways through which you can Buy Litecoin Instantly with Paypal and Bank Cards.
Buy Bitcoin With Credit/ Debit Card
If you wish to instantly Buy Litecoin with Credit Card or Debit card then you can try the following ways:
Buy Litecoin on Coinbase
Coinbase is one of the largest Bitcoin exchange in the world which started in 2012. They have recently started supporting Litecoin along with Bitcoin and Ethereum.
It is available in 32 countries around the world, so you need to check if Coinbase currently supports your country or not.
You need to create an account and get yourself verified by uploading your government Photo ID.
It allows you to buy Litecoin with your Debit/ Credit card, Bank Transfer and even with PayPal. However, different payment modes vary as per the country.
Also, Coinbase charges a flat transaction fee of 3.99% for all the purchases done with a Debit or Credit card. The fees are average when compared to other exchanges. You must read out Coinbase Review to get bitcoin worth $10 for free.
- Good Reputation
- Easy for Beginners
- Support is not good
- Not available worldwide
Buy Litecoin on Bitstamp
Bitstamp is one of the oldest Bitcoin exchange which has been running continuously since 2011. Recently they had started selling Litecoin with Credit and Debit Cards as well as wire transfer.
Bitstamp supports all the major countries around the world but the exchange rates are a bit high. They charge 0.25% for transaction under $20,000, 0.24% for transaction below $100,000 and similarly the fee drops to 0.10 for $20 million. You can have a detailed look at Bitstamp fee schedule here.
Moreover, Verification takes around 2-3 hours and you just need to submit your government ID, passport or driver’s license.
- Good Reputation
- High Buying Limits
- High Exchange Rates
- Not Available Globally
Buy Litecoin with Credit/Debit Card on Bitpanda
Here is another very quick way to buy Litecoin using your Bank Cards, Skrill, SEPA etc.
Bitpanda is a reputed Australian company which started their operations in 2014.
You need to create an account and get it verified by uploading the details and ID. Once your account is verified, you can purchase Litecoins(LTC) worth up to 1000 EUR.
The buying limit varies according to the type of verification you complete. You can check the buying limits here.
- Various Payment Modes
- Low Transaction Fee
- Buying limits are relatively low
- Fees are not displayed in the beginning
So, these were the method through which you can buy Litecoins(LTC) with your Credit and Debit cards. Now, let’s have a quick look at the exchanges which accepts PayPal for Litecoin.
Buy Litecoin with PayPal
If you are willing to buy Litecoin with Paypal, then I’m afraid to tell that there is no direct way to do so. You will need to do first buy Bitcoin with Paypal through Virvox and then exchange it to Litecoin through some exchange like Poloniex, Bittrex etc.
To buy Litecoin with PayPal you need to do the following steps:
- Sign Up on Virwox
- Deposit fund through Paypal account
- Buy SLL(Second Life Lindens)
- Buy Bitcoins using the purchased SLL
- Grab your Bitcoins
- Exchange Bitcoin for Litecoin
This procedure might look long but it’s not much time taking.
First of all, Go to Virvox and create an account.
Now, Enter all your details and complete the registration by confirming yoru email id.
Note: Make sure to change your Password after creating the account.
Now just, Login to your Virwox account. Click on Deposit and select Paypal Express checkout. You need to add the funds using your Paypal account. There is a maximum limit of $99 for the first time, however, this limit increases as you make further transactions.
Now Enter the amount you wish to deposit.
Once you have funded your account, you need to Buy SLL using USD. For that, you need to go into USD/SLL tab under Exchange.
Once you have bought SLL, you can buy Bitcoin with SLL. You will see your SLL’ in the left side of the dashboard.
To Buy Bitcoin you need to select BTC/SLL under Exchange tab.
Now Enter the amount of BTC you wish to buy and Place the order. You will soon get BTC in your Virwox account.
Now comes the final step where you need to withdraw your BTC to your Bitcoin Wallet Address.
Just click on the ‘Withdraw‘ on the left side of the dashboard and Enter you BTC wallet address. You will soon receive, BTC in your wallet. However, You will be charged a transaction fee of 0.004BTC for every withdrawal.
Once, You get Bitcoin on your wallet address, you can convert Bitcoin to Litecoin through any Bitcoin Exchange. We had already converted the Best Bitcoin Exchanges in the world, so you can try any of those.
- Available Worldwide
- Secure and Trusted Method
- Multiple steps
- Fee is charged at many steps
Once, the other hand, you can also use Instant Cryptocurrency Exchange like Changelly and Shapeshift.
Buy Litecoin with Bitcoin
Changelly is an instant cryptocurrency exchange which allows converting one cryptocurrency to another.
It was started in 2016 and has increased its userbase to more than 1M within a year.
Changelly is one of the best sites to convert Bitcoin to Litecoin instantly. They charge a minimal fee of 0.25% for every conversion, which is quite low when compared to other exchanges.
To Buy Litecoin on Changelly, you need to create an account and get it verified with your photo id.
Once your account is verified, you can instantly convert your Bitcoin to Litecoin.
It will not take more than 2-3 hours to complete the whole process. Also, Changelly provides a dashboard where you can keep track of all your transactions.
You can read our Changelly Review to know more about it.
- Works all around the world
- Supports more than 32 cryptocurrencies
- Average Transaction Charges
- Buying Crypto with Credit/Debit card is very costly
Shapeshift is another Instant Cryptocurrency Exchange which works similar to Changelly.
It is the first instant crypto exchange which started in 2013 and is headquartered n Switzerland.
Shapeshift does not require any verification or account creation and hence it is much faster than Changelly. But on the other hand, you can not check your past transactions in shapeshift.
If you want to make an anonymous transaction, Shapeshift your be on the top of your list.
- Available Worldwide
- Does not require any verification
- You can not track your old transaction.
So these were some of the best ways to Buy Litecoin using Credit Card, Debit Card, PayPal, Bitcoin, and Cash.
Don’t forget to share it with your friends and family who are willing to Buy Litecoin(LTC).
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