How To Buy Litecoin In The UK

A beginner’s guide to buying and selling LTC cryptocurrency in the UK

Last Updated September 9th 2021
16 Min Read

Thinking about adding Litecoin to your portfolio?

There is no doubt that Litecoin (LTC) is one of the most popular altcoins in the crypto market. The token has experienced a massive surge in recent times, which has attracted a lot of investors and traders alike.

Litecoin is an alternative cryptocurrency project to Bitcoin that aims to work faster and lighter, as its name suggests. The cryptocurrency emerged in 2011 and, by far, has grown to become one of the most promising projects in the crypto market. As such, it's among the most traded coins today, along with popular cryptos such as Bitcoin, Ethereum, XRP, etc. 

However, Litecoin also faces intense competition in the market. More and more cryptocurrencies spring up with attempts to build blockchains that will operate faster and verify an incredible number of transactions per second. This being said, you may have some hesitations about investing in this crypto or not.

So, what is Litecoin? How does it work and should you buy it right now? In this guide, we will answer the following questions and give you some recommendations about what brokerage platforms to select and how to buy Litecoin online in the UK. 

What's in this Guide?

 

QUICK GUIDE: HOW TO BUY LITECOIN IN THE UK

  1. Open an account with a UK cryptocurrency exchange like eToro.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select Litecoin (LTC).
  5. Enter how much LTC coins you want to buy.
  6. Check the details and confirm your Litecoin purchase.

These days, you can buy and sell Litecoin (LTC) on quite few crypto exchanges, so keep reading for step-by-step instructions on how to start trading this popular cryptocurrency.

Where to Buy Litecoin in The UK

Are you searching for how to buy Litecoin in the UK? Well there are hundreds of crypto exchanges and brokers in the UK. This can make it hard to know which platform is right for you. 

List of the best Exchanges to buy Litecoin in the UK:

Looking where to buy Litecoin in the UK right now? Below you will find 4 of the best brokers that allow you to buy LTC in the UK. 

  • eToro - Best broker to buy Litecoin (LTC) in the UK
  • Binance - Best exchange to buy Litecoin UK for asset diversity
  • Coinbase - Best exchange to buy Litecoin (LTC) for beginners
  • OKEx - Best broker to buy LTC UK for low-cost

 

What is Litecoin?

Litecoin is a decentralized digital currency created by a computer scientist named Charlie Lee, who also worked for Google and Coinbase cryptocurrency exchange. Litecoin was among the first altcoins that sprung up along with Bitcoin and offered faster and lighter transactions than the leading cryptocurrency. 

In general, Litecoin works almost similarly to Bitcoin but is more affordable, so it quickly became very popular crypto among crypto investors who were seeking cheaper alternatives to BTC. This led to Litecoin becoming the second-largest crypto project at that time and at many points during this time, the number one alternative to Bitcoin. However, things have changed, and more than 10,000 crypto projects appeared afterward, affecting Litecoin's position in the charts. 

Now, Litecoin is the 16th largest cryptocurrency by its market cap, with a trading volume of almost $3 billion per day and a market capitalization of nearly $14.5 billion. As mentioned previously, Litecoin uses the same source code as Bitcoin, so they are pretty similar to each other. However, some differences help Litecoin to make transactions faster and more scalable. 

First, its blockchain works based on the well-known Proof of Work protocol that requires coin miners to solve complex computational powers to verify transactions and be rewarded with a new block. In contrast to BTC, which confirms a new block every 10 minutes, Litecoin processes a new block per 2.5 minutes. This mechanism allows Litecoin to verify transactions more quickly.

Another key difference is that Litceoin uses Scrypto protocol in its PoW algorithm, unlike Bitcoin's SHA-256 algorithm. The Scrypt protocol, in its turn, is more environmentally friendly than Bitcoin's protocol and requires less hardware to be used for the blockchain; hence less electricity is consumed. 

Should You Buy Litecoin?

As with other cryptocurrencies that are not stablecoins, Litecoin's price is highly volatile. The incredible fluctuations in their values make them very risky digital currencies to buy or sell goods and services. This is certainly one of the main reasons why Bitcoin and other similar crypto projects face huge difficulties in being massively incorporated into our daily lives.

With this being mentioned, you should remember that investing in any cryptocurrency is an untested investment yet and involves significant risks. So, if you plan to put your capital at risk, consider if you can really afford it. Regarding Litecoin, it's a good investment overall. The cryptocurrency project is backed by a good team of developers and aims to bring transactions within the blockchain industry to a new level. 

Litecoin price chart

Litecoin price history: coinmarketcap.com

Still, to increase its value, Litecoin needs higher rates of user adoption. If Litecoin gains media attention and becomes so popular that its users will grow steadily, its value will also increase. One biggest problem is that several other crypto projects try to solve scalability in the blockchain industry, so there are many competitors with Litecoin that make the path to mass adoption more difficult.

How To Buy Litecoin Online In The UK - A Step by Step Guide

There are multiple ways of getting Litecoin in the UK, but the most popular and easiest method is to buy it on brokerage platforms or crypto exchanges. So, if you'd like to buy Litecoin, this section will introduce a step-by-step guide to help you buy it online and store your coins safely. 

1. Find a UK Crypto Exchange that Supports Litecoin

To get started, you must find a UK brokerage platform that will act as an intermediate and help you complete your purchase. As Litecoin is a popular cryptocurrency, it is listed on many UK crypto exchanges and online trading platforms.

There are several cryptocurrency exchanges in the UK willing to help you make your first investments in Litecoin. The popularity of cryptocurrency has made it readily available across most exchange platforms, so you won’t have issues trading with the crypto asset when you want.

eToro: Launched in 2006, eToro is a well-known brokerage platform that stands out with its many excellent features. Firstly, it's regulated by several top financial authorities to ensure safe trading and the security of your details. It has an appealing pricing system - meaning, the platform does not charge commission fees and sets only buy and sell spreads. 

Apart from this, eToro is best known as the best social trading platform with its amazing CopyTrader and CopyPortfolios tools that are free to use. There are no deposit fees, no conversion fees for USD contracts, and the platform only charges a low withdrawal fee of $5. 

2. Open an Online Account and Deposit Funds

After you have selected the platform that's right for you, the first thing to do is to sign up for an account. The account creation process typically does not take too much time, and usually, you provide some basic information details. Finally, you can verify your identity, which the process differs depending on the platform. In general, you should know that good brokers and exchanges verify your account within hours. 

After finishing the registration process, you can jump to funding your account. To do it, you need to navigate through the "Fund your account" or similar button, select the payment method and fill in the amount of money you want to transfer. 

3. Buy Litecoin

At last, you are ready to buy Litecoin with a verified and charged account. To do it, you must search Litecoin, which has the ticker symbol LTC, decide how many coins you want to buy, and complete your purchase. Then, if you see the number of coins on your brokerage account, you have succeeded in buying LTC. 

4. Transfer Your Litecoin tokens to a Cold Storage Wallet

After getting your coins, you can think of a way to efficiently store your coins, especially if you don't plan to trade or sell them in the short term. Cryptocurrency wallets are the best options here, as they help you to safely keep your digital currencies, considerably decreasing the risks of being stolen. 

These wallets transfer your coins to decentralized storage, which can be accessed only through the private keys that you create for the wallet. Cold storage and hot storage crypto wallets are the two options you have to store your coins, which are physical devices and software apps, respectively. In that sense, take note that cold storage wallets are more secure, so you can hardly ever lose your coins unless you lose or forget your private keys.

We mentioned earlier that your exchange can provide a wallet for your cryptocurrency, but it's still safer to get a cold wallet you can keep far away from the web.

How to Trade Litecoin in the UK - A Step by Step Guide

Due to the volatility of Litecoin prices, you can also use this coin to make profits from its price fluctuations. In this sense, it can be an excellent short-term investment if you buy and sell at the right time. To do that, you'll have to find an online trading platform that is suited for active day trading rather than buying and holding your coins. Here is a complete guide explaining how to actively trade Litecoin online in the UK. 

1. Find an Online Trading Platform that Supports Litecoin

Selecting the right broker largely depends on your trading plans. If you will close and open positions frequently, you need a broker that is quick and simple to operate and charges reasonable trading fees. If you are more inclined to the “Buy and Hold” strategy, pay attention to the account fees, inactivity fees, etc. 

2. Fund Your Account

The next step is about creating your personal account and verifying it, which is a matter of minutes. After the broker confirms your identity, the only thing left to do is deposit funds on your account via one of the payment methods the broker offers. 

3. Develop a Trading Strategy

Before you start trading, there is still one crucial step - that is, to decide how you are going to trade. Generating a trading strategy is helpful in several ways - firstly, it reduces the risks of losing money, provides you with an efficient trading plan, and helps to save lots of time. 

In that aspect, trading strategies tend to be passive and active. Active ones keep you busy for more time than passive ones, as long as you need to analyze the market, take fundamentals into consideration, etc. Active strategies include day trading, scalping, swing trading, etc. 

4. Start Trading Litecoin

When you decide which trading strategy is best for your investment goals and get your account ready, you can start trading Litecoin. You can also switch trading strategies if you think that will bring you high returns. Finally, note that you need to be very careful in crypto trading, as the risks of losing your capital are high in this case. 

Litecoin Pros and Cons

Below we have summarized the points to consider before you decide to invest in the Litecoin cryptocurrency and the pros and cons of this project. 

Pros

✅ Litecoin provides faster and lighter transactions.

✅ It's among the most traded cryptocurrencies.

✅ Its mining requires less hardware than in the case of Bitcoin.

✅ Litecoin has a limited number of coins that can be issued.

✅ Litecoin is more eco-friendly than bitcoin.

Cons

❌ It encounters strong competition in the market

❌ Similar to other cryptos, it's a highly volatile asset.

Check Out: Pros and Cons of Investing in Litecoin

Is Litecoin A Good Long-Term Investment?

Many cryptocurrency experts consider Litecoin an excellent investment that can bring good long-term returns. It's a well-established project that stands as the 16th largest digital asset in the cryptocurrency charts and is more stable compared to thousands of others. Litecoins aims to incorporate such technologies that will make transactions faster and safer than Bitcoin. So, if Litecoin can get enough media attention, it can result in more people buying LTC, so its value will grow. 

On the other hand, other analysts consider Litecoin a good asset to speculate on price fluctuations but not necessarily a good long-term investment. According to them, Litecoin could not take over Bitcoin and become the number one digital asset in the market. Plus, the fact that its creator has already sold all his LTC makes it somehow susceptible. 

Still, if you believe in cryptocurrencies and have the vision that they could become part of the financial system in the future. Litecoin, in our view, is certainly one of the best crypto coins in terms of technology and functionality. Thus, as long as cryptocurrencies are a part of our financial system, Litecoin seems to be a good long-term investment. 

What Will Be Litecoin Worth In 2025?

According to the Litecoin Price predictions, Litecoin will cross the $300 mark price in 2023, $600 in 2025, and $950 in 2028. 

Wallet Investor also considers Litecoin a good long-term investment with a +29% potential return. According to their LTC price prediction, Litecoin will be traded at $590 in 2025. 

The Long Forecast provides very pessimistic predictions about Litecoin's future price. According to their forecasts, Litecoin will fluctuate between $100-300 all the time without reaching even $400. And in 2025, they predict that this cryptocurrency will be trading below $200 for the whole year. 

Don't Miss: Litecoin Price Predictions

What’s The Purpose Of Litecoin?

Generally, Litecoin is a cryptocurrency project that works very similarly to Bitcoin and has one goal, to become a digital currency that can be used for everyday use. It uses the same source code and the same PoW protocol to manage its blockchain. But Litecoin aims to create a blockchain ecosystem with faster transactions other than Bitcoin. 

Hence, there are some key differences between these two projects. Litecoin, for example, uses a Scrypt protocol and verifies each block within 2.5 minutes while BTC does this in a minute. Also, the transaction fees are cheaper and the mining process, as well as the speed of its blockchain, is faster.

Is Litecoin Mining Profitable?

Much like Bitcoin, Litecoin has a limited number of coins; hence their quantity is halved each year. It means that fewer and fewer LTCs can be issued every year. For miners, it means you can mine Litecoin using a system similar to that of Bitcoin. So, you need to run your computer and solve hard puzzles to be rewarded with a new block.

Still, the algorithm Litecoin uses for its Proof of Work protocol requires less hardware to be used for mining new coins. Litecoin is based on a blockchain that creates a new block every 2.5 minutes, which is 1.5 more than in the case of Bitcoin. 

Before you start mining Litecoin, you need to consider what hardware you will use and how much electricity bill you will pay at the end of the month. And also, think about whether the number of LTCs you will get in the result will compensate for all the expenses you will have during the mining process.

Buying Or Trading Litecoin in the UK - Things To Take Into Consideration

In short, Litecoin seems to be a digital asset worth investing in, despite the controversies about its future. Many experts consider it an excellent alternative to Bitcoin, while others predict that the project is a good short-term investment, but might fail in the long term.

Nevertheless, whether you will make a long-term or short-term investment in Litecoin, you need to invest reasonably not to lose what you cannot afford. In both cases, you need to find a good broker to get started and a reliable wallet to store your Litecoin coins. You can select a broker from our list of the top brokers and use our guide to buy Litecoin online in the UK. 

Litecoin has attracted so many traders and investors due to the token’s increased market value and growing popularity. The token is also available in major crypto exchanges, although each exchange has its own transaction fees. But the fee will be very low compared to Bitcoin fees.

If you’re looking to buy Litecoin in the UK, the above guide can help you a great deal.

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