Thinking about adding Litecoin to your portfolio?
Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin have been rising in value since the past year. They have grown in popularity and adoption.
While Bitcoin and Ethereum are continuously mentioned, Litecoin doesn’t seem to enjoy the same level of popularity. But anyone who has invested in Litecoin this time last year would have acquired lots of gains when they sell it now. That’s the beauty of investing in cryptocurrencies and indeed Litecoin.
Litecoin is usually referred to as the digital silver to Bitcoin, which is known as the digital gold. It shares several similar attributes with Bitcoin, which explains why there is increased interest in the token.
Litecoin is different from other cryptocurrencies and has been attracting much attention lately. There is now a wide rush to buy Litecoin and invest in the cryptocurrency. If you’re looking for how to buy Litecoin in the USA, this guide will show you how.
What's in this guide?
- QUICK GUIDE: HOW TO BUY LITECOIN IN THE USA
- A Step-by-Step Guide to Buying Litecoin
- Things to Consider When Buying Litecoin in the USA
- Final words
QUICK GUIDE: HOW TO BUY LITECOIN IN THE USA
- Register for an account with a cryptocurrency exchange like eToro.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Litecoin.
- Enter how much you want to buy.
- Check the details and confirm your 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 most popular crytocurrency.
There are 4 basic steps you need to follow when buying Litecoin in the US.
A Step-by-Step Guide to Buying Litecoin USA
Set up an account with an exchange that supports Litecoin in four steps.
Step 1. Open an account to buy Litecoin
The first place to start when planning to buy Litecoin in the USA is through crypto exchanges. The popularity of Litecoin makes it easier to buy, as almost all exchanges offer the buying, holding, and selling of the token.
All the exchanges accept USD, so you will not be bereft of options when it’s time to pay for your purchase of Litecoin.
However, before registering with a crypto exchange, remember that they may require certain personal information.
You may be required to provide your full name, proof of ID, and contact details before you can register successfully. Additionally, some exchanges offer two-factor authentication to keep you more secure and protected from hackers. You should choose an exchange that provides this feature.
Once you get all your information ready, it will not take long to register with your chosen exchange.
Step 2. Deposit Funds into your Account
You will be required to provide an account detail or show evidence that you are prepared to buy Litecoin from the exchange.
Most exchanges provide several payment options to load money into your account. Some allow you to pay through credit card or bank wire transfer, for bigger dollar deposits.
Step 3. Buy Litecoin
Here comes the fun part. Once you have completed steps 1 and 2 above, the next thing is to choose your desired Litecoin pairing.
The exchange you have registered with should have multiple options for you to choose from. When you find your desired Litecoin pairing, go to the section on buying Litecoin. Then, type the amount of Litecoin you want to buy or the dollar equivalent of the Litecoin you want. The current market price will be displayed for you to know how much you are spending.
Alternatively, you can use the “Buy Limit” feature. This will keep the order in place until the value of the Litecoin falls to your purchase level. Once it falls to that level, the buy option is automatically triggered.
So, even when you’re not connected or online, the amount of Litecoin you ordered will be bought while your fund in your exchange account is taken to cover for the purchase. It’s a great option if you’re expecting a fall in the price of Litecoin and want to buy when the price is low.
Step 4: Store your Litecoins
This will be the right option if you’re looking to store your Litecoin and don’t intend to trade with it on a crypto exchange.
It’s advisable not to store your Litecoin in exchange because it’s not completely safe. Exchanges are prone to hacks, which could lead to complete loss of funds.
As a result, having a crypto wallet to store your Litecoin is not a bad idea. You can keep getting a cold wallet (offline wallet), which is considered safer than a hot wallet (online wallet) if you intend to store the coin for a long time.
So, after buying your Litecoin, you can choose to withdraw it to a wallet to keep it safe. Of course, this means you need to choose a cryptocurrency exchange that allows the withdrawal of Litecoins to a crypto wallet.
Things to Consider When Buying Litecoin in the USA
The following are some of the important things you should know before buying Litecoin in the USA
Consider the future of the coin
Litecoin has a strong team of developers behind it, which is an indication that the token will be around for years to come. Situations in the crypto market change pretty quickly, so you should also have this in mind. Watch your investment and make a decision when you see the negativity surrounding the token.
Don't'Miss: Is Litecoin a Good Investment?
Litecoin is very volatile
Just like other cryptocurrencies, the volatility of Litecoin is unquestionable. It’s a speculative market and it can be triggered by very few things.
That’s why you need to keep watch over trends and market news that may impact the price of Litecoin. Sometimes the market may swing too far even within 24 hours. So, if you’re looking to invest in Litecoin, be ready to accept the volatility in the market as well.
Your Litecoin can be stolen
This is another critical part you need to understand. It means you’re solely responsible for your Litecoin in case you decide to store it in a crypto wallet. So, you need to protect your wallet keys carefully. Even when trading on an exchange, your coin is not 100 percent safe because threat actors can hack the exchange. While this rarely happens, it’s a possibility.
Litecoin has had an impressive year so far, just like several other cryptocurrencies. The token has risen to unprecedented highs, as holders have cashed out big time.
Litecoin has indeed attracted lots of people who want to buy Litecoin and enjoy the enormous gains.
For the newbie that doesn’t know how to buy Litecoin, the guide above will take you step-by-step. It’s now very easy to own Litecoin, and there are lots of crypto exchanges in the USA willing to help you own your first Litecoin.
eToro – Best Platform to Buy Litecoin
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.