It is one of the most popular cryptocurrencies available today, but many are still unsure of where to buy Litecoin. Here, we will go through some of the best places to go to buy Litecoin. But first, let’s go through some of the reasons you may want to buy this altcoin.
Why buy Litecoin?
Litecoin was one of the first altcoin projects that looked serious about developing an actual purpose rather than just making money. Since Litecoin was released in October 2011, it has become one of the most used and well-known cryptocurrencies.
Its network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. This allows Litecoin to have faster transaction confirmation, meaning it can be used for everyday purposes.
Litecoin has many real-life use cases. The altcoin allows businesses to quickly integrate their payments with their systems using third-party vendors like Revolut, Wirex, Coinbase, or Coinify. It can also be used to make instant and borderless transactions anywhere in the world through Litecoin’s decentralised and secure network.
Where to buy Litecoin
Now you have a clearer understanding of some of the benefits of Litecoin, it is important to know the best places to buy and even sell this popular cryptocurrency. Before you buy any Litecoin, you will first need to get yourself a crypto wallet that supports it. After this, you need to choose which exchange you would like to use.
A cryptocurrency exchange is an online platform that allows you to buy and trade cryptocurrency. These exchanges will either take a commission or charge usage fees for their service. Each exchange that sells Litecoin has different features and benefits – some are beginner-friendly and some are better suited for experienced traders.
The first exchange we will talk about is Coinbase. Coinbase was founded in June 2012 and is an online platform and wallet provider where merchants and consumers can transact with digital currencies. The platform offers GBP, EUR, and USD deposit and withdrawal features and is a firm favourite among retail investors.
Not only can you buy and sell Litecoin on Coinbase, but users can also use the internal wallet to store their crypto portfolio. Another great benefit of this easy-to-use platform is the integration of credit and debit card payments. But this payment option does come with a fee of almost 4%.
Another popular exchange that supports Litecoin is Kraken. Kraken is amongst the oldest and most popular cryptocurrency exchanges currently open. Registering with Kraken is the same process as registering with many other exchanges. You will need to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.
The platform offers a basic interface to help beginners and also provides charts to give more assistance to seasoned traders. Buying Litecoin with Kraken is extremely easy. Users just need to set up an account with the platform then exchange their fiat currency for Litecoin.
The final exchange we will talk about is Poloniex. This platform is slightly different from the others we have talked about so far as it was designed solely as a crypto-to-crypto exchange. This means users will need some sort of crypto first to be able to buy Litecoin. Even though Poloniex has this limitation, it is still one of the most popular cryptocurrency exchange platforms.
Poloniex has one of the highest liquidity rates, meaning users can use the platform at any time to buy and sell popular cryptocurrencies such as Litecoin. Another great advantage to the exchange is that users do not need to verify their identity. This is great for beginners if they just want a quick and easy way to buy Litecoin without the hassle of a KYC system.
As Litecoin grows in popularity, so does the number of exchanges wanting to offer the cryptocurrency. Litecoin throughout the years has proven itself to be a strong coin with a great community and team behind it. If Bitcoin is the closest thing to digital gold, then Litecoin is the closest to digital silver.